• Report: #1093052

Complaint Review: Joe Machens Toyota

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  • Submitted: Sat, October 19, 2013
  • Updated: Sat, October 19, 2013

  • Reported By: smeyer — glasgow Missouri
Joe Machens Toyota
1000 Vandiver Columbia , Missouri USA

Joe Machens Toyota Finance Dept in all dealerships Running your credit to death Columbia Missouri

*Consumer Comment: Why?

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My husband and I bought a car from Joe Machens in Feb 2011, were lied to about a car fax being clean, it broke down several times and had to hae it towed costing over  1000 dollars, then it continued to do the same thing.  So now we are looking for a new car, We went to Joe Machens Toyota,  I looked at a SUV, they ran mine and my husbands credit a total of 47 times on each of us, dropping the total of our scores over 120 points each, we were in the process of buying a house, but when the bank ran the credit report, we were lower then what was required, so no house.  The bank tols us that Joe Machens Toyota, Automotive group,  ran us a total of 94 times in the last three weeks.   Now we can not get the house or a car loan due to Machens groups.  They do this so that you are stuck getting a vechile from them, then it is a POS>


This report was posted on Ripoff Report on 10/19/2013 07:34 AM and is a permanent record located here: http://www.ripoffreport.com/r/Joe-Machens-Toyota-/Columbia-Missouri-65201/Joe-Machens-Toyota-Finance-Dept-in-all-dealerships-Running-your-credit-to-death-Columb-1093052. 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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#1 Consumer Comment

Why?

AUTHOR: Robert - ()

Okay first off if this dealer screwed you 2 1/2 years ago, why would you go back to them to get another car?

Beyond that just some things you should be aware of for the future.

If you are truly looking for a house you should NOT be looking for a car as even if you got the car and a new loan it lowers your score.  In fact even something as simple as opening a store credit card could cause you to go from getting approved to denied for a loan.

Now onto the credit.  A "good" finance manager knows based on your application what banks will probably approve you, and probably have to send it to only a couple.  There is no reason for a finance manager to send it to 40+ lenders..unless there is more to this story.  There is no logical reason a finance manager would send it to 40 for the sole purpose of requiring you to buy from them.  Because all they are doing is causing you to get less favorable terms and more likely that you won't get a car..thus loosing them a sale.

Now, just about every scoring system only counts inquiries for 10% of your total score and even in a worst case scenario that is somewhere between 80-99 points depending on the most popular systems(and the ones that the banks and lenders will use).  So if you got a 120 "ding" there IS more.  In addition even though you are married the chances of you having the EXACT same credit report is very..very..slim.  So it is again unlikely that both of you had the same point drop.   You then have another little item about credit scoring.  The various methods allow for what is known as "rate" shopping.  That is they will treat all inquiries within a couple of weeks as a SINGLE inquiry, meaning at most with no other factors only a few point "ding".

One other item.  You can attempt to remove the inquires by sending in a dispute to the Credit Reporting Agencies as stating you didn't authorize that many. 

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