Why can the credit scores given when purchasing a vehicle be much lower than your own personal credit scores?
We have rebuilt our credit.. my middle score is a 698, my husbands is 713. We are looking for a new vehicle and were stunned to find a 10.99% interest rate from Chrysler Financing. The gentleman showed us that our "automotive credit" ratings were in the low 600s. We are a month ahead on both vehicles and we paid off the car he had after about three years into the loan. We are just shy of prime credit. Is there anything we can do to get a better rate? -I know the average rate for a new car is about 7-8% currently.
Public Comments
- Don't play their game... thats all it is... Your in the "drivers seat" and don't be afraid to let them know. Tell them the terms YOU want or you will shop on them. Point blank! http://www.disputedemon.com/credit-score/
- Just tell them what you want ....and if they don't go somewhere else.
- I'm fairly knowledgeable on credit and credit practices and I've NEVER heard of an "automotive Credit" rating. That is most certainly some BS number pulled out of thin air by the dealership to artificially inflate the interest rate they are going to charge you for financing through them. Without question this is a scam or con of some sort. Do two things ... 1. If you really want the car and they are offering a fair price for it go to your local bank or credit union or Savings and Loan and request a loan. With the credit ratings you listed you should have no problem getting a loan from a traditional funding source and the best going rate and not going through the dealers "profit generating" buy here-pay here crap. 2. Since this is almost certainly some underhanded trick of an unethical dealer ... I'd be VERY tempted to walk away from that dealer ... if they are that dishonest, you don't really want to deal with them. There are a lot of Chrysler (or other makes) dealers out there ... find one that isn't trying to take advantage of you. Good Luck.
- I would go to your local news station and have them exposed as an unethical dealer! your credit is "a" material. Dont let these slimeballs get away with this. I bet they will go in there with cameras and embarass the hell out of these clowns!oh, and the diff between the 7-8% and the 10.99 the dealer makes on the back of the deal.in percentage points
