Has anyone ask a dealership for copy of CR they pulled?

[Anonymous]

I asked the dealership for a copy when they pulled my CR this past Saturday, he said they aren't allowed to give me a copy.Told him that was silly since my CU always gave me a copy when they pulled my EQ and every consumer can pull their score's. I was curious what mt TU score was because I hadn't pulled it but I had pulled my EQ.He said they just weren't allowed to do that. I said well I do want to look at my report since you won't give me a copy and he allowed that.... Geesh was like pulling teeth!

[Anonymous]

I brought my friend to a dealership last spring where I had just purchased my new car and her gave her a copy of her report.

He kept it hidden from his bosses and slipped her a copy. He repeatedly told her that if she told anyone that he had done that he would be fired.

For some reason it is against the law or something to give out copies of the reports they pull.

[rsg]

I don't think that's true. My wife and I were handed a copy of our scores at a dealership 2 weeks ago without asking.

[Anonymous]

In the state of Nevada, they can not give out the reports.

[Anonymous]

That's the same response I got in NC. If the average car buyer didn't know what their credit score was having never pulled it themselves, then a dealer can tell them anything w/o having to show them what their actual score was. Seems like a rip off tactic that could result in higher interest rates. Example: my younger sister went and bought a new car about 2 months ago, has never pulled her CR and had no clue what her score was. I don't know if she requested a copy or a peek at what the dealer's report  but I think she said her rate was 13% and she didn't even know that until I ask her what her rate was and she had to go get the paper work and look at.

[Anonymous]

They didn't give us copies to keep (then again, I didn't ask to keep them), but they did let us read over the reports they pulled, and showed us our scores when we bought that Beast of a truck in Jan.  (Big monstrous gas-guzzling SUV... y'know, the Toyota Corolla just doesn't pull trailers very well... )

I thought it was kind of funny/odd- here we are, husband and wife, in the financing office together, and the finance guy has to ask each of us for our permission to let our spouse see our credit reports...

-MsMS

[Anonymous]

Right after I got out the Army I sold cars for about 2 years. They don't want to show credit report / score for three reasons

1) Can derail the deal. What is that on my credit report? Collections oh I need to take care of that. 90%+ of consumers never pull their credit reports. I have seen reports with 3 DOZEN collections ranging from $12.95 - thousands of dollars. It simply does the dealership no good whatsoever to give you something other than the car they are trying to sell you. Car salesman are "motivated" to stay focused on the goal. Those that don't and "help consumers" = lose some sales won't work for long.

2) Some dealership are under contract not to divulge information to the consumer. The computer we logged into to pull credit reports had a disclaimer that reports were for internal use only and not to be given to consumers. I don't know why but it was very clear and we were advised by sales manager specifically before being given access.

3) Knowledge = Power. I sold cars and financed people who previously had bad credit but had improved it. Their last loan was something like 18%-21% (after a BK). I come in with "good news" I can get in this truck TODAY at only 10.9%. The reality is the consumer qualified for 8% but dealerships have arrangments with lenders where (at least in VA) they can sell the loan for a higher APR and get a cut back from the lender. The pullback on a 2%-3% markup can be more than the profit I saw on some trucks priced close to invoice.

For best deals don't trust the dealership for anything:
1) Know value of car (invoice not sticker)
2) Know any rebates (they get taken off sticker)
3) Have a loan secured already or even better have a black Check (USAA, Capital1, and many CU offer blank checks)
4) Don't fall in love with one vehicle.
5) Processing fee = 100% profit and despite what they say is not required by law anywhere in the US.

[Anonymous]

Hey Mizer got a true/false ? for you if you know my brother has bought about 15-20 new cars in his life.He and the salesman was sitting down closing a deal he watched him use this calculator and asked if  to see this calculator he said no. After some jabbing the salesman told him the calculator was a special type of calculator for his type of work. Is this true or false my brother seemed to get the impression that he was not wanting him or anyone to have knowledge of this. reply back

[Anonymous]

I doubt it was a "special calculator" however car salesmen will often times not allow you to use their calculator. Reason is because they will pack the loan. Let's say you want a car for $20K. Dealer will say the payment are $406 for 60 months. If you push him on the APR % he may say it's 5.99%. The reality is 5.99% is $386 not $406. The dealership has packed $20/mo * 60 mo = $1200 into the loan?

Why? Because all the "crap" they sell in the finance office (underproofing, extended warranties, service contracts, etc). All of those have 100%-500% markups. Horrible, horrible values. They are a hard sell if you "know" the true price.

$1500 for a service contract. You would say "no way" right? But what is they say "it's just $300 more = $5more / month"? Not so bad right? Well the truth is they aren't selling it to you for $300. They are selling it to you for $1500 but it's only $300 more because the salesman "packed" $1200 extra into the loan.

A good consumer doesn't need the calculator anyways though:
1) Know invoice value of car and start from there
2) Know any and all rebates (both to consumer & dealer)
3) Have "blank check" or pre-approved from lender.
4) Cheat sheet showing monthly payment in per $1000 on your pre-approved loan.

[Anonymous]

Thanks Mizer for the inside info I probaly would agree with you that the calculator in of itself is not special on the other hand its the person thats putting the calculator to "SPECIAL USES" more likely a fair assumption. Ol Brother is a shrude one when it comes down to a dollar.I beleive they both came out of the deal beaten and bruised. Really great Info Thanks credit08