Quote:
Originally Posted by ember1205
Dealerships are generally NOT doing locates / swaps right now, at least in the states. With so many states having different guidelines about how people from out of state are accommodated, it's difficult to do. And, the reality is that it's an expense they just don't need right now plus the runners don't want to do it.
Yes, big ticket items have multiple hits to the credit report and it is expected to occur that way. The problem is when something happens as did to the OP. The dealership ran his credit and his credit report takes a minor hit (as long as there aren't a lot of other hard inquiries on there as well). Then no sale.
He returns to a dealership a month later, ready to do a deal. Those previous inquiries are still there and have no corresponding loan. The impact to the score is present and banks are getting more stringent about lending. A borrower can seldom "explain away" something like that to a larger bank. The only time that a conversation will overcome it is typically when the finance manager of a dealership is willing to explain it away to a local bank...
No one gets my information to run credit until I'm ready to sign. That's just how it goes for me.
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A credit application is good for 30 days, so there would be no need for another inquiry. As I mentioned, when a customer has great credit, has always had great credit, there is never a problem getting the best rates and terms. A few inquiries isn't going to effect that when buying a car. Now, if the credit was marginal or poor, then, yes, there might be an issue, but again, the credit profile is the tell all to the bank.
As far as dealer locates, yes, it is more difficult for us now, especially on higher trim vehicles, but it's still being done.