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Auto loan inquiry?

montrose818

Banned
Joined
May 26, 2020
Member Number
1416
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1,774
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SoCal
I leased a car some months ago. Only applied and ran credit in one place, however I have three inquiries - one from the dealership itself, and two from the financial institution that financed it.

Credit karma is seeing it as 3 separate inquiries. Only the dealership inquiry shows up as "automotive", the others just as loan.

Does this soubd about right?
 

Arickvan

PBB transfer
Joined
May 19, 2020
Member Number
158
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1,313
Loc
Oakley CA
Call and make sure the dealership isn't shopping the loan around

If they are tell to fawk off and quit that stupid shit
 

gunracer1

Collector of fine junk
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May 20, 2020
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645
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Loc
azle tx, aguilar co.
i fucked up and said ok to check my credit at the dealership. fuckers had 5 hard inquires on there. but i ended up refinancing with pen fed for 2.49% and they are cheaper than that now.
 

montrose818

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May 26, 2020
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This is a done deal, its a legit Mercedes dealership and Mercedes financial is the credit institution. I thought theyre supposed to count as one inquiry, to allow you to shop around for 30 days?
 

DozerDan82

Master of the Universe!!!
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May 21, 2020
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3rd Rock From the Big Ball of Fire
When I bought my Grand Cherokee. I got hit with about 5, had no idea they farmed it out. I was not/am not worried but I was confused at first. I have good credit, and it is not an issue but I found it odd as well. They should drop off, esp if you did the deal and are signed with a lender.
 

montrose818

Banned
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May 26, 2020
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I did the deal back in november, theyre still there.

oh well, ill just keep it in mind for thr future.
 

xr-nut

GROUP W BENCH
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May 19, 2020
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75
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BFK. Bum Fuck Kansas
from my understanding, and I am sitting in my FI office right now, is that a auto credit pull is a "soft" pull and is not supposed to change your fico score. you might check with the dealer and the lender, under the fcla anything other than a soft pull is a violation and they can face fines for that. I know that when I hire a credit reporting agency to pull your score, they ask what type of pull we require.

As an "indirect lender", I am required to pull your score before I submit your loan app to my lenders. then the lenders pull your score also. I do not like that I have to run it and pay for it when the lenders are literally going to do the same thing minutes later. but it is what it is. The fun ones are the turn downs. I am required to send a letter and then all of the banks I submitted to send a letter. the customer comes in with a pile of letters and doesnt understand why. Or even better, one lender says yes and the others say no. So we get the deal done and the car is out burning gas. The customer comes back in a few weeks with the td letters and is confused asking if they have to give the car back.

All your government at work to protect you from yourself.
 
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