Recode a hard inquiry to a soft inquiry?

[DSewnauth]

Long story short, I wanted to refinance my car loan from 12.25% to a 6%. I prequalified through Ally clearlane and was approved.

Upon accessing the portal, it stated I need to upload proof of insurance expiring not more than 60 days out. My current car insurance expires on 04/30/2022. This was never explained it would be necessary before the hard inquiry. The prequal expires on 04/23/2022. Most insurance companies do renew about a week out. Not sure if progressive does.

I contacted customer care to see if this can be recoded as I would like to resubmit once my insurance is renewed. They stated they are not able to recode a hard inquiry.

I do not want a second hard inquiry. What are my options? Should I try contacting ally clearlane again? I am NOT trying to weasel my way out of some hard inquiry. Do I have any options or must I just potentially get a second hard inquiry?

[dragontears]

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@DSewnauth wrote:

Long story short, I wanted to refinance my car loan from 12.25% to a 6%. I prequalified through Ally clearlane and was approved.

Upon accessing the portal, it stated I need to upload proof of insurance expiring not more than 60 days out. My current car insurance expires on 04/30/2022. This was never explained it would be necessary before the hard inquiry. The prequal expires on 04/23/2022. Most insurance companies do renew about a week out. Not sure if progressive does.

I contacted customer care to see if this can be recoded as I would like to resubmit once my insurance is renewed. They stated they are not able to recode a hard inquiry.

I do not want a second hard inquiry. What are my options? Should I try contacting ally clearlane again? I am NOT trying to weasel my way out of some hard inquiry. Do I have any options or must I just potentially get a second hard inquiry?

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You don't really have many options. You applied for credit and if they are not willing to recode the pull (in reality most lenders won't no matter what you read on the internet or see on YouTube) there is nothing you can do about it. 

[DSewnauth]

Yeah it sucks. Silver lining is that I believe progressive does renew policies a few weeks early. I'll have to wait for the updated paperwork. To my knowledge it's always automatically renewed for me.

[SoCalGardener]

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@DSewnauth wrote:

Upon accessing the portal, it stated I need to upload proof of insurance expiring not more than 60 days out.

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I'm sorry that I don't have anything useful to say, but just wanted to comment that I've never heard of anything like that before! How are you supposed to control something like that?! Policies renew and expire when they do...  I can understand wanting proof that you've been continuously covered for X amount of time, or something like that, but this is just weird! And I think they should have stated this requirement *before* you agreed to a hard pull.

[RobynJ]

Worst case scenario I would say cancel the current policy and start a new one. You can do this with every insurance company out there. 

[hdporter]

The part I find weird is that you don't have a renewal already in the system with Progressive.  I was with them about 10 years ago and I recall renewals working similar to my Geico renewal.  My Geico policy renews on Apr 25, a renewal invoice was generated on Mar 25 (not paid yet).  I can print proof of insurance cards today for my new premium period Apr 25 - Oct 25.

[DSTforlife]

Have you called Progressive to see if they can issue you renewal information now? Most companies provide renewal information 1 month before renewal.