Re: First time using auto financing.
..do I have an auto enhanced score?
10-03-2012 08:58 AM
Here is an update:
On 10/01/2012, I applied online to TMCC (Toyota Financial). I was told that I would have an answer in one business day. I then let the person at the dealership (who had let me do a test drive a few weeks prior) know I applied on line and I would keep him updated. Initially, I was declined because I have a fraud alert and TMCC could not get a hold of me. I updated my telephone number with Trans Union after they verified my identity by answering a series of questions. The salesperson I dealt with told me that he could get me financed with Capital One. I told him no way, TMCC only. I then asked him how Cap One got my information. He said he sent them my "profile." I immediately sent a text to the salesperson telling him that I did not want any other financing aside from TMCC and I do not want a bunch of inquiries on my credit report. I wanted some sort of proof of my demand.
I found out that my enhanced auto beacon is 654. Agreed to the financing and down payment. I did not give them the down payment, telling them I would bring in cash the next day.
Fast forward to today...
I went to the dealership today to pick up my new Camry Hybrid. While on the way, my iphone indicated that I had 6 unread emails. When I pulled up to the dealership, I sat in my car and read them. Turns out I was receiving updates to my Trans Union credit report. The previous day, 6 inquiries were made (to various banks) on my credit file. I was like **bleep**!
Not being able to stay calm, I walked into the dealership and wanted some answers. I told them that I was canceling my sales contract. I left. I called my attorney right away. He informed me that I do not have a right to cancel a auto sale in the State of Ohio. He said I can sue in civil court for unauthorized inquiries on my credit report.
The manager of the dealership told me that he cannot remove the inquiries.
I sent an email to the dealership telling them that they had to remove the 2 inquiries they were responsible for (their dealership and parent company) and that if they don't, not only will I seek a civil remedy, I will not bring in my down payment.
Any other advice?
Just let it go. It's really not worth fighting over. First, I'm not sure they didn't have permissible purpose. You submitted an app. How do you know that the inquiries occurred after you told them not to pull anymore rather than before? They may have already shopped the loan around which is completely normal. In any event, FICO will only score 1 of those inquiries. It will ignore the other 5 for scoring purposes. So this isn't hurting your FICO score. Moreover, inquiries are only scored for one year (though they remain on the report for two years). It will take you about that long to try to fight all of this, so even if you could be successful, you'd get your resolution about the same time the inquiries would stop having an effect in any event. Plus, if you dispute inquiries with the CRAs, it can often trigger fraud alerts which can cause a bunch of other headaches.
Inquiries aren't as big of a deal as people sometimes make of them around here. Just let this one go and enjoy your new car.
Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720
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