Dont Buy From Ron Carter **short Story Inside**

[Beezwax]

I'll make this as short as I can but please read it.

Last Thursday I go to Ron Carter to buy a new Silverado. They told me that I needed a co-signer... no problem.. I got one. they also told me that I needed 1500 down... again.. no problem... then Monday rolls around and they told me that I needed 4000 down instead.. I thought that was wierd.

so I said forget it

Yesterday I call Landmark Chevy in Houston. I told them I wanted a 2008 Silverado LT Crew Cab, I dont wanna put a penny down and I have a co-signer if they need. Within 3 hours... they called me back and said, come to the dealership and pick out your truck. I was like OMFG... can't be that easy.

The saleman also told me that Ron Carter ran 15 inquiries on my credit for financing and that it dropped my score 31 points, in a matter of 4 days. Landmark hasn't even run it yet. Ha... imagine that.

Point to my story..THE HELL WITH RON CARTER!!! they'll talk nice but then rip you in the end.

Also... Landmark was very nice to deal with, real nice people and honest... everyone I've talked to about them says the love them and will ONLY buy from them.

Saturday I should be driving home in this:

2008 Silverado LT Texas Edition in either Victory Red or Desert Brown color.




oh... and in case you are wondering, I was gonna buy a GTO but decided NOT to get it because I know that it'll just get me into trouble....and you are prolly also wondering why a truck and about those gas prices.. well.. the car I drive now gets about 15mpg... I put about $20 every week in gas in it.. I dont go anywhere other than to work (about 3 miles) and to the Poolhall (about 8 miles or less) and that is it. so gas prices wont affect me really.

plus, Trucks are so damn cheap these days it's unreal.

The truck I should be getting, the sticker price is about 32K and they are selling it for just under 26K

[starkitty]

I would be livid about the superfluous credit inquiries - I wonder if you can do anything to get that corrected?

Congrats on the new ride!

[Jenny Z]

Congrats on the new truck... I can't believe they did that to you! Sadly, there's probably not a thing you can do about it :(

[dbphotos]

Too bad that happened but don't believe all the hype about the multiple credit inquiries. They probably shopped your loan around to many lenders and pulled credit each time.

Credit reporting works generally like this; mulitple mortgage inquiries count as one (for reasons of scoring) during a 14 day period, multiple auto loan inquiries count as 1 for a 7 day period and any credit card loans, personal loans, etc. count as 1 every time they pull credit. As far as the 31 point difference in your score, it is impossible for 1 lender to determine how much it really affected your score because every lender gives the credit reporting agency their own set of guidelines in which to score your credit. You could have 2 lenders pull your credit and the exact same time and have 2 different scores based on the criteria they use to produce your score.

Scoring is a very complex algorithim and changes from lender to lender depending on what weight they give each variable.

Glad you found a good dealer and have fun with the new truck! Now is a great time to buy a truck and with the unbelievable savings on trucks it just about makes up for the extra cost of gas.

[ggeen]

Originally Posted by starkitty

I would be livid about the superfluous credit inquiries - I wonder if you can do anything to get that corrected?

Congrats on the new ride!

Yes, they probably shopped your loan around but the result is the same, many credit inquires within a short period of time will drop your credit rating. You may challenge the inquiries. I think some information was on freecreditreport.com about how to do that.

In the future I would recommend shopping your own loan. Your bank or credit union should have better rates but if not, you can do your own points shopping.

Anyway, congrats on the new truck. She looks like a beauty. -G

[dbphotos]

Here's a good link regarding credit scoring: http://www.myfico.com/Downloads/File...FS_Booklet.pdf

Check page 13. I was wrong instead of 7 days to shop your loan you actually have 14 days (a recent update from the old 7 days) and multiple inquiries won't impact your score any more than 1 inquiry. For the average person an inquiry will reduce your rate approximatley 5 points.

[jeffkohn]

The saleman also told me that Ron Carter ran 15 inquiries on my credit for financing and that it dropped my score 31 points, in a matter of 4 days. Landmark hasn't even run it yet. Ha... imagine that.

How would Landmark know that if they hadn't run your credit report?

[groovyone]

Originally Posted by dbphotos

Here's a good link regarding credit scoring: http://www.myfico.com/Downloads/File...FS_Booklet.pdf

Check page 13. I was wrong instead of 7 days to shop your loan you actually have 14 days (a recent update from the old 7 days) and multiple inquiries won't impact your score any more than 1 inquiry. For the average person an inquiry will reduce your rate approximatley 5 points.

Same rules apply for home loans. Pretty typical if your credit score required you to have a cosigner.

[Beezwax]

Originally Posted by starkitty

I would be livid about the superfluous credit inquiries - I wonder if you can do anything to get that corrected?

Congrats on the new ride!

I will dispute all the inquiries as i've done before... sometimes it'll work.. sometimes not... it has taken me about 10 months to repair my credit to "good" standings.. I'm not about to take this kinda kit again. I'm also gonna file with the BBB about how they do business.

Originally Posted by jeffkohn

How would Landmark know that if they hadn't run your credit report?

after they said something I pulled my report from Lifelock.com... which is who I use for my reporting

[Beezwax]

Originally Posted by groovyone

Same rules apply for home loans. Pretty typical if your credit score required you to have a cosigner.

it wasnt my score that need me to get a cosigner... it was because of my debt to income ratio.. my score was about a 640 which is good...not great but good enough to get LOW APR on a new car and a 140K house. my problem is that I co-signed for my wifes SUV in feb, that put 34K debt on my record... now here I am, looking to buy a 35K truck and making only 60K a year that puts my debt over my yearly income....w/o a co-signer.

and when I mean co-signer, I really mean, with my wife... not to get a bost in credit, but rather to raise my annual income to look more appealing to a lender

[LDB]

You need a copy of Dave Ramsey's book.

[JaertX]

Holy cow... you have more car debt than yearly income? Sounds like Ron Carter was trying to save you.

Take LBD's advice... go check out Dave Ramsey.

[crazeazn]

The saleman also told me that Ron Carter ran 15 inquiries on my credit for financing and that it dropped my score 31 points, in a matter of 4 days. Landmark hasn't even run it yet.

So Landmark told you that didnt run so it made you fishy? That makes absolutely no sense at all. They are lying to you as well. They def. pulled your info down too. Hopefully you have heard about lifelock and how useless they are protecting people's private info. What dbphotos stated is right on. When purchasing a new car or home there a is time limit to pull multiple inquiries, for the most part it will not go down that much. Each person will have diff criteria and pull down diff numbers.

[Jeff_Green]

Too much has been made lately about how bad Lifelock is. Sounds like the media doing their best to scare consumers. No one is absolutely safe when credit is concerned but everything I hear they do a better job than everyone else.

And as for the Dave Ramsey suggestion, can we give it a break? Seems like the same people over and over again suggesting his book... is someone getting commission or something? Gee whiz.

[LDB]

Just offering a potentially helpful suggestion to someone obviously in need of it. It comes up often just like a lot of other things come up repeatedly like 1.4 vs 1.8 in various lenses etc. because there's someone new every week that elicits the same response. I thought the point was to provide people with valuable input like that as well as like "friends don't let friends buy Canon". (just kidding on the last part)