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Advice sought. Dealership went to town on my report

marcusleach
New Member

Advice sought. Dealership went to town on my report

I authorized a single credit pull for Honda Financial to beat my DCU rate. They said sure, no problem. Minutes later I get alerts showing my EQ was pulled 6 times. I was told the best rate they could offer was 14.25% like they thought I was bluffing about my DCU offer. My income is 80k, no red flags, FICO 8 is 720ish. I have little faith in simply disputing these inquiries. I never signed a credit application or anything. Is disputing my only recourse? 

Here's their offer next to my score for laughs: https://ibb.co/d2CFd2J


UPDATE: here's their excuse for <mod cut - not necessary> my credit report: https://ibb.co/5TSrjys

Message 1 of 42
41 REPLIES 41
kilroy8
Super Contributor

Re: Advice sought. Dealership went to town on my report

Dealerships don't have a way to do a single pull. It's all automated and will shotgun apps, so everybody and his brother will pull. That was a insulting offer, I would have walked away from that dealership.

Message 2 of 42
marcusleach
New Member

Re: Advice sought. Dealership went to town on my report

I didn't say a single word. I just stood up and left. Why did they tell me it would only be one pull if they knew it wouldn't? 

Message 3 of 42
kilroy8
Super Contributor

Re: Advice sought. Dealership went to town on my report

I walked away from one when I got my last car, in April 2020, so nobody was buying cars then. The reason I walked was that they severely lowballed my trade-in. I tossed the offer sheet back at salesguy and turned around and left. They called the next day, offering to double it. I hung up.

Message 4 of 42
marcusleach
New Member

Re: Advice sought. Dealership went to town on my report

Respect. I wish they weren't like this. Too bad we can't just buy directly from manufacturers. I posted an update above with their excuse for all the pulls. Said they had a miscommunication with staff. 

Message 5 of 42
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Advice sought. Dealership went to town on my report


@kilroy8 wrote:

Dealerships don't have a way to do a single pull. It's all automated and will shotgun apps, so everybody and his brother will pull. That was a insulting offer, I would have walked away from that dealership.


They can do single pulls if they want. When I bought my last Lexus I authorized only LFS. I got hit with corelogic and LFS only, and corelogic was needed by LFS.




Message 6 of 42
dunn2500
Frequent Contributor

Re: Advice sought. Dealership went to town on my report

they can do single pulls, i had one done in san diego last year to beat my credit union.......everytime they say it was a mistake......dealerships do same thing every day,  all day it runs like clockwork.....everytime it is a " mistake" notice how it always benefits them and not the customer......they are lying

 

buy your car from a high volume dealer.....no bs, small doc fee and taxes, price is better than anywhere else.......idk who it is for brand you want and may have to travel a bit but its only way i will buy a truck now.....super simple

 

you can find out very easily on a forum or thru research.......every brand has them

 

 

Message 7 of 42
AnalogKid
Established Member

Re: Advice sought. Dealership went to town on my report

Also, make sure to paper every rating website with what happened. Escpecially "dealership rater", something like that. I've bought so many differnet types of vehicles in my lifetime, one of the first thing out of my mouth with them, ALWAYS by email, is that I dont[' want one single question about "monthly payment" or "financing". They don't get my driver's license until I have a purchase order. The only time they get it is when I'm test driving, at another dealership. Tell them you do not have my permission to do anything with my informationa and specifically you do not have my permission to run any credit on me. Take a friend with you to witness. I send them the figure I'm willing to pay and I send that amount to as many dealers as I can. With flights being so cheap into many towns, I'll gladly fly into somewhere a few hours away to avoid an asshat dealer.  The suggestion above about the "mega-dealers" is spot on. They make money by churning customers. Find the bggest Honda dealer and fly there. Screw these idiots you are dealing with/

Message 8 of 42
4sallypat
Established Contributor

Re: Advice sought. Dealership went to town on my report

It's a tough time for consumers as the car industry is just crazy.

Dealers know they can upcharge, markup and inflate APR like crazy and people will still sign up.

 

What you should have done is find a Honda dealer that can do a soft pull check.

My Honda dealer has that feature - enter your info on their pre-qualify webpage and they will get a SP of your score.

My SP score was super accurate and the dealer made an offer for their lowest rate.

 

Best way to avoid a HP if you are looking at mortgages....

Message 9 of 42
mark3038
Established Contributor

Re: Advice sought. Dealership went to town on my report

I came on here when I bought a new car just a few months ago. I was told that a score of 720 or higher which yours is should be 0.9% from BMW Financial which is where the dealer placed me, they tried to get a higher rate out of me but after posting on here I stuck to the 0.9%, I got a good deal on a 2022 new BMW. The dealer only ran one credit report and gave that report to the lender for approval so I had a total of ONE credit report pulled.

 

They want to charge you 14.5% with a score over 720. Total rip off but most dealers are, they make more money on the finance kick backs then they actually make on the car. Maybe go for the BMW at 0.9% the payment would the about the same from a lower priced car.

Thanks for the post

Mark

Please note; My postings are my opinion only. They may be fact or fiction. You can accept them or reject them. Thanks, Mark
Message 10 of 42
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