I didn't care for the ending, he caved in TOO soon. I'm curious though, right after I watched this yesterday, it was featured on CNN w/ Robin & they were saying some of it may have been staged. I dunno, then I got to wondering why they didn't ask for his drivers license. They usually make a copy, then check out your credit while you're out test driving.
Is that so ? The only reason I ask is because when I bought my truck in December, they wanted to have a copy of my license before the test drive. I ended up writing a check for the truck, therefore we never talked about a loan. BUT, when my stepdaughter went to the same dealership a month later ( her brother worked there ), she needed a co signer if she went with their loan program ( which she did not ), but they told her to get me to sign, since they knew my credit rating was " pristine ". So they knew. Maybe it's different for different states, or maybe they were trying to be sneaky.
Nope. If they ran your credit without a signed credit verification form they we're in violation.. Check your credit report and verify if they ran it. If they did dispute the credit check and have it removed from your report. When you dispute it the three credit bureaus will require the dealership to produce the signed form, if they can't it will be removed from your credit. When your credit is checked it costs you points on your score. I believe it's up to 5 points.
Nope on the point loss. You only start loosing if you are looking for credit from multiple sources. For example, if you went to 30 places looking for a car loan you would not loose any points. But if you were checking for a mortgage, credit card and home loan all within a month you would probably get a pretty substantial drop in points, temporarily.
Unless things have changed, which they very well could have since the last time I allowed a dealership to run my credit. Dealerships often run credit through 5-6 companies at once. The way I understood it was not the type of loan but rather the act of running it. Had a similar thing happen, I did sign the form but they ran it through their preferred creditor list which was like 6 companies.
Nothing much really in the doo doo department. People steal complete identities and cards all the time and they barely get a slap on the wrist. That's IF someone even bothers to catch them. Usually the credit issuing companies just cancel the compromised accounts and take the loss. The big three credit reporting bureaus could care less.
It changed around 2004ish. Used to be that way but what was happening is that consumers were looking for the best rates/deals (mortgages) and then got stuck with a much higher rate because their score would drop them below what tier rates they qualified for when first applying.
On revolving credit it does effect it but since i didn't do those type of loans I don't remember those rules exactly.
On revolving credit it does effect it but since i didn't do those type of loans I don't remember those rules exactly.
