CAR FINANCING FACTS:
Financing options are a function of your credit worthiness and the amount of down payment you are willing to invest in your automotive purchase. The following information is provided to you so that you can better understand your credit profile.Your credit profile is like a report card on how you have paid those that have extended you credit in the past. The information received by the reporting agencies is not always right and we have provided information that we hope will be useful to you in that regard.
We provide financing for people that have excellent credit. We also provide financing for those that have had credit problems in the past. The higher your credit score, and the more you are willing to invest, the lower the interest rate will be. Some customers have such excellent credit that extremely low rates can be had with no money down at all. We shop your loan with the lenders we have found to be most willing to provide our customers with the most competitive interest rates and most attractive termsavailable. If you have any questions feel free to contact us at metro@getautocredit.com.
The following information was compiled from the three major credit reporting agencies. There are three major agencies: Experian, Equifax, and TransUnion.
It is our belief that some of the information contained below can be of great benefit to you and that is why we are passing it on to you.
Review your consumer credit report
Whenever you apply for a new credit card, loan or extension of credit, the potential lender will most likely review your credit report before making a decision. You should too! Check it several weeks or even months prior to making a large credit purchase.
- Get an easy-to-read summary of your credit accounts and total debt – both existing balances and available limits.
- Budget and plan for the future.
- Assure the accuracy of the information reported about your credit. This is especially important when you're getting ready to buy an expensive item such as a car or new home.
If you haven't reviewed your credit report recently, you can get a copy of your credit report delivered online by visiting www.experian.com, www.Equifax.com, and www.transunion.com.
These sites will allow you to dispute incorrect data online and there is no fee for this service. The credit agency will verify your dispute with an investigation that can take up to 30 or more days to complete. For more information on how this process may help you please contact our Finance Manager at 888-287-1164. He will be glad to help you with any questions you may have.
You may also be eligible for discounted or free credit reports if you meet one on the following conditions:
- Your request for credit, insurance, employment or rental housing is denied based on information received from Experian, and you contact us within 60 days of the denial.
- "Adverse action" was taken against you based on information in your credit report (e.g., your interest rate was raised or your credit limit was decreased). The name of the credit-reporting agency that provided your credit report and how to contact them for a copy will be provided by the company that declined your credit application or took adverse action. Some state laws require credit-reporting agencies to provide their residents a free report each year even if they are not denied credit.
- If you certify in writing that you are unemployed and seeking employment or receive public welfare assistance.
- If you have reason to believe your credit file contains inaccuracies resulting from fraud.
An Experian credit report costs $9.63, last we checked. This charge applies if you haven't been denied credit, employment, insurance or rental housing recently in the state of Pennsylvania: The other agencies are about the same price.
The Fair and Accurate Credit Transaction Act has been signed into law. The effective date for the free annual credit report requirement in this law is December 1, 2004. Effective dates of the new provisions will extend over the course of 2004.
WARNING:
You may sign up to receive a “free credit report” from lots of providers that will then charge you a fee for future services you neither wanted or thought you were going to receive. It is our suggestion that you stay away from these services because in the long run they will cost you more than you bargained for and provide you with very little useful service.
You will also see that there are many service providers out there that will claim that they will “clear your credit” of all the bad stuff for a fee, usually a very large fee. These firms will contact the credit reporting agencies on your behalf but why not do it your self and save the middleman costs. Also, no one is as interested in resolving your credit issues as you are. Your personal attention to the details will remove those things that can be legitimately disputed.
We hope this information that we have provided will be helpful to you. Your comments, questions and concerns can be voiced by e-mailing us at metro@getautocredit.com.
Thank you,
Finance Manager,
METRO FORD.
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