Info used for lease payment?

clattin

I live in Michigan and my girlfriend has a leased Chevy Equinox that needs to be turned in,. She has spoken with a Chevy dealer about leasing a new Chevy Trax. My girlfriend doesn't have great credit (FICO 605) but the salesperson at the dealership said because she had 2 "late" payments on her Equinox that it puts her in the "B2" classification.
These "late" payments weren't so late (>30 days) that they were reported on her credit report, but because it was through GM financial they saw that she was a couple weeks late. Can they use that information to adjust her credit "tier" so she has a higher payment? I thought they could ONLY use information that is on her credit report. I'm suspecting this is just a way for the dealer to bump up her monthly payment so they make more $$. Thoughts?

Michaell

clattin said:

I live in Michigan and my girlfriend has a leased Chevy Equinox that needs to be turned in,. She has spoken with a Chevy dealer about leasing a new Chevy Trax. My girlfriend doesn't have great credit (FICO 605) but the salesperson at the dealership said because she had 2 "late" payments on her Equinox that it puts her in the "B2" classification.
These "late" payments weren't so late (>30 days) that they were reported on her credit report, but because it was through GM financial they saw that she was a couple weeks late. Can they use that information to adjust her credit "tier" so she has a higher payment? I thought they could ONLY use information that is on her credit report. I'm suspecting this is just a way for the dealer to bump up her monthly payment so they make more $$. Thoughts?

You should check with a second dealer and see if you get consistent information about the credit situation.