Do mutiple inquires count as one when leasing a vehicle

[Tomatoshadow2]

Hi,

I went the other day to the dealership, where I leased a brand new Honda Vehicle, do all the inquires that were run by the dealership count as one hard inquiry?

[Anonymous]

From what I understand, and have read on this forum, you will show on your report all of the hard pulls for different lenders but it will be scored as one pull on your FICO as long as they were in the same timeframe together(often all done at once).

[Tomatoshadow2]

Awesome, thanks, yes all were done the same day.

[coldfusion]

FICO will score them as a single pull.

However they will all be reported individually and anyone who pulls your report, whether a SP or a HP, will see each one of the individual inquiries.  How they choose to interpret each of those inquiries is at their discretion.

[Tomatoshadow2]

Yeah I do see each one appears as a seperate inquiry, glad it only counts as one. Do you think if my fiance manager told me, I was one tier bleow the top tear for leasing rates, that was honest? Even with average scores at the time. It was my first ever new vehicle lease and he told me, being my first time, my lease payment per month would be a little higher. Haha, just got the denial letters from the banks for the lease, It's like I have myFico to notify me, don't need more paper.

[randomguy1]

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@coldfusion wrote:

FICO will score them as a single pull.

However they will all be reported individually and anyone who pulls your report, whether a SP or a HP, will see each one of the individual inquiries.  How they choose to interpret each of those inquiries is at their discretion.

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To add on to this wisdom, it is recommended if possible to get your own financing prior to avoid the dealerships from "shotgunning" your apps. If you are seeking credit in other areas, as mentioned, the creditors may deny you automatically by some algorithm that does not look favorably upon multiple inquiries regardless of score impact. Besides, unless it's a manufacturer 0.9% or something type of promotion, you might be able to find better financing on your own. Less dealer financing shenanigans that way as well. Negotiate your discount price on your car, not payment each month.