Why can the credit scores given when purchasing a vehicle be much lower than your own personal credit scores?
We have rebuilt our credit.. my middle score is a 698, my husbands is 713. we are looking for a new vehicle and were stunned to find a 10.99% interest rate from chrysler financing. the gentleman showed us that our "automotive credit" ratings were in the low 600s. we are a month ahead on both vehicles and we paid off the car he had after about three years into the loan.we are shy of prime credit. is there anything we can do to get a better rate? -i know the average rate for a new car is about 7-8% currently.
Answer
I would go to your local news station and have them exposed as an unethical dealer! your credit is "a" material. dont let these slimeballs get away with this. i bet they will go in there with cameras and embarass the hell out of these clowns!oh, and the diff between the 7-8% and the 10.99 the dealer makes on the back of the deal.in percentage points