[explosive0]

I placed an order on December 28, and dealer went through the standard process of pulling credit (showed up on my report as BMW FS). I was told that no pull would be necessary if it was delivered within 60 days.

Fast forward to today, I get a call that vehicle has arrived and will be ready for pickup tomorrow, and I just got hits that the dealer (not BMW FS) has pulled my credit again.

Called and asked why, and dealer is stating that they are required to have a report on file, different from BMW FS.

Needless to say, I'm a little pissed - is this normal?

[Resjudicata]

Originally Posted by explosive0

I placed an order on December 28, and dealer went through the standard process of pulling credit (showed up on my report as BMW FS). I was told that no pull would be necessary if it was delivered within 60 days.

Fast forward to today, I get a call that vehicle has arrived and will be ready for pickup tomorrow, and I just got hits that the dealer (not BMW FS) has pulled my credit again.

Called and asked why, and dealer is stating that they are required to have a report on file, different from BMW FS.

Needless to say, I'm a little pissed - is this normal?

it happens a lot; whether it's right or not. the end result is the same and you can't "fix it" or change what happened.

[explosive0]

Originally Posted by Resjudicata

it happens a lot; whether it's right or not. the end result is the same and you can't "fix it" or change what happened.

That's crazy. Because they had pretty much given me the "option" of not doing any financials until the vehicle arrived, but I figured I'd just get it all out of the way when I was there.

I remember asking repeatedly and being told that absolutely no pull would be required if the vehicle was delivered within 60 days. Silly me for believing the dealer!

[TurtleBoy]

I have not heard of any dealers doing that but maybe it is just certain ones. It likely will have no effect on your credit since it should be considered part of the original inquiry.

[explosive0]

Originally Posted by TurtleBoy

I have not heard of any dealers doing that but maybe it is just certain ones. It likely will have no effect on your credit since it should be considered part of the original inquiry.

Nope. 5 point drop, because the first pull was BMW FS and this second pull was from the actual dealer, not BMW FS

[TurtleBoy]

Originally Posted by explosive0

Nope. 5 point drop, because the first pull was BMW FS and this second pull was from the actual dealer, not BMW FS

Maybe because it was almost a month but the credit bureaus generally considered the like pulls to be one.

https://www.experian.com/blogs/ask-e...r-an-car-loan/

[explosive0]

Originally Posted by TurtleBoy

Maybe because it was almost a month but the credit bureaus generally considered the like pulls to be one.

https://www.experian.com/blogs/ask-e...r-an-car-loan/

Not to beat a dead horse but the first pull was from BMW FS, and the second was from the local dealer, so it's showing as 2 separate companies to the credit bureaus. I was not rate shopping (800+ score) so I see no reason why the dealer should pull on their own. Just seems shady to me, and if that's the case, I'm wanting to just walk away based on principle.

[TurtleBoy]

Originally Posted by explosive0

Not to beat a dead horse but the first pull was from BMW FS, and the second was from the local dealer, so it's showing as 2 separate companies to the credit bureaus. I was not rate shopping (800+ score) so I see no reason why the dealer should pull on their own. Just seems shady to me, and if that's the case, I'm wanting to just walk away based on principle.

I know what you are saying but that doesn't matter. It could be 15 different companies and still will only count as one hit. Read the explanation in the link. The timing is likely what got you.

[explosive0]

Originally Posted by TurtleBoy

I know what you are saying but that doesn't matter. It could be 15 different companies and still will only count as one hit. Read the explanation in the link. The timing is likely what got you.

My bad - thought it was referring to multiple pulls from same entity. Read it now and I see - probably got hit because of the timing.

I just hate when a dealer says one thing, and turns around and does another. I like to think of the purchase process as a mutualistic relationship - it's not like they're doing me a favor by selling me car.

[TurtleBoy]

I can't imagine any reason why they needed to pull it. If they wanted a copy they can get it from your original application. Beside that, they are not extending any credit to you it is BMWFS so no need for them to worry about it since they do not approve your credit.

[explosive0]

Originally Posted by TurtleBoy

I can't imagine any reason why they needed to pull it. If they wanted a copy they can get it from your original application. Beside that, they are not extending any credit to you it is BMWFS so no need for them to worry about it since they do not approve your credit.

Agreed. I'll just suck it up and move on I guess. A few years ago I probably would have hopped on this as an opportunity to get freebies or negotiate more, but I just want to pickup my car at this point and be done with.

At least I'll have an easy way of not listening to the sales pitches from finance back office "you already ran my credit twice. I'm pissed - I just want to sign and leave"

[Resjudicata]

Originally Posted by explosive0

That's crazy. Because they had pretty much given me the "option" of not doing any financials until the vehicle arrived, but I figured I'd just get it all out of the way when I was there.

I remember asking repeatedly and being told that absolutely no pull would be required if the vehicle was delivered within 60 days. Silly me for believing the dealer!

yeah I agree, I'd be mad too. I always give the wrong social number until I'm ready for the deal. I usually only use my bank, but I know why some would choose the lower rates at BMW.

I'm not defending the dealership, but it's possible their guys thought they were doing a "soft" pull to confirm identity instead of a hard pull together to get credit info and hit ya.

[Fennario]

Happened to me too - wasn't pleased.

[iX52020]

Freeze your credit, won't have these unauthorized credit pulls

[TurtleBoy]

Originally Posted by iX52020

Freeze your credit, won't have these unauthorized credit pulls

That is what I do. Keep it frozen and only thaw it for a day when they have to pull my credit.

[mitch57]

There's an easy fix for this for those of you who reside in the US. Go to the Experian link below and fill out a "Fraud Alert". It lasts one year and it's free. I've been doing this for several years. I renew it every year. NO ONE can pull a credit check when you have a Fraud Alert on file.

You can temporarily disable the Fraud Alert when/if you want to allow a company to check your credit. This also prevents anyone from getting credit under your name. This puts "You" in control instead of the sleazy companies who don't care about your credit.

https://www.experian.com/ncaconline/fraudalert.

[ksavostin]

I've approved for BMWFS 0.9% loan through my dealer, they told me that I have been approved automatically by the system, but I don't see any inquiry on my credit report. Is it normal? I thought that maybe they didn't even check it?

[explosive0]

Originally Posted by ksavostin

I've approved for BMWFS 0.9% loan through my dealer, they told me that I have been approved automatically by the system, but I don't see any inquiry on my credit report. Is it normal? I thought that maybe they didn't even check it?

Weird. I had an inquiry from BMWFS show up right when they ran for pre-approval before placing order.

[explosive0]

Originally Posted by TurtleBoy

That is what I do. Keep it frozen and only thaw it for a day when they have to pull my credit.

Originally Posted by mitch57

There's an easy fix for this for those of you who reside in the US. Go to the Experian link below and fill out a "Fraud Alert". It lasts one year and it's free. I've been doing this for several years. I renew it every year. NO ONE can pull a credit check when you have a Fraud Alert on file.

You can temporarily disable the Fraud Alert when/if you want to allow a company to check your credit. This also prevents anyone from getting credit under your name. This puts "You" in control instead of the sleazy companies who don't care about your credit.

https://www.experian.com/ncaconline/fraudalert.

Should have thought about the freeze; just didn't imagine they'd pull this one off. Maybe I'm overreacting, but the more I think of it, the more pissed I get. Not because it's a huge deal, but it's more on principle than anything.

I almost want to say to hell with them and go order from another dealer, of course that'll be irrational, but I almost want to do it.

[parkstr8]

Luckily it only lasts 2 years. And if you go to another dealer, it would be another pull.

Usually a dealer will do a second pull after 30 days...that is pretty much industry standard. Credit scores change that often. But if they told you they would not, they should have not. They probably should have let you order w/o a pull in the first place - and just done it when the car arrived.

I have 0 debt except for my lease - but occasionally I'll use one of my cards (lots of cards with high limits - no balance) for a work transaction..using like 50% of the limit of one card for about 10 days. Which equals about 8% of my total available credit.

That transaction alone will drop me from 815 to around 770. It goes down in a few days after the transaction, but takes at least a month after its paid to go back up. Not really fair.

But that is why they pull it again...if your score drops - they can renegotiate the interest on a lower score.

[jg05]

It does suck but I would throw this into the first world problems thread
I’m just kidding because the ‘lower’ score didn’t drop you into a higher rate bucket. Had that happened, I would feel very differently.

As others have said - the credit bureaus view the pull for the same purpose within x days as shopping so typically they don’t hit your score - although sometimes a bank pull doesn’t specify an auto, home, school loan inquiry so that isn’t 100% either.

I think you have the right to be upset and I’m sure this will cost them on their survey, and it should.

My point is, don’t lose sleep over it. It was wrong, they should have at least called you to ask if it was ok/ get your ok again.

If you really can’t get past it, you can try to get them to write a letter saying the second credit pull wasn’t authorized and you can send that to the bureaus and see if they will remove it.

For the lack of impact, I would probably let it go (especially since it probably didn’t even lower your score as mentioned previously and in other posts).

Anyway, hope you read this as sharing perspective and trying to make you feel better, not blaming you for being upset. I would be upset too. But there are so many things to be upset about these days, take a deep breath and don’t let this one get to you, enjoy the car and make sure to mention it on the survey.

Hope this helps!

[Resjudicata]

Originally Posted by parkstr8

Luckily it only lasts 2 years. And if you go to another dealer, it would be another pull.

Usually a dealer will do a second pull after 30 days...that is pretty much industry standard. Credit scores change that often. But if they told you they would not, they should have not. They probably should have let you order w/o a pull in the first place - and just done it when the car arrived.

I have 0 debt except for my lease - but occasionally I'll use one of my cards (lots of cards with high limits - no balance) for a work transaction..using like 50% of the limit of one card for about 10 days. Which equals about 8% of my total available credit.

That transaction alone will drop me from 815 to around 770. It goes down in a few days after the transaction, but takes at least a month after its paid to go back up. Not really fair.

But that is why they pull it again...if your score drops - they can renegotiate the interest on a lower score.

Respectfully, as a former senior Loan Officer for a major top 3 bank; the reason your score drops is Exactly because you're not using credit.
It sounds backwards, but in the facts you're giving, because you're not using credit regularly - your score will drop a full bracket when you're actually using it.

My advice to new teenagers and older clients that want to have a solid "bulletproof" credit report is to get at least 1 of each 3 types and pay every month on time.
Get a small credit card and buy $10 worth of gas each and every month. Get 1 car loan for $100/mo and pay it every month. Get 1 home equity loan and pay $100/mo.

That constant credit history across all 3 categories will usually be enough to "safe guard" your credit for any reason. And make sure you don't have any other debts, liens, judgments, bankruptcy, etc.
having a high % of credit card available without any use; doesn't really help in today's scoring system.
(But the opposite is true; don't max out your cards ever for any reason)