Do NOT Let a Car Dealership Trick You into Pulling Your Credit

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[EdwinC-xpmk]

They tried that last time with me. I told them that we couldn't pull the credit until we agreed on the out the door price. I used it as a tool to get the price I wanted

[amymandeville]

One dealership I went to wouldn't even let you look at a vehicle without a credit application. I didn't give one and ran from that place.

[sixfootseen]

A tip about soft pull vs hard pull - if the dealer/lender only asks for the last 4 digits of your social security number, it’s a soft pull. If they ask for your full social security number, it’s a hard pull 99% of the time.

[StreamingNomad]

I recently dropped in a factory order for a 2023 F-350; and had on my cellphone my experian app open and ready to show my credit score. When I went to do so, the dealer rep said "hey; thanks for showing us you're fantastic credit willingly; but we didn't ask as we're not allowed to until you choose to review our financing options." -- Richmond Ford West, Richmond Va -- amazing experience so far....

... I should put a good review for them in the forums!

[---crnw]

"Wary, not weary."
"Thank you, Pops."
This kid is great. His willingness to accept correction is something we should all strive towards.

[aaflyer]

My friend was trying to buy a car last week. Refused to give them his SSN to pull credit until AFTER an agreed upon sales price. The dealer refused to do it that way. He got up and walked out.

[JWW]

I desperately needed a car. I'm not the best negotiator, but I did get lower prices on everything by using you tips. Probably still over paid, but not near as much as I would have had I not seen your videos, and gone to your website. Thanks for all the help!

[cathyo]

Love you Dearies! I will never weary of your very sound advice regarding credit pulls, but instead stay wary, indeed leery of shady finance tactics.

[ammooth]

That is inherited 💯. Everytime I go to a dealership, I go in with my credit report in hand 🤝

[BDNADLER]

I would like to add that when a buyer finances a car, the creditor, whether the dealer supported credit agency, or the customer's bank or credit union; that party becomes a partner in the vehicle for which the buyer is committed until the car has been paid off. With that in mind many people, myself included, feel more comfortable partnering with a credit union, as I had. I financed three vehicles with my credit union, the last of which I paid off several years ago. Manyl years (1980's) ago, there was a strike in my industry. My credit union suspended all payments for all members until the strike was settled and people went back to work.

[dave]

Good advice, great channel.
I always walk in with credit and financing in place. I never mix financing with buying a car.

[zplates]

You can also use apps from all 3 credit bureaus to lock your credit profile as an extra safety measure. Then when you give someone permission to run an credit inquiry, you can temporarily unlock it.

[lauriemacquanan]

This in fact happened t my dear friend a few months ago, the dealership said, its a soft pull, big bag of nope on their word, they did a hard pull and man was she angry BC she was about to refinance her home and it marked the rating. We're in Canada but I bet you its almost he same laws! I will have her check this video out... Thank all you that make this video possible!

[Thanir]

I was shopping for a Rav4 hybrid in May. 3 different Toyota dealers in Norcal said I could get onto the waiting list if I filled out a credit app. They told me that they would not run the report until my car came in, and it was only to hold my spot in line. Well one of the dealerships ran my credit as soon as I sent it in, I wasn't very happy with that.

[nickthequick]

Excellent information for a foreigner looking to move to the US

[ricjeral]

thanks for correcting his use of weary and wary

[robertgrantz]

Had a dealer try that recently - was going to put in a credit application just to quote me numbers. I told him to stop, as that would ding my score, and showed him my credit report online through my banking app instead. It was part of the negotiation to get rid of the "market" adjustment. I was not likely buying from them (didn't) so there was no way I was letting them put that through.

[Nolaperu]

Thank you guys for your help. I have never negotiated a car ever, my first and only financed car was negotiated by my father when I was in my early 20s.

I ticked off a couple of dealers until I got the price I wanted. I managed to talk down $5k less than most were offering. And got the adjustment charge removed as well.

Thank you YAA!!!

[nickoverton]

THIS IS IMPORTANT, MAKE SURE YOUR SPOUSE IS ON THE SAME PAGE WITH A CAR BEFORE YOU LOOK AT FINANCING. I went to look at a car in June. I didn't like the markup on the car but the dealer was insistent on making the deal and my wife wanted to look at pricing. I stupidly signed this and still walked from the deal (they wanted 8k in warranty and other addons that I didn't want). I ended up finding a deal that I wanted on a car in July only to find out that my credit has dropped more than 20 points from the beginning of June. This dropped me to 3 points UNDER what my financing was telling me I needed for their 2.99% financing. The first dealer Hard Pulled my credit 4 times it shows on my report that I got in the middle of July. This mistake cost me a few hundred dollars as my financing went up .5% on my loan.

[tmchevyman]

I had a dealership today run my credit report 7 times so far with multiple loan companies and i asked before i signed anything and the salesman said they would only be checking with 2 or 3 companies It should be illegal for them to run your credit more than once without your permission just because you give them your ssn doesn't mean they should be able to just keep running credit checks back to back without you giving permission to each credit check cause that's just bs