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Good morning/afternoon/evening all!
I'm just about to purchase a new car, and have received a good pre-approval through DCU at 1.74% for 65 months. From what I can see online, Cap1 and others can't really beat that, so it seems that I should just take that and run (I have seen a few other CUs with 1.49%, but I've had good experiences with DCU and do have some brand loyalty there).
However, I wouldn't mind the dealer running me through their captive lender to see if there's a lower rate available. My credit score according to DCU was 731, so not spectacular, but not horrible either.
My question is, is there a way to ensure that the dealer only runs me through their own financing company and not shops me around as I'm perfectly happy with the 1.74%. Or, even if there is, am I better off just going with the DCU offer?
Thanks for any insight!
You said, "My question is, is there a way to ensure that the dealer only runs me through their own financing company and not shops me around as I'm perfectly happy with the 1.74%. Or, even if there is, am I better off just going with the DCU offer?"
No, there is no way to ensure that with the dealer. 1.74% is a very good rate. But be prepared for several pulls should you go to a dealer.
So....let me tell you how I did it..and was able to restrict the dealer with respect to pulls. I have all my bureaus frozen...and subscribe to numerous credit report alerting services. When I went in to lease my most recent car I asked first, who their captive lender was and who they pull. I was told US Bank and TU....so I told the dealership that I will unfreeze TU, and as soon as I get the alert that the bureau was pulled I will re-lock it (can do all this rom my phone (Yeah ) So....I unfroze TU...got the alert...refroze TU..and got the car.
Piece of cake. Hope that helps.
Be well
Gregg
Hi 909..
Very simple. Go to Play Store or Apple Store (depending, of course, on the type of phone you have) and download the three respective cb apps. You will need to subscribe to all three services (I think I pay 50 a month for all three...a small investment to protect the cedit I worked so hard for.....) with each service you can monitor all of your credit (Equifax and Transunion give you proprietary credit scores....Experian gives you FICO)...as well as being able to lock (freeze) and unlock your cb whenever you want. Easy process. If you need any more assistnce or info...just post.
Good luck and be well....
Gregg
Thanks! This is a very helpful response. I've been reading and am now much more informed on CR freeze/thaw.
@Anonymous wrote:So....let me tell you how I did it..and was able to restrict the dealer with respect to pulls. I have all my bureaus frozen...and subscribe to numerous credit report alerting services. When I went in to lease my most recent car I asked first, who their captive lender was and who they pull. I was told US Bank and TU....so I told the dealership that I will unfreeze TU, and as soon as I get the alert that the bureau was pulled I will re-lock it (can do all this rom my phone (Yeah ) So....I unfroze TU...got the alert...refroze TU..and got the car.
Piece of cake. Hope that helps.
Be well
Gregg
Wow, that is a great idea! I have my reports frozen, but I never thought to unfreeze for a few minutes via phone, and then re-freeze...thanks for the info.
When I made my purchase I had to sign a form (the car salesman told me that it was necessary) allowing them to pull my credit at least a couple of times. There was a blank line that I drew a line through. I ended up only having the dealership's captive lender triple pulling me. My suspicion is that if I had not drawn that line through the blank line that I would have ended up with more inquiries than I walked away with.
@Silver12 wrote:Good morning/afternoon/evening all!
I'm just about to purchase a new car, and have received a good pre-approval through DCU at 1.74% for 65 months. From what I can see online, Cap1 and others can't really beat that, so it seems that I should just take that and run (I have seen a few other CUs with 1.49%, but I've had good experiences with DCU and do have some brand loyalty there).
However, I wouldn't mind the dealer running me through their captive lender to see if there's a lower rate available. My credit score according to DCU was 731, so not spectacular, but not horrible either.
My question is, is there a way to ensure that the dealer only runs me through their own financing company and not shops me around as I'm perfectly happy with the 1.74%. Or, even if there is, am I better off just going with the DCU offer?
Thanks for any insight!
Actually this is simple to solve and is 100% guaranteed. You simply do NOT give the dealer the option to shop, period. You are approved at 1.74% and the pennies saved for a 1.49% or such rate is not worth you expending your time nor the pulls. One you drop your social into the dealerships finance department you have no legit assurances they don't run wild and push it to all of their lenders.
@Anonymous wrote:
@Silver12 wrote:Good morning/afternoon/evening all!
I'm just about to purchase a new car, and have received a good pre-approval through DCU at 1.74% for 65 months. From what I can see online, Cap1 and others can't really beat that, so it seems that I should just take that and run (I have seen a few other CUs with 1.49%, but I've had good experiences with DCU and do have some brand loyalty there).
However, I wouldn't mind the dealer running me through their captive lender to see if there's a lower rate available. My credit score according to DCU was 731, so not spectacular, but not horrible either.
My question is, is there a way to ensure that the dealer only runs me through their own financing company and not shops me around as I'm perfectly happy with the 1.74%. Or, even if there is, am I better off just going with the DCU offer?
Thanks for any insight!
Actually this is simple to solve and is 100% guaranteed. You simply do NOT give the dealer the option to shop, period. You are approved at 1.74% and the pennies saved for a 1.49% or such rate is not worth you expending your time nor the pulls. One you drop your social into the dealerships finance department you have no legit assurances they don't run wild and push it to all of their lenders.
^^^Agree with MissingCalifornia. Why risk it at all with no true upside benefit to you OP?
The offer from DCU is a firm offer, depending upon the vehicle. Anything the dealer comes up with is subject to their finding a lender to beat your rate + having the dealer not bait and switch the financing two weeks in...I wouldn't risk it.