A "note" about dealerships running your credit.

[Anonymous]

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@laz98 wrote:

true, but we are not all liars

in my case, we ended up with 6 inquiries total, over all CRAs.

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I used to tell people If I had a dollar for every time a customer lied to me I would never have had to sell a car.

[ibmrad7]

So its not possible to acquire an auto loan with less than 2 pulls? 

[Anonymous]

Realisticlally no.

Unless is was at a Buy Here Pay Here and they did the financing.

Its the cost of using credit, you need to have it pulled and the pulling leaves an inquiry which effects your score.

95% of people probably do not have any adverse incidents over it.

And FYI: A Dealership does not Have to pull your credit for the OFAC checks, but it is the quickest and easiest and most uniform way to check.

[marty56]

Buying a car, like a new mortgage requires some smart INQ management.  If you know you want a new car loan, don;t apply for any new credit and once you get the loan, don't apply for any new credit for a year.  It is not that hard.

[Anonymous]

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Now I understand why people are upset thats how it works:

Lets see

1- I do not work for a car dealership or any financing company so any hate directed toward me is miss directed.

2- I did not personally attack the World Trade Center on 9/11, nor was i an elected representative when the Patriot Act was passed in the aftershocks of the attack. Personally I am rather against the Patriot Act as few people who passed it read it, and there is facts that many of the aspects of it were in some departments desks for years on a wish list and broken out for insertion into the bill.  

3- Although I was in the military in 2001 I had nothing to do with the Patriot Act's passing.

4- The information in my posts on this thread is actually sound and correct (although not all inclusive) and I even put links so you could check it out. If you do not like the Patriot Act contact your electorate to change it.

5-Golly Gee, since I have been a lurker on this board it has been standard advice telling anyone that getting a home is not a decision in March be moved in by May thing, but something that need to be planned, including your credit and inqs managed for a year or more prior to your planned closing

6-Credit and INQs is not, for a lot of people, an instant gratification world. Unless you have Bill Gates Credit/Income you need to watch your DTI, score, and INQS. But if you do have a good income and a low DTI, INQs do not matter that much. If you are upset you got a 200 CL from Target, maybe you should have stepped back and looked at what was currently on your report and how you could have maneuvered to make it look better.

7- A dealership has to run your credit for you to get a car-there is no way around it, and then the banks they are looking at have to run your credit. You could in theory tell the dealership that you want them to only run your score with one bank and that you will take whatever the decision is as the gospel, be it a decline, a counter offer, or a 13.99 rate. You could also wait and pay cash for a private party deal.

I want a COSTCO AMEX. I have not apped or applied for credit for 8 months, and have Ramen noodled my life to get my DTI down for the application- to max both my chances for approval, and the credit line I do get if approved.. 

[bakalao2k]

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@ibmrad7 wrote:

Hunter, Thanks for this post. I wish you had posted two weeks back , I was confused with the fact that even though BMW approved me, why it is showing two pulls one with dealerships name and another with BMWFS.

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Me too.  The Honda dealership and Honda Finance both pulled my credit.

[Anonymous]

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@bakalao2k wrote:

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@ibmrad7 wrote:

Hunter, Thanks for this post. I wish you had posted two weeks back , I was confused with the fact that even though BMW approved me, why it is showing two pulls one with dealerships name and another with BMWFS.

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Me too.  The Honda dealership and Honda Finance both pulled my credit.

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Do you now understand why?

[metil]

Hi everyone,

This is a very informative thread - thanks to all the contributor. I am wondering if someone can shed some light on my situation.

I went to purchase a brand new BMW, and the dealership pulled my credit report when I was ordering one - that was in August 2012. The car arrived in October 2012. I was planning to finance it through my CU, not through BMW. However, when I came to pick it up they told me they need to approve me for financing in case my CU does not give me a loan, so BMW financing (not dealership) ran my credit again. Within two days my CU ran my credit as well and gave me loan.

The result: I am financed through my CU, and I have 3 inqueries in my credit history: two from BMW and one from my CU.

My questions:

1. Should the inqueries from BMW financing and from my CU be combined - since I essentially applied for the same loan at two financial institution? If so - how do I make sure they are combined? Shall I go through dispute process with Experian (they are the only ones showing the inqueries)?

2. Is there any way all three inqueries can be combined since they are all related to the same financing?

The reason I am worried about those inqueries is because I only have one credit card (never late, never missed payments, etc) and for somewhat short period of time (7 years) so FICO sees even 3 inqueries as excessive for my profile.

Thanks to everyone who can help!

[azguy13]

First of all, welcome to the forum. This thread is over 2 years old so you will not get much help. Go ahead and post a new thread under "General Credit Topics" and you will get many responses within 24 hours. On a second note, Inq's made for an auto loan made within 30 calander days are calculated into your FICO score as only 1 inq. After one year, they aren't even calculated into the score. Go ahead and start a new thread and you will get a treasure chest of info.

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[Kratos-TM]

Well here's my question......If the dealership pulls the report first, and then the finance companies pull the report second, do the finance companies pull a slightly lower score than what the dealership pulled because of the inquiry by the dealership......???

I don't mind multiple inquiries as long as the scores are the same between them all.