How can I stop dealer from contacting lenders?
sguy80 asked:
I visited a car dealer back in September as I wanted to trade in my current vehicle. After some back and forth negotiation I decided to back out of the deal. They however kept contacting lenders to get me financing. My credit is not good right now and I am still receiving letters from different places declining me for financing. How can I stop this?? All these credit inquiries are just making my credit score even go lower. If anyone out there knows please suggest!! Thanks.
I visited a car dealer back in September as I wanted to trade in my current vehicle. After some back and forth negotiation I decided to back out of the deal. They however kept contacting lenders to get me financing. My credit is not good right now and I am still receiving letters from different places declining me for financing. How can I stop this?? All these credit inquiries are just making my credit score even go lower. If anyone out there knows please suggest!! Thanks.
they did what is commonly called shot gunning your credit and every one of them pulled a new file so they have to decline or accept you. Sorry but it is so very common at dealerships
well…several things here…i have been in the auto industry for years…and now own a training firm for car dealerships in special finance so I have extensive knowledge about what you are talking about. First there are laws that state that anyone they send it to within 30 days they have to send you an “adverse action letter” explaining why they turned you down and how to contact the bureau used in determining that. Secondly they have 30 days to do so so they may “filter” in not all come at once. Dealers don’t have time or desire to send your information out after you backed out. It is doubtful they are doing anything maliciously. Lastly, and let me be very clear on this….this is not hurting your credit. It takes a lot of pulls from different credit areas i.e…auto, mortgage, credit card, etc….all simultaneously. A few pulls from auto lenders will not hurt your score…as a matter of fact a lot of pulls from auto lenders will not hurt your score so long as it is not coupled with pulls from other industries….
So my advice, take a deep breath and work on repairing your credit without the worry that they are destroying it.