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Dealership shown on Credit Report

disdreamin
Established Contributor

Re: Dealership shown on Credit Report


@micvite wrote:


It really depends, for example my bmw dealer just sent it to bmw FS that pulled 1 trans inq, other bmw dealership wanted to pull my credit, then send it to bmwfs to pull credit and then to other banks. I specifically asked my dealer how many pulls they were going to do and i told them I only wanted to go through bmw and if it didn't work forget it. they were gonna have to pull twice anyway (I'm custom ordering a car so they wanted to make sure i could actually get it before they had a car with my specs that someone else might not want) and the pull is only good for 60 days and I agreed to the 2 inq. They said they never pull credit because they can just ask bmwfs for a copy of the report so there's not point in dinging it multiple times for the same thing


I special-ordered a truck last spring with $1k down, a copy of my license, and a signed buyers order and build sheet. No credit pull, no application completed, nothing else prior to the dealership placing my order. I did the app process remotely using DocuSign once the vehicle was received, but until then all the dealership had was basically my signature and a small deposit. It's a little wild how differently things are handled from dealership to dealership.

Message 11 of 16
micvite
Frequent Contributor

Re: Dealership shown on Credit Report


@disdreamin wrote:

@micvite wrote:


It really depends, for example my bmw dealer just sent it to bmw FS that pulled 1 trans inq, other bmw dealership wanted to pull my credit, then send it to bmwfs to pull credit and then to other banks. I specifically asked my dealer how many pulls they were going to do and i told them I only wanted to go through bmw and if it didn't work forget it. they were gonna have to pull twice anyway (I'm custom ordering a car so they wanted to make sure i could actually get it before they had a car with my specs that someone else might not want) and the pull is only good for 60 days and I agreed to the 2 inq. They said they never pull credit because they can just ask bmwfs for a copy of the report so there's not point in dinging it multiple times for the same thing


I special-ordered a truck last spring with $1k down, a copy of my license, and a signed buyers order and build sheet. No credit pull, no application completed, nothing else prior to the dealership placing my order. I did the app process remotely using DocuSign once the vehicle was received, but until then all the dealership had was basically my signature and a small deposit. It's a little wild how differently things are handled from dealership to dealership.


And person to person lol... I guess they didn't want to take a risk on a 160k car with a 23 yo "kid" that wanted to put 0 down Smiley Tongue Also trucks are usually more desireable and fairly easy to sell in the states vs a high performance sedan. Like to get a new truck there's usually more allocations available vs a bmw m5 which each dealer only gets maybe 2-3 every year Smiley Happy))

Ex: 742, TU: 726, EQ: 733 03/31/2021
Discover it cashback: $7400
Citi DC: $8000
WF Propel: $2000
Amex BCED: $1000
Amex Gold: $NPSL
Amex Plat: NPSL
Cap1 QS: $3200
VS CC: $1850
Kohls: $1500
Synchrony car care: $4000
Message 12 of 16
disdreamin
Established Contributor

Re: Dealership shown on Credit Report


@micvite wrote:


And person to person lol... I guess they didn't want to take a risk on a 160k car with a 23 yo "kid" that wanted to put 0 down Smiley Tongue Also trucks are usually more desireable and fairly easy to sell in the states vs a high performance sedan. Like to get a new truck there's usually more allocations available vs a bmw m5 which each dealer only gets maybe 2-3 every year Smiley Happy))


Yeah, lets just say my loan wasn't quite $160k ha ha, so the dealership definitely wasn't risking being left holding the bag on that pricey a vehicle. Honestly, given that vehicle you were considering is that uncommon, though, I'm surprised that the resale/secondary market on it isn't ridiculous. I wish I made enough to afford that kind of toy, I'm sure it would be exhilerating to drive.

Message 13 of 16
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Dealership shown on Credit Report


@WalkerD wrote:

@Loquat I placed a call to the dealer and they explained why they pulled my credit, along with the lenders I requested and it's for the reason you mentioned, however my scores is in the 800s, so it was an unnecessary inquiry. 


The only way they can verify you have scores in the 800s is to pull your credit. This is just the way it normally works. I used to work at Chase Auto and I went directly to my old coworkers when I wanted to purchase a new Mazda 3 since they were the captive lender. I was told to app through the dealer first and received a hard pull. They would be aware it was coming and my app would be forwarded directly to my underwriter. Chase then pulled my credit. Normal.




Message 14 of 16
micvite
Frequent Contributor

Re: Dealership shown on Credit Report


@disdreamin wrote:

@micvite wrote:


And person to person lol... I guess they didn't want to take a risk on a 160k car with a 23 yo "kid" that wanted to put 0 down Smiley Tongue Also trucks are usually more desireable and fairly easy to sell in the states vs a high performance sedan. Like to get a new truck there's usually more allocations available vs a bmw m5 which each dealer only gets maybe 2-3 every year Smiley Happy))


Yeah, lets just say my loan wasn't quite $160k ha ha, so the dealership definitely wasn't risking being left holding the bag on that pricey a vehicle. Honestly, given that vehicle you were considering is that uncommon, though, I'm surprised that the resale/secondary market on it isn't ridiculous. I wish I made enough to afford that kind of toy, I'm sure it would be exhilerating to drive.


It's just a bmw so nothing too exotic in terms of resale, in fact normally I'd probably be loosing 20-30% after just registering it lol. In this market I could probably put a few k miles on it and sell it for what I paid for it, but my particular car has some options NOT available for the US market for various reasons so I'm sure I could sell it for closer to 250k if it wasn't my dream car and something I want to keep forever.

Ex: 742, TU: 726, EQ: 733 03/31/2021
Discover it cashback: $7400
Citi DC: $8000
WF Propel: $2000
Amex BCED: $1000
Amex Gold: $NPSL
Amex Plat: NPSL
Cap1 QS: $3200
VS CC: $1850
Kohls: $1500
Synchrony car care: $4000
Message 15 of 16
Loquat
Moderator

Re: Dealership shown on Credit Report


@WalkerD wrote:

@Loquat I placed a call to the dealer and they explained why they pulled my credit, along with the lenders I requested and it's for the reason you mentioned, however my scores is in the 800s, so it was an unnecessary inquiry. 


@WalkerD I can appreciate your frustration but trust me, the dealer didn't do anything out of the ordinary.  You can request that the inquiry be removed but it may be tough to accomplish.  Technically, one you sign a credit application you've given the dealership the legal right to exhaust any efforts they choose to in efforts to get your deal funded.

 

Best of luck to you in getting it removed.

Message 16 of 16
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