topic Re: Dealer wants to run credit, besides having loan from CU in Auto Loans

Dealer wants to run credit, besides having loan from CU

Anonymous — Mon, 13 Jul 2015 22:54:31 GMT

Hello guys so today I went to the dealer with an approved loan from a local credit union.

The car salesman tells me that I would still have to fill out a credit app. and have my credit ran again. He said it was

because some law red flag or some thing like that. I told him again that I had a loan already with someone else and that I didn't want it ran another time.

He said the same thing that it was the law and such. So I told him I wouldn't sign anything till we came to a price agreement.

he ended up giving me and offer and I said I would have to think about it.

Anyway, anyone know if it is true? Because I mean I already got my credit ran at the credi Union. How should I go about this?

Re: Dealer wants to run credit, besides having loan from CU

Anonymous — Mon, 13 Jul 2015 22:57:39 GMT

I just bought a brand new Mirage with no credit pulls or applications at all. I did not give them my social. I told them I was paying cash. They held a personal check while I got a certified from the bank. We exchanged the personal for the certified and deal was done. Don't let them railroad you.

Re: Dealer wants to run credit, besides having loan from CU

Anonymous — Mon, 13 Jul 2015 23:00:45 GMT

Exactly, I don't see why they need to run my credit for.

there are many ways of proving that it is me who is on the loan.

Maybe I should've just said I was doing cash lol

Re: Dealer wants to run credit, besides having loan from CU

EddieK — Mon, 13 Jul 2015 23:52:47 GMT

They are trying to bully you. I'd drop them immediately and try another dealership.

Re: Dealer wants to run credit, besides having loan from CU

Anonymous — Tue, 14 Jul 2015 00:11:18 GMT

I was thinking that, any other way to go about it?

They are the only ones who have this car at a really good deal.

its a used 2012 car

Re: Dealer wants to run credit, besides having loan from CU

Creditwiser — Sat, 18 Jul 2015 00:14:43 GMT

Be smart about it. Tell him you either do the deal YOUR way or you walk. (Mod Cut-This language reference is not necessary) You're already approved. YOU HOLD THE CARDS. !!! YOU have the upper hand. (Mod Cut-This is not necessary either)

Re: Dealer wants to run credit, besides having loan from CU

Creditwiser — Sat, 18 Jul 2015 00:15:33 GMT

There are so many older threads on this. He his flat out lying to you. There is no requirement to run your credit. NONE ! (Mod Cut)

Re: Dealer wants to run credit, besides having loan from CU

Anonymous — Sat, 18 Jul 2015 00:16:09 GMT

@Creditwiser wrote:
There are so many older threads on this. He his flat out lying to you. There is no requirement to run your credit. NONE ! (Mod Cut)

True man, that's not cool. I will do just that, thanks for the advice

Re: Dealer wants to run credit, besides having loan from CU

Anonymous — Tue, 14 Jul 2015 03:59:54 GMT

The finance guy at the dealer wants to get a crack at beating your APR so they can earn a kickback with the bank. Some dealers want to do this so they can have backup financing in case the credit union doesn't like the LTV or decides to bail on you but that really doesnt happen. No way would I let them run it if you are happy with the APR. Most towns have several dealers for each brand so if they dont play ball just move on.

Re: Dealer wants to run credit, besides having loan from CU

Anonymous — Tue, 14 Jul 2015 04:37:02 GMT

@Anonymous wrote:
I was thinking that, any other way to go about it?
They are the only ones who have this car at a really good deal.
its a used 2012 car

If they lie to you about something like this that can be easily verified, what else are they not being truthful about?

Even if its a great car and you have to miss it, there are a lot of cars out there. Unless it is truly a low production special model, keep in mind that they made hundreds of cars with that exact same color combination and options package, so there are more out there.

I will be in the used car market later this year and I will be getting a pre-approval from a CU or a bank just like you and I will not let them run my credit either.

Imagine that you truly had a huge stack of 100 dollar bills in your pocket and would be paying that cash for the car, you wouldnt want them trampling on your CR then either. Same situation.

Walk away and keep looking is my recommendation.

hth

Re: Dealer wants to run credit, besides having loan from CU

Anonymous — Tue, 14 Jul 2015 13:51:25 GMT

My experience:

This month I went to a Chrysler dealer with a capital one apporval of 1.99 on a new. It does say on the Cap 1 website that the dealer needs to run your credit ONE time so they can generate an app you need to sign. I had first got a preapproval with Chysler Auto, but the rate wasn't as good as CAP 1.

My app with Chrysler sent a notice to the dealer I selected, and they had already run my credit (in addition to Chrysler Automotive already doing it)

When I went to to buy the car, the sales person started on "we are going to run your credit through our sources to get you a better rate" - I stopped him and asked to talk to the finance person. I told her that under no circumstances did I want my credit pulled again. They already pulled my TU score which satisfied the CAP 1 requirement. I told her that I would not buy the car if my credit was pulled again as I did not want the inquiries.

They got it, but if I hadn't done that they would have shopped me to local banks and other sources resulting in multiple hard pulls.

Dealers accept outside fianancing, but they don't like it because they don't make any money on it - you have to be clear and firm.

With a CU I doubt they have to pull your credit again, the financing is through the CU.

Good Luck!