Re: I Can Help, I Run A Car Dealership
02-19-2012 08:44 PM
I have been staying on the credit card side of myFICO forums since 2008. I guess I should offer my expertise to anyone that needs it since I've spent the last 16 years in the car business and currently run a sales department of a car dealership
I'd be interested in hearing your comments on this thread: http://ficoforums.myfico.com/t5/Auto-Loans/I-have-
Funny you bring that one up. I read through that thread the other day. I'm not sure what state the dealer is in but I would bet they are pressing the legal envelope with that one. Unfortunately dealers have earned the reputation that haunts them. This sounds like a typical highway dealer that preys upon their customers. The fact is your response was correct. The dealer wanted to shop his loan because the dealer will profit from it. Even if the dealer does not make any points on the loan they will receive a flat commission depending on the amount financed from the financing company. I'm sure if the dealer had disclosed the reason for their request he would have welcomed the competition for his loan.
Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682