Can I do anything about these inquiries (read entire post)

[0REDSOX7]

So, here's a "not your typical" auto inquiry question.

Back in June, I went to look at trading in my car for something newer, with fewer miles, and with a warranty.  I went to my local Honda dealership and agreed upon a car and a price.  I had my local CU give me a rate, and it was competitive (2.9% for 60 months).  Dealer asked if they could attempt to beat, and I said sure.  It was late in the evening and said to call in the morning with the results.  They did call the next day and advised what they could do.  From the CU and the dealer, I had received a total of five pulls, and they did get me 0.9% for being a loyal customer (purchased many cars from this dealership).  

I said to go ahead and print the papers and will be on lunch to take delivery of the vehicle.  No problem.

Upon going to the dealership the next day - they had a new "certified pre-owned" car on the lot that was not there previously and was a transfer from a separate dealership.  It was a car I really liked and wanted to take a look at.  The dealership was not annoyed and we came to terms on this newer car (used 2014 Honda Accord Sport).  

So here is where it gets tricky.  I received four new inquires again, all from the same banks, but was told because it was a new "deal" - they had to submit it again with all new credit reports (which I find hard to believe).

So, what do you guys think here?  Yes, they are all grouped together for scoring purposes, but seeing 9 inquiries as opposed to 5 just annoys me - and thats not to say other lends may deny credit in the future due to too many inquiries.

[Anonymous]

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@0REDSOX7 wrote:

So, here's a "not your typical" auto inquiry question.

Back in June, I went to look at trading in my car for something newer, with fewer miles, and with a warranty.  I went to my local Honda dealership and agreed upon a car and a price.  I had my local CU give me a rate, and it was competitive (2.9% for 60 months).  Dealer asked if they could attempt to beat, and I said sure.  It was late in the evening and said to call in the morning with the results.  They did call the next day and advised what they could do.  From the CU and the dealer, I had received a total of five pulls, and they did get me 0.9% for being a loyal customer (purchased many cars from this dealership).  

I said to go ahead and print the papers and will be on lunch to take delivery of the vehicle.  No problem.

Upon going to the dealership the next day - they had a new "certified pre-owned" car on the lot that was not there previously and was a transfer from a separate dealership.  It was a car I really liked and wanted to take a look at.  The dealership was not annoyed and we came to terms on this newer car (used 2014 Honda Accord Sport).  

So here is where it gets tricky.  I received four new inquires again, all from the same banks, but was told because it was a new "deal" - they had to submit it again with all new credit reports (which I find hard to believe).

So, what do you guys think here?  Yes, they are all grouped together for scoring purposes, but seeing 9 inquiries as opposed to 5 just annoys me - and thats not to say other lends may deny credit in the future due to too many inquiries.

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You are pretty much stuck with them. I had twelve, five of which came a week after my purchase. I still don't know what happened there. The only way to avoid this is to go in with financing already arranged, which I will do with my next car purchase.

[fury1995]

OP, yep stuck with them but you are correct, they are overlooked by Fico and most lenders if you are applying for revolving credit.

Musiclover:

Sometimes a delaer need to re-shop your app.. even after you've taken delievry. There's a form for this in your paperwork. Sometimes you have to re-sign but most times they change the assignment onthe contract to the correct lender that gave the approval. 

[Hokies2379]

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@fury1995 wrote:

OP, yep stuck with them but you are correct, they are overlooked by Fico and most lenders if you are applying for revolving credit.

Musiclover:

Sometimes a delaer need to re-shop your app.. even after you've taken delievry. There's a form for this in your paperwork. Sometimes you have to re-sign but most times they change the assignment onthe contract to the correct lender that gave the approval. 

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Hmmm....one of my denials for a revolver was because of too many inquires.  90% of which were from a car loan.  When I said that, the underwriter said "well, it is too many and I'm sorry."  I know you said most and that's what I always thought, but this one certainly didn't.

[fury1995]

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@Hokies2379 wrote:

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@fury1995 wrote:

OP, yep stuck with them but you are correct, they are overlooked by Fico and most lenders if you are applying for revolving credit.

Musiclover:

Sometimes a delaer need to re-shop your app.. even after you've taken delievry. There's a form for this in your paperwork. Sometimes you have to re-sign but most times they change the assignment onthe contract to the correct lender that gave the approval. 

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Hmmm....one of my denials for a revolver was because of too many inquires.  90% of which were from a car loan.  When I said that, the underwriter said "well, it is too many and I'm sorry."  I know you said most and that's what I always thought, but this one certainly didn't.

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Usually it's another reason and that's the excuse. As Yoda says... "there is another" 

[Hokies2379]

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@fury1995 wrote:

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@Hokies2379 wrote:

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@fury1995 wrote:

OP, yep stuck with them but you are correct, they are overlooked by Fico and most lenders if you are applying for revolving credit.

Musiclover:

Sometimes a delaer need to re-shop your app.. even after you've taken delievry. There's a form for this in your paperwork. Sometimes you have to re-sign but most times they change the assignment onthe contract to the correct lender that gave the approval. 

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Hmmm....one of my denials for a revolver was because of too many inquires.  90% of which were from a car loan.  When I said that, the underwriter said "well, it is too many and I'm sorry."  I know you said most and that's what I always thought, but this one certainly didn't.

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Usually it's another reason and that's the excuse. As Yoda says... "there is another" 

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Maybe.  But I was pretty thorough.