Freak Posted January 14, 2008 Report Share Posted January 14, 2008 Ok, last weekend I saw the inevitable, and decided to trade my wife's car 6 year old car with 175k miles. I obtained financing through Cap 1 with a good interest rate of 9.99 percent. While at the dealer, I used Methuss' sticky as guideline.... Long story short, the dealer offered a better interest rate by about 3/4 of a point, so I took it. I have been monitoring my reports/inquiries since last weekend, and they appear to be still pulling my credit with different lenders. Without looking, there are around 15 inquiries on my CSC report, and better than 75% came after the deal should have closed at signing on Sunday. Probably 9 have come on TU. My guess, is they didn't have a good approval. I think they're going to try and pull a fast one on me, which is fine. I'll drop the wheels off in a heartbeat and get the old one back if they "have problems with the terms." No worries there. They'll take a bath anyway, since it already has about 700 miles it. My question is, when do they no longer have "permission" to run my credit? I would think it is once paperwork is signed. If they do try to change terms, and I just walk away from it, are there any remedies for all the inquiries they have run over the last week? It is going to affect my ability to get favorable terms I would think at the next dealer. Link to comment Share on other sites More sharing options...
CleverCynic Posted January 14, 2008 Report Share Posted January 14, 2008 Don't know the answer to your question, but I'm pretty sure that only inquiries within a 2-week period are still counted as one... so make sure it doesn't go beyond that! Link to comment Share on other sites More sharing options...
flacorps Posted January 14, 2008 Report Share Posted January 14, 2008 You need to watch out for the "spot delivery scam" which appears to be in progress. There may be paperwork signed by you that would obligate you regardless of whether and by whom the loan is approved. You could wind up paying through the nose. Make sure that Cap1 preapproval is still handy ... you may need it, if you can still use it. Link to comment Share on other sites More sharing options...
Freak Posted January 14, 2008 Author Report Share Posted January 14, 2008 You need to watch out for the "spot delivery scam" which appears to be in progress. There may be paperwork signed by you that would obligate you regardless of whether and by whom the loan is approved. You could wind up paying through the nose. Make sure that Cap1 preapproval is still handy ... you may need it, if you can still use it.That's what I was thinking, but I didn't know there was a name attached to it. Link to comment Share on other sites More sharing options...
jetscarbie Posted January 14, 2008 Report Share Posted January 14, 2008 My brother got sucked into one of those.Had the car for 3 weeks....he paid $1000 down. They called and wanted the car back b/c they couldn't find approval for him. He lost the $1000 b/c it was in the paper he signed that basically charged him rental fees (haha) My advice...keep in touch with the dealership financing dept. Keep calling and checking to see if the approval went through. Link to comment Share on other sites More sharing options...
Moneedshelp Posted January 14, 2008 Report Share Posted January 14, 2008 Good luck with the situation. It just really makes you sick to have to buy a car with all of the underhanded things the dealerships do.I would get in contact with them and well as review your contractgood luck Link to comment Share on other sites More sharing options...
Freak Posted January 14, 2008 Author Report Share Posted January 14, 2008 Well, I called the salesman and asked what was going on. He said he wasn't aware of anything. He did tell me there was a question on the gap insurance I purchased for some reason. I told him I wouldn't change the terms and they could have the vehicle back. He told me if there was a problem, just raise hell, and the dealership would eat it. I'm not sure, but I wonder it the inquiries - and their dates - are running behind? Link to comment Share on other sites More sharing options...
Fizzle1979 Posted January 15, 2008 Report Share Posted January 15, 2008 I could understand the inquiries posting to your credit report late, but I would think they would still have the same loan application date. Link to comment Share on other sites More sharing options...
Freak Posted January 20, 2008 Author Report Share Posted January 20, 2008 So, I get a call from the salesman yesterday. He was off yesterday and called me to give me some "scoop." He told me that he found out that they were shopping the loan for a better interest rate; and found one. He told me that the payments would be going down about 30 dollars a month, and to come by whenever I get a chance. I'm going down there in the next couple of day, of course, not in the new wheels - just in case their trying to pull a fast one. OK, I'll keep everybody posted. Link to comment Share on other sites More sharing options...
JMVandals Posted January 20, 2008 Report Share Posted January 20, 2008 thats a lot of inquiries, that sucks.For a better rate and/or payment I guess its worth it in the six months it takes for the inq's to not hurt you so bad. GL! Keep us posted. Link to comment Share on other sites More sharing options...
Freak Posted January 20, 2008 Author Report Share Posted January 20, 2008 Well, like clever said, it has not affected scores, in fact, TU updated this weekend, my balances on my CCs and my score (FAKO) went up 45 points - I'm almost to 700 on all three. Not that I pay a whole lot of attention to them other than the general direction their going. I've been working hard at paying down the balances. I've gone from 100 percent utilization to about 24% since December 12. My main concern was the spot delivery scam - i just didn't know there was a name for it. Link to comment Share on other sites More sharing options...
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