Report: MUNDAY CHEVROLET

Reported By: (The Woodlands Texas)

MUNDAY CHEVROLET RIPPED OFF IN THE FINANCE DEPARTMENT Houston Texas

... More to the story here, not how it works in the real world!

1Author 2Consumer 0Employee

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MUNDAY CHEVROLET

17800 North Freeway
Houston Texas 77090
U.S.A.
Phone: 800-600-9683
Web Address:

Category: Auto Dealers

Submitted: Sunday, May 04, 2008

Last posting: Monday, May 05, 2008

After settleing on the pricing and options on a new Corvette, I was sent to the Finance Department representative Mr. Todd Bagley to discuss financing options for my new purchase. After Mr. Bagley told me that I would have a higher than expected interest rate due to the high cost of the car, he made it clear that they would not proceed with financing unless I allowed them to add the $1,188 Paint Sealant Proection Package along with very expensive GAP insurance coverage plus a "Market Price Adjustment" of an additional $7,500. This was after I had made a "deal" with the sales representative. I chose to not purchase the vehicle at MUNDAY CHEVROETL after learning of these details. I found the EXACT SAME CORVETTE at another dealer in Houston for $11,000 less than what MUNDAY CHEVROLET demanded. After learning of my pending purchase with the other dealer, MUNDAY CHEVROLET submitted my credit request to 21 sub-standard auto lenders in order to devalue my credit score. This was done the day after MUNDAY CHEVROLET knew that I was purchasing my new Corvette at another dealership. They did this in a vindicative manner in order to attempt to "punish" me for not agreeing to let MUNDAY CHEVROLET RIP ME OFF.

Randineu
The Woodlands, Texas
U.S.A.

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REBUTTALS & REPLIES:

1Author 2Consumer 0Employee

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3 things to do.

Robert - Buffalo (U.S.A.)

SUBMITTED: Sunday, May 04, 2008 POSTED: Sunday, May 04, 2008

1. Report them to the FTC. Requiring the paint sealant package as a condition of being approved for a loan is ILLEGAL in the US. Same for the GAP insurance.

2. Report them to your State Attorney General

3. SUE THEM IN DISTRICT COURT. You should have no trouble finding a competent attorney who will take your case on a contingent fee basis.

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More to the story here, not how it works in the real world!

Steve - Bradenton (U.S.A.)

SUBMITTED: Monday, May 05, 2008 POSTED: Monday, May 05, 2008

Although I have no doubt that some F&I manager tried getting you on the back end, there are several things you don't understand.

First of all, the interest rate has nothing to do with the price of the vehicle.
That was a lie too. These scum sell you at a higher rate, as they get a kickback off of that rate.

Now, as far as your credit reporting goes, you are misinformed.

The credit impact of an inquiry is exactly the same wheter it is a prime lender or a sub-prime lender. There is no difference for scoring purposes on the inquiry.

It makes no difference how many lenders this dealership "shops" your application to. The impact on your credit score is the same whether it is 1 lender or 100 lenders.

Credit scoring on inquiries is done by type of tradeline.

In a 30-90 day period, depending on bureau, all inquiries created by you shopping for a car have only 1 impact on your score.

Now, if you also applied for a credit card, that would be an additional impact, and if you also applied for a mortgage, that would be an additional impact.

The bottom line is, that there is a reason you are being shopped around sub-prime lenders. Your credit sucks.