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MyFico scores and the scores the Dealership pulled up are WAY different...

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Anonymous
Not applicable

Re: MyFico scores and the scores the Dealership pulled up are WAY different...

I run a mortgage company and a friend of mind recently purchased a home in Olive Branch, MS. Her scores were 731 726 768 she went to Landers Nissan in Olive Branch, MS who only pull equifax & fair issac scores. She was looking for Nissan Sentra around 18,000. brand new... They all out lied to her and told her that her score was 592. I saw it cleary on the report that they pulled here auto score was 678. I hate liars and cheats at auto dealerships. We purchased her scores from myfico, true credit and equifax, went back to the dealership and returned the car & cooked their goose. Buyers beware salesmen and finance managers are on the prowl since the economy is so bad. They are desperate to sell and will jack up the interest rate so they can make more money. Do not sign anything untill you read up on your scores and do your homework. Thanks for your information it helped her out alot. I was just about to buy a Nissan Armata from that dealership but I will not not just because they scammed & lied to her for no reason.
Message 11 of 17
biturbomunkie
New Contributor

Re: MyFico scores and the scores the Dealership pulled up are WAY different...



@Anonymous wrote:
What if I've never had an auto loan?




i read that it then should weight more heavily on your previous revolving payments (i can't seem to find the link now).

in any case, i'd pull up my scores a bit and join a CU. PenFed's as low as 4.25%.
Message 12 of 17
kahmyah
Valued Member

Re: MyFico scores and the scores the Dealership pulled up are WAY different...

also, keep in mind i have heard that some car dealerships use what is known as auto enhanced fico scores which the consumers have no way of knowing or getting a copy of..but i agree with whats been mentioned here.  get your financing lined up yourself before set foot into a dealership.  also, pull your own scores..each place will tell you something different.  i would try to rely on the scores listed here since they are related to fair isaacs which from what i have been told is the gold standard.  also keep in mind be careful of how many times you get your credit report pulled..each time its queried your scores may drop a point or two.  sometimes banks may understand that your shopping around for the best rate so i think they may give you a break on maybe the first one or two inquires within a 14 day period..i think..its my best guess..but overall the credit scores tend to drop a point or two due to this.  keep that in mind..it has happened to me all within the last 30 days or so.  once you get your scores shop around but don't apply to any other place unless your fairly confident you will get approved.  try credit unions, banks, even call the dealerships to see what rate they are charging and what banks they are using..they may or may not tell you who they use but it doesn't hurt to do the research or leg work up front.  but the key here is to line up your own options..try roadloans, capital one (very easy process), eloans, etc..call first and talk to them before you apply for anything..make your decision based strictly off of your credit scores that you get from here..best of luck to yah..
Message 13 of 17
Anonymous
Not applicable

Re: MyFico scores and the scores the Dealership pulled up are WAY different...

Ask to see the scores they pulled.  If you ask to see them they have to show them to you.  As you mentioned you have never had an auto loan so the scores they pulled could have been your Auto Enhanced FICO scores, hence the much lower scores.....
 
As everyone else has said they could be lying.  Not all dealerships pull Auto Enhanced FICO scores, so you should probably just try another dealership.  Nissan is offering great rates and great discounts right now that could be much better than any CU could offer....
 
I went to Nissan in Nevada and they pulled standard FICO scores on all 3 reports and let me look at them when I asked.
Message 14 of 17
Anonymous
Not applicable

Re: MyFico scores and the scores the Dealership pulled up are WAY different...


@InfinitiG35 wrote:
Then they were probably lying. Many car salespeople are notorious for lying and telling customers that their scores are lower than they really are, just so they can charge them higher interest rates and make more money off the sale.



It's in a salesperson's best interest for you to have the best possible credit, as it increases their chance of selling you a car. A salesperson doesn't make any money on the back end... their money all comes from the front end, which is based on the agreed sale price. The sale price of the car is independent of whatever interest rate you may qualify for. The F&I person makes their money on the back end (selling the loan), but by the time the deal gets to them your credit is already pulled and the sale price is already set.
Message 15 of 17
Anonymous
Not applicable

Re: MyFico scores and the scores the Dealership pulled up are WAY different...

until they're financing the car in-house.
Message 16 of 17
Anonymous
Not applicable

Re: MyFico scores and the scores the Dealership pulled up are WAY different...

People with FICO scores in the 700's don't usually shop for cars at dealerships that do their own financing.

Dealerships do make money by connecting car buyers to auto loans, and they do make a little more money if that loan comes in at a higher interest rate. Sometimes it even works in the opposite direction; if there's a lot of profit in a car deal on the front end the dealership may actually buy down the interest rate of the loan to make sure the deal goes through.

My point is that the salesperson probably isn't going to knowingly (or willingly) lie to you about your credit because it doesn't help him, personally, make money. The lower your payment is the more likely you are to buy the car and earn him his commission.

It's very easy to just assume that all salespeople and all sales managers and all F&I managers are lying to you but that's certainly not the case. Of course it does happen and people like to share those examples, but it's unfair to draw from those examples that it always happens. As hard as it may be to believe, there actually are some honest people in the car business.

That's not to say you should let your guard down and trust everyone. Do your homework and get financing before you go into the dealership, and everything will be just fine.

Don't go into a dealership ready to go to war and show those guys how smart you are... you're not going to win that way. In the time I spent selling cars I saw quite a few people who gained some information on an internet forum like this and figured they knew everything about the car business and came in gruff and ready to tangle. Very, very rarely do those people get any better deals than regular folks who came in with a smile on their face on their common sense in effect. You're not going to beat a sales manager at his own game; those guys have worked thousands and thousands of car deals and have seen every conceivable kind of customer.
Message 17 of 17
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