GM Volt Forum banner

1 - 14 of 14 Posts

·
Registered
Joined
·
8 Posts
Discussion Starter #1
Long story short,, went in to get a volt locally in California. Numbers all worked for me and the salesman. They run credit (I check my credit regularly and leased another vehicle a month ago. Always 800+). Finance manager comes and says I do not qualify and need to pay$30 more a month. Didn't even show me my credit report from Us bank which was allegedly denied.

I was wondering if this is even legal. Shouldn't I be able to see my credit score once the application is processed?
 

·
Registered
Joined
·
5,410 Posts
Long story short,, went in to get a volt locally in California. Numbers all worked for me and the salesman. They run credit (I check my credit regularly and leased another vehicle a month ago. Always 800+). Finance manager comes and says I do not qualify and need to pay$30 more a month. Didn't even show me my credit report from Us bank which was allegedly denied.

I was wondering if this is even legal. Shouldn't I be able to see my credit score once the application is processed?
You have a right to free credit reports if you are denied credit...here is an explanation from Experian...
http://www.experian.com/blogs/ask-experian/2013/01/16/getting-a-free-report-when-your-application-is-declined/
 

·
Registered
Joined
·
8 Posts
Discussion Starter #3
Thanks, I already check my credit once a year. I'm only wondering if this practice is legal or not. I was under the impression that they had to let me know my number and acknowledge it before I left the dealership. That's how all my other cars were leased.
 

·
Registered
Joined
·
109 Posts
I know as part of my paperwork when I was signing off for my volt, I was given copies of my credit score though that was being done as we were signing paperwork to take the volt
 

·
Registered
Joined
·
1,154 Posts
Long story short,, went in to get a volt locally in California. Numbers all worked for me and the salesman. They run credit (I check my credit regularly and leased another vehicle a month ago. Always 800+). Finance manager comes and says I do not qualify and need to pay$30 more a month. Didn't even show me my credit report from Us bank which was allegedly denied.

I was wondering if this is even legal. Shouldn't I be able to see my credit score once the application is processed?
If they run it and refuse to show it to you, it's a scam. Every time I've bought / leased a car or financed / refined a house and they run a credit report or scores, they give me a copy. I'd guess each state varies on the legal requirement but California is typically pro-consumer on these kinds of things.

CreditKarma.com is an excellent way to freely monitor your credit, although I've found it shows a lower score than the ones the agencies usually calculate for actual financing applications.
 

·
Registered
Joined
·
678 Posts
Pay to get your Credit Score from at lease 2 of the 3. If the dealer is scamming you , make sure you announce the dealer here, so they can be shamed and report to your state.
 

·
Registered
Joined
·
5,782 Posts
Not all scoring systems are the same. Even the three credit agencies have their own non-FICO methodologies. For a car loan, the dealer's F&I uses an industry scoring system that is biased toward past car loan performance.

That said, something is wrong with this picture. An 800 score using any method is good to excellent. I'm thinking they made an error somewhere and used this excuse to try to fix it.

Mine is nowhere near 800 FICO and I got three zero percent loan options. I have a long history of never missing a car payment.

I usually pull a paid triple credit report with scores before I apply for any loans. You never know if some minor flaw like a collection was thrown on your reports. Even in error.
 

·
Registered
Joined
·
1,036 Posts
Also I thought that i.e. if the same happens with a mortgage they are suppose to tell you the score and system it relates too. But then again I never had this issue. Sounds like a scam once again with yet another shoddy dealer.
 

·
Registered
Joined
·
85 Posts
Yeah, it's crap. He can/should give you copies of the credit report. Find another dealer man, there are usually several in your area. Heck I've driven many miles to use a reputable dealer vice one near by that sucks.
 

·
Registered
Joined
·
195 Posts
A number of forum members (including myself) have had a great experience at Rydell in Northridge. No games, no fuss. I'd suggest finding another dealer.
 

·
Registered
Joined
·
258 Posts
How can one check the credit score? One has to pay for it or it is free 1 time a year?
You can check your credit report free 1 time a year at https://www.annualcreditreport.com but I think you can only get your credit score free if you have been denied credit (or credit at the best terms). I don't know what the procedure is to get the score in that case though.
 

·
Registered
Joined
·
658 Posts
You will find out in a couple weeks if it was a scam or not. US Bank will mail you a letter explaining why the credit was denied and the score they obtained when they pulled the credit. It does sound fishy - I can understand if they said they needed an additional deposit, but not that you had to pay more money. Maybe they were going with another bank who wanted different terms. Definitely shady if they didn't explain what the terms were...
 
1 - 14 of 14 Posts
Top