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I learned today, from pulling my Equifax credit report/FICO, that my local auto dealer sent out SIX credit inquiries to obtain my auto loan back in August, despite me deliberately telling the credit manager that I was willing to drive my current car home if denied. I signed only a SINGLE credit application. Equifax is zinging me for each inquiry.
Do I have any recourse?
Recourse as in suing them? IMO, no. You may want to reread what was signed, but it likely included a statement that they'll run your credit. It probably doesn't include anything that would prevent the dealer from having your credit run more than once. Many dealers will do that.
Per your FICO score, you are only getting dinged for one of those inquiries assuming all 6 were pulled inside of 2 weeks or more.
If there was any financial harm, and if you can prove that harm and show that your agreement prevents the dealer from farming out your credit more than once, then you might have a case.
This is standard when you finance through a dealer as opposed to getting your loan on your own and then going to the dealer. (The exception being a dealer that does its own financing) Dealerships work with a lot of banks and they will send your app to all of them to see who comes back with the lowest rate. I hate all the inquiries too, but that's just the price of financing through the dealer.
I faced the same thing last November....multiple inquiries. Do these drop after 2 years? My score went fro 805 to 771 (current)
No, I wasn't suggesting 'lawsuit', or any legal action. And, since it seems this is standard operating procedure, I will be vocal next time I purchase a car through a dealer that he check ONE lending source at a time. In the meantime, I had a motorcycle dealer tell me in January that my Beacon score "isn't bad", so I don't think it's catastrophic, just hurtful, to my credit score.
Thanks.