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  #25  
Old 02-08-2011, 02:57 PM
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Re: Financing Question

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Originally Posted by Mashie View Post
I would tell them to match 1.9% or walk. I was pre-approved before going to the dealership for 1.9/60mo. When I went to buy the jeep the dealership said they could not do 1.9, the best they could do was 4.9. I said fine, put a sold sign on it and I will be back in a few days with a check. 10 min later they had 1.9/60mo from Bank of the West lol funny how these things work sometimes...
they do that because they only make 300.00 from ally. if they shop it and can get someone else to finance it they make a percentage of the deal.
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  #26  
Old 02-08-2011, 04:11 PM
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Re: Financing Question

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Originally Posted by mjw930 View Post
Well, that's not entirely true. Directly from the Fair Issac (FICO) site:



Note that the multiple inquiries count as one inquiry over a 30 day period. In Hollywood's case the inquiries he has over the last few days will "expire" long before his vehicle arrives. He will then add another group of inquiries when he shops for the loan. The net result is at the end he will have 2 inquiries on his report. For many that's not an issue but for some it might put you over the threshold where FICO dings your score because of it.

I'm just saying you need to be careful when shopping for credit. What may seem innocent to you can haunt you for years.

http://www.scoreinfo.org/ is a new site that Fair Issac put up with the changes to the fair credit act Jan 1st. It's worth reviewing if you aren't aware of what's happening in the credit world.
Now ya got me losing sleep again. Lol
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  #27  
Old 02-08-2011, 04:39 PM
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Re: Financing Question

Update: Laredo X 4x4 w/ Nav had for $800 below invoice and I wrangled the 1.9 for 60 out of them. Thanks to everyone for all the advice.
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  #28  
Old 02-08-2011, 04:42 PM
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Re: Financing Question

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Originally Posted by mongo1271 View Post
update: Laredo x 4x4 w/ nav had for $800 below invoice and i wrangled the 1.9 for 60 out of them. Thanks to everyone for all the advice.
nice!
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  #29  
Old 02-08-2011, 05:37 PM
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Re: Financing Question

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Originally Posted by Hollywood View Post
Now ya got me losing sleep again. Lol
I wouldn't worry, I'm sure you're fine considering what offers you got with this inquiry.

I'm just paranoid, I was the victim of identity theft back in '06 and although I was fairly up on credit policy the fight to clear my name and keep it from happening again meant I needed to learn everything I could about the system and how to manipulate it. I was able to clear my name and reinstate my credit history within 6 months but it was almost a full time job........
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  #30  
Old 02-08-2011, 05:37 PM
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Re: Financing Question

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Originally Posted by mongo1271 View Post
Update: Laredo X 4x4 w/ Nav had for $800 below invoice and I wrangled the 1.9 for 60 out of them. Thanks to everyone for all the advice.
Sweet
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  #31  
Old 02-08-2011, 07:00 PM
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Re: Financing Question

Although in the case of identity theft thats obviously an issue, but otherwise I wouldnt worry too much about the credit score thing. Some people lose sleep over that kind of crap but really its just a number. If you already have a house, if your able to get a great rate on a auto loan, if you have some good credit cards who cares about the score. All im saying is dont lose sleep over whats going to happen to your credit score because of inquiring about auto loans. I go through cars like underwear and probably have had more credit apps run on me than anyone on this site and have absolutely excellent credit. Since I got married my wife put the hammer down on my car buying issue but that was probably a good thing lol.
Dont worry about it man it will be fine!
:-)
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  #32  
Old 02-08-2011, 07:12 PM
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Re: Financing Question

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Originally Posted by the1jake View Post
Yes. It's called a "hard inquiry". When you apply for credit (new credit card, auto financing, new apartment or house, new cell phone, etc, etc, etc...) your score gets dinged.

BTW... when credit companies pull your file to offer you credit (without being solicited), it's called a "soft inquiry" and doesn't affect your score. Checking your own credit does not affect it either. You'd be surprised to how many companies nose through your credit files.
And that's why you check your CR regularly. Every quarter request from a different one of the bureaus. You get one free per years from each bureau.
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  #33  
Old 02-08-2011, 07:55 PM
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Re: Financing Question

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Originally Posted by JTS97Z28 View Post
Although in the case of identity theft thats obviously an issue, but otherwise I wouldnt worry too much about the credit score thing. Some people lose sleep over that kind of crap but really its just a number. If you already have a house, if your able to get a great rate on a auto loan, if you have some good credit cards who cares about the score. All im saying is dont lose sleep over whats going to happen to your credit score because of inquiring about auto loans. I go through cars like underwear and probably have had more credit apps run on me than anyone on this site and have absolutely excellent credit. Since I got married my wife put the hammer down on my car buying issue but that was probably a good thing lol.
Dont worry about it man it will be fine!
:-)
James
Yeah, thanks. I mean for cryin' out loud, I own a house, my wife and I who both have good jobs are applying "jointly", our bills are always paid on time, if not EARLY. I mean eff 'em if they can't take a joke ha ha.
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  #34  
Old 02-08-2011, 08:13 PM
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Re: Financing Question

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Originally Posted by JTS97Z28 View Post
Since I got married my wife put the hammer down on my car buying issue but that was probably a good thing lol.
:-)
With good (heck even just decent) credit its too easy to just walk into a dealership and walk out with a vehicle... Wife gets nervous when I look on ebay motors and/or cars.com. She knows its just a matter of time before I drive home with something new.

Unless you already have a high number of inquiries I wouldn't worry about it, its a very small impact. Bigger concerns would be new lines of credit, or revolving (ie. credit cards) credit lines with high balances.
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  #35  
Old 02-08-2011, 08:45 PM
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Re: Financing Question

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Originally Posted by Hollywood View Post
Yeah, thanks. I mean for cryin' out loud, I own a house, my wife and I who both have good jobs are applying "jointly", our bills are always paid on time, if not EARLY. I mean eff 'em if they can't take a joke ha ha.
You'd be surprised ... We are the same way, good jobs, pay everything on time. Went to refi our house and guess what, my score was 100 points below my wife's score and we couldn't get the primo rate.

Now that was weird because we have everything jointly - so for the first time ever, I got a credit report (BTW use annualcreditreport.com which truly is free - not one of the "free" services). Turns out there was an entry for a $53 medical bill that I had paid late (just an oversight) - basically a trivial thing but it hammered my score.

So I challenged it - and guess what? Something that small, they don't even bother to investigate, they just take it off. A month later, my credit was repaired and we did the refi.

Moral of the story: Check your credit report! It's better to stay on top of any issue and get it cleared before you suddenly need your good credit.
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