Dealership HP'd 3 times

Anonymous · ‎04-02-2015

So I got an auto loan and the dealership pulled my credit. Their financing services pulled on the same day. Then, according to my credit report, they inquired again 2 days later after I had already taken the car off the lot.

Do all these pulls count as 1? I've read here before that pulls in the same time frame count as 1 as far as fico to allow you to shop around for the best rates.

Anonymous · ‎04-02-2015

I'm trying to fix a similar thing at the moment. Financed a car in January and the dealership pulled, then Chase Auto pulled same day (both TU). Didn't even do any rate shopping, but I was under the impression that any HPs stemming from shopping for a car would be rolled into or couted as single inquiry. Can anyone shed some light on this?

Strangerinthedark · ‎04-03-2015

The auto inquiries will count as one for the purpose of the fico score, but all the inquiries will still appear in your report, from what I have read on these boards. Someone correct me if I'm wrong.

Anonymous · ‎04-03-2015

Good to know, thanks for the clarification.

RussianPassion · ‎04-04-2015

The dealership will always pull your credit. They HAVE to and there is no way around it if they play by rules. They must show and have you sign the credit score disclosure and notice of adverse action if your credit is bad and feel then cannot obtain financing for you. They could pull 1 or all 3 agencies. Then, depending on the experience of the Sales/Finance manager they will submit to to 1 or more financing institutions. Submitting it to multiple banks is known as "shotgunning". Typically inexperience finance managers do that because they have no idea which bank best fits given the structure of the loan, type, year and milage of the vehicle you are purchasing/leasing and your credit. Ideal situation will be 1 hard hit from dealer and 1 hard hit from 1 bank.

Hope this helps.

Creditwiser · ‎04-04-2015

@RussianPassion wrote:
The dealership will always pull your credit. They HAVE to and there is no way around it if they play by rules. They must show and have you sign the credit score disclosure and notice of adverse action if your credit is bad and feel then cannot obtain financing for you. They could pull 1 or all 3 agencies. Then, depending on the experience of the Sales/Finance manager they will submit to to 1 or more financing institutions. Submitting it to multiple banks is known as "shotgunning". Typically inexperience finance managers do that because they have no idea which bank best fits given the structure of the loan, type, year and milage of the vehicle you are purchasing/leasing and your credit. Ideal situation will be 1 hard hit from dealer and 1 hard hit from 1 bank.

Hope this helps.

So sick of hearing about this practice. Especially folks that have upwards of 10 HP's by a dealership or used car place.

RussianPassion · ‎04-04-2015

I somewhat agree with your. See, people shop for cars and want "best price"... 99% of the time "best price" means **bleep** service. So you get what you pay for. Lousy dealers have fiannce managers that have no clue what they are doing. My advice is to shop for a car based on service first and price second. I have been inthe business for a long time and beleive me when I say it that people that pay a dealer a profit are always happy customers.

At the same token, if you walk into a dealer and start tellign them what to do (pull this, don't pull this) the deal could go south.

Best advice is to find a place with good people working there. Tell them you want to know what is going on because you want to know how it works. They will be happy to explain it all to you.

Car business is simple. No difference from any other business. It all depends on people that do it though. Years of incompetence gave ALL dealers bad reputation, when in actuality there are lots of great dealerships and people working there are normal family people with morals, knowledge and all that other good stuff.