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My local car dealer sent out a coupon for free loaner car to be used while having my car serviced. It says "need to qualify." What are the chances this "qualification" results in an hard pull? Anybody haveexperience? This is with a Mazda-Volkswagen dealer.
Definitely call and ask you never know they might HP you to size you up for a new car.
@credit-hunter wrote:Definitely call and ask you never know they might HP you to size you up for a new car.
+1 you need to call them
Purchase of a car is a business transaction inititated by the consumer.
Permissible purpose to pull the consumer's credit report arises if the business transaction gives rise to an associated "legitimate business purpose" for the dealer to review your credit standing as part of the transaction.
If you are paying by way of cash or certified funds that involve no seeking of credit from them or no reasonable chance of the funds not clearing, there is no legitimate purpose for them to review your credit as part of the transaction. Thus, they could make no request for your credit report, be it hard or soft.
However, if you wish to review credit they might offer, they then would have a legitimate business purpose. The prospective creditor would also have a legitimate purpose for reveiw of your consumer initiated request for credit.
The FTC has also issued a staff opinion letter that payment by personal check would also constitute a legitimate business purpose, as review of your credit history might reflect on the risk of the funds clearing.
It thus depends upon the details of your business transaction with them.
OP is asking about a loaner car for service, not a car purchase. My dealer doesn't pull credit for loaners but OP should verify with his dealer instead of relying on generalizations.
@takeshi74 wrote:OP is asking about a loaner car for service, not a car purchase. My dealer doesn't pull credit for loaners but OP should verify with his dealer instead of relying on generalizations.
Almost all major car rental companies will do a HP if you are renting a car with a debit card, but not if you are paying with a credit card. Might be similar at the stealership as well.
@Mailak wrote:My local car dealer sent out a coupon for free loaner car to be used while having my car serviced. It says "need to qualify." What are the chances this "qualification" results in an hard pull? Anybody haveexperience? This is with a Mazda-Volkswagen dealer.
This is my take on the coupon: it is a lead generater for the car dealer. Once they put in the "need to qualify" wording you know there are going is qualifying criteria associated with the offer of a "free loaner car".
As others pointed out, you have to call the dealership offering the coupon to find out what qualifying criteria the specific dealership requires. My bet: yes, pulling credit is one of the requirements and I'm sure it would be a hard pull.