|
|
|
|
|
|
Risky Credit Rating Car Financing Scam
This is a very simple scam which involves the finance department of the car dealership telling you that your credit rating is much lower than it actually is
I know it's hard to believe, but there are some dealerships that will try to mislead you by telling you that your credit rating is bad when it's actually quite good. Yes, they are lying to
you about your credit score and hoping that you don't know what it really is. You could have good or bad credit to be fooled on this one. It doesn't matter how good your credit rating is
if you don't know what it is. If you do know your credit rating and a car dealership tries to pull this on you it won't work. If you don't know how good your credit rating is when you go
to the dealership they may be able to con you into thinking you are a credit risk and you could pay through the nose for it.
Here's how car dealerships tries to fool you
At the car dealership when it comes time to fill out loan financing paperwork when you are done the financing people have
anxious expressions on their faces when they tell you that your credit score is dangerously low. Sadly, you will have to
pay a very high interest rate in order to qualify for the loan and they are just awfully sorry about it. You may have come
in expecting to get in on a killer 0% financing deal but the car dealership is hoping you leave paying 9% because you don't
know how good your credit is. If you do know and you question what the dealer is telling you they will almost certainly
have excuses ready. Don't fall for it because a credit rating is a credit rating is a credit rating.
Your credit score means the same thing no matter what you are purchasing. Somone that knows how good their credit rating is
would question this immediately. If the auto dealership's finance people try to con you by telling you credit scores don't
always mean the same thing or some equally ridiculous hogwash you should suspect that something's up. Just watch the expression
on their faces change when you let them know that they are lying to you!
Protect yourself by knowing your credit score
Everyone should know what their credit is like before purchasing a new or used car from a dealership. Failing to know something
like this is like going unarmed to a gunfight. If the car salesman knows your credit score and you don't and they know that you
don't know you can be sure that they will use that against you. Your best bet is to secure financing before you go shopping for a car.
You will not only get a better interest rate but it's far less likely that the car dealership will try to take you for a ride. If
you do find yourself at a car dealership and they try this scam on you let them know that you are fully aware of what your credit
report is or just leave. There are plenty of honest car dealerships out there with sales people that won't try to take advantage
of you. Don't give them a second chance because if you do the chances are good that they have another scam they'd like to try on you.
What to do if you think you've been the victim of this scam:
If you think that you've been the victim of an auto financing scam you should immediately report the car dealership to your state's Attorney
General office. You should also contact the Better Business Bureau to report a dishonest dealership. You can also try to find better
financing and get a better interest rate as fast as you can. Going from 18% to 9% could mean savings of hundreds of dollars a month and save
you thousands over the term of the loan.
More Car Dealership Scam Information
How to avoid car dealer scams
|
|
|
|
|
|
|
This site is protected under both U.S. Federal copyright law and international treaties. No part of this site,
including text, layout or images, may be reproduced or copied in any form or by any method.
|
