Just because I think this bears repeating

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MemberSince99
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Just because I think this bears repeating

Postby MemberSince99 » Sat Feb 01, 2014 9:15 am

When you go car shopping, line up the financing ahead of time. Do NOT, I mean NOT, authorize or allow the devilship I mean dealership to pull your credit 10 or 15 times or even once. Insist they give it to you in writing they understand they are NOT to pull your credit, and if that is a problem (as it will be as they hem and haw and try to BS around their "right" and their "need" to do it) then walk through that door. There is ALWAYS another gang of swindlers just down the street.


Personally I've read of one person who got hit with 10 inquiries. 10! That's ridiculous. I got hit with 6 and was irate. I will NEVER and I mean NEVER allow another dealership to pull my credit again. I'm simply going to let them know I arranged the financing myself, and they will either give it to me in writing they will NOT pull my credit, or I head out the door and I'm gone, then they can sit around lying and playing games with each other instead of me.


Yeah that still hacks me off but at least it wasn't 10. Lesson learned. They don't affect my score anymore as that was September 2012, but it still gets my blood boiling when I think about it.


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FastSRT8
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Postby FastSRT8 » Sat Feb 01, 2014 11:37 am

Wait.... this is a great topic for everyone to learn from. I have some questions.

6-10 pulls? Why??!

When they do a credit check don't they just need to pull it once? Why the multiple pulls? Isn't it done on a computer?
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Postby MemberSince99 » Sat Feb 01, 2014 12:02 pm

They would if it was just them, but they "shotgun" it to a bunch of lenders, and all of these lenders pull your credit so every time one of them does that it's a hard pull. You'll see each lender's name by the pull.


The reason why they give you is that they are trying to give you the best rate. The truth of that is a bit murky though. Frankly you are better off going with who you feel is best and getting one pull and showing up check in hand getting them to give it to you in writing they aren't pulling your credit. If you have the money, there is NO legitimate reason for them to pull your credit. They are total liars and game players and some of them will cite the "Patriot Act" saying they must identify you. They don't need to pull your credit to do that - it has nothing to do with "identifying you" but it's just another one of their lies. Any dealer who tells me that is going to get a smile and the response "I'm so glad you are such a Patriot that's a great thing to be. But while you are saving the country, I'm going to buy this vehicle at your competitor who I've already got an appointment with later today. Have a nice life and God Bless America" and then I'm going to turn around and WALK OUT THAT DOOR. Why? Because when they say that, you know you are dealing with someone who 1. is a liar and 2. thinks you are dumb enough to believe their lies. And if they are lying about that to you what ELSE are they lying about?


I mean we could write a book about the lies and games they play, in fact some people have. But that's kind of the gist of it. Maybe if your credit is trashed you don't need to care much but otherwise you are much better off getting the financing on your own. Besides they can play all kinds of sneaky games with the financing that ends up COSTING you money that's a profit center for them, and if they are making profit, let's just say it rarely means more money in YOUR pocket.


And no I'm not a communist who is out to deprive them of a legitimate profit - they need that to stay in business I have no issue with it. I have an issue with the lies and games and making an EXORBITANT profit at my expense. They can tell me "Member you're taking food from the mouths of my children" but I can say right back "Mr Lying Sleazebag, you are taking food from the mouths of MY children".


I could go on about the industry, anyway knowledge is power.

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Postby FastSRT8 » Sat Feb 01, 2014 5:14 pm

That is so totally insightful.

Makes me wonder.... truly wonder what the hell they are doing.

So if I lease a vehicle, does this some crap happen? I'm assuming your answer will be a big 10-4.

But if you are leasing, what the heck is your recourse? They need to verify you are good for it no?
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Postby MemberSince99 » Sat Feb 01, 2014 5:18 pm

If you aren't financing a vehicle through them, I can't see any reason they need to pull your credit. If you walk in with a certified check you aren't applying for credit through them and they are not your creditor.


However, for a lease that's a bit of a different case, and then it would be justified. So, in that case, I wouldn't find that to be out of the ordinary.


And if you finance through them that's another matter too. But I just advise not to do it because they will shotgun that thing and who knows how many inquiries you will end up with.


But leasing is another matter, SRT I would not have a problem with a (one) pull for that. 10 pulls, yeah I'd become irate!

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Postby MemberSince 79 » Sat Feb 01, 2014 5:47 pm

Very useful info. Much thanks.
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Postby FastSRT8 » Sat Feb 01, 2014 6:29 pm

Thanks.

I am thinking of leasing a new vehicle. The rates are such a joke and I can make more with my money than the lease finance rates so I'm going that route.

I had better pay attention to how many pulls they make. I'm hoping Mercedes are not an A$$ company and take a million pulls.
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Postby rockyrock » Sat Feb 01, 2014 7:27 pm

This happened to me in 2011 when I bought my last car. I had approved financing from MY preferred lender but for some reason they pulled my credit...

I tried really hard to explain I already took care of it but since I didn't have the check in hand they were a little murky. I was kind of in a tough spot as the manager was my bosses neighbor and he was hooking me up on the price so I didn't want to make too much trouble. I decided since I was saving thousands on the price I could eat up an extra inquiry or two.

I got lucky and it was only one but all three bureaus.
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Postby PhoenixDown » Sat Feb 01, 2014 7:40 pm

I bought a brand new car and took advantage of a 0% financing offer through Toyota Financial Services (TFS). I had 1 inquiry on each report from the dealer and just 1 inquiry on EX from TFS. I thought that was hilarious as I expected it to be the other way around.

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Postby Vattené » Sun Feb 02, 2014 12:40 am

Profit center is right! A couple of months ago when I was visiting my parents I tagged along with my dad as he went car shopping.

He always saves up and pays cash for a car, and he had made it clear with the dealer they wouldn't be financing. The dealer kept subtly bringing it up, usually in off-handed comments. My dad found a car he liked and could afford, but it was above his budget. Of course the dealer was really pushing it (as dealers do) and, as we both can't stand aggressive, pushy salespeople, we were just ready to get out of there.

My dad makes a real lowball offer, they literally laugh in his face, going on and on about how ridiculous it was, and we finally leave. After a 5-10 minute drive home, my mom greets us by saying the dealer called and was willing to take the price (my dad knew the guy and had bought cars from him in the past). They must have picked up the phone before the door closed behind us. And man, were they DESPERATE to get him to finance it! When my dad called back, they casually bring it up like it was already agreed upon. My dad tells him there is no way they're financing the car, after all he's been setting money aside specifically for this purpose. They start hemming and hawing, threatening to back out if they don't finance it or raise the price.

I just don't get super aggressive salespeople. I can't stand to be around them, but I guess acting like you have the upper hand must trick enough people.
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