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Dealer screwed me on inquiries. I'm guessing this is normal?

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Anonymous
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Dealer screwed me on inquiries. I'm guessing this is normal?

So I went in pre-qualified with Cap One (what a joke Pre-qual is to begin with -- no HP until you get to the dealer) for up to $35K. Thinking that would be that, I went in, bought a vehicle, yay, in and out of the dealership in an HOUR!  This was yesterday. I get to work today, and damned if that finance lady (bless her heart) didn't generate FIVE NEW INQUIRIES while "trying to find me a better deal" (bless her heart).  There goes the rest of my year.

Message 1 of 9
8 REPLIES 8
Bankrupt2019
Established Contributor

Re: Dealer screwed me on inquiries. I'm guessing this is normal?


@Anonymous wrote:

So I went in pre-qualified with Cap One (what a joke Pre-qual is to begin with -- no HP until you get to the dealer) for up to $35K. Thinking that would be that, I went in, bought a vehicle, yay, in and out of the dealership in an HOUR!  This was yesterday. I get to work today, and damned if that finance lady (bless her heart) didn't generate FIVE NEW INQUIRIES while "trying to find me a better deal" (bless her heart).  There goes the rest of my year.


"Trying to make themselves more money"









Message 2 of 9
settleordelete
Regular Contributor

Re: Dealer screwed me on inquiries. I'm guessing this is normal?

I think a good strategy to use against the finance department would be a written agreement NOT to pull your credit report more than once unless they can guarantee 0% financing. I wish that was the law.
I've been where you are trying to go and I don't wanna go back.
Message 3 of 9
Anonymous
Not applicable

Re: Dealer screwed me on inquiries. I'm guessing this is normal?

They really need to streamline the app process so that one app causes one pull, and it can be shared with all those potential lenders. It seems really unfair to penalize the consumer for that. 

 

Although all those went through my Equifax here on MyFICO and my score went UP two points.  Not sure I understand that logic, but I know, correlation isn't causation.

Message 4 of 9
Chris679
Established Contributor

Re: Dealer screwed me on inquiries. I'm guessing this is normal?

This is why FICO only scores them as one inquiry.
Message 5 of 9
Anonymous
Not applicable

Re: Dealer screwed me on inquiries. I'm guessing this is normal?

How does it know to do that?  Proximity in time?


@Chris679 wrote:
This is why FICO only scores them as one inquiry.

 

Message 6 of 9
Chris679
Established Contributor

Re: Dealer screwed me on inquiries. I'm guessing this is normal?

Bunches of inquiries that are coded as mortgage or auto are scored as one for FICO for all of the reasons you mentioned.
Message 7 of 9
Anonymous
Not applicable

Re: Dealer screwed me on inquiries. I'm guessing this is normal?

So I wasn't screwed on inquiries after all.  That's good to know. Probably screwed elsewhere in the deal. Smiley Happy

Message 8 of 9
BallBounces
Valued Contributor

Re: Dealer screwed me on inquiries. I'm guessing this is normal?


@Anonymous wrote:

So I went in pre-qualified with Cap One (what a joke Pre-qual is to begin with -- no HP until you get to the dealer) for up to $35K. Thinking that would be that, I went in, bought a vehicle, yay, in and out of the dealership in an HOUR!  This was yesterday. I get to work today, and damned if that finance lady (bless her heart) didn't generate FIVE NEW INQUIRIES while "trying to find me a better deal" (bless her heart).  There goes the rest of my year.


 

These 5 inquiries will have little to no impact on your credit rating and no impact whatsoever on your life.  5 INQ , across 3 bureaus, for a car purchase sounds fairly typical, and will be scored in a very minor way by FICO.

 

Enjoy your new car, and enjoy that it only took an hour.  Be happy.

 

050719:     
021924:     


FICO 08 scores listed and are stagnated until multiple derogatory items expire over the next two years.
Message 9 of 9
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