• Report: #792210

Complaint Review: DAVE SINCLAIR FORD

  • Submitted: Tue, October 25, 2011
  • Updated: Wed, October 26, 2011

  • Reported By: Robert — Arnold Missouri United States of America
DAVE SINCLAIR FORD
7466 South Lindbergh Boulevard,63123 SAINT LOUIS, Missouri United States of America

DAVE SINCLAIR FORD DAVE SINCLAIR AUTO GROUP UNFAIR AUTO LOAN RATES !!!!!! SAINT LOUIS, Missouri

*REBUTTAL Owner of company: Conflicting realities

*Consumer Comment: What?

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I went to Dave sinclair Ford one day when i got off early from work, decided to buy a used truck. ok no big deal right ? well well after i found the truck get to the finanace dept. and see that the pmt is a little high but o'well its ok. then i see that the rate is 15.5% !!!!???!!! WHAT! , well sir "its because your credit score is in the 500's... so i asked who they used for credit reporting ,he stated everyone in the car industry uses equafax ! That sucks b/c i have a 780 score with transunion .

Yesterday i go and buy another car from a diffrent dealer, scores still the same (all three)
i was floored when i was given a 4.3% rate . I asked the finanace guy who he pulled credit from ,he stated the auto industry as a whole uses transunion unless they go after subprime customers !!!

so they beat me up on my lower of the 3 scors just to sell the higher rate .
now in the housing market that would be a violation of ECOA, i wonder if there is a law for that .

DONT USE DAVE SINCLAIR FOR ANY OF YOUR FINANCING !!!!!!     

This report was posted on Ripoff Report on 10/25/2011 10:07 PM and is a permanent record located here: http://www.ripoffreport.com/r/DAVE-SINCLAIR-FORD/SAINT-LOUIS-Missouri-/DAVE-SINCLAIR-FORD-DAVE-SINCLAIR-AUTO-GROUP-UNFAIR-AUTO-LOAN-RATES-SAINT-LOUIS-Mis-792210. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 1Consumer 1Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Owner of company

Conflicting realities

AUTHOR: John Sinclair - ()

If this is not a hoax ?  Because we have a printed sheet given to the customer before they go to the finance office with the months, rates, and payments to the penny.  Right off the bat, before we go to finance.  Secondlt the lenders go by their own criteria, transunion, equifax, or a combination thereof.  We do not have any influence on that selection process.  In 35 years of selling cars I have never seen a 280 point swing in scores ?  

Last, but not least if we could find a source that would buy a deal at a 10 point reduction ?  It makes selling the car a lot easier !!  Why would we want to make it harder on ourselves AND not sell a car ?   That is why we shop lenders, to get cheaper rates NOT higher rates.  Any human can make a stupid mistake, I know I have made more than a few along the way.  But I'd like you to contact me so I can pull this deal.  If it is as you say, I owe you an apology
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#2 Consumer Comment

What?

AUTHOR: Robert - (U.S.A.)

The ECOA has to do with discrimination, on things such as Age, Sex, Religion..etc.  There is nothing in there that says they have to use one Credit Report or scoring system over another.

But as for using your score, I can not remember a car or mortgage company using only one score to rely on for approval.  There may be some, but most I have ever heard of use the AVERAGE of all 3.  The reason for this is simple.  There can be different information on all 3 because not all creditors report to all 3 Credit Reporting Agencies.  So you may have a line of credit listed on only 1, or 2 of them.  There is nothing wrong with this, as there is no requirement to put a listing on your credit report.  The only requirement is that what is put on there is accurate.

I have a feeling that both dealers may be feeding you a line, in that they only pulled one, or only using one.  I would not be surprised that if you pulled all 3 of your credit reports you would see an inquiry on all 3 from both dealers(and possibly any banks they actually sent the application too). 

There is something else you probably should think about.  Some dealers use what is known as "spot delivery".  That is they give you a terms that are very favorable(such as 4.3%).  So you take the car/truck and a couple of weeks later they call you up telling you to come back to the dealer.  When you get back there they give you the bad news that you were not actually approved.  So in order to keep the car/truck you now must either accept less favorable terms(higher rate, higher down payment) or get a co-signer.  And while this dealer may not be doing this, the situation described sounds like a perfect case where it may happen.

On a side note, if you have such a difference between two of your three credit scores(you didn't mention your third score), you probably should see what is different on each.  Because there is often a minor difference between them because of what is reported.  But to go from the 500's to 780 there may be something incorrect.  If there is, it would probably be to your advantage to dispute the items that are incorrect.
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