Credit app with social is typically done directly to the dealer though, not flowed through the broker indepedently.
Depends. We do our own credit app.
For once I like to sayâŚyou are wrong Sir.
The two brokers I dealt with asked for my SSN to fill in the credit app. Of course it was via a reputable site and not just email me your Social. I had zero contact with the dealer other than the employee who delivered the car.
May vary by broker, but there are definitely some that do the credit app through the dealer.
Yeah Iâm kind of confused how a broker is doing their own credit app. The underwriting requirements of most lenders is pretty strict. And the dealerships themselves are often owned by corporations with their own strict requirements (eg SOC compliance and fair lending compliance).
I assumed if a broker were involved, theyâd be passing through the credit application used by the dealership⌠and it would make sense that application be processed by a trained/approved flow rather than adding the extra step of involving a broker to explain the credit process or push paper around.
No offense to the brokers, but very few of them seem like the type to tolerate a SOC 1 Type 2 audit.
I am very similar in this regard. We do this for the very sole reason of avoiding the dealerâs internet department bombarding you with calls etc. You submit through our secure app, and we submit through a secure link through our dealers app.
Thank you!
This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.