Should be a CRIME -- 11 inquiries in 1 hour? -->

[StartingOver10]

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@TRC_WA wrote:

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@StartingOver10 wrote:

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The careless spraying of your app all over the place by auto dealerships is one of the reasons it is best to go to a CU where there is only one inq and not many. Natually the interest rate and terms of a CU usually beat an auto loan except in the case of a zero promo type rate for new autos.

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I actually did that. 

I had a pre-approval from my own CU BECU for $28k... my previous loan with them was $22k and they wouldn't budge when I tried to go higher.

Problem was my dream car was $40k.  Dealer got me financed with another CU out of Vancouver, WA at a slightly higher rate (4.49% vs BECU's 3.99%)... I can't really complain.  I got the car for $0 down...  it worked out for me in the end and I will refinance in the next 8-12 months when my reports are free and clear of my BK13 and my scores are well into the 700's.

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^^^That is a good reason too. The dealership does have the pull to get your app through for more $$ or in some cases to jump over some other hoop. I do believe that CU's are best most of the time -but there definately is a place to have the dealership get your financing. Your case is one of them. Living out the 11 inqs in the OPs case is a matter of waiting a year for them not to affect the score and two years to drop off. In the grand scheme of life, not such a long time to get your dream car!

[Creditwiser]

Congrats on your new car.  11 HPs' is tough to swallow and I wonder if you communicated clearly to the dealer that you had your own financing in place?  I think of my own experience a few months ago and I would like others that will read this thread to know how to protect themselves from the sharks at the dealerships and used car lots.

I read thru this thread but I dont recall reading where you told them NOT to pull your credit.  Your CU gave you 3.5 pct. Did you allow the dealership to shop you ?  I remember before I piurchased my car a few months ago, I test drove several at different dealerships. All requested my Drivers License prior to handing me the keys. I specifically told each one, DO NOT EVEN THINK OF PULLING MY CREDIT. I was serious and they knew it. Even then, I ended up being soft pulled by some dealership clearing house called Wilson Technologies from one dealership.

[Neverknewaboutcredit]

Well from reading many post on these forums I have learned the hit to my score is only temporary and the score will be back, but where my mistake was made and anyone reading this be aware, 

1. I choose my car and dealership

2. I talked to the CU for financing 

3. Went into the dealership and told them to call my CU for financing, they said no problem we work with them everyday,so I proceeded with the paperwork and after all was done and car delivered, here comes the emails alerts.

[StartingOver10]

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@Neverknewaboutcredit wrote:

Well from reading many post on these forums I have learned the hit to my score is only temporary and the score will be back, but where my mistake was made and anyone reading this be aware, 

1. I choose my car and dealership

2. I talked to the CU for financing 

3. Went into the dealership and told them to call my CU for financing, they said no problem we work with them everyday,so I proceeded with the paperwork and after all was done and car delivered, here comes the emails alerts.

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Usually the CU gives you the proper paperwork to give to the finance guy at the dealership. 

The dealership actually uses a different contract when you bring in your own financing IME.

Sounds like you were working with an unscrupulous F&I guy that did his best to get you off the CU financing and into a loan that the dealership makes money off of - what does your contract say?

[guydiver]

When I bought my Ford, I told my salesman(who was also the internet manager)that I was only applying for the best Ford Credit financing rate as quoted, and that I had CU back-up if that did not go through, and I would under no circumstances take any other financing regardless of the rate offered. He said, no problem.  60 seconds later he said, we're good to go.  I asked, what about down payment? He sort of paused, looked at his computer screen, and said "they didn't ask for any".  So in my case, since I qualified for 100% at the manufacturer tier 0 rate, there was no need for them to go any further. I have previously, in one circumstance, handed a salesman a piece of paper stating my financing intentions, what I would and would not authorize, and told him I wasn't going any further until it was signed my the sales manager or finance manager. They didn't give me any problems after that.