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Inquiry question

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Anonymous
Not applicable

Inquiry question

I recently bought a new car in June. I bought it from a Ford dealer. Prior of going to the dealership I applied through Ford Motor Credit online to get financing approved before visiting the dealership. Bought the vehicle and completed my financing with Ford Credit.

Recently pulled a copy of my credit report and seen that I had 12 hard pulls from different auto banks that I didn't know about. Also seen that another hard pull, the dealership removed an inquiry off my report.

My question is this legal? Got my financing prior to going and still get hit with all those hard pulls? Any help would be appreciated. Thanks
Message 1 of 5
4 REPLIES 4
Skye12329
Valued Contributor

Re: Inquiry question

It is legal. When applying for financing from a dealership, they basically have a variety of banks that they use pull your credit. This is to help secure a loan and get a better rate. Our dealership informed my DH and had him sign a paper saying that you give us permission to pull your credit for multiple banks for the best rate. We did end up getting a better rate than what we originally had.

Also those inquiries will be scored as 1 inquiry. When shopping for an auto or mortgage loan. They understand your trying to get the best rate. The inquiries need to be within 30 days of each other to be scored as 1. The system knows to score it as 1 because if you look at the inquiry type it says AUTO LOAN OR FINANCING. Versus if you were applying for a CC it would say CREDIT CARD.

Hope that helps clarify some.
BK7 - 2/21
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Mission Lane - 4k (11/21)
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Message 2 of 5
Skye12329
Valued Contributor

Re: Inquiry question

Forgot to answer your other question. If you applied for financing at the dealership or online. It basically shares your information automatically with the banks. Like the financial dept. Will shop for the best rates then.

One way to avoid those inquiries or that many anyways is to apply with a certain bank or union and have financing without applying there or online at the dealer.
BK7 - 2/21
Cap1 QS - 2k (4/21)
Mission Lane - 4k (11/21)
Venmo - 900 (11/21)
SavorOne - 2500 (12/21)
VentureOne - 2000 (7/22)
Message 3 of 5
Anonymous
Not applicable

Re: Inquiry question

I understand that if you do the credit app at the dealership them getting multiple banks involved but in my instance I had the financing prior to walking in the door. I had a loan with FMC with my previous loan and opted to use them again. I never applied at the dealership.
Message 4 of 5
Skye12329
Valued Contributor

Re: Inquiry question

If you had financing prior and didn't apply at the dealer then my guess is they may have ran your credit without knowledge possibly. I know sometimes when you sign papers there could be that hidden wording somewhere on what they do. I would possibly contact the dealership about this.
BK7 - 2/21
Cap1 QS - 2k (4/21)
Mission Lane - 4k (11/21)
Venmo - 900 (11/21)
SavorOne - 2500 (12/21)
VentureOne - 2000 (7/22)
Message 5 of 5
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