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Tip Of The Day

Don't Know Your Credit Score? Don't Go to the Dealer Yet

If you have no idea what your FICO (credit) score is, don’t even step foot on the lot of a car dealer. There’s no sense in spending all day looking at and test-driving cars only to get to the finance manager’s office and find out that your credit score isn’t good enough to qualify for financing. Plus, knowing what your credit score is beforehand might help you get financing through a private lender, which might get you a better interest rate than the dealer can give you.

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Ask The Dealer

Q: Can a used car dealer state to the lender that a 2004 Dodge Ram 1500 is a Ram 1500 SLT with Laramie package to obtain financing when in fact this is untrue?

Charles S. - Hogansville, Ga.

A: The dealer's information to the lender should be as accurate as possible. In circumstances where the dealer overstates the equipment of the vehicle, this means that the lender could have financed more than the vehicle's acceptable value.
If and when the vehicle loan defaults and the lender picks up their collateral, they could notice that the equipment was overstated at the origin of the loan and ask the dealer to pay back the monetary over advance of the loan because of the overstated e



Agustin Vasquez, Jr. - General Manager, Mack Massey Chrysler Jeep Dodge, El Paso, Texas
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Featured Comments
Chris said the following about Dealer Tricks You May Not Know About

Come on, enough with the car dealers are bad people stuff. Who is it that writes all these articles making everyone afraid of buying a car? Think of who works at the car dealership. It's just local ...Read More
 

Yeah, don't pay your car off faster.. Don't save on interest.. Hmmm sounds smart. Or maybe your in with the consumer lending industries.. If i make my 108 montly car payments once a month, 20 dol ...Read More

 
takisha said the following about How to Get Out of an Upside Down Car Loan

I am currently making payments on an 05 ford taurus it has negative equity but i am trying to trade in

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aj said the following about How to Get Out of an Upside Down Car Loan

hi my husband and i are up side down on our 04 toyota and the kbb is between 8500 and 10000 but we owe 18 on it bought it used and i have no credit and his is like 29. what should we do we have two ...Read More