Dealership needs to pull my credit for placing order

dsb · 2023-01-24

Dealership requires a $1,000 deposit, and also wants to run my credit report for placing a hellcat order, is it normal? I am not using their finance, not sure whether this is appropriate.

CBRTurbo

· #41 · 5 mo ago

akras said:
Total nonsense. Hard pull will certainly lower your credit score and potentially raise your interest rate regardless of your income (which is, by the way, not reflected by your credit score). So the OP has a valid concern, especially if he ends up buying/financing from someone else.

By what? 3 points? Rubbish. My original point stands. If you are worried about 1 silly credit pull, you should NOT be in the market for a 100k car.

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NoScat

· #42 · 5 mo ago

Looks like the consensus is yes for the deposit and no frigin way to a hard credit check. No way at all would I allow them to run my credit. If this is a deal breaker just show them your credit score but absolutely no credit check. Best of luck with the car!

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JBS$

· #43 · 5 mo ago

If you are that concerned about a one hit credit pull and your credit score, the transaction looks marginal to start with.

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Big Swede

· #44 · 5 mo ago

JBS$ said:
If you are that concerned about a one hit credit pull and your credit score, the transaction looks marginal to start with.

If I was in that situation I would be more worried about losing some bargaining power. If I go in with an 840 and someone else goes in with a 700 I’m probably not getting as good of a deal.

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dsb

Discussion Starter · #45 · 5 mo ago

Thanks all for the advice, I will ask them not to do so, and the bottom line is soft pull at most.

As a side note, this is not because how the credit score will be affected by just one hard pull (I virtually lose nothing even it is a hard pull), but it is the mental feeling of unfairness.

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Quinn

· #46 · 5 mo ago

riddic99 said:
Did you walk into the dealership wearing overalls?

Sent from my SM-N950U using Tapatalk

LMAO

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zaimer

· #47 · 5 mo ago

CBRTurbo said:
By what? 3 points? Rubbish. My original point stands. If you are worried about 1 silly credit pull, you should NOT be in the market for a 100k car.

It would be about the principle for me. I don't care if it were to create a 0.5 point hit or a 50 point hit because its an unnecessary pull. Also, the dealer is taking minimal (if any) risk in the event a customer were to back out of an order on a car like the Hellcat.

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zaimer

· #48 · 5 mo ago

JBS$ said:
If you are that concerned about a one hit credit pull and your credit score, the transaction looks marginal to start with.

Mountains are made from grains of sand. Its the principle behind and the dealer is assuming minimal risk.

Out of curiosity, how many people do you know (with terrible) credit who would actually be considered with a situation like this?

Now how many people do you know who are in the 800's who would scoff at a situation like this?

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OKSS

· #49 · 5 mo ago

riddic99 said:
Did you walk into the dealership wearing overalls?

Sent from my SM-N950U using Tapatalk

Why do you need to dress nice if you have the money to buy a car? There have been quite a few dealers in my life who have missed out on a sale just because no one would acknowledge me (some while looking at cars in the showroom) wearing shorts, crocs and a t-shirt.

No credit checks unless you are financing with them at the time of delivery. Providing them with a copy of your score from a credit monitoring service is sufficient. If not, walk away and find another dealer.

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OKSS

· #50 · 5 mo ago

zaimer said:
Out of curiosity, how many people do you know (with terrible) credit who would actually be considered with a situation like this?

Now how many people do you know who are in the 800's who would scoff at a situation like this?

There are far more people with an 800+ credit score who would be against a hard credit pull in this situation than those with a lower score. Sure, there are people with 800+ who would be fine with it, but they are in the minority for sure.

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njsteve

· #51 · 5 mo ago

zaimer said:
Now how many people do you know who are in the 800's who would scoff at a situation like this?

I'm one of them and I would make a big deal over it. When I bought my 22 from Koons they wanted to do a credit check during the process. They said that if I wanted to pay by check instead of a wire transfer, I would need to do this. They were also giving me an extra $1k off the deal for using their financing. Guess what happened? Their credit check mysteriously put me at 50 points below what my actual credit rating was from all three credit bureaus and offered me a rate that was a full 2-1/2 points higher than any loan quotes out there! I was in the 835 to 840 range. Their quote was in the high 700s. I only went along because I was only financing $10k of the price through them just to get the $1k off and then immediately paid off the loan a month later, once the finance company physically had the title in hand.

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zaimer

· #52 · 5 mo ago

njsteve said:
I'm one of them and I would make a big deal over it. When I bought my 22 from Koons they wanted to do a credit check during the process. They said that if I wanted to pay by check instead of a wire transfer, I would need to do this. They were also giving me an extra $1k off the deal for using their financing. Guess what happened? Their credit check mysteriously put me at 50 points below what my actual credit rating was from all three credit bureaus. I was in the 835 to 840 range. Their quote was in the high 700s. I only went along becuase I was financing $10K of the price through them just to get the $1k off and then immediately paid off the loan a month later, once the fiancnce company physically had the title in hand.

I'm right there with ya. It simply wouldn't happen for me, period, as I would purchase from another dealership. That and the dealer is already setting a precedent that you are not trusted as a customer - that guy isn't getting my dollar.

We didn't get to the credit level we are at by making careless decisions. Credit can take years to build, yet can be destroyed in a matter of days.

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zaimer

· #53 · 5 mo ago

OKSS said:
Why do you need to dress nice if you have the money to buy a car? There have been quite a few dealers in my life who have missed out on a sale just because no one would acknowledge me (some while looking at cars in the showroom) wearing shorts, crocs and a t-shirt.

No credit checks unless you are financing with them at the time of delivery. Providing them with a copy of your score from a credit monitoring service is sufficient. If not, walk away and find another dealer.

Hell, I've been judged by the clothes I was wearing, my age, the vehicle I drove in, etc. I don't necessarily 100% blame the sales people, as more times than not... their assumptions could very well be correct. Having said that, they still will not get my sale. I don't need to partake in some horse and pony show in order for you to take my money. Its not happening.

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cjs5061

· #54 · 5 mo ago

This whole thread reminds me of this video

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Mattm400

· #55 · 5 mo ago

Bought mine at DC in 21. I put down a $3000 deposit, I let them run my credit & give me options, of course back then you could order & actually get your car in 3 months. Since they gave me good discounts at 5% below invoice I used their credit company then paid off the loan after 3 months. They helped me out, & I helped them out. No big deal, it didn't bust my credit in any way. Everyone was happy.

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Radride

· #56 · 5 mo ago

Guys, there is no such thing as a soft pull on a credit check LOL.

When I bought our Trackhawk, I insisted they see if I would get approved for the loan. They called me back in 5 min and said no problem its approved. I then proceeded to order a 3500 Limited diesel that same phone call. Yes, I have awesome credit.

R.K.

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Rockster

· #57 · 5 mo ago

Vet Rider said:
I had a dealer once would only accept my personal check I wrote for a car if I put in a credit app. They wanted to ensure that if my check bounced they could just push financing through and still get paid for the car. I declined and left. Then came back with certified funds and did the deal as a “cash buyer”.

Ran into something similar once. My check cleared of course.

Another time when I was getting a car with a trade in that covered the new car and then some -- I ended up with the new car and a check from the dealer for $3000 for the balance of my trade's in value -- the dealer submitted a loan app but it wasn't filled out and I got a notice my application for a loan was denied. Didn't think about it then but later I wondered if that might have affected my credit score.

One thing it did do was I never bought another car from that dealer.

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GOING TO HELL 19

· #58 · 5 mo ago

I bought mine from Koons after talking multiple times on the phone. I was paying cash but they pulled the same ish with me. I had never had that done unless I got a loan. I obliged since I don't have to worry too much about that but many people do. I wasn't happy, though and told them as much. He said that's the way it has to be to purchase one of their cars even if its cash and out of state. I still don't know what the big deal was since I had to send a deposit and then send a cashier's check for the balance. I hate buying out of town and this was my first and probably my last.

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Cometstorm

· #59 · 5 mo ago

On a semi-related note, I “froze” all three of the credit reporting agencies decades ago…. As one of the strongest identity theft measures one can take.

No one can access my Transunion, Experian, or Equifax without me “unfreezing permanently”, or initiating a “temporary thaw” based on an immediate need.

Among other things, it bars anyone from getting a loan, credit card, etc. in my (or wife’s) name.

One of the smartest moves I ever did… 🤗

How and Why to Freeze Your Credit

You can now freeze your credit for free, so, how does a credit freeze work and why should you consider freezing your credit?

www.northwesternmutual.com

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njsteve

· #60 · 5 mo ago

Cometstorm said:
On a semi-related note, I “froze” all three of the credit reporting agencies decades ago…. As one of the strongest identity theft measures one can take.

No one can access my Transunion, Experian, or Equifax without me “unfreezing permanently”, or initiating a “temporary thaw” based on an immediate need.

Among other things, it bars anyone from getting a loan, credit card, etc. in my (or wife’s) name.

One of the smartest moves I ever did… 🤗

How and Why to Freeze Your Credit

You can now freeze your credit for free, so, how does a credit freeze work and why should you consider freezing your credit?

www.northwesternmutual.com

Same here. It’s a pain to have to unfreeze it for specific events but a lot less of a pain than identity theft would be.

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