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#2 of 16377 Credit Reports and the like by im_brentwood Oct 30, 2000 (12:32 pm)
I have never worked, nor will I, at a store that will pull a customer's credit without their knowledge. Now, I will usually ask to pull a beacon score during negotiations for one simple reason: Lexus Financial Uses a tiered rate system. 700+ Beacon: .00345 700> Beacon: .00390 660> Beacon: .00420 620> Beacon: .00454 This means, that if someone like hondobondo comes in, who refuses to let the dealer run a credit check during negotiations, it can become a royal Mess. Now, say we have come to an agreement. Say we were working Level 1 Numbers, now the customer scores a 645. Now I have to bump them $51 a month. Guess what usually happens here? Bill
#3 of 16377 isell by audia8q Oct 30, 2000 (3:20 pm)
I just got done reading the 240 page manual which explains how ones beacon score is arrived....I need 6 phd's from Yale to figure this out...but one thing is certain. like inquiries in a short amount of time only count as 1. The inquiries will show up and remain as long as 2 years. I love all these people who don't want us to pull the credit report and then want us to quote the best rate...more times than not people who pay their bills don't have a great Fico score and get the second tier finance rate. If they had let us pull the bureau ahead of time we could have eliminated this situation Rich
#4 of 16377 Rich by blackcurrant Oct 30, 2000 (4:48 pm)
Who are the big three credit bureaus and how do the scores relate between them? TRW and ???? Replies to this message: sean3 (Aug 21, 2004 2:59 am) rroyce10 (Aug 21, 2004 3:22 am)
#5 of 16377 audia8, et al by agt_cooper Oct 30, 2000 (5:30 pm)
My question was whether the practice of pulling a credit report as a matter of course was the norm, not whether it should occur during the discussion of financing. Obviously, if the customer wishes to discuss the dealership's financing options, they need to be willing to provide access to credit data. But if they have no need for these services, you have no business knowing there financial history. And as for the 20/20 piece, it just goes to show that a little research and leg work up front can save you substantial money in the long run. I too, had to laugh at the "suit" trying to put a good face on the practice, saying they are providing a valuable "service" to their clients. While I agree the report was a bit sensationalized, it may help a few people who had no idea that car dealerships can and do make profits on the loans they arrange. It is yet another piece of evidence that suggests that anyone who wishes to purchase a car had better do a lot of work prior to setting foot inside a dealership. Otherwise, they are setting themselves up to part with more of their cash than is necessary.
#6 of 16377 agt / bc by audia8q Oct 30, 2000 (6:58 pm)
my policy has always been clear and simple concerning consumer credit reports...the only time we run them is if the customer brings up the bad credit ahead of time or once we have a signed deal. Cash deals do not have credit pulled. Experian (trw), Trans-Union and Equifax are the big players. All three sell tremendous amounts of consumer information to anyone who is willing to pay for it. They are the ones giving out everyones secrets. Rich
#7 of 16377 TRW, Equifax & Experian by md2002 Oct 31, 2000 (12:40 am)
are the BIG 3. TRW has been known to be well not up to standard on clearing incorrect info. I think it was 20/200 or Flatline NBC that did a piece on this fella who had very good credit, but despite having incorrect info removed TRW kept putting it back into his report. They got sued. And Lost BIG TIME. They are no appealing the case. I mean they lost BIG TIME Millions in damages. He will never see a penny of it. I check my report every 6 months and keep all records up to date. It took me 9 months to get Chase Manhattan to remove incorrect info on an account of theirs from 5 years ago. In NYS they have 30 days to resolve a dispute, they ignored it for 8 months and I had to keep writing letters, finally they figured out they had nothing on file, as in they couldn't even find the files in "storage" so they removed it. Would have been nice if they held up to the letter of NYS banking laws. Not likely though.
#8 of 16377 Best time to sell a car? by fortunate2001 Oct 31, 2000 (4:07 am)
What is the best time of year to sell a car? I would think (at least in New England and northern states) that this might be a good time- lots of people thinking their old cars might not make it through the winter.... Any historical rules of thumb for this sort of thing?
#9 of 16377 agt _mulder.... by mackabee Oct 31, 2000 (4:18 am)
Again you keep trying to put words in my mouth. Never did I state that it is our dealership's policy to pull everyones' credit bureau. I said it is not illegal in the state of Va. No I'll repeat what audia8 said: If a customers gets anal retentive about the credit issue (interest rate) we will gladly ask for his permission to check his credit in order to quote him/her/they the rate they qualify for. Like I said I could care beans about what their credit is until we settle on the vehicle they'd like to purchase.               ; )               Mackabee P.S X-FILES back on November 5th. I'll see you there agt. Cooper.

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