Earnhardt Auto Dealers 'searching for suckers' Auto Dealers way of screwing the consumer *usacomplaints.com Consumer Tips
& your FAIR ISAAC SCORE
After seeing their TV Infomercial that says they help people get the car they want, I start thinking, I wonder why this Infomercial never mentions the name of the company or the car dealer?
Many people across the country have had some credit problems in the past. These people will do anything to buy a car.
Companies like this like to take advantage of you, when you are vulnerable. Most people have credit problems because they do not understand how they credit industry really works. Banks, car dealers and mortgage brokers do not want you to understand everything about your credit. There are many types of credit reports on you, the consumer, but there is a kind of credit report that you do not have access to that reveals what you might call your credit's value. It is called a TRW or a Experian. This type of credit report shows you your FAIR ISAAC SCORE. Mine is 765 which is considered a gold brick. Do you know what your FAIR ISAAC SCORE is? I bet not.
This infomercial tells you that there is somebody on the phone to help you get the car loan you want right away. Usacomplaints.com called their 1-800-217-6733.
We got a recording telling us that they are sorry that they can't answer the call because of the large response do to the infomercial, Yeah RIGHT. We tried the number 11 times, all times of day and the evening with the same recording. They set this 800 number this way so you can't ask questions. No questions answered is equal to an uninformed consumer. But they want you to give them all of your personal information so they can run a bunch of inquiries on your credit. This is a big NO NO! This will hurt your credit!
What they are doing is looking for people that have real bad credit that do not care about the interest of a car loan. If you are not ready to buy a car do not pass out your SS Number to anybody. Do not let them make you think buying a car is the only way to put your credit back on track.
They ask you a bunch of questions and then they fire a shot gun to your credit, looking for any bank that will loan you money to buy a car. This is not good! This will only make things worse for you in the future!
Please, if you have bad credit, understand, that you do not want a bunch of inquiries on your credit report. Make sure you do not give companies like this your social security number (SSN) or any other private information until you are ready to buy at that time.
SCREWING YOU, THE CONSUMER
Companies like this make money on you big time. If the car dealer can get you approved at 13%, they will try to get you to sign a contract for 17%. If you sign a car buying contract at 17% and they get a bank to approve a loan for you at 13%, the difference goes to the car dealer and not the bank.
They are also overcharging you for the car about 15 to 30% above the current market value of the car. You never want to pay more then current market value. When it comes time that you want to sell the vehicle and or trade it in, you will be upside down on the loan, meaning, you will owe much more than the car is worth, making it impossible for you to do a trade.
MORE SCREWING
In most cases they are selling you a car with high Miles. We are also very tired of people telling us that car dealers are selling extended warranties for up to $2200. Car dealers buy them from $400 to $800.in the future, consumers can contact
[email protected] before doing business with ANY car dealer.
We decided to do a web search on the web site called www.webapproval.com (a service we do not recommend). This company is owned by a car dealer called Earnhardt in AZ. This car dealer wants to hide behind a web site and pretend that they are a special loan company that will approve car loans right over the phone.
Only partly true.
To any car buyer that has had some credit problems in the past. Please understand that there are many car dealers that will take your SSN and all the personal information that they can get out of you, and make you think you are approved over the phone! But, after you get there is when all the BS comes out, Like a big down payment or they will ask you to get a cosigner. When they ask you to get a cosigner, watch out because trouble can come your way as well as the cosigner.
If any car dealer can get you approved over the phone, make sure you LOOK AT THE INTEREST RATE! I guarantee it will be a VERY HIGH INTEREST RATE. Make sure the space on the contract is filled in and you have a carbon copy, and not a photo copy. It is common for dealers to leave that blank and fill it in afterwards at a much higher rate. It is also common for the dealer to tell you they misplaced your contract and they need to write up another one. This will be with different numbers than originally promised and could actually be a different car all together. They know they have your trust so they can easily take advantage.
What kind of cars will you have to choose from?
Auto dealers like Earnhardt will defend themselves saying, "these people could never get credit, we are doing them a service" "their credit is so bad, who else would want to take a risk on them." Most companies like this own their own bank or are connected with the bank in some way. They stick you with a high interest rate and hope you make all of the payments. If you don't, no big deal to them, just as well. They will repo the car while you are fast asleep and sell the car again. Sounds like profit to them no matter what.
I FEEL that companies like this are looking for SUCKERS. Don't be one.
Consumer Advocates
[email protected]
Auto Buyers Consumer Advocate
Ed magidson
[email protected]
Consumer Advocate
Civil and Human Rights Activist
Mediator
PUBLISHER Usa Consumer Complaints.com
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