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I am livid!!!!!

CashBackQueen
Frequent Contributor

I am livid!!!!!

My husband and I went to a dealership to get him into a new car. His current auto loan is at 36% (he made this deal last year when I was not around) but his scores have improved since then. Well obviously not enough though, because the place we went to today said he would need a co-signer. I asked them about running credit and they said they had three top lenders they always tried, and I pulled up my own FICO scores to show them and they assured me it should go through just fine. I also asked if it would matter that I'd JUST gotten my own brand new car in March this year, and they said no because I would not be listed as primary.

 

The salesperson leaves, goes back and forth between us and the back office for about two hours, my phone is going off! Inquiry after inquiry for a total of EIGHT on Experian alone, four of which are classified as auto loan inquiries, the other four as installment loan inquiries. I walk to the back to see what the heck is going on, these idiots tell me they couldn't approve the loan together so they tried it again in my name only! **bleep**?! I was NOT even asked about that and like I said earlier, they knew I just got a car myself and should have known my DTI wouldn't support two auto loans.

Are all these inquiries going to hurt my credit? I am Smiley Mad !

1/2/18 - bk7 dc • 2/21/21 progress:


TCL: $36,750 • UTIL: 1% AZEO
Message 1 of 60
59 REPLIES 59
CreditSweeper
Established Contributor

Re: I am livid!!!!!

The short answer - yes, the numerous inquiries will have an impact. How much of an impact is hard to say. Aside from the scoring side of the equation, they will all still appear from a quantity standpoint. 

I can't advocate enough for going into a car purchase with your own financing.  Unless you're taking advantage of a promo APR offer (like 0%) from a captive lender at the dealership, you'll seldom come out on the winning side by letting the dealership's finance department find you a lender. 

Personal Credit -
AMEX: Platinum, Gold, Green, Blue Cash Preferred
PNC: Cash Rewards, Points
BOA: Cash Rewards
NFCU: Flagship Rewards, Cash Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome, IT
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
PenFed: Power Cash Rewards, Platinum Rewards
Alliant: Visa Signature
Goldman Sachs: Apple Card
BBVA: Clear Points
FNBO: Rewards
Store Cards: Target, Macy’s



Business Credit-
AMEX: Delta Gold, Amazon Prime, Simply Cash Plus
PNC: Visa Business
Synchrony: Lowes
Message 2 of 60
nycsimone
Regular Contributor

Re: I am livid!!!!!


@CreditSweeper wrote:

The short answer - yes, the numerous inquiries will have an impact. How much of an impact is hard to say. Aside from the scoring side of the equation, they will all still appear from a quantity standpoint. 

I can't advocate enough for going into a car purchase with your own financing.  Unless you're taking advantage of a promo APR offer (like 0%) from a captive lender at the dealership, you'll seldom come out on the winning side by letting the dealership's finance department find you a lender. 


While you should have a rate in mind (do a pre-approval with a CU or something) you should always be willing to finance with one of the dealer provided banks. A vast majority of the time they can either match or beat the rate you have and if they know you will finance with thru the dealership you're able to get a better deal on the selling price of the vehicle.

 

I worked for a few months at a CJD dealership about 15 years ago and I remember having several deals that lost the dealership about $3,000 on paper with the customer financing thru the dealership but if the customer had outside financing the most I ever saw was about a $1,500 loss on paper.

Message 3 of 60
CreditSweeper
Established Contributor

Re: I am livid!!!!!


@nycsimone wrote:

@CreditSweeper wrote:

The short answer - yes, the numerous inquiries will have an impact. How much of an impact is hard to say. Aside from the scoring side of the equation, they will all still appear from a quantity standpoint. 

I can't advocate enough for going into a car purchase with your own financing.  Unless you're taking advantage of a promo APR offer (like 0%) from a captive lender at the dealership, you'll seldom come out on the winning side by letting the dealership's finance department find you a lender. 


While you should have a rate in mind (do a pre-approval with a CU or something) you should always be willing to finance with one of the dealer provided banks. A vast majority of the time they can either match or beat the rate you have and if they know you will finance with thru the dealership you're able to get a better deal on the selling price of the vehicle.

 

I worked for a few months at a CJD dealership about 15 years ago and I remember having several deals that lost the dealership about $3,000 on paper with the customer financing thru the dealership but if the customer had outside financing the most I ever saw was about a $1,500 loss on paper.


In your example, however, the net "loss" on paper needs compared to the net gain realized by a lower APR, and therefore interest paid over the term of the loan, to interpret the deal you're getting. 

It's certainly plausible that a dealership could find a lower Interest rate than than a buyer could from an outside lender, it can't be forgotten that they make money on the financing side as well and they don't have your best interest in mind. 

Personal Credit -
AMEX: Platinum, Gold, Green, Blue Cash Preferred
PNC: Cash Rewards, Points
BOA: Cash Rewards
NFCU: Flagship Rewards, Cash Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome, IT
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
PenFed: Power Cash Rewards, Platinum Rewards
Alliant: Visa Signature
Goldman Sachs: Apple Card
BBVA: Clear Points
FNBO: Rewards
Store Cards: Target, Macy’s



Business Credit-
AMEX: Delta Gold, Amazon Prime, Simply Cash Plus
PNC: Visa Business
Synchrony: Lowes
Message 4 of 60
nycsimone
Regular Contributor

Re: I am livid!!!!!


@CreditSweeper wrote:

@nycsimone wrote:

@CreditSweeper wrote:

The short answer - yes, the numerous inquiries will have an impact. How much of an impact is hard to say. Aside from the scoring side of the equation, they will all still appear from a quantity standpoint. 

I can't advocate enough for going into a car purchase with your own financing.  Unless you're taking advantage of a promo APR offer (like 0%) from a captive lender at the dealership, you'll seldom come out on the winning side by letting the dealership's finance department find you a lender. 


While you should have a rate in mind (do a pre-approval with a CU or something) you should always be willing to finance with one of the dealer provided banks. A vast majority of the time they can either match or beat the rate you have and if they know you will finance with thru the dealership you're able to get a better deal on the selling price of the vehicle.

 

I worked for a few months at a CJD dealership about 15 years ago and I remember having several deals that lost the dealership about $3,000 on paper with the customer financing thru the dealership but if the customer had outside financing the most I ever saw was about a $1,500 loss on paper.


In your example, however, the net "loss" on paper needs compared to the net gain realized by a lower APR, and therefore interest paid over the term of the loan, to interpret the deal you're getting. 

It's certainly plausible that a dealership could find a lower Interest rate than than a buyer could from an outside lender, it can't be forgotten that they make money on the financing side as well and they don't have your best interest in mind. 


The dealerships have relationships with nearly every lender in your community. What you find in 99% is what they also find. Delaerships are provided financial compensation by banks as an incentive to choose them over another bank. At the end of the day, a dealership is a business just as a bank is a business. But if you're going to finance a vehicle you may as well get some kind of break out of it as well. If you finance with the dealeships you'll be able to at least a get a few hundred bucks more off of the purchase price.

 

In my 6 months working at a Chrysler dealership I never saw or heard of not using dealer provided financing because the APR was lower somewhere else. The only exception would be someone financing with Pen Fed or NavyFCU as they are always able to beat rates by about 1/4 percentage point or so.

Message 5 of 60
ddm2k1
Frequent Contributor

Re: I am livid!!!!!

If you're getting financing from a dealer, it's not a good deal. LOVED my experience with PenFed and they gave me the advertised rate when my score was mid-600's. Please give them a try. 

Message 6 of 60
Gladius
Frequent Contributor

Re: I am livid!!!!!


@ddm2k1 wrote:

If you're getting financing from a dealer, it's not a good deal. LOVED my experience with PenFed and they gave me the advertised rate when my score was mid-600's. Please give them a try. 


??  

Message 7 of 60
nycsimone
Regular Contributor

Re: I am livid!!!!!


@CreditSweeper wrote:

@nycsimone wrote:

@ddm2k1 wrote:

If you're getting financing from a dealer, it's not a good deal. LOVED my experience with PenFed and they gave me the advertised rate when my score was mid-600's. Please give them a try. 


Ignorance.


What is your issue?  Everything you've said in this thread has amounted to stepping over a dime to pick up a penny. I know you worked at a dealership for a day or two, but some of us have, most likely, been buying cars since you were in diapers. 

Conflicting opinions aren't ignorance, my friend. 


It's not a matter of opinion. It's math.

 

If a dealership can get you the same terms as what you've been approved for with your outside financing and if you go thru the dealership they're willing to discount the vehicle a little more then why not do dealer financing? The only one leaving money on the table is the person too ignorant to understand how the process works and too stubborn to listen to those that have been on the inside and know how it all works.

Message 8 of 60
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: I am livid!!!!!

MOD EDIT-QUOTES CONTAINING REMOVED POSTS EDITED OUT

 

 

 

If a dealership can get you the same terms as what you've been approved for with your outside financing and if you go thru the dealership they're willing to discount the vehicle a little more then why not do dealer financing? The only one leaving money on the table is the person too ignorant to understand how the process works and too stubborn to listen to those that have been on the inside and know how it all works.


Once you've been on the forums long enough you'll realize a lot of times, people don't make the best choices financially even when it's staring them in the face. There are many reasons people may not want to use dealer financing like they may not want additional inquiries because they're afraid their app will be shotgunned, or they're just comfortable using a specific lender because they've used them before and it's convenient or they understand how everything will work so there won't be any surprises. In my case, I took the leap and LFS was able to beat my pre-approvals by 3%. Seeing as how I wanted to build a relationship with LFS, it was a win-win for me.







Message 9 of 60
Brooklyn2018
Valued Contributor

Re: I am livid!!!!!


@CashBackQueen wrote:

My husband and I went to a dealership to get him into a new car. His current auto loan is at 36% (he made this deal last year when I was not around) but his scores have improved since then. Well obviously not enough though, because the place we went to today said he would need a co-signer. I asked them about running credit and they said they had three top lenders they always tried, and I pulled up my own FICO scores to show them and they assured me it should go through just fine. I also asked if it would matter that I'd JUST gotten my own brand new car in March this year, and they said no because I would not be listed as primary.

 

The salesperson leaves, goes back and forth between us and the back office for about two hours, my phone is going off! Inquiry after inquiry for a total of EIGHT on Experian alone, four of which are classified as auto loan inquiries, the other four as installment loan inquiries. I walk to the back to see what the heck is going on, these idiots tell me they couldn't approve the loan together so they tried it again in my name only! **bleep**?! I was NOT even asked about that and like I said earlier, they knew I just got a car myself and should have known my DTI wouldn't support two auto loans.

Are all these inquiries going to hurt my credit? I am Smiley Mad !


@CashBackQueen  I know EXACTLY how you feel. Had a dealership shotgun my app to 8-10. I was beyond livid!!😡 I specifically gave them the 3-count that 3 creditors ONLY!!! And they ignored my request. And they only got me 12.9% ARE YOU KIDDING ME?!?! Granted I don't have stellar credit but I sure as heck didn't have the worst either. They mentioned DW credit and I stated that DW is in rebuild mode, as well. They convinced us it would go through!! EEHHH! WRONG!!! I simply canceled the contract. And to be spiteful...the next day there were even more inquiries added from the SAME banks. I would have paid almost $60k for a truck that was worth $28k NO THANKS!! I made ONE phone call...ONE PHONE CALL...to Navy. Got approved, not just for what I asked for but they countered UP! No POI. BAAM! Check at my home before my days off(oil field) Only had a $500 cashRewards Card for less than my 91/3. Sure interest was still kind of high 8.1% but I needed a new truck for work pronto! JMHO, dealerships(not all) are snakes. I will, from now on, use either NFCU or PENFED for my auto financing in the future. It's easy. It's hassle-free. I know what I'm getting UPFRONT! 
So, all those inquiries are there to stay....and TRUST ME...I called each of the CU's they shotgunned my app to to try and have them removed....all I got was the runaround and that they couldn't do anything because I gave the dealership permission. LESSON LEARNED!!

 

Sorry it happened to you too!😢

 

I❤️NY

 

eta: I forgot to mention they added some "paint protection product" and "tinted windows" which I refused and they STILL added to the contract. I WISH I could mention their name on here so to warn those. They just talked a good game and I ALMOST fell for it. Stupid me!😞





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