An online lesson on how to "Beat the Dealer"

[re the new 5spd]
actually, that will be full MSRP PLUS markup. Of course, Lexus will add the optional wheellocks, cargo net, invisible UV paint protection application etc. etc. etc. Yup, get ready to BEND OVER! All that list crap is mostly just hype.

~HOT TIP~
don't take any dealer's word for it. If you REALLY want to see where you are on the waiting list, ask to go see their delivery board in the office-area. It will look like a HUGE dry-erase board and will have the true delivery dates of the cars...when they will flatbed in....AND WHO HAS A DEPOSIT ON WHOSE CAR (it will list their last name next to the car and delivery date). Honestly, when i was at Acura, we only knew in advance exactly what cars were comming in about 1.5 months in advance. Other than that, it was all just rumors and speculation on the part of the general manager. Sometimes we got cars we didn't even expect. If lexus is anything like acura, they don't know either. ASK TO GO SEE THE BOARD and see them write your name next to a blank spot IF YOU REALLY WANT TO PUT A DEPOSIT DOWN...

Part III: Go in Prepared

It's amazing but today (03/19/01) marks the first day we all can see our exact credit score that determines how much credit costs us and what kind of APR we can command. THis just came out in the latimes over the weekend...check it out!!!!! Truely amazing....
http://www.latimes.com/business/20010317/t000023226.html

How this applies:
Many times when you are financing a car, the dealer will try to put the idea of doubt in your mind about your credit-worthiness. Take for example my brother's experience at the first dealership we went to. Although my brother has a credit score of 806, the car-saleman (i say carsalesman in this instance with disgust) we were working with, after he ran my brother's credit, tried acting as if my brother had poor credit. Literally, a punk-ass snake (who obviously did not know who he was dealing with). We got disgusted with the BS and left to the next volume dealer down the road.

How this applies 2x: Many times special incentive APR's offered by Honda/Toyota/Lexus etc. will availible to people with a certain credit score of 700+. If you go into the dealer with a copy of this in hand (don't reveal that you know what you know) and see what they say about your score, you get an idea of how honestly they are treating you. Like saying you don't qualify for the special APR when in fact you do. (remember, they make money on financing)


[This message has been edited by RotaryBzzz (edited March 19, 2001).]

La Times will start charging for this article in two weeks so might as well post it here...

For a Fee, Consumers Will Be Able to View Credit Scores Online
Web: Leading firms will make the once-secret 3-digit rating available for $12.95. Critics say it should be free.


Starting Monday, consumers can get a glimpse of the three-digit number that often determines whether they can get a car loan, a home mortgage or even a job.
A Web site launched by credit bureau Equifax and credit scorer Fair, Isaac & Co. will charge consumers $12.95 to view their once-secret credit scores, which increasingly determine whether people get credit and how much it costs. Links to the credit score site can be found at both companies' Web sites (http://www.equifax.com and http://www.myfico.com) and at http://www.scorepower.com.
Fair, Isaac says its scores are used in 90% of all the credit extended to U.S. consumers. Credit scores also are used by employers, landlords and insurers to evaluate applicants.
After fighting for years to keep the scores under wraps, Fair, Isaac gave in to mounting pressure by consumers, lawmakers and companies offering rival versions of credit scores.
But some critics say Fair, Isaac and Equifax, one of the nation's three largest collectors of credit information, should have done more for consumers than create another fee-based service.
"It should be free," said Betsy Imholtz, director of Consumers Union's West Coast office in San Francisco. "For years we have been trying to get credit reports for free. . . . They're charging us for access to our own information."
All three credit bureaus charge $8 to $8.50 for a credit report, which details a consumer's borrowing and payment history; consumers who have been denied credit are entitled to a free copy.
Mike Cummins, Equifax's general manager for consumer business, said the $12.95 price includes the company's $8.50 charge for the report, plus $4.45 for the credit score and accompanying explanations, which include personalized interpretations of what factors influenced the score and tips for improving credit.
Credit scores are derived from information in a person's credit report; they can be hurt by late payments, bankruptcies, collection actions and liens. They also can be damaged by credit card balances that are too high or an excessive number of credit accounts--although Fair, Isaac doesn't reveal its specific criteria for how much credit is too much.
"We took a lot of care not to be super-specific," said Cheri St. John, Fair, Isaac's general manager for global alliances. "The formulas and models are very complex, and there really isn't one or two things consumers can do to raise their scores."
Instead, the company hopes to encourage a pattern of behavior--making payments on time, maintaining low balances on credit cards and not applying for too many credit accounts--to improve scores.
Consumers who use Fair, Isaac's Score Power system will get four pages of charts, details and analysis of the four main factors that determined their scores.
Imholtz of Consumers Union said the company's refusal to be more specific, and the densely worded analysis of the scores, will make the site too difficult to understand for many consumers.
"It's a complicated subject, and I give [the companies] credit for trying, but it's tough to get through all that text," Imholtz said.
Fair, Isaac originally fought efforts for more disclosure by arguing that consumers wouldn't be able to understand the significance of their scores without detailed explanations.
Consumer activists responded that people have a right to know more about their scores, and California passed a law that requires mortgage lenders to disclose the scores to loan shoppers starting July 1.
In addition, several competitors

And...of course....My favorite thread. Enjoy it... and use it wisely.... Young Jedi...

You da man Rotary! Some of this stuff I already knew, but you just added to my arsenal! Good lookin' out man!!

Dam. I actually learned something new today. Good job Rotary. Very imformative.