Ideas

[wake86]

1) Taping conversations at the dealership. "Do not pull my credit report" on tape and a verbal agreement stating "we won't."

2) Having the dealer sign a statement promising not to pull the credit report; should it be pulled, they will compensate for their error.

 

I had a few others but have since forgotten them.

[MarvBear]

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[wake86]

Also, freezing all your credit reports after you have an approved loan from a credit union or other bank. When you show up at the car dealership, regardless of anything, they can't pull it. No inquries.

[MarvBear]

[wake86]

The first two, sure. The last one might be a good idea, no, everyone else?

[MarvBear]

Contrary to popular opinion, I don't sit around all day and wait on some poor unspecting soul just to be able to pull credit.

 

That's the last thing I wanna do. First of all, I'm too cheap to waste the money on pulling credit for someone who doesn't wanna buy.

 

And

 

If you read enough posts in this forum, I believe you'll find a number of foks who cannot secure a loan on their own behalf, or there are cases where the dealer was able to better the rate that the customer claimed a preapproval for.

[hurricanesfans27]

1) Taping conversations at the dealership. "Do not pull my credit report" on tape and a verbal agreement stating "we won't."

2) Having the dealer sign a statement promising not to pull the credit report; should it be pulled, they will compensate for their error.

 

I had a few others but have since forgotten them.

 

 

 

dealer wont sign anything and taping conversations may not be legal depending on state .

 

 

i mean who you gonna give the tape to?

Edited April 17, 2008 by hurricanesfans27

[redsox9547]

For part 1: Bring in cash then, yes $100 bills that always works.

 

For part 2: For compensation you have to have damages...So lets say Dealer A pulls your report "illegally" and lowers your score by say 5 points. Ok, now you apply to Dealer B who you consent to pulling it. The rate given by Dealer B is 10.5%. You now have to prove your damages. #1 How can you prove that you would have gotten a lower rate if those 5 points are there. So are you going to subpoena an underwriter for him/her to tesitfy that if you had 5 points more your rate would have been 7.5%. Even then, lets just say that happened, and it's a $25,000 loan.

 

Total interest paid over 60 months:

7.5% $5056.92

10.5% $7240.85

 

Difference: $2183.93

 

I guess you have a case, go see Judge Judy over $2183.93, but you better bring the underwriter to prove it.....

 

Doesn't sound like a plan at all.

[wake86]

Okay, okay. But what about my third idea?

 

Also, freezing all your credit reports after you have an approved loan from a credit union or other bank. When you show up at the car dealership, regardless of anything, they can't pull it. No inquries.

Edited April 17, 2008 by wake86

[hurricanesfans27]

Okay, okay. But what about my third idea?

 

Also, freezing all your credit reports after you have an approved loan from a credit union or other bank. When you show up at the car dealership, regardless of anything, they can't pull it. No inquries.

 

 

they wont roll the vehicle until you unlock the freeze at least for their pull. regardless of whether you have secured funds or not. but i like your idea.

[wake86]

There's no way to win .

 

Maybe if you freeze them, if you let some time pass by, they'll be out of credit pulling mode (at least for you) by the time you have to unfreeze them to get them their little credit pull?

 

Or better yet, sit right next to them as they're pulling, and right after they do, call them up and freeze all those suckers?

 

(I've never bought from a dealer before... apologies for naivete). There just must be a way to not get pull-raped.

[hurricanesfans27]

There's no way to win .

 

Maybe if you freeze them, if you let some time pass by, they'll be out of credit pulling mode (at least for you) by the time you have to unfreeze them to get them their little credit pull?

 

Or better yet, sit right next to them as they're pulling, and right after they do, call them up and freeze all those suckers?

 

(I've never bought from a dealer before... apologies for naivete). There just must be a way to not get pull-raped.

 

 

 

its very simple .. go there with a price in mind and stick to it. make sure you are comfy with your salesman and FI guy and boom youre happy.

[wake86]

OK, I just don't want to wind up like those people I read about here (for example, the lady that was closing on a home got 11 or however many inquiries pop up). Moreover, I don't want them to pull them because I would hypothetically state I don't want that, but they'd do whatever they want and I "can't touch them."

 

Noob question, and prospective lawyer thinking here, isn't the permissible purpose only applicable to the dealership. I.e., whenever they pass on the info to the other lenders, isn't it beyond the scope of the permissible purpose (I think that's the wording). Wouldn't they be liable for $1k, per company (like 11 in the lady's case I read about)?

[hurricanesfans27]

OK, I just don't want to wind up like those people I read about here (for example, the lady that was closing on a home got 11 or however many inquiries pop up). Moreover, I don't want them to pull them because I would hypothetically state I don't want that, but they'd do whatever they want and I "can't touch them."

 

Noob question, and prospective lawyer thinking here, isn't the permissible purpose only applicable to the dealership. I.e., whenever they pass on the info to the other lenders, isn't it beyond the scope of the permissible purpose (I think that's the wording). Wouldn't they be liable for $1k, per company (like 11 in the lady's case I read about)?

 

 

read the credit app it gives PP to the dealer and their lenders for the most part.

[wake86]

I see

 

Thanks for all the info and help!!!

Edited April 17, 2008 by wake86