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I am livid!!!!!

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nycsimone
Regular Contributor

Re: I am livid!!!!!


@Brooklyn2018 wrote:

@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!😞


This is a perfect example of someone being overly emotional over something that literally has no impact on your credit score.

 

Why? Because it doesn't matter if you got 3 hard pulls or 8. FICO scoring models take into consideration "rate shopping" and any inquiry for the same kind of loan in a 45 day period is treated as a single inquiry for the new scoring models (14 days for older models).

 

https://www.myfico.com/credit-education/credit-reports/credit-checks-and-inquiries

 

The dealership was shopping around trying to get you approved with the best rate. You're literally upset over nothing.

 

Also, a dealership is a business. Not a charity. There are some that run well and treat customers right and there there's those that are 100% sketchy. You shouldn't lump all of them together.

 

The thing that people don't really think about is how everyone wants the best deal on a car. But there is a price on the car. You don't go to Target and try to negotiate down a gallon of milk from $5.99 to $4.50 do you? Yet everyone has the expectation that you can negotiate down prices on a vehicle but get angry because the dealrship makes it "painful". You have the option to do a little negotiating with the dealership and get a better price than the sticker price or you can just walk in/out in no time and just pay the sticker price. It is your choice.

Message 11 of 63
nycsimone
Regular Contributor

Re: I am livid!!!!!


@Brian_Earl_Spilner wrote:


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.


Oh i've been on here long enough to see it. I joined the forum in 2012. You also see it in real life all the time.

 

Quick story about my days when I worked at a dealership. Guy comes in and we go back and forth several times as he's trying to queeze every penny out of a new Dodge Durango. It was about a $40,000 vehicle. Then when it comes to financing the cheapest interest being offered was thru Bank of America at the time. The customer didn't want to do it with them because 2 decades earlier he was in college, not working, and they turned him down for a personal loan. So he woved to never do business with them again...even tho they didn't do anything wrong. Who gives a loan to someone that doesn't have a job? So we ended up going with another lender who charged .75% higher.

 

So we went thru all that to give him the best deal on a car only for him to turn around and piss away a ton of money. The difference was about $15 more per month because he didn't want to go with BofA. About $1,000 extran in interest he was paying over the life of the loan.

 

Mod edit- please refrain from making uncalled for comments and personal attacks. 

FSR is not an optional thing, and if you cannot word it better, do not do it at all. 

Message 12 of 63
CashBackQueen
Frequent Contributor

Re: I am livid!!!!!


@nycsimone wrote:

 

Why? Because it doesn't matter if you got 3 hard pulls or 8. FICO scoring models take into consideration "rate shopping" and any inquiry for the same kind of loan in a 45 day period is treated as a single inquiry for the new scoring models (14 days for older models).

 

So this in particular is what I was wondering about. Like I said in my original post, four of the inquiries are showing as auto loan inquiries, and the other four are showing as installment loan inquiries. Since those aren't classified as auto, I thought those would not be included in the "rate shopping" and would look bad, from a scoring or manual viewpoint. Am I wrong?

BK7 DC 1/2/18 • Progress as of 5/10/22:


TCL: $89,350 • If it ain't got rewards, I don't want it Smiley Wink
Message 13 of 63
coldfusion
Community Leader
Mega Contributor

Re: I am livid!!!!!


@nycsimone wrote:

@Anonymous 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.


Disagreement and healthy debate, including explaining why you believe that someone else may be wrong, are always welcome here but  please keep in mind the site's FSR guidelines regarding inappropriate material as described at https://ficoforums.myfico.com/t5/User-Guidelines-General/myFICO-Forums-User-Guidelines/td-p/5.    Thanks!

 

 

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 14 of 63
Remedios
Credit Mentor

Re: I am livid!!!!!

Multiple posts were removed (some were collateral damage), and edits have been made. 

 

Most of you have been around long enough to know where the TOS can be found, and also that adherence to them is not optional thing. 

 

There are plenty of places on the internet for what I've seen here, but this is not one of them. 

Message 15 of 63
ridgebackpilot
Established Contributor

Re: I am livid!!!!!


@CashBackQueen wrote:

@nycsimone wrote:

 

Why? Because it doesn't matter if you got 3 hard pulls or 8. FICO scoring models take into consideration "rate shopping" and any inquiry for the same kind of loan in a 45 day period is treated as a single inquiry for the new scoring models (14 days for older models).

 

So this in particular is what I was wondering about. Like I said in my original post, four of the inquiries are showing as auto loan inquiries, and the other four are showing as installment loan inquiries. Since those aren't classified as auto, I thought those would not be included in the "rate shopping" and would look bad, from a scoring or manual viewpoint. Am I wrong?


Yes, you're wrong. As @nycsimone wrote, the credit bureaus are fully aware of the tendency of auto dealerships to shop loans around. That's why they count multiple inquiries for auto and installment loans in the same week as a single inquiry for scoring purposes.

 

The industry calls this "de-duplicating" or "de-duping" and it means that multiple inquiries in a short period of time won't have any more impact on your scores than a single inquiry.

 

Good luck with your auto financing. BTW, there's nothing wrong with manufacturer financing; they're the only ones who will offer you zero percent APR on new cars. They can also offer attractive rates on certified pre-owned vehicles (I got 1.9% on my CPO Mercedes). But for used cars, you're usually better off seeking a loan from one of the credit unions, either your local CU or one of the big ones like PenFed or Navy.

 

Message 16 of 63
CashBackQueen
Frequent Contributor

Re: I am livid!!!!!

Thank you @ridgebackpilot!

BK7 DC 1/2/18 • Progress as of 5/10/22:


TCL: $89,350 • If it ain't got rewards, I don't want it Smiley Wink
Message 17 of 63
sxa001
Valued Contributor

Re: I am livid!!!!!

Car dealerships are the worst at times and I am sorry to hear the OP had to deal with this.  

 

I had a similar experience when my I was a co-signing for my now wife's loan. They were extremely mis-leading and the number of inquires were insane.  Fortunately that was in May 2016 so they are long gone but I will never go to a dealership again without my own financing or cash in hand. I won't talk to them about monthly payments.  I have decided I don't need any car bad enough for that nonsense.  If I end up driving a beater that I pay with in cash for a short time that is fine.  


Message 18 of 63
nycsimone
Regular Contributor

Re: I am livid!!!!!


@sxa001 wrote:

Car dealerships are the worst at times and I am sorry to hear the OP had to deal with this.  

 

I had a similar experience when my I was a co-signing for my now wife's loan. They were extremely mis-leading and the number of inquires were insane.  Fortunately that was in May 2016 so they are long gone but I will never go to a dealership again without my own financing or cash in hand. I won't talk to them about monthly payments.  I have decided I don't need any car bad enough for that nonsense.  If I end up driving a beater that I pay with in cash for a short time that is fine.  


Once again...multiple inquiries are treated as a single inquiry by the scoring models. There's multiple inquiries because each lender has to pull your credit in order to offer you financing. You're upset over something that has absolutely no negative impact on your credit.

Message 19 of 63
Brian_Earl_Spilner
Credit Mentor

Re: I am livid!!!!!


@nycsimone wrote:

@sxa001 wrote:

Car dealerships are the worst at times and I am sorry to hear the OP had to deal with this.  

 

I had a similar experience when my I was a co-signing for my now wife's loan. They were extremely mis-leading and the number of inquires were insane.  Fortunately that was in May 2016 so they are long gone but I will never go to a dealership again without my own financing or cash in hand. I won't talk to them about monthly payments.  I have decided I don't need any car bad enough for that nonsense.  If I end up driving a beater that I pay with in cash for a short time that is fine.  


Once again...multiple inquiries are treated as a single inquiry by the scoring models. There's multiple inquiries because each lender has to pull your credit in order to offer you financing. You're upset over something that has absolutely no negative impact on your credit.


Regardless of how it scores, increased inquiries can affect approvals and CLIs, especially in this economic climate. Some automated systems, like discover and Cap1, don't always filter out auto inquiries, especially if they're not coded correctly. Since neither offer recon, too many inquiries can lead to a denial.

    
Message 20 of 63
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