DealerTrack: excessive inquiries in one day

sam818 · ‎08-21-2015

Can anyone "in the know" advise if my experience today is authentic :
When submitting a loan application to a dealer, the F&I person expressly stated that there would be only one credit pull (actually 1 for each of EQ, TU and XP) and the report data would be shared.

However within the hour I received an alert that there were 7 hard pulls, by 7 lenders.

There was no misunderstanding on my part, and I even acknowledged that ultimately there may be additional pulls by the the final lender but I was clearly mislead.
Can anyone with knowledge of how DealerTrack works verify if the F&I person was correct in telling me there would only be one pull shared...or was he hoping I would not notice or care?

Anonymous · ‎08-21-2015

He was hoping you wouldn't care. They always, always lie about that. No finance company is going to take a dealerships word for it.

Now the good news is, if they are all coded as auto it really only counts as 1 HP from a scoring perspective, so you won't be affected by that.

Most people nowadays recommend going to the dealership with credit union or other financing ready to go, to take the power away from them.

Anonymous · ‎08-22-2015

@Anonymous wrote:
He was hoping you wouldn't care. They always, always lie about that. No finance company is going to take a dealerships word for it.

Now the good news is, if they are all coded as auto it really only counts as 1 HP from a scoring perspective, so you won't be affected by that.

Most people nowadays recommend going to the dealership with credit union or other financing ready to go, to take the power away from them.

This is what I'm gonna do with Cap One next year. They can except it or I leave out the door.