Has anyone else experienced this phenomenon when purchasing vehicles at dealerships? I'm not referring to dealers shopping for financing among several lenders. Rather, what happened to me is that both the dealers and their own finance companies pulled my credit as part of the same transaction.
Over the holidays, I acquired two new vehicles. One was a new Ford truck and the other a CPO Mercedes Benz. For both transactions, I sought "captive" financing from Ford Motor Credit (FMC) and Mercedes Benz Financial Services (MBFS), respectively, to take advantage of very low interest rates. In both cases, I specifically told the dealership finance staff that they were allowed only a single hard inquiry.
Nonetheless, both the Mercedes and Ford dealerships hard-pulled my scores just to make sure I was eligible for top-tier financing before they sent the deal to MBFS and FMC. Then, both finance companies pulled my FICO Auto 8 scores again to lock in financing. It was irritating but I really didn't mind since the financing deals at the end of the year were so good. I just wasn't prepared for both the dealer and their finance companies to pull my scores nearly simultaneously.
Why Ford and Mercedes can't share a single HP between the dealer and the finance company is beyond me. It's speculation, but I suspect the finance companies got tired of dealers sending them buyers with marginal credit and instructed the dealers to verify creditworthiness first prior to submitting the deal for company financing. But that's just a guess...
Anyone else have similar experiences to share? Or cases where the dealer and finance company shared a single HP?
Could be worse... in November 2017 we purchased a new vehicle. The dealership pulled my credit report every day for a week, capital one pulled my reports for three days two different credit unions pulled my reports every day for five days.
The only company that pulled multiple reports and corrected the error was Ally, the bank I agreed to go with the day we looked at the vehicle and signed papers. Everyone else claimed I didn't know how to read a report!
Apparently when 6 banks add 152 inquiries to your report in 7 days it's all in your head. CRA's told me they all count as one pull, no harm no foul (effectively refusing to address the issue).
The only company that pulled multiple reports and corrected the error was Ally, the bank I agreed to go with the day we looked at the vehicle and signed papers. Everyone else claimed I didn't know how to read a report!
Apparently when 6 banks add 152 inquiries to your report in 7 days it's all in your head. CRA's told me they all count as one pull, no harm no foul (effectively refusing to address the issue).
@chiefone4u wrote:
Could be worse... in November 2017 we purchased a new vehicle. The dealership pulled my credit report every day for a week, capital one pulled my reports for three days two different credit unions pulled my reports every day for five days.
The only company that pulled multiple reports and corrected the error was Ally, the bank I agreed to go with the day we looked at the vehicle and signed papers. Everyone else claimed I didn't know how to read a report!
Apparently when 6 banks add 152 inquiries to your report in 7 days it's all in your head. CRA's told me they all count as one pull, no harm no foul (effectively refusing to address the issue).
While you only take a single ding for all the inquiries, they're still going to harm you when you apply for credit. If someone denies you credit due to number of inquiries, you'll have to recon. But with a bank Ike cap1, who doesn't do recon, you just wasted 3 pulls. Pretty sure you can hold them all accountable if you suffered financial penalties such as denial of credit, higher interest rates, etc. due to their negligence. @RobertEG would probably be the best person to clarify if that's the case.
Yes, it's normal. I used to work for Chase and I went directly through an old co-worker for my financing. She let the dealership know I was applying for financing online through the dealer site so they could grab it and forward it to her. After she got it, she ran her own check. I ended up with 2 on EQ and 2 on TU since chase ddouble pulls.
