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Did the dealer scam me by manipulating my credit score?

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Anonymous
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Did the dealer scam me by manipulating my credit score?

I am purchasing a new car with a trade in.  I went to a chevy dealer was given a car to test drive.  I decided to buy the car.  On Wednesday the dealer checked my credit and the pricing and finance of the car was agreed upon. 

 

However,  my mother in law passed away and I had to help my husband with funeral arrangements.  I told the dealer that the car purchase would be placed on hold untill the following week.  

 

When I went back to finish the deal and purchase the car,  the dealer told me that in the meantime my credit score had dropped and I would now have to pay an additional 1400 down to get the car!  I checked my credit score and it appears that the dealer made 7 credit queries on my account which cased my score to drop significantly.

 

Do I have any recourse?  I cannot afford this additional down payment.

Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Did the dealer scam me by manipulating my credit score?

If they are within the same time frame they only counted once against your score.

 

Since the inquiry was their inquiry it seems backwards that they would then pull again and use the score after it was impacted by their original inquiry?!

 

How much of a score impact was it? Was that the only change?

Message 2 of 4
ShowCredit
Frequent Contributor

Re: Did the dealer scam me by manipulating my credit score?

 

Go to another dealer, if they are unwilling to work with you.


Starting Score: EQ-686 TU 703
Current Score: EQ-695 TU 713
Goal Score: EQ-800 TU 800




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Message 3 of 4
Anonymous
Not applicable

Re: Did the dealer scam me by manipulating my credit score?

Are you sure a change in credit score has caused this, or have the loan/rebate/incentive terms changed?

 


A bank only "holds" and approval for so long then you have to re-apply. Lending Policies can change in that time frame. I have seen that happen especially one month to the next, or as one rebate ends now there is a higher LTV which necessitates money down.

 

 

Message 4 of 4
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