What is the "lie to the customer about their credit score" scam?

What is the "lie to the customer about their credit score" scam?

James Bell (Publisher, Auto Reviewer) gives expert video advice on: What is the "wrecked used car as is" scam? and more...

This scam is very common when people don't know what their credit score is and then do not know what sort of interest rate they can get for that particular score. Depending on the state, there is a certain percentage that a dealer is allowed to charge over the customer's approved rate. As an example, if you receive a 7.9% financing the dealer is allowed to maybe charge 8.9% or 9.9% because that's profit margin, if you will, for their time and effort to do the financing paperwork for you. To a degree, state by state, that's allowed. When it becomes over the top, if you're approved for 8.9% and they come back at 18.9% then something's wrong.