Help .. sorry so many posts see image below

a dubb

Well-Known Member
First Name
Amy
Joined
Aug 26, 2022
Threads
16
Messages
91
Reaction score
92
Location
Scottsdale
Vehicles
Mach E
So I froze my credit because I was getting alerts that AutoNation was pulling my credit daily for 4 days in a row

then today even more pulls and then this message
Saying the bank needs to pull my credit in order to fund the loan???
Is this legit
Loan finalized days ago

A8218007-6734-4107-A791-89D0E133F8C5.jpeg

 

EELinneman

Well-Known Member
First Name
Eric
Joined
May 4, 2021
Threads
89
Messages
1,264
Reaction score
2,124
Location
Littleton, CO
Vehicles
Mustang Mach-E GT Performance Edition
Occupation
Cloud Evangelist - Buchanan Technologies
Country flag
Amy,

There are soft pulls and hard pulls. They likely did a soft pull, but need to do a hard one to finalize the loan. I had a circus when I picked up my car and had to call Transunion from the dealer parking lot when I picked up my car.

It looks like you are tracking your credit closely. I would allow this, and then lock it down again after the transaction. I too had Autonation for a dealer. It might just be their process.

Eric
 

hybrid2bev

Well-Known Member
Joined
Dec 4, 2019
Threads
67
Messages
3,073
Reaction score
8,335
Location
USA
Vehicles
2021 Premium4X, Dec-2020 build, Jan-2021 delivery
Country flag
So I froze my credit because I was getting alerts that AutoNation was pulling my credit daily for 4 days in a row

then today even more pulls and then this message
Saying the bank needs to pull my credit in order to fund the loan???
Is this legit
Loan finalized days ago

A8218007-6734-4107-A791-89D0E133F8C5.jpeg
That's not normal at any auto lending company that I've worked for. It does not make any sense to me. Doing a hard credit pull repeatedly will negatively affect your FICO score by increasing the number of credit inquiries. Typically soft pulls are done without the customer even knowing about it. Soft pulls do not count as inquiries and are not typically allowed to be used for a lending decision.

To me, that's a severely messed up bank process. The bank should only need to hard pull your credit once. If they are doing it repeatedly they have a seriously screwy system. Can they not save the information? Wow, just wow!

What do you mean by 'loan finalized days ago'? Just because you signed the paperwork at the dealer does not mean the loan is final. The dealer still has to sell that loan to the bank and then the bank has to cash the loan, then it is finalized.
 
OP
OP
a dubb

a dubb

Well-Known Member
First Name
Amy
Joined
Aug 26, 2022
Threads
16
Messages
91
Reaction score
92
Location
Scottsdale
Vehicles
Mach E
That's not normal at any auto lending company that I've worked for. It does not make any sense to me. Doing a hard credit pull repeatedly will negatively affect your FICO score by increasing the number of credit inquiries. Typically soft pulls are done without the customer even knowing about it. Soft pulls do not count as inquiries and are not typically allowed to be used for a lending decision.

To me, that's a severely messed up bank process. The bank should only need to hard pull your credit once. If they are doing it repeatedly they have a seriously screwy system. Can they not save the information? Wow, just wow!

What do you mean by 'loan finalized days ago'? Just because you signed the paperwork at the dealer does not mean the loan is final. The dealer still has to sell that loan to the bank and then the bank has to cash the loan, then it is finalized.
They told me it was .. at this point I’m just getting a check from my credit union I am so exhausted from all of this ..
 


SV8T

Well-Known Member
First Name
Chris
Joined
Apr 19, 2022
Threads
1
Messages
257
Reaction score
243
Location
Minneapolis
Vehicles
Wrangler 4xE HA/Range Rover Sport SVR/Audi A7
Occupation
Legal
Nah, I wouldn't respond. Let him sweat it out a bit for what they put you through!
 

Vulnox

Well-Known Member
Joined
Nov 12, 2021
Threads
4
Messages
426
Reaction score
652
Location
Livonia, MI
Vehicles
2021 F-150 Lariat PB, 2022 Mach-E Premium AWD ER
Country flag
That's not normal at any auto lending company that I've worked for. It does not make any sense to me. Doing a hard credit pull repeatedly will negatively affect your FICO score by increasing the number of credit inquiries. Typically soft pulls are done without the customer even knowing about it. Soft pulls do not count as inquiries and are not typically allowed to be used for a lending decision.

To me, that's a severely messed up bank process. The bank should only need to hard pull your credit once. If they are doing it repeatedly they have a seriously screwy system. Can they not save the information? Wow, just wow!

What do you mean by 'loan finalized days ago'? Just because you signed the paperwork at the dealer does not mean the loan is final. The dealer still has to sell that loan to the bank and then the bank has to cash the loan, then it is finalized.
It is NOT true that doing a hard pull repeatedly will negatively impact your FICO score or credit when it is an Auto or Home loan (and may be some others) within a certain period of time, I believe 30 days. This is considered to be "rate shopping" for credit and is treated as one hard pull by credit agencies and lenders, even if each pull shows as a line item on your actual report.

They may have done multiple pulls because of the freeze. I also have a freeze on mine, it's definitely good to do, but don't stress about multiple pulls in a short time for the same credit purpose.

https://www.autocreditexpress.com/blog/the-impact-of-multiple-credit-pulls-on-your-credit-score/

https://www.rategenius.com/when-multiple-credit-inquires-count-as-one

Read the rate shopping section. This is also why it's a good idea to consult with an actual finance expert or contact the loan company, as most any loan company would also be able to explain that rate shopping is not the same as doing 3 hard pulls for credit cards or something to that effect.
 

Mach-Lee

Well-Known Member
First Name
Lee
Joined
Jul 16, 2021
Threads
81
Messages
2,881
Reaction score
4,654
Location
Wisconsin
Vehicles
2022 Mach-E Premium AWD
Occupation
Sci/Eng
Country flag
That's not normal at any auto lending company that I've worked for. It does not make any sense to me. Doing a hard credit pull repeatedly will negatively affect your FICO score by increasing the number of credit inquiries. Typically soft pulls are done without the customer even knowing about it. Soft pulls do not count as inquiries and are not typically allowed to be used for a lending decision.
They are obviously shotgunning different lenders with soft pulls, I think that's standard practice for AutoNation dealers. This would be nefarious, but would they be doing repeated pulls to lower her score so they can charge a higher interest rate? Or trying a "financing denied after sale" scam? Sometimes lawbreaking dealers will try to change the finance contract terms after sale and forge your signature in order to raise your payments slightly and get more profit. Either way repeated credit pulls after the deal is signed is a red flag, they should only need the one final pull from the final bank.

 

 
Top