- Report: #666103
Complaint Review: Davis Chevrolet - Houston Texas
Reported By:
fed_up_michelle -
Houston, Texas, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Davis Chevrolet
2277 S Loop West Houston, 7054 Texas, United States of America
Phone:
Web:
www.davischevrolet.com
Categories:
Business Rating:
(0)
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Davis Chevrolet Credit Scam Houston, Texas
My Fianc and I saw an advertisement for a pickup in an auto buying magazine and decided to call the dealership to inquire about it. We arrived and started the purchasing process. The sales person assured us over the phone that they would make us a great deal on the vehicle. After we arrived they told us that the vehicle listed was a cash deal and that no lender would approve a loan for it because of the high mileage. We were quite upset because we called ahead and were never notified of this. When the finance manager came to the cubicle along with the sales person, he advised us that our credit score was 653 and he had a vehicle he could finance us that was $150.00 more a month then what we had requested and at a whopping 14% interest rate. Previously on 10-31-2010 we ordered a credit report from FreeCreditReport.com and it was a 673. Our finances have not changed enough to make it spiral down almost 20 points. When we tried to discuss the issue with the finance manager he became rude and condescending. When we offered to show him our report he told us that we would not be able to make a deal and we should leave now. He also told us that the credit reporting agency that they used was Experian. When we asked about the first time buyer incentive programs, he told us he had no such programs unless we were college students. After the wonderful treatment we received we will not recommend Davis Chevrolet to anyone. We feel like they were trying to give us the shaft. After some research on the internet I believe that we were the victims of a credit scam as describe by the link below.
4 Updates & Rebuttals
Robert
Irvine,California,
U.S.A.
I almost fell off my chair..
#2Consumer Comment
Mon, November 29, 2010
When I read this report I almost fell off of my chair because I was laughing so hard.
You got a credit score from FreeCreditreport.com and are upset at the dealer because you think that they are running a scam. Perhaps you should actually read the pages of reports on FreeCreditReport.com.
Now, to avoid you being totally embarrased when you go into another dealer here are a few things you should be aware of.
- There are many different "credit scoring" methods. You didn't mention what method the dealer used but most likely it was either a FICO or Vantage score, as those are the two most common for bigger purchases. Every scoring system is different so a 653 Vantage is not equivalent to a 653 FICO.
- FreeCreditReport.com does NOT give you a true FICO score. They use the PLUS score which is a different formula than either FICO or Vantage. You will often find calculations like this known as a FAKO(as in Fake-O). Because they are supposed to be close to a true FICO, but in reality they are not.
- What ever formula is used it is based on what is on your Credit Report. There are 3 main bureaus(Experian, Equifax, and TransUnion). So you will actually have 3 Credit Scores, and because different information can be reported on each report it is not uncommon to have a score vary by anywhere from a few to 50+ points.
Now, credit score is not everything. If that is a FICO you would have "fair" credit, if it was a Vantage score you have "D"(poor) credit. If it was a Vantage score that explains the high interest rate. But even if it was "fair" to get a 14% interest rate you most likely have a very limited credit history(small number of accounts and/or most of the accounts are under 24 months old), or bad credit(delinquencies, late payments, or other negative items).
The point is you should care more about what is on your credit report than your credit score. Because your credit score is based on what is on your credit report. So if your report is right your score will be accurate(with what ever method), but if your report is wrong your score will also be wrong. If you want to see a trend in your score be sure to get your score from the same place. That is don't get your FICO score one month, your PLUS Score another and then go back to the FICO because you will not have a goo indication of the trend.
Josh
Rolla,Missouri,
U.S.A.
Credit scores
#3Consumer Suggestion
Mon, November 29, 2010
There isn't a single "credit score" out there. There are multiple credit reporting agencies, and multiple ways to calculate a score. The freecreditreport.com score is Experian's own formula, which is not the same as a FICO score. It is entirely possible for credit scores from different agencies to be significantly different. If you think your credit is so great, why don't you just get a used car loan from a bank or a credit union? You'll probably get a much better deal than any dealership loan.
Steve
Tucson,Arizona,
U.S.A.
They did you a favor
#4Consumer Suggestion
Mon, November 29, 2010
Car dealers can manipulate a FICO score to depress it so they can charge you a higher interest rate than you normally would pay. This is done all the time and the dealer gets a piece of the higher interest rate.
They did you a favor not selling a car to you on outrageous terms with lies.
coast
USAwhere's the rip off?
#5Consumer Comment
Sun, November 28, 2010
Your FICO score dropped. What part of your story details the rip off?
