Re: I can help, I manage a car dealership
[ Edited ]
04-12-2012 08:51 AM - edited 04-12-2012 09:10 AM
I have read a most of your post, and appreciate your info. I have a question. I am interested in a VW Jetta Sport Wagen TDI, and was quoted 26,500 for the top of the line premium, less the NAV. Has sunroof, and all the other bells and whistles. Basically, the salesman claimed he can get me 1500 back of invoice. So, I am liking what I am hearing, and then he ask me how I would like to take down the car, and I convey I am not sure, I would like to take a look at all 3 options, lease, finance, cash. We can do all if we want, with out contingencies I told him.
So he sends me a credit apply email, and emails me back and says I do not meet the tier A, as I have 696, 697, 705 scores, and to have my wife to run her credit, to possibly help with the tier A rating. So we run my wife's subsequent to my credit check. dddNow its my understanding all I need is one 700 to meet the Tier A correct? If so, why would he ask me to run my wife's, who's credit is all over 700? Now both of us have run our credit, and was dinged.
I understand we need to run our credit to qualify for a loan, but is this not a little overboard? And the sales guy is telling me that I cannot have a copy of the credit report. I am a Realtor, and a Real Estate loan originator, and I am obligated to provide my clients a full credit report with a full report of all their revolving, and derogatory, etc... Isn't the car dealerships obligated to do the same? What if this sales guy is stringing me along, and can't get me the car he claims he has in stock, as we have been working over the phone on a internet sale, and all I have is his word. He was suppose to have a full blown 3 option proposal for me by the end of today, and got nuttin.
I am feeling a bit blown out after the fact he led me to believe he had the sportwagen in stock, and he needed to run my credit to ensure we were good for option #2 finance. But at the end of the day, I got a, yes Mr.. edited, you will have all 3 options by the end of the night, but it never happened. I am starting to believe, my chain has been pulled for one, and after reading your post about when to wheel and deal, perhaps I should wait until the last day of the month.
My question on waiting on this vehicle, is should I, as everyone is telling me this is a rare car, and you cannot find them anywhere. What if this guy lied to me, what are my rights here? One dealership is telling me that there is only 2 around in the area I am in, and the other dealership that ran my credit is claiming they have 6 in stock, 3 that fit my search criteria. Any advice ?
Sorry for bouncing around on issues, might be a little confusing what my issues are. I just want to know my rights now, and if this guy comes back and tells me they sold there cars, and now trying to do a interdealership deal, and now can't get me the car, and already ran my credit, yadi yadi yadi, this is starting to sound a little bit what we call steering in our industry... Call me green and stupid, because I am starting to feel a little naive right about now. If I only had a friend or advocate to walk me through this deal, it would be a piece of mind. A lot of money for this car that we will keep for a long time frankly, and I want to make sure I get the best deal possible. Thanks for your advice.
Edited to make it more readable, and to edit your name.
Hi jp_36. Sorry to hear you're having trouble. First of all I will say it is dificult to come by a TDI Sportwagen right now, so that much is accurate. As for supplying a copy of your credit, ask to see your report, not to take it. If they refuse then there is most likely some shady stuff going on. Have they given the reason you haven't qualified for Tier A? With your scores you should have no problem, unless there are other underlying issues such as no precious loan history or prior negatives. If you have neither then ask them to see your Adverse Action Form (see below), Risk Based Pricing Notice (see below) and/or your approval that shows you are not a Tier A. Are there other VW dealers in your area? Personally I don't think they've done much to earn the right to your business so far. Any VW dealer has the ability to trade to get the car you want.
Adverse Action Form:
Thank you for applying to us for vehicle financing. After carefully reviewing your application, we are sorry to
advise you that we cannot provide credit to you at this time or that we cannot provide credit on the terms you
You should understand that as a dealer, we generally sell or lease vehicles on credit only if a third party like a
bank or finance company will agree to buy the contract from us on terms that are financially acceptable to us.
Regrettably, we could not do that in this instance.
If you would like a statement of specific reasons why your application was denied, please contact our Finance
Director at the number or address shown above within 60 days of the date of this letter. We will provide you
with the statement of the reasons within 30 days after receiving your request. If we provide the reasons to
you orally, you have the right to request us to confirm them in writing within 30 days of our receiving your
written request to do so. You should also receive letters from the financing sources to which we submitted
your credit application giving their reasons for not providing credit to you or not providing credit on the terms
If we obtained information from a consumer reporting agency as part of our consideration of your application,
it is checked and its name, address, and toll-free telephone number is shown below. The reporting agency
played no part in our decision and is unable to supply specific reasons why we have denied credit to you.
You have a right under the Fair Credit Reporting Act to know the information contained in your credit file at
the consumer reporting agency. You have a right to a free copy of your report from the reporting agency, if
you request it no later than 60 days after you receive this notice. In addition, if you find that any information
contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with
the reporting agency.
You can find out about the information contained in your file (if one was used) by contacting each consumer
reporting agency that is checked below:
Risk Based Pricing Notice:
Your Credit Score and the Price You Pay for Credit
Your Credit Score Credit Score For: YOUR NAME HERE
Your Credit Score: Your credit score is CREDIT SCORE HERE from Equifax, which is a consumer reporting agency, because they may not have enough
information about your credit history to calculate a score.
What you should know about credit scores: A credit score is a number that reflects the information in your credit report.
A credit report is a record of your credit history. It includes information about whether you pay your bills on time and how much
you owe to creditors. A credit score can change, depending on how a consumer's credit history changes.
Why credit scores are important: Credit scores are important because consumers who have higher credit scores generally will get more favorable credit terms.
Not having a credit score can affect whether you can get a loan and how much you will have to pay for that loan.
Checking Your Credit Report: What if there are mistakes in your credit report? You have a right to dispute any inaccurate information in your credit report. If you find mistakes on your credit report, contact the consumer reporting agency. It is a good idea to check your credit report to make sure the information it contains is accurate.
How can you obtain a copy of your credit report? Under federal law, you have the right to obtain a free copy of your credit report from each of the nationwide consumer
reporting agencies once a year.
To order your free annual credit report:
Call toll-free: 1-877-322-8228
On the web:
Mail your completed Annual Credit Report Request Form (which you can obtain from the Federal Trade
Commission's web site at
http://www.ftc.gov/ bcp/conline/include/requestformfinal.pdf ) to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
How can you
For more information about credit reports and your rights under federal law, visit the Federal Reserve Board's web site at
, or the Federal Trade Commission's web site at www.ftc.gov
Edited to include forms.
Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682