Is this state by state? I was just in F&I and asked for a copy of the credit score and was told they are not allowed to give me that.
IANAL, but it appears that the fair credit reporting act (a federal law) only requires them to provide you the score if they’re giving you credit terms that are less than tier 1/rejecting credit/adjusting the interest rate in any way based on your credit score.
From the ftc:
" If you take adverse action against a consumer based on information in a consumer report, you must tell the consumer. The most common type of adverse action is a denial of credit. Adverse action is defined in the Equal Credit Opportunity Act and the FCRA to include:
- a denial or revocation of credit
- a refusal to grant credit in the amount or terms requested
- a negative change in account terms in connection with an unfavorable review of a consumer’s account 5 U.S.C. § 1691(d)(6); FCRA § 603(k)
If you take adverse action based on information in a consumer report, you must tell the consumer. Your notice may be oral, written or electronic; it must contain certain information: FCRA § 615(a)
- the name, address and phone number of the CRA (including a toll-free number for nationwide CRAs) that supplied the report
- a statement that the CRA didn’t make the adverse decision and can’t explain why the decision was made
- notice of the consumer’s right to a free copy of their report from the CRA if they ask for it within 60 days FCRA § 612
- notice of the consumer’s right to dispute the accuracy or completeness of any information provided by the CRA FCRA § 611
- the consumer’s credit score, if a score was used"
Federal law that they must provide.
I’ve found the best way to avoid f&i is to have the sales guy deliver the vehicle to your home directly. They have to pre print everything and you sign from your dining room table. Once I had established a relationship with an Acura dealer I had the next 5 cars delivered to me directly.
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Huh, interesting. I did not know that. I thought they were required to give it up that’s why I asked, but my rates were not adjusted due to credit so perhaps that’s why they said no.
I’m no expert, but the little bit of reading I did suggests what I posted. I think most places just disclose to everyone regardless as it’s a guaranteed way to make sure you don’t not give a score to someone you were supposed to. I do find it odd that they’d be secretive about it though.
That is strange. I was given a copy of mine even though I was Tier 1.
Same. I don’t understand why dealership like to play these power games. You got the deal. Instead of trying to make the last phase of my purchase hell, make it smooth and I might not go anywhere for my future purchase. Specially for a lease. I’m coming back in 36 months…🤦
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Just throwing in a post I made on another forum regarding the finance guys’ slight of hand shenanigans.
When you get into finance the tactic that has been used recently on the last 3 vehicles I have purchased is as follows:
-They will make up a fictitious interest rate that you were qualified for; something relatively high…lets say 6.99% for 60 months and your payment is xxx.xx
-They will then say, “Great news, by going with our preferred credit union I got you a warranty, a maintenance contract, and gap insurance and your payment is the same!”
*In reality you may have been approved for and received a much better interest rate, lets say a 3.49% interest rate and they just sold you $3K+ worth of stuff you may or may not want
-Finance guys are good at their jobs or they wouldn’t be in their chair, they do this very nonchalantly and will try to fool you into signing while your not really understanding.
*My last 2 experiences were eerily similar, the guy said a few times something along the lines of “I got you the better rate, and with that you GET a warranty and GAP with this bank, they require it” I’m pretty sure banks wouldn’t create such stipulations, unless perhaps some high-risk/low-credit banks.
Some things to know (I am speaking for Colorado so please check locally if you have any questions):
-Dealers can’t mark-up interest rates of Credit Unions, they can mark up rates on banks (They do get spiffs back from credit unions but that cost is not passed onto the customer)
*My suggestion if financing through the dealer is to ask they run credit through their Credit Union partners and not banks. They can shotgun you to 5 banks for example and that’s 5 separate inquiries on your credit. Credit Unions (atleast here) are 1 huge network so they can shoot you to several and it’s just 1 inquiry.
-ASK to see the screen showing your approval. It should show the rate, term and max amount your approved for based on credit, the vehicle and many other factors
-If you purposely or accidentally get roped into buying any add-on contracts you don’t want, you MAY be able to cancel them and get a pro-rated refund. Please contact the contracting company and ask.
-You can negotiate the cost of warranties, gap and other service contracts.
-Are/were any of your parents in the Military? If so, and you don’t have a USAA account your missing out. They offer SUPER competitive loans(to A or A+ credit) at or below credit union rates. They wire the cash to your bank account or overnight you a check…they rock!
And last but not least, I’m not bagging on the industry and I know these guys are just trying to make a living. I am basically just putting info out there with my experiences and asking people to keep their eyes open…that’s all.
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Those are good reminders for everyone, thanks for sharing
Hell, expecting to be with a car for 3 yrs is also a relationship! 
To be fair to the dealership, they don’t know that. So it make sense that when you (generic “you,” not you specifically) are at your most vulnerable (tired and relieved at having almost closed the deal), they have their best salesperson try to make more profit off of you while you’re still at the dealership…
Maybe they do not know, but that is a very short sited view.
If I have a good experience, I would go back for my next car or tell my friends/family the same but if I have a bad experience, I am definitely not recommending that dealership to anyone.
Totally agree w/ you, but, having heard from some of the industry folks here, it seems like buyers lie just as much as dealerships do (not saying you do), so I can understand their perspective.
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I see what you’re saying about buyers not telling the truth, while I do not endorse that either, i cannot put both on the same level.
Buyers not telling the truth does not inherently hurt the dealer negatively as they know the financial reality of that deal and have the option to say no (just like buyers do to F&I items) but what F&I people do is take advantage of buyer’s vulnerability at the final stage of the process and by using tactics which at some point become like an hostage situation and not all buyers can understand the actual financial impact of those services and purchases.
I, personally, do not negotiate till the last $$ but i do enough research (hence being here) to know what a good/decent deal is and professionally end the negotiation as I know (being in retail sales at one point) that they have to make a living as well.
I can deal with the “beatdown in f&i”…what I abhor is the wait to get into f&i…if I go buy a luxury good, I’m not waiting more than a few seconds to get rung up. Yet here I am making, and also for most people, the second most expensive purchase in our lives and being asked to wait in a dreary waiting room to hand over tens of thousands of dollars.
Crazy!
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@Mark_H is spot on with all this, great purchase advice and this is my favorite advice👇, people are getting tier bumped by the F&I guy probably every minute, such a scam
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Thanks for the post… great read
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Great post thank you. I was beaten down by a BMW f&I guy and after sleeping on it decided to cancel the agreement. They would not refund me the money but they applied it as a credit so my first 8 months of payments we’re prepaid. I took that as it was however I will always look at that dealer as lacking ethics at best
I was offered the usual run of the mill BMW ultimate care +, wheel & tire, etc. when I recently signed for a 2020 lease and opted to take nothing additional. The Finance Manager told me I could always call him later, with the exception of wheel & tire for obvious reasons, and purchase any of those add-ons later, but prior to the first regularly scheduled maintenance. I remembered being offered a price of $800 for the BMW Ultimate Care+. I looked on www.bmw.usa a few days later as I was considering adding it and i noticed the price quoted on the website was $700 for my model and vehicle. I am not sure if the price changed between December/Jan, but I’m sure this is another area where finance can try to mark up the add-ons! Another reason not to buy anything additional at the end.
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Thanks for such informative post,I appreciate it
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