topic Re: Buying a new car =7 HP in Auto Loans

Buying a new car =7 HP

Cyberbo60 — Sat, 17 Mar 2018 22:49:18 GMT

I bought a new car at Hare Chevrolet in Noblesville Indiana and after I bought it I came home and that night I noticed 7 Hard Pulls. This is crazy.. is it normal?

Re: Buying a new car =7 HP

Anonymous — Sat, 17 Mar 2018 22:50:57 GMT

Was the dealer shopping around for financing for you?

Re: Buying a new car =7 HP

Cyberbo60 — Sat, 17 Mar 2018 22:53:58 GMT

Yes that was my screw up. I should have my credit union do but I got a rate of 3.4. Not bad

@Anonymouswrote:
Was the dealer shopping around for financing for you?

Re: Buying a new car =7 HP

Anonymous — Sun, 18 Mar 2018 01:58:42 GMT

Will only impact your score as a single pull. Congrats on the car and good rate

Re: Buying a new car =7 HP

Miner — Sun, 18 Mar 2018 22:47:35 GMT

That is very normal if you let the dealer shop the loan around. It's not a particularly big deal unless you already had a lot of inquiries and are thinking of doing additional applications in the next year or so.

I bought a car a few months ago and the dealer shopped it around and pulled 5 times on EX, 1 on TU, and 1 on EQ (stupid Cap 1 and their pull all 3 bureaus policy). That said, for FICO scoring purposes, if the pulls for an auto loan where within 2 weeks, they will only count as 1 pull on whatever agency they pulled from. So in my example, The 5 pulls on EX only count as 1 while the 1 on TU and Eq obviously still counts as 1 on those reports.

The only possible issue is for applying for credit from someone who does their own internal scoring as we have no idea how they handle those multiple auto loan pulls. They may or may not count them together.

Re: Buying a new car =7 HP

Loquat — Mon, 19 Mar 2018 02:47:31 GMT

This is very common. When I worked at a dealership we would load a deal into whatever system we used (back then it was Reynolds & Reynolds/Dealer World) and within that program was a list of lenders that our dealership used. It was no extra work to send your deal off several lenders...it was a matter of loading the deal once and clicking the box in which I wanted to send your app. There were time where I know exactly where I wanted to send the app because I knew I could get favorable terms for the customer as well as myself.

Then there were times where I did the "select all" just to see where a person would stick because the deal was going to be one of the harder ones to get done.

Don't sweat it too much...just the way dealerships work.

Re: Buying a new car =7 HP

Cyberbo60 — Sat, 24 Mar 2018 21:25:48 GMT

More to this story. They got me financed at 5.6 % but after a week I had already refinanced with my credit union at 2.75%. Now I am happy.

Re: Buying a new car =7 HP

Washin17 — Sun, 25 Mar 2018 07:36:26 GMT

Who is your credit union?

Re: Buying a new car =7 HP

Cyberbo60 — Sun, 25 Mar 2018 12:12:40 GMT

Solidarity CU

@Washin17wrote:
Who is your credit union?