dante

I'm FUMING about some of this, but since I can't prove anything I'll leave the dealer's name out of it. Basically if I hadn't done my homework I'd have gotten totally screwed here.

Will leave particulars out of it, but lets just say that I noticed that when we were showed our "credit report" at the dealer, it was 50-60 pts lower than what we had received (www.freecreditreport.com), so we didn't qualify for Scion's "best" financing of 4.65% and a $400 college grad rebate. So we would have been charged 5.25% if we hadn't already come in with our own loan that we'd gotten through www.lendingtree.com. I thought it was just that we hadn't gotten our scores from their agency, but it turns out that we had and didn't realize it. So now I'm just ____ED even though the $$ came out about the same...

So WHATEVER you do, DO YOUR HOMEWORK!!!! Get all three credit scores (yeah, it's like $35 or something), print them, bring them to the dealer and have a loan from someone else all set up before you negotiate. eloan came in with the best car loan, and mailed us a check that all we had to do was fill in the amount (under a certain amt) and sign it and we would've been good to go. Toyota actually came in with a lower 3rd party rate, but I'm freakin' BENT that I could've been charged a full percentage point higher just b/c of them.

Oh yeah, the sales guy (if you're reading this, you know who you are) was totally cool, totally helpful, and I absolutely LOVE the Scion, thanks again for all your help. I'm just so ____ed I'm tempted to contact the Scion headquarters....

jansenspop

Well ____ man, we didn't even get $400 college grad money Now I'M ____ed.

dante

it's on the scion website, can't remember the exact link, but if you've graduated within the last 2 years, are enrolled currently in undergrad *OR* an accredited garduate program, you can get a $400 rebate if you go with Scion Financial (4.65%, non-negotiable).

UPDATE So specifics are that Toyota/Scion said my credit score was 50 points below what I had been told by the exact same agency the week prior, and my gf's was 12 points below what she has now (4 days after buying the car). Both put us *just* below the magic number of 700, which was what was required for the 4.65% and the $400 rebate. So unless someone has a decent explanation for this (other dealers? any input?), I'll probably be writing a letter to Scion Headquarters and let them know...

(love my tC though!!! )

jeffrgunn23

There has got to be some kind of explination for that. There is no way that a dealer can do anything to change the score of your credit report and it would make absolutley no sense for them to do that. To be compliant they have to have a copy of your credit report in the deal along with the finance rate menu. If for any reason you were financed with Toyota and didn't get the rate that was posted on the menu they are out of compliance and will lose 30% of their inventory. I would assume in the time that you got your credit report and the time the dealer ran your credit some one reported something negative on it. As far as the college grad rebate it does state that you have to have NO derogatory credit on your report. I hope this all makes sense, but I just don't see any way or reason for that matter for the dealer to chage your credit score.

DibujoB

I don't know how a dealer could falsify a credit report. They don't generate credit scores, they just present them the way the bureau spits them out. If anything you should write a letter to experian, trans union, equifax, or whatever credit agency they use...it's their number, not the dealers.

Also, maybe freecreditreport.com was using another TRW and not one of the major 3. I know our dealership primarily uses experian.

Going on the fact that I saw a commercial for Freecreditreport.com on TV during a rerun of Magnum PI yesterday...it was on right after Springer and in between ads for ambulance chaser law firms, I'd have to say it's probably not the most reliable source.

Go to www.experian.com.....you are entitled to 1 free credit report from the major bureaus a year. Even the dealership has to pay for each credit report we run, and I'd trust our # over one generated by some random web page.

jansenspop

Oh well, i thought it was just an incentive because we didn't go with Scion Financial. Had me worried dude! I hate losing money

dunar

Another factor that could be playing into your credit score(s) is requesting or applying for credit. I used to work for a financial data processor, and the way I understand credit scoring is a that it is complex formula (for each credit report company - Experian, Equifax, and TransUnion) that combines your credit history (paying bills on time, paying off or tward previous debt in a timely manner), currently available credit (open ended loans or credit cards), and recent credit applications. They can also go into great depth on your credit report, but most places look at your beacon number (making it easy to review applications for them.) In the end, they look at the risk they take by givng you a loan. It was also very common for the lenders to adjust the rate based on the terms (usually length of the loan) - they assume you are more likely to finish paying off a three year old vehicle , so give your a rate break if you go with a 36 month loan instead of a five year old vehicle or 60 months, for example.

I understand Scion's "make the buying experience easy", including the financing, but it's still the loan game to me! I guess in the end, shopping rates is the best thing to do, but making "official" credit applications can end up hurting you.

...Just sharing some of my insight into the big financial wolrd...

beioski

The credit scores you get from website like freecreditreport.com and even experian.com (unless you really look) are not your real credit scores. they are like a dumbed down verison of your score, that easier for you to understand. Alot of them are on an entirely differnt scale that your real score (FICO score). They are always higher than your real score. To get your real score your should actually call experian, (and the other two as well) and have them send you it on a piece of paper. Make sure you specify that you want your FICO score.

Sucks you didnt finance through TFS, your won't be getting your $50 Scion gift card.

dante

I understand about the whole length of loan thing, but what I'm freakin' bent about is that I was showed a FICO score that was DRASTICALLY different from what I had gotten before I went in, and then since (see above post). Moral of the story is definitely get all 3 fico scores just before you negotiate, and get loan approval as well from an outside source. :?

Cybergypsy

dante

Through Experian it says "Credit Score", and my score is 737 on a scale of 330-830. Is this not my FICO score???? :?:

Reno

not that it would have changed anything, but why didn't you bring a copy of the report you got to the dealership? maybe they would have checked again for you.

look on the bright side, you got a new car and love it. :D

dante

go away. if you can actually read, you'll see I *didn't* get screwed. go have another drink...

dante

left it at work. didn't think I'd need it, and didn't realize that it was the same agency till yesterday. And yes, I do love my new tC. And I'm thankful that my gf forced us to get credit scores, loan applications and even insurance quotes before we actually walked into the dealer to talk $$$.

TrafficinLA

Did you read the part where he did his homework and didn't get screwed?

dante

guess not. subjects that state "DO YOUR HOMEWORK" apparently are a little too complicated for cg. will try to write using simpler words...

Orataro

yes, it's does pay to do your home work. The dealer wanted to give me a loan @ 12 1/2 % and then I looked into a credit union where I got a loan at 2.9%.

Cybergypsy

yes he did get screwed, he could have had it for a lower APR..then that....I will post how...

HyperZ

So, under the College grad plan, you don't automatically get Zone I financing? That is how they advertise it on the websites. It sounds like credit ratings only hurt you if you have any bad credit records. So, is the college program just a bunch of BS??? I wouldn't mind the extra $400.

zinczipper

you can't have any adverse credit..no late pay..slow pay.
just another reason to keep yourself together .
but if you have , you can get zone 1 rates .
and $400
and no down payment
and 90 day deferred 1st payment
remember...bad credit last a very long time
zz