Credit approval Getting a 2 Day Test Drive

Ask the Hackrs
1

I’m Getting a 2 Day Test Dr. on a vehicle- I put $500 refundable deposit down Gave my license and insurance information-Now they want my credit…they said it was going to be a soft pull but they sent me a complete credit application!?
How should I approach this and handle it I don’t want to give me credit info to anybody unless I’m 100% getting deal

2

There is no such thing as a “soft pull” I’ve heard car salespeople say that because they don’t understand what happens. What type of vehicle is it? We require that on our Top of the line models but bail customers in cars all of the time with a deposit on others.

3

It’s a 2018 Chevy Traverse lt w/leather-Ended up doing it & submitted …but the guy said it’s only being submitted to GMC for a lease not loan as that’s the only lease company they work with ?
Well they’re going to drop it off Monday morning at 10 AM and pick it up same time on Wednesday

4

just make sure if your 100% getting the car they do only one pull on your credit as many dealers do more than one.

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5

To my understanding, all auto credit inquiries within 30 days are consolidated to one inquiry - in regards to affecting credit. Regardless of how many inquiries appear

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6

im not to sure because on my first car purchase I had noted 2 credit inquiries

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7

But it counts as one for the purposes of calculating your score. It takes into account the fact that you might be shopping around.

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8

I hope so -that would be logical and fair of the credit agency!

9

Or it may look at it as if you have been turned down twice out of three requests.

10

All I know is that I got 2 credit inquiries and they both counted torward my credit score

11

I believe each one counts, that’s what FICO says.

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13

The bottom 2 are the ones I’m talking about

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14

that Kinda sucks -Especially since I’ve done a little credit card churning this year.If I’m approved for GM through the dealer I wonder if I’m approved at all GM dealers without pulling my credit again…

15

I think there are 2 things that got mixed up here:

  1. Every inquiry counts and affects the score.
  2. Lenders understand that multiple inquiries in successesion most likely caused by shopping for a loan and may treat them as one, and will also dusregard drop in score that they caused.
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16

Thank you :pray:I’ll update with lease quote when I receive