topic Re: TU vs. EX Does it matter which score dealership uses? in Auto Loans

TU vs. EX Does it matter which score dealership uses?

Anonymous — Sun, 20 Dec 2009 04:10:47 GMT

Greetings..... Last time I checked my score was when I bought a car 3-1/2 years ago, do not know who reported but dealer told me it was 812 (fine by me)

At some point I got a free credit report, and put a block on inquiries with Experian. I was supposedly sent a letter with a "pin" to lift this block, or change it, which I obviously lost.

Fast forward to last night, leased a new car, dealership came back and said credit inquiry is blocked. Huh? I did not remember blocking it, but obviously I did. (Blocked by Experian) I asked if they could run another via TU or EQ, they said they would be right back, came back with TU at an 824, and said they would use that one Shook hands and deal was done.

Got a great deal, signed and walked out the door.

Got a call today (left me a message) from dealer, wanting to know if I had pursued Experian and getting block lifted (today is Saturday), and that my approval was not accepted by Honda. Is Honda even open for this discussion on Saturday? Don’t Finance guys know want is good, and what is not?

Question is, would EX be that much different from TU? I heard the finance guy say, could be as much as 30-40 points. So, if TU is reporting 824, take even 50 away from that, and the score would be 774 - still good right?

I left message for dealer, and they never called me back. Thinking all day about the call I got, I got such a good deal, I am wondering if they are regretting the sale, and are trying to play games?

I plan on mailing a letter Monday to EX to get new PIN assigned to lift block, but wondering what my options are now in the mean time.

Can they take car back?

Isn't 824 pristine? Debt is nothing, and income is fine. THANKS!

Re: TU vs. EX Does it matter which score dealership uses?

Anonymous — Sun, 20 Dec 2009 11:13:57 GMT

explorthis wrote: Can they take car back?

Welcome to the forums, explorthis!

Are you saying that you drove off the lot with this car, and are now concerned that they'll take it back? Or are you asking if the problem with the block on EX will kill the deal? I'm not really clear on this.

IMO, if Honda wants Experian exclusively, then that's what they want and that's what you'll need to provide to finance this lease. You shouldn't have any difficulty getting the block lifted. But in the meantime, the finance guy at the dealership wanted to find out about your credit status (to qualify you as a customer). He also wanted to get your "commitment" to this lease, pyschologically closing this transaction in your head (so you don't go looking for a vehicle elsewhere). Temporarily basing things on your TU report just buys the dealership time to keep you as a customer until you can get the block on Experian lifted.

Strictly opinion here, but getting any kind of paperwork authorized by a customer, even when the salesperson knows it won't fly as is, is a strong sales technique used by salespeople in many industries. Maybe that's what's going on here. I don't think the dealer regrets the sale and wants out...I think he was trying to save a sale, and wants you as a customer. It's harder for him to keep you as a customer when that is dependant on your doing some work for it (lifting the block on EX).

It'll all work out for you, I'm sure.

Good luck with everything!

Re: TU vs. EX Does it matter which score dealership uses?

Watchmann — Sun, 20 Dec 2009 15:32:46 GMT

Read your paperwork and you will see a Conditional Sale and Delivery Agreement. Your deal is contingent on them being able to get financing for you at the terms offered. If they can't than the deal can be declared null and void and you must return the car. There will be a per day charge and mileage charge for the miles you put on the car, which can be hefty.

You have to play by the rules the dealer sets for credit analysis. If they want a particular credit report pulled you have to comply. Don't ignore the situation. Just because you have possession of the car doesn't mean you are in the clear. Work with the dealer.

Re: TU vs. EX Does it matter which score dealership uses?

Anonymous — Sun, 20 Dec 2009 17:36:41 GMT

Thanks for the replies.....

Uborrow: I did drive the car off the lot. My concern is the deadline in which the dealership will allow me to get the lift of EX, and allow them to run a report. I know about complying with them in getting fully approved. I know for 100% certainty that I will qualify. It is the Christmas week coming up, and it might take 1-2 weeks before Experian gets back to me. Will this make a difference?

But in the meantime, the finance guy at the dealership wanted to find out about your credit status

Probably true, but if they were unsure, why would they have let me drive off with the car? To gain me as a customer?

I want this car (it is for my daughter) and will fully comply with their request. They never asked me to get the lift on EX, or even discussed it prior to me during off the lot. There were no contingencies at all. Saw my high TU score, shook hands, signed the deal, and drove off.

Watchmann: If they want a particular credit report pulled you have to comply....

Shouldn't that have been a contingency prior to me driving off the lot? Again, nothing stipulated anywhere I needed to get a lift of EX.

Again, I will comply with anything they want. I have nothing to hide, and I know they don't want the car back either.

Re: TU vs. EX Does it matter which score dealership uses?

Watchmann — Sun, 20 Dec 2009 21:48:57 GMT

@Anonymous wrote:

Watchmann: If they want a particular credit report pulled you have to comply....
Shouldn't that have been a contingency prior to me driving off the lot? Again, nothing stipulated anywhere I needed to get a lift of EX.

Again, I will comply with anything they want. I have nothing to hide, and I know they don't want the car back either.

Most financing is never complete when they give you the keys to drive off, it is all subject to final review by the finance provider. So, no, it did have to be put in writing that they wanted a particular report pulled. Experian will be working this week, just start the process of getting it lifted. It shouldn't take that long.