topic Re: Should be a CRIME -- 11 inquiries in 1 hour? --> in Auto Loans

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

dallasareaguy — Sat, 28 Mar 2015 01:58:45 GMT

I went to a dealership today to buy a new car with my wife. We ultimately purchased it, etc...

When we were eating dinner I got an alert that I had new alerts on my credit monitoring site...

I logged in.. they shopped me at 11.. yes 11 lenders!!! 11 hard pulls! OMG!

Chase, Chrysler (Santandar), Wells Faro, Ally Bank, Capital One, Car Finance and 5 other names I've never heard of! WOW.

So frustrating.. I hope my score doesnt drop 40 points! ;( I've been working so hard on getting our scores to rise.... sigh.

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

SecretAzure — Sat, 28 Mar 2015 02:08:52 GMT

@dallasareaguy wrote:
I went to a dealership today to buy a new car with my wife. We ultimately purchased it, etc...

When we were eating dinner I got an alert that I had new alerts on my credit monitoring site...

I logged in.. they shopped me at 11.. yes 11 lenders!!! 11 hard pulls! OMG!

Chase, Chrysler (Santandar), Wells Faro, Ally Bank, Capital One, Car Finance and 5 other names I've never heard of! WOW.

So frustrating.. I hope my score doesnt drop 40 points! ;( I've been working so hard on getting our scores to rise.... sigh.

Holy cow that's a lot...still it should appear as only 1 in the end. At least that's what I've read anyways.

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

Anonymous — Sat, 28 Mar 2015 02:17:58 GMT

It will stay on your credit as 11. UWs may see it as 1 and recognize that it was all for one, but from your angle it will always show 11. Tough blow, but congrats on the new car!

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

takeshi74 — Sun, 29 Mar 2015 03:31:21 GMT

Not unusual. Definitely shop for auto financing on your own versus letting the dealer do it for you.

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

Neverknewaboutcredit — Sun, 29 Mar 2015 03:45:48 GMT

I'm in the same boat, had to have a smaller car with better MPG's for work so after couple week of shopping I pulled the trigger on financing and it could not have been 3 or 4 hours and the HP's began. And I even had my financing in place with a local credit union with a good rate , gave the dealer all the info but they still shopped me, I think most HP's have hit and my score dropped 26 points. And I still did my loan with my CU.

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

Anonymous — Sun, 29 Mar 2015 04:20:22 GMT

what was your loan % in the end? Who did they go with if you dont mind?

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

Neverknewaboutcredit — Sun, 29 Mar 2015 13:18:44 GMT

Sure, my rate was 3.5% with my local CU. There are couple in my area that I work with and both are great, you can also apply for one of there cards with the same HP. So for me working with CU's are the way to go.

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

TRC_WA — Sun, 29 Mar 2015 13:24:18 GMT

I had 18 INQ's spread across the 3 CRA's from 2 dealerships...

I lost 1 FICO point on EQ.

None on TU and EX.

I wouldn't worry about your score tanking... the INQ's are still there and you can still be denied for "too many inquiries" however.

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

StartingOver10 — Sun, 29 Mar 2015 13:24:39 GMT

@Anonymous wrote:
It will stay on your credit as 11. UWs may see it as 1 and recognize that it was all for one, but from your angle it will always show 11. Tough blow, but congrats on the new car!

^^^Small correction to the above. Everyone see's the 11 inq's. FICO scores them as 1 inq. HOWEVER, if they are coded wrong then only the inqs coded as auto inqs will be counted as 1.

If you go for a mortgage or credit card, it still shows as 11 inqs. Make no mistake about it - the inqs count against you unless you have the opportunity to explain that they are all auto inqs.

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.

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

TRC_WA — Sun, 29 Mar 2015 13:30:22 GMT

@StartingOver10 wrote:
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.

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.

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

StartingOver10 — Sun, 29 Mar 2015 13:35:53 GMT

@TRC_WA wrote:
@StartingOver10 wrote:
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.
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.

^^^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!

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

Creditwiser — Sun, 29 Mar 2015 13:38:40 GMT

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.

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

Neverknewaboutcredit — Sun, 29 Mar 2015 14:16:09 GMT

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.

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

StartingOver10 — Sun, 29 Mar 2015 16:14:42 GMT

@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.

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?

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

guydiver — Sun, 29 Mar 2015 14:38:05 GMT

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.