I’ve been talking to a lease broker (who reached out to me about a vehicle I’ve inquired about on an earlier post) who has been helping me negotiate a deal for a car. As part of the process I’ve been asked to submit a credit application through his brokerage company, as opposed to directly with the dealer or financial services company. Is that typical? He seems very legit and knowledgeable, and has sent me invoices of vehicles etc but I’m a bit concerned that this could be part of a phishing scam so that he can gather all of my personal information? The other part that leaves me skeptical is he said he would drop off the vehicle directly to me, rather than me going to the dealership to sign all the paperwork. Has anyone else who has used a broker had a similar experience? Any help would be greatly appreciated!
I would disclose credit information directly to the dealer the broker is working with. Wouldn’t trust someone you cant run background on and/or a doesnt have a extended history you can look at. Even if the broker is legit, his security system may not be. The broker should be fine with you working with the dealer directly on the credit application. If not, I would walk. A deal on a car (thats a depreciating asset) isnt worth potential identity theft (which would potentially offset any gain u had from the lease deal).
I personally would not share it unless I was in the closing stages of a deal, you have no sense of how your privacy is maintained nor how those sensitive documents are handled. If they are just passing along the application to the dealer because you are closing on the car, fair enough.
Let’s wait before we jump to conclusions. The broker won’t run it himself, almost every credit app requires the same info. He will give it to the dealer, he cannot run it. If he is legit than probably isn’t stealing your info, if you want to feel really secure ask to send it to the dealer.
Appreciate the replies - I spoke to him, he’s been pretty transparent about the entire thing, and gave me the dealer contact so I can send the credit app in directly to the dealer…glad I didn’t rush to judgement on this one…
Agreed, the broker just wants some commitment which is understandable. The more modern, correct way is for the broker to get a retainer fee from you, rather than hold and pass a credit app.
