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  1. #1
    Join Date
    Apr 2004
    Location
    Curacao
    Posts
    9

    Lie To The Customer About Their Credit Score

    The Finance manager lies to you about your credit score, telling you it was really low, so you now have to pay a much higher car loan interest rate than you thought. This scam is pulled on people with good credit too. It's funny, most people know their own cholesterol levels, but they don't know their own credit score.

    How To Avoid The Scam: No salesperson should know more about your credit history than you. If they pull this scam, pull out your credit score and put a stop to it.

  2. #2
    Join Date
    Apr 2004
    Location
    Curacao
    Posts
    9

    ADM - Additional Dealer Markup

    These are completely scam charges added by money hungry dealers. It means "Additional Dealer Markup" or "Additional Dealer Profit". It usually appears on an orange sticker right next to manufacturer's MSRP sticker. ADM gives them lee-way to bargain down the price, or worst case, it gives them a higher profit margin on weak customers.
    Last edited by geo®ge; 06-21-2004 at 01:26 PM.

  3. #3
    Join Date
    Sep 2004
    Location
    Reality
    Posts
    947

    Re: ADM - Additional Dealer Markup

    my brother sold dodges for years. he says the biggest scam is "doc fees".

  4. #4

    Before you buy your next car ask me

    If you are going to be purchasing a car in the near future let me help you buy it the right way. You will pay more than it's worth always because yes, they actually do need to make a profit, but I can show you how to minimize that profit to save you money in the long run. It also really does depend on your credit situation. I was a finance manager for several years at one of the largest New/Used car Dealerships in Indiana. Please do not ask me who because I will not tell you, however I will inform you as to what you can do and say to keep them from totally ripping you off. helpus

  5. #5

    Re: Lie To The Customer About Their Credit Score

    Very good advice George. I was a finance Manager at a New/Used dealership and I will tell people this...ask the finance manager what your credit score was. If he says he is not sure, refuse to go any further in the process until this is produced. Once you get that ask him/her if you can call your bank and see what interest rate that score would qualify you for in a car purchase. If your credit score is 650 and above...you can qualify for very low rates and the most they can generally add to this(finance officers) is as high as 3 points! You could go form your qualified 4.5% to 7.5%. That, over time, is a lot of money. Always protect yourself. There are no rules for buying a car. You can ask them whatever you want to. If they don't answer you the way you feel they should, simply get up and start to walk out. I guarantee you will be stopped. Yes it is a game and sad that we have to play it, but the one who is better at the game, in the end, gets the better deal!
    Last edited by Dreamorigin; 10-14-2004 at 11:06 AM. Reason: mis spelling

  6. #6

    Re: ADM - Additional Dealer Markup

    I agree with the post of George. There are a lot of fees that are not needed. Never believe it when you see "Fair Market Value". That is a way for them to say "Our added Profit". As far as Doc Fees go though, I will defend the dealership. They should really not be more that $300 but these fees pay the non-income generating people to do all of the title work and things of that nature for the dealership. If you had to do all of these things yourself you would get a headache if you only saw the list of what you had do let alone did it. :info: Always ask questions about all fees and READ EVERYTHING YOU SIGN!!! Never sign something that is questionable! Make sure the reasons they give you for the fees are something that you understand and don't just sound like a "line" of BS. You are the only one there to protect YOU! They are there only to take as much money from you as they possibly can and you are there to give them as little as possible. Remember, when you are sitting there ready to sign...the first one to talk...loses ;)

  7. #7
    Join Date
    Jan 2005
    Location
    On Earth
    Posts
    9

    Re: ADM - Additional Dealer Markup

    MSRP means Manufacturers Suggested Retail Price. No manufacturer can dictate to a dealer how much over or under this figure he must sell a vehicle for. Additional Dealer Markup (ADM) is most often applied to specialty vehicles or other vehicles that are in limited supply. For example, demand for the Corvette in most years is far beyond the number of units that can be produced in a model year. Most small to medium sized Chevy dealers are lucky to get 3 or 4 of them a year. Supply and demand ultimately dictate whether or not the dealer can sell a Corvette above MSRP.

    If it is fair for a consumer to ask to pay a price below MSRP then it must also be fair for a dealer to ask for a price over MSRP. This is not to be confused with some other dubious add on charges that some dealers force on every car, such as an "Environmental Package" or some "VIN Etching" program. Simply refuse to pay for these items, period!

    Rich K

  8. #8
    Join Date
    Feb 2005
    Location
    Austin, TX
    Posts
    1

    Re: Lie To The Customer About Their Credit Score

    I know that this is about used cars and all but I just wanted to add that this happens in the mortgage industry as well. Here's the scenario...you are talking to a loan officer who "only has your best interest in mind" when he tells you not to let other companies pull your credit since it will damage your credit score to have to many inquiries. The truth of the matter is, if you are shopping for a mortgage, car loan, etc. the number of inquiries will not affect your score if you shop within a certain time frame. I've heard varying accounts of the exact time frame but it seems to be about 3 weeks. Now for the good part....the loan officer will "help you out so that you can still shop for other quotes but not damage your credit score" and he will tell you your credit score( of course this score is about 20 to 40 points lower than your real score) and inform you what to say to his competitors. Most lenders use a credit matrix that changes in rate every 20 points of a credit score, from 500 up to about 680. So as you can see the other lenders probably won't be close to the same rate quote as the first loan officer. The first loan officer will price the loan a little lower than the "wrong quote" but higher than what you may really qualify for. This is something that doesn't happen all the time but I have seen it enough over the last 5 years to realize that it happens too much. I personally endorse myfico.com to friends, family and clients to help them understand and know what their credit scores are at all times. I hope this helps.

  9. #9
    Join Date
    Jan 2005
    Location
    On Earth
    Posts
    9

    Re: Lie To The Customer About Their Credit Score

    There was a law passed in the US in 2003 which allows individuals one free copy of their credit report per year. This service is not available everywhere in the US as yet, but you can check availability and get your free reports from the 3 major credit bureaus at http://www.annualcreditreport.com/

    I took advantage of this service recently and found several incorrect entries on my credit reports which I am disputing. The report is free, but your score is not. You can order your credit score online for a few bucks and it is worth doing. I ordered my score from Transunion for less than six dollars.

    I am about to shop for a car and now I know all I need to know to protect myself from any funny business in the dealer's finance office.

    Rich

  10. #10
    Join Date
    May 2004
    Posts
    45

    Re: ADM - Additional Dealer Markup

    We just bought a car and every sticker at the lot that we looked at had a $1000 "Arizona package" on it that our car salesman told us was just "pure dealer profit." At first, because it was called "Arizona package," we thought it must have been window tinting or something. Idiots! :rolleyes: It wasn't until we asked the salesman point-blank that he told us. I wonder how many people pay it without asking.

  11. #11
    Join Date
    Jul 2006
    Location
    oregon
    Posts
    1

    car sales(men): the experience of a lifetime

    Does anyone have advice??
    I am a 23 year old female who knows nothing about cars. I was shopping through used car dealerships randomly (first mistake) Somehow I ended up with this 2000 toyota corolla, wich I didnt really want, and I wanted to find out more about the dealership also, ( I am aware that it is the consumers responsibility to say no and walk a way, lets just say the salesmen did their job, i didnt stand up to mine) but the mistakes dont stop there. I took it off the lot and was there the next day put on hold for hours until the manager had a spare minute to hear my regrets about buying the car. somehow I ended up leaving, not feeling good, but not feeling as bad, sweet talker. I was back in there 2 days later only to encounter another manager, because of noises that i was afraid of, some rubbing and whining sounds, bearings? anyway, He took a "10 mile ride" with my car, and i picked it up the next day, after supposedly being checked out by their auto mechanic, to be told that nothing is wrong, HA!!
    I then took the car to meineke,( I have another appt on monday for a second opinion) and the prospective bill was around 1500, and that was not even a full on inspection!!
    so , I dont have my oregon license yet beause I am not from here, and they are having a hard time financing me. so i went to the dmv, on my day off, but i didnt have proper documents. you bet they were on that, they called me the afternoon of the expected arrival. I was not able to get my license on the next day off because of the 4th july weekend i was out of town. so they called me the very next day ( and of course my phone is not the best technology, but stingy thing chooses when I recieve voicemail, ) I was still around people so didnt call them back right away, needless to say within a two hour time frame they called me 6 times, later to find out they left 4 voicemails!!! the last one was "the big guy" and was all but raising his hands above his head and doing a monkey dance! his voice was raised into my phone, he was accusing me of not returning his calls and said if i didnt call him by six tomorrow, i would have to return the car. (boohoo ) again, first thing this morning, they call, again 3 times, (but i am at work and not going to deal with this unproffesional apes until i have a break,) so i call them finally, and they know exactly who i am and PRONTO! SERVICE!! what do ya know only had to wait on hold half a second and the man, (seemingly the same as the nasty message i had recieved earlier) boomed "HEY WHERES YOUR LISCENCE? (well, no hello?) I told him I didnt have it and then he proceeded to make it as if I was a bad Person. He told me to call back after 2 and see what the deal was and you guessed it, never got one phone call answered . after spending bout 20 minutes all together on hold, I gave up.
    so here I am, looking for any advice, from consumer complaints, (even the woman at the attorney generals office wasnt very nice, actually she made it sound like i was the stupidest women on earth!!! so i asked for two consumer complaint forms!! (lol) so anyhow, advice on all levels would be much appreciated, to how tho deal with these scum bags, when to call mediation, can they really act this unproffesional? any advice on legalities would definetly be welcomed. this is my first experience buying a car and i have no clue, but oddly enough I feel this isnt the way its supposed to be. Do they just have me now to treat me like dirt, and to sell me a car that was very obviously not in good condition? Do I get an attorney, if anything, to enterpret the contracts that I signed ? (oh, internet tries to be helpful, but ya gotta filter through averything, if you get an offficial site, the need for enterpreter comes in. nothing in simple terms for simple people there)
    Again, anything would be helpful. Any links or info out there, I feel im going to have to soak up alot to feel a little in control. thank you.

  12. #12
    Join Date
    Jul 2006
    Posts
    7,767

    Re: car sales(men): the experience of a lifetime

    have been scared of car dealers for many years. i never go near them. they would pay a few hundred to buy that car and will make you pay large payments forever is they can. i just buy something from private person for low price. if it runs long enough for a good test drive will probably run for awhile. if they are trying to finance the car for you and you have no license, i would assume they will fail. and insurance ?

  13. #13
    Join Date
    May 2006
    Location
    none of your damn business
    Posts
    927

    Re: car sales(men): the experience of a lifetime

    Quote Originally Posted by mumbles
    have been scared of car dealers for many years. i never go near them. they would pay a few hundred to buy that car and will make you pay large payments forever is they can. i just buy something from private person for low price. if it runs long enough for a good test drive will probably run for awhile. if they are trying to finance the car for you and you have no license, i would assume they will fail. and insurance ?

    The definition of car salesmen? Simple: sociopathics with no feelings or remorse and zero conscience. Timeshare salesmen are just as bad

  14. #14
    Join Date
    Dec 2005
    Posts
    172

    Re: car sales(men): the experience of a lifetime

    lidianna,

    There really is nothing you can do. It is the consumers responsibility to be educated about the car you are buying.
    The salesman was doing his job to sell you a car so he can put food on the table to his family.
    You would not have been on the car dealership if you had not been in need of a car.

    You should have done your homework, checked the BBB, have the car checked out by a mechanic before you buy the car, etc...

    I would have consulted a bank to see what you able to get approved on for your loan.

    The finance guy at the car dealership is the guy that you have to watch out for. They will scam you worse the the salesman.

  15. #15
    Born2Serve Guest

    Re: car sales(men): the experience of a lifetime

    without a copy of your liscense they can't get you financed, also the bank will give you a call to check out your info...lol...tell them you are unemployed, got fired and you don't know how you could piossibly make the payments...no finance=no car deal....they will be forced to let you out of deal!!!

  16. #16
    Join Date
    Oct 2006
    Posts
    4,548

    car buying do's and don't's

    I had the unfortunate but educational experience of working at a car dealership for a few months when times were tough. If you're interested, here's a few do's and don't's when visiting a dealership that you think you can trust:

    Do know what kind of car you are looking for. If you show up and say that you're not sure what you're looking for you are going to take a "tour". The salesman will guide you to the inventory that he wants you to see. Car selling is very visual and your emotions will run wild as he points to all the pretty colors and chrome. So decide if it's a truck, sedan, van or suv that you want before you show up and you will have at least eliminated the chance that you'll fall in love with something that you don't need.

    Don't tell them you'll be financing the car even if that is your intent. The salesman is going to try to get you to concentrate on the monthly payment and thereby divert you from the purchase price. Tell him you have financing taken care of already or that you intend to pay cash. Get them to commit to the price you are willing to pay and then see if their enterest rate and terms are attractive to you.

    Don't tell them that you have a car you want to trade in. Again the idea here is to get you to think that your trade will take care of the down payment and get you thinking about the monthly payment to get your mind off what you are actually paying for the vehicle. After you agree on the price, you can always turn around and ask, "OK, what will you give me for my trade?"

    Don't let them walk you around the car. They have a "presentation" prepaired for every model. This presentation has been designed by marketing experts for the purpose of extracting the highest price that your emotions will help you to agree to. You must know what features you want on what model before you get to this point. So when he pulls the car out of the line, before he can say anything, get in the drivers seat and start it up. Turn on the stereo to a loud volume and start playing with the AC and power windows and stuff. He won't be able to get a word in edgewise and he will have lost his most valuable weapon in the sales process; control of the deal. You're are literally and figuratively in the drivers seat now. He's done.

    Don't stop there. Keep the control momentum that you just started rolling in your direction by releasing the hood latch. Then get out and with the engine still running start looking around under the hood. It doesn't matter whether you have a clue what your looking at, just bend over and look at stuff. Cock your head like your listening to something. Pull the cover off the brake resevoir, whatever.

    Do keep going. Move around the car. Jump in the back seat, play with the windows some more, run your hands along the seat fabric or leather. Get out and move to the trunk. Open it and lood around for the jack and the spare tire. Keep moving around looking at the wheels and tires and when he starts to try to get back in the game by explaing the four wheel disk brakes or something, change the subject and ask about the warranty or service intervals, anything, just keep control of the conversation.

    Next chapter: the test drive. But dinners ready so I'll have to get back later.

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