Hard credit pull when ordering

[first_ford]

FMC did a hard pull on me in october that took me from 817 down to 801 then FMC declined me????? Kind of pissed off about it so FMC better have some smoking deal to get me away from my bank if I am ever allowed to order a maverick.

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[Clock Doc]

I would be very suspect of a dealer that pulls credit report because they question your ability to pay at the time of order. Plus what's the guaruntee that because someone can afford it today that 2 months or more from now they still can.
Also with a shortage of vehicles they will not have any issue selling it if you are declined or change your mind.

 

[Clock Doc]

I maintain a credit freeze for financial security. So I have an instant answer to anybody who asks me to frivolously check my credit. "No, I maintain a credit freeze and I'm not going through the annoyance of lifting it for you unless we're actually applying for a loan.".

Mind you, a credit freeze can be a PITA now and then. A lot of online sites you'd never expect use credit checks on you. A credit freeze will block fraudsters from opening new lines of credit using your identity. But it won't block them from hijacking your existing credit. Oh, it will also stop most the credit offer junk mail you receive, by law.

Scott I do the same and it bit me in the but last week. I forgot I had the freeze in place. One of my banks offered me a personal loan with a range of rates. I figured do the soft pull and see what my rate would be. My 850 credit rating figured my rate would be lower than Ford Credit. Loan declined. I was aggrivated till it dawned on my I needed to lift the freeze. Doh! Lol

 

[FordDiehard]

Ive not heard of that. All I had to do when ordering was show them my license, give them a $500 refundable deposit, and sign the order sheet. No credit pulled. I don't see any reason to do so until you try to finance the vehicle through them. I mean what if you weren't using FMC for the loan? Some folks use their own credit union or bank or pay cash.

Thank you. I plan to go through my credit union, not Ford Credit.

 

[FordDiehard]

I would be very suspect of a dealer that pulls credit report because they question your ability to pay at the time of order. Plus what's the guaruntee that because someone can afford it today that 2 months or more from now they still can.
Also with a shortage of vehicles they will not have any issue selling it if you are declined or change your mind.

Exactly, they would have NO trouble selling a Maverick if the original customer didn't take it for whatever reason.

 

[diveraj]

My wife is buying a Santa Cruz, wants a Maverick but you know how that is, the Hyundai would put her on the waiting list unless she consented to a hard check. I called bullshit on it, but after a back and forth, a manager came over and said this is how it was going to be. Didn't have much of a choice given the next Hyundai is a bit of a drive. I'll be ohh so happy if dealerships ever just... go away.

 

[gte105u]

FMC did a hard pull on me in october that took me from 817 down to 801 then FMC declined me????? Kind of pissed off about it so FMC better have some smoking deal to get me away from my bank if I am ever allowed to order a maverick.

No way one pull dropped your credit 16 points. Either something else happened the same time, or there is an issue you should be checking into. I had a office incorrectly forward me to collections on a bill I paid in full on time. Because I was watching my credit I got it addressed promptly.

I had the power company do a write off 6 years ago for an account. Didn't know it was out there because we had moved and the forwarding address was wrong. Only $100 when I tried to dispute it or pay to clear... No go because it happened and not worth it to a utility to take time to address. Darn thing is sitting on my credit still for another year. Fico has me at Very Good despite everything else being perfect because they put tons of stock in that. Transunion has me 80 points higher because they look more at other factors and context.

Watch your credit guys and if something looks weird dig in.

 

[Shay]

Should not be any kind of a credit pull. Since the actual purchase date will likely be a year or more from the time of order, there's really no point in pulling a credit report at the time of order.

For a dealer to do so would really be useless to them, and a bit presumptuous that you want or need to finance with them at all.

Financing is not a condition of placing an order. Of course you should always ask your dealer, every dealer is different in their practices

 

[Bobinmi]

Tell them your paying cash.

 

[gte105u]

It wouldn't shock me for a dealer to do a soft pull to see if you are in a position to complete the purchase. It is a custom order and there are ramifications for dealer if you don't follow through if it happens enough times. But no reason they need a hard pull.

 

[MLowe05]

there are ramifications for dealer if you don't follow through

I'm not sure I'd call selling it for $10,000 over MSRP a "ramification".

I know there are new name match requirements, but a hard/soft credit pull does not guarantee a single thing.

 

[gte105u]

I'm not sure I'd call selling it for $10,000 over MSRP a "ramification".

I know there are new name match requirements, but a hard/soft credit pull does not guarantee a single thing.

I'm talking about the over 25% losing allocations one. A soft pull to see if a new vehicle purchase is viable seems reasonable.

 

[MLowe05]

I'm talking about the over 25% losing allocations one. A soft pull to see if a new vehicle purchase is viable seems reasonable.

Not really. The truck is not sitting there, and it won't be for a long time. Also, you don't need to finance the vehicle to buy it. You can pay cash or you can bring your own financing. There is zero reason for them to concern themselves with your credit unless A)the truck is sitting there and B) you want to finance with them. Otherwise, none of their business.

It takes very little to tank a credit score, and you could have Tier 1 at order and be ineligible for financing by the time the truck arrives for a million different reasons.

 

[gte105u]

Not really. The truck is not sitting there, and it won't be for a long time. Also, you don't need to finance the vehicle to buy it. You can pay cash or you can bring your own financing. There is zero reason for them to concern themselves with your credit unless A)the truck is sitting there and B) you want to finance with them. Otherwise, none of their business.

It takes very little to tank a credit score, and you could have Tier 1 at order and be ineligible for financing by the time the truck arrives for a million different reasons.

A lot of information can be gleaned beyond financing from a soft pull. There's a reason many employers do it on new potential employees. I'd be surprised if the vast majority of dealers aren't doing a soft pull before finalizing an order. It's just common before putting an agreement in place between two parties that involves a major purchase. You are welcome to disagree of course, but the prevelance of them these days makes it the norm not the exception. Now a hard pull, again uncalled for.

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