Tag Archives: bad credit

How to Spot ID Theft on Your Credit Report

Posted on by
Reply

ID-10060832An important aspect of qualifying for an auto loan, even with troubled credit, is your credit score.  One of the best ways an applicant can prepare for the process is to go over their report and ensure that everything listed is correct.  Any number of things can work against you, which is why everyone always recommends a look over before making any major financial decisions.  Be on the lookout for anything that doesn’t match up with your own records.  If you see something wrong, get it taken care of.  Another thing to be aware of if you see something unfamiliar on your credit report is that you may be a victim of identity theft.

TransUnion has some tips to help make sure you can avoid being a victim.  There are certain signs in your report that may point to fraud.  Here’s what you need to keep an eye out for:

  • If you see any accounts, payment histories, addresses, inquires, or Social Security Numbers that you don’t recognize.
  • If an unknown creditor tells you they got an application with your name and Social Security on it that you were unaware of.
  • If you’re getting calls or letters informing you of being approved or denied for credit but never applied.
  • If you have gotten credit card, utility, or telephone statements that are in your name but you never applied.
  • If you notice that your mail, including credit card statements, is not always being delivered to you.
  • If there are credit card purchases you don’t recognize.
  • If a collection agency contacts you about collecting on an account you never opened.

These are all important signs that someone has gotten ahold of your information and are using it for malicious purposes.  Make sure you are aware so that you can work to protect yourself.  Don’t let a thief drag down your credit and along with it the ability to apply for credit.

If you’re in the market for a vehicle then contact us at Bayside Chrysler Jeep Dodge and find out how we can help.  We love to say yes!  Browse our new and pre-owned inventory online.  Like us on Facebook and follow us on Twitter for more news and monthly offers.

Auto Loans Surge As Market Recovers

Posted on by
Reply

ID-100130602What a difference four years can make.  Not that long ago, with the economy in the gutter due to the recent collapse, car buyers were unable to find banks to fund them the money needed to purchase.  Since then, the economy has bounced back and so has the lending.  What was a mere fantasy years ago is now a better reality with interest rates that are finally returning to where they were before the recession.

Bloomberg writes that lenders are very optimistic about the year to come.  In February, the U.S. light-vehicle sales had an up-tick of 3.7 percent.  “The availability of consumer credit is plentiful, “says Kurt McNeil, the VP of US sales operation for GM.

Low interest rates and the availability of credit are the biggest reasons that the US auto sales have gotten a boost.  It rose 13 percent just last year which marks that as the largest annual increase since 1984.  Another reason is that employment has increased, which has caused dealers to increase their leasing, knowing that buyers will be better on paying off loans.

The market is recovering and car buyers are finding the necessary loans readily available.  Interest rates are low and are coming down to the point of where they were before the recession took its toll.  All around the nation, banks and lenders are doing their best to grab attention to let buyers know that dealerships are open for business in the best way.

That includes Bayside Chrysler Jeep Dodge.  Serving the Queens, Bronx, Manhattan, and Long Island Area with quality customer care and experts that work diligently to get car buyers the loans they need.  We love to say yes.  Like us on Facebook and follow us on Twitter for tips on purchasing a vehicle and for special monthly offers.

How to Avoid Online Auto Sale Scams

Posted on by
Reply

ID-10079656The internet is a great tool to use for people searching for anything.  Sites like E-bay and Craigslist have opened up new avenues for advertising for goods the world over.  That doesn’t mean it’s been a completely good thing for the consumer.  World-wide access has lead scam artists a new way of trying to con people in ways they never knew existed.  There’s plenty of scams to be on the look-out for and this is just another to keep in mind if you’re having credit issues and are looking for an auto loan.

The Internet Crimes Complaint Center, which is the partnership between the FBI and the National White Collar Crime Center, has a report on what is a common occurrence should you try to go online for an auto purchase.  Here’s the breakdown of what happens:

You find a nice car in your price range online and message the buyer that you’re ready to buy.  What you don’t know is that the person on the other end has made up this vehicle out of thin air.  The fraudster has constructed an elaborate lie with details and pictures lifted from legitimate websites.  When they hook in a buyer, they will then proceed to let them know that the vehicle is overseas.  The next step is to ask the victim to send a deposit via wire transfer to initiate the shipping process.

It doesn’t end there.  The fraudster will message the victim back and inform them of an issue with the transfer.  A cashier check is sent to the victim with the instruction to cash the check and resend a second wire transfer to a different account.  The victim, unaware that the check is counterfeit, has now been double duped by this scam tactic.

It’s scary how resourceful perpetrators are of US banking laws and know how to perfectly manipulate the average consumer.  That’s why it’s so important for buyers to know what they are getting into.  Education and being cautious is the only deterrent to scam-artist on the internet.  If you’re in the situation where you’ve been denied an auto loan and the internet seems like the only way you’re going to get a car, still be careful. When dealing with faceless people, you can’t ever be careful enough.

Avoid the scam artist by dealing with credible dealerships.  At Bayside Chrysler Jeep Dodge, we hate to turn people away.  We love to say yes.  Stop on by and see how we can help you purchase the vehicle you need.  Like us on Facebook and follow us on Twitter for more tips and news.