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Registered: ‎10-22-2007
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Rate Genius? AGGGGHHH Update below!

[ Edited ]
Any good? I just put in an application to refinance my car from them. Well they get offers for you. Interest rate is currently at 14.9% (YIKES) with 41 months left on the loan.
 
Besides Ford ticked me off recently in their credit department.


Message Edited by missgamecock on 01-08-2008 10:49 AM
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Re: Rate Genius?

[ Edited ]
AGGGGGGGGHHH. Ok this just totally made me mad.
 
So I finally get in touch with the guy. He tells me my FICO is 555. He is full of it.
 
I had my ficos pulled for a refinance in November and they were 620, 623, and 625. That was with FAKOs at 637, 604, 585. Since that time, I have had a paid collection taken off that was less than a year old with AMEX. Paid several credit cards off and left the credit lines open for utilitilization help. I also opened the Hooters card to increase available credit $5k which gave a boost to my scores. He told me at first he pulled experian, which he did. Then he told me that citifinancial who the loan is approved through pulled Transunion. My credit monitoring says that they pulled EQ. He wanted to give me 11.5% but I want to see if I can get lower. If it is truly the best offer, not much will change for me in the next two weeks. So I told him to hold it open for 2 weeks and I would shop around. HE WAS NOT HAPPY!!!! Especially when I called him on my scores!  I hate people that try to pull the rug out from you. It just ticks me off. I am off to try eloans, then I will start calling the preapproved offers. Oh and he told me the wrong price on my car for its worth. I looked that up to and it was a $1000 below what it was worth.
 
Just applied with Eloans and lending tree. I was matched with 4 offers from Lending Tree. So now the comparing begins.


Message Edited by missgamecock on 01-08-2008 10:49 AM
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Re: Rate Genius?



missgamecock wrote:
AGGGGGGGGHHH. Ok this just totally made me mad.
So I finally get in touch with the guy. He tells me my FICO is 555. He is full of it.
I had my ficos pulled for a refinance in November and they were 620, 623, and 625. That was with FAKOs at 637, 604, 585. Since that time, I have had a paid collection taken off that was less than a year old with AMEX. Paid several credit cards off and left the credit lines open for utilitilization help. I also opened the Hooters card to increase available credit $5k which gave a boost to my scores. He told me at first he pulled experian, which he did. Then he told me that citifinancial who the loan is approved through pulled Transunion. My credit monitoring says that they pulled EQ. He wanted to give me 11.5% but I want to see if I can get lower. If it is truly the best offer, not much will change for me in the next two weeks. So I told him to hold it open for 2 weeks and I would shop around. HE WAS NOT HAPPY!!!! Especially when I called him on my scores! I hate people that try to pull the rug out from you. It just ticks me off. I am off to try eloans, then I will start calling the preapproved offers. Oh and he told me the wrong price on my car for its worth. I looked that up to and it was a $1000 below what it was worth.
Just applied with Eloans and lending tree. I was matched with 4 offers from Lending Tree. So now the comparing begins.


Message Edited by missgamecock on 01-08-2008 10:49 AM


Do yourself a favor and see if you can open an account with Pentagon Federal Credit Union. They pull Equifax. Good luck.
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Re: Rate Genius? AGGGGHHH Update below!

[ Edited ]
I went ahead and went with Wachovia. I had 8 offers and they were the lowest at 9%. Saving $130 a month. I did go a bit longer on the loan, however, he said there is no prepayment penalty (intend to pay extra and didn't want to tie myself into a higher payment cause I am pregnant and worried about going on bedrest. Oh yeah, I forgot to tell you guys. I AM PREGNANT. :smileyvery-happy:  7 weeks in fact) and he is taking care of everything. They said they wanted me back as a customer. Wachovia checks their history and we had a paid off auto loan in good standing from 1997-2002. At least he said he had checked the history and noticed we had been with them before and was able to tell me all about our old account lol. All I had to do was log in to Ford credit and give them a 10 day payoff. He is sending me an email with all the documents. All I have to do is sign the paperwork and fax or email copies of our title, drivers licenses, and insurance info. :smileyvery-happy: I don't know why I took so long to do this!!!!!
 
P.S. My fico was not anywhere close to 550. The EX and EQ were nearly identical to my fako. What a jerk in the first one.


Message Edited by missgamecock on 01-08-2008 05:14 PM
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I wonder if by FICO, they really meant FICO....

Isn't there a different score that is commonly used for auto loans?  I had thought there were different credit scores for different industries.  They're not really FICO scores, just what's pulled for that industry - I wonder if that's why the score was lower?
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Re: I wonder if by FICO, they really meant FICO....

You will never guess what happen to my DH, we went to buy a truck on yesterday . Well he applied to roadloans, HSBC, eloan, and capitol one. All approved him expect capitol one. I was always told it best to have your financing when you go to the dealership and that is absolutely TRUE. They want to beat the competition. They finance him through one of there company for a better interest rate and knock 3000 dollars of the truck. We were very prepared when we went to the dealership.  We also requested a kelly blue book ,NADA, edmonds quote. Which they beat the retail price quoted. THIS FORUM IS THE BEST! I have learned so much from you ALL, THANKS. I hope,  I can get a good deal and interest rate when I purchase my BMW in a few months.
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Re: I wonder if by FICO, they really meant FICO....

hi, missgamecock, congrats on the pregnancy --hope all goes well! And congrats on your re-fi as well, of course.

There is a subset of FICO scores tailored especially to the auto loan industry that places heavier weight on any past car note history you might have. So that auto loan FICO could be higher or lower than the ones we pull here (which are the classic baseline FICO's.) I wouldn't have expected a 100-point difference, though!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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Re: Rate Genius? AGGGGHHH Update below!

I have never been late on any car loan and all car loans have been paid in full except on the 2 cars that we currently own. The guy at Wachovia told me my score was low 600s so that other guy was full of it. Rate genius guy got very upset when I questioned him on scores, etc and wanted me to commit right then. I told him if his interest rate was truly the best I would be back. It wasn't. In addition he was hard to contact. Wachovia made it very simple, did everything over the phone, sent me loan documents immediately and will be taking care of everything with the title and stuff. There was a $5 fee for the title change that NY charges, and they just added it to the loan. No other fees. I was impressed.
 
I may wait a couple of months and refi dh's car to a lower interest rate. In fact, I may email him and see if they can use the same score. Dh's car has a interest rate of 13.9, it would be great if they would refi that one at 9% too.
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Re: Rate Genius? AGGGGHHH Update below!

Next time you've got some free time, it might be worth a call to the BBB about Mr. Rate Genius. Sounds kinda fraudulent to me! :smileywink:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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