One Word....That's Not the Right Word

I saw a classic Sneak the other day on a TV commercial for a local used car dealer, the kind of ad where a salesman tells viewers about the dealership's "LOW, LOW DEALS!" and "EASY FINANCING!" (Okay, the capital letters and exclaimation points may seem excessive, but this is the only way to show, in print, what these guys sound like, true?)

Final yodel from this pitchman, accompanied by large screen graphics? "ALL CREDIT APPLICATIONS ACCEPTED!"

Wow! What a deal for someone with little or no money for a down payment, or less than pristine credit. This dealer will accept your application! Get down there!

Uh.....hit the brakes, folks. "Accepted" ain't the same as "Approved."

"All credit applications accepted" only means that they'll hand everyone who shows up a form to fill out. And then, if you really do have poor credit or no cash, throw it in the trash.

No reputable company will tell you that all credit applications are "approved" because no reputable company will make a loan to someone with a terrible credit history. (A less than reputable company will make such a loan... then charge you horrendous interest to cover their risk. Or jack up the price of the item you're buying to cover their risk. Or tack on a bunch of fees....well, you get the idea.)

But less than reputable companies will trumpet their promise to "accept" your application, because that only obliges them to take a look at a piece of paper, not give you a loan. Using that one word—"accept"—makes you think you have a chance at getting financing, even when you don't—and that little bit of deception gets you to go down to the dealership, and puts you right into that dealer's less than scrupulous hands.