The Outlaw Josey Wales
Golden Meadow,#2Consumer Comment
Wed, July 04, 2012
OK TEam I've read the rebutts and can't make any sense of them, call me names now.
MovingForward
Palm Beach Gardens,#3Consumer Comment
Tue, July 03, 2012
The sales rep really has no control over what the dealership F&I guy does....and I'm not defending him whatsoever. The F&I guy is looking to make a big buck off your loan and if he kills your credit with inquiries, he doesn't care one bit. This is common at all dealerships and some have taken it to a new low, like your awful experience above.
The best way to protect yourself from this type of thing ever happening to you again is to get your loan from a credit union (CU) before you even venture into any dealership to purchase. They will only run it one time and give you a good loan with a good interest rate.
The other thing that happens is that you can't trade your vehicle at the CU. You can sell your vehicle privately before you go to the dealership and then you won't be subject to the other common trick they use (low ball the trade and increase the price of the new vehicle). Or you could trade it there and use your own financing - but for me it makes much better sense to not trade: one less chance for the dealership to mess with the figures.
Now for the good news: the inquiry's shouldn't affect your score that much because FICO reads auto inquiries within a certain time period all as "one". The time period depends upon which scoring formula is used, but I believe the time period is either 2 weeks or 30 days. You might want to search for the exact time period for your own knowledge.
Bubba Lee
REd Deer,#4General Comment
Tue, July 03, 2012
These inquiries only depress you "number" for a week or two and fall off your score?
Any bank will look at this mess, check and see if you have taken a loan and disregard the inquiries.
While what they did was disregard your wishes, not good, but really damaging, NO.