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Got approved by my credit union, can I tell dealer not to pull credit again?

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gul1
New Contributor

Got approved by my credit union, can I tell dealer not to pull credit again?

My credit union approved me for the loan requested. They emailed me the approval certificate and it says to take it to one of there smart approval dealers ( lots of dealers) and they will handle it quickly. Can I request the dealer not to pull my credit again? 

Message 1 of 8
7 REPLIES 7
Creditaddict
Legendary Contributor

Re: Got approved by my credit union, can I tell dealer not to pull credit again?


@gul1 wrote:

My credit union approved me for the loan requested. They emailed me the approval certificate and it says to take it to one of there smart approval dealers ( lots of dealers) and they will handle it quickly. Can I request the dealer not to pull my credit again? 


YES! and if they tell you they are required to, tell them you will leave and buy a car elsewhere it's BS

Message 2 of 8
Remember0
Valued Contributor

Re: Got approved by my credit union, can I tell dealer not to pull credit again?

There's three ways of doing this imo:

 

1) Refuse to give SSN. Not perfect as it can be pulled without a SSN. Also some states need this for DMV paperwork, though all dealers lie and say the state does even if it doesn't.

 

2) Freeze all three of your credit reports. The dealer won't be able to pull if he wanted to lol. In most states if you are not a victim of id theft, this will cost 10/bureau. So that's $30 to freeze and another $30 to unfreeze.

-If dealer says they are frozen, tell him he wasn't supposed to try to pull in the first place and blame it on the Target hack lol.

 

3) Get them to sign a little page (finance manager and salesman, have them write their titles along with their signatures and dates) that states they are NOT authorized to pull your credit under any circumstances. The SSN is only for DMV purposes.

-If they refuse, unfortunately, you have to walk away and find a dealership that does or capitulate and give SSN without signature. But this a sure sign they'll pull to try and "beat" your rate...IMO go to the next dealer if you can (or freeze like I suggested above).

 

If they pull out BS like Patriot Act and they have to pull, tell them you KNOW that only applies to FINANCIAL INSTITUTIONS and financial-related institutions (like casinos), and NOT car dealers. Ask them how buy here pay here dealers or carmax can legally sell cars then without pulling if Patriot Act applies to dealers? Again, if they keep insisting, walk out.

Also tell them you know there's a risk due to loan stips and funding. Let them know you don't need to take posession of the car (aka it can sit on their lot) till your CU funds the loan (max one week esp. if a local CU, two weeks if they're far away and need to mail the check).

Message 3 of 8
Creditaddict
Legendary Contributor

Re: Got approved by my credit union, can I tell dealer not to pull credit again?


@Remember0 wrote:

There's three ways of doing this imo:

 

1) Refuse to give SSN. Not perfect as it can be pulled without a SSN. Also some states need this for DMV paperwork, though all dealers lie and say the state does even if it doesn't.

 

2) Freeze all three of your credit reports. The dealer won't be able to pull if he wanted to lol. In most states if you are not a victim of id theft, this will cost 10/bureau. So that's $30 to freeze and another $30 to unfreeze.

-If dealer says they are frozen, tell him he wasn't supposed to try to pull in the first place and blame it on the Target hack lol.

 

3) Get them to sign a little page (finance manager and salesman, have them write their titles along with their signatures and dates) that states they are NOT authorized to pull your credit under any circumstances. The SSN is only for DMV purposes.

-If they refuse, unfortunately, you have to walk away and find a dealership that does or capitulate and give SSN without signature. But this a sure sign they'll pull to try and "beat" your rate...IMO go to the next dealer if you can (or freeze like I suggested above).

 

If they pull out BS like Patriot Act and they have to pull, tell them you KNOW that only applies to FINANCIAL INSTITUTIONS and financial-related institutions (like casinos), and NOT car dealers. Ask them how buy here pay here dealers or carmax can legally sell cars then without pulling if Patriot Act applies to dealers? Again, if they keep insisting, walk out.

Also tell them you know there's a risk due to loan stips and funding. Let them know you don't need to take posession of the car (aka it can sit on their lot) till your CU funds the loan (max one week esp. if a local CU, two weeks if they're far away and need to mail the check).


I don't think it's that complicated unless they are beyond shady dealership, just don't sign any credit apps

Message 4 of 8
Remember0
Valued Contributor

Re: Got approved by my credit union, can I tell dealer not to pull credit again?

In my experience, they'll pull anyways to try and tempt you that they beat the rate or claim they had to so they could deliver the car before financing is funded whioch in theory is permissible purpose.

 

At least get them to sign something saying they won't pull. If they aren't going to pull, they wouldn't hesitate to sign. And if they pull after they sign, you have them on a clear FCRA violation and can easily collect 1k for your damages. I guess recording them saying they won't pull will work too (get the finance manager's voice saying as well as your salesman) too as long as it's legal in your state. I'd advise you to do this recording in a public place in the dealership and not like in a cubicle/office. I am NOT a lawyer so I don't know about the legality/reprecussions of recording. So as far as I know it could be bad in all states.

Message 5 of 8
gul1
New Contributor

Re: Got approved by my credit union, can I tell dealer not to pull credit again?

Thanks for the great advice. I don't want any more inquiries on my reports. My credit union gave me a "smart approval" and I think I read that with the smart approval if you go to auto smart dealer ship they have the loan approval in their CUDL system. Most dealers around here are an "auto smart dealer". We have tons of dealers in my area. 

Message 6 of 8
gul1
New Contributor

Re: Got approved by my credit union, can I tell dealer not to pull credit again?

Found a vehicle right before the dealer closed and left saying, oh we have to think about it. Dealer called back and offered to knock 1500 off the price because dh did a  vehicle check ( he is a mechanic) and told them what was exactly wrong with it. $20 part he can fix. I told them we were interested but only if we use the financing we already had set up with our CU. They called back a few minutes later and found the approval in the system and gave me the rate and monthly payment. I am going to the dealer tomorrow to look over the paperwork and sign if it all looks good. 

Message 7 of 8
StartingOver10
Moderator Emerita

Re: Got approved by my credit union, can I tell dealer not to pull credit again?

Good job! Make sure nothing is slipped in on the written contract before you read it. Don't let the F&I guy push you into signing without reading the contract first.

Message 8 of 8
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