Hi Danny1122, the dealer performs a hard credit pull after you’ve completed and submitted your credit application, and checked the box that authorizes the dealer to run your credit.
Morgan, that’s not what people are complaining about. People are complaining that hard credit checks are being run BEFORE any deal was secured or even agreed to. Why is this happening? Why is it even an option to check the “run credit” box before a deal was agreed to between prospective customer and dealer?
Adding to this to ask: Morgan, are you saying Honcker operates by running credit before the terms are agreed to by the dealer? If so, are you not seeing how this is totally backwards?
StingerTT, this is happening because the customer authorized the dealer to run their credit after placing an order. There is no option to check “run credit” before placing an order! By clicking “place order,” you are creating an order/deal. The dealer performs a hard credit check because you placed an order, confirmed that you would like to lease the car, and submitted authorization. With our unique business model, we are not a lead provider. We provide our dealer partners with confirmed deals.
Hi dukez, Honcker will never perform a hard credit check. Our dealer partners can only run hard credit pulls once they receive a completed order and consent. Reminder: when you click “place order” and “confirm” you are placing an actual order with the dealer on that specific vehicle.
We are hearing from users that deals are not being guaranteed, and terms are being changed after credit is run. According to Talles, the VP of Sales at Honcker, this is common practice to run credit under the premise of a confirmed deal, and then subsequently not honor the confirmed deal.
That’s pretty fraudulent practice as far as tampering with consumer credit, and the VP is on record saying it. Which of course contradicts your notes above.
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And then the dealer reneges on the deal. How’s that OK? In the end it is Honcker who screws its users.
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Hi Ursus, please PM us the order number that you’re referring to and we will investigate further.
STOP LYING!!
You are NOT creating an order or a deal! If that were true, it would be honored. You are giving the dealer a lead using false advertising. Nothing more.
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Honcker is ultimately a glorified lead-generation service that for some reason is doing hard pulls when you click the “order” button. They should change “order” to “send request to dealer” and not do a credit pull. It’s exactly what it’s doing…
It would be better if Honcker had a way of holding dealers to honor their pricing that’s offered. However, I don’t see how they can do that.
PS - most reputable places, including many brokers I know (and myself), still honor the deal when it is a screw up from their end (i.e. someone ran a car wrong, or the dealer no longer wishes to honor certain pricing). I don’t think this is something that Honcker will ever do.
This could be the difference between the soft check vs the hard pull the dealer does. Just because a score is 800 on a soft pull, there maybe specifics on the hard pull that change pricing (MF from captive). I’m relating this to a credit card pre-approval to a underwriting approval after applying.
Does anyone have a credit report screen shot (don’t post name or specifics) that shows Honcker as the hard pull or is it the specific dealer/captive finance?
Here is my report from my failed Honcker lease attempt:
Feb 08, 2019 GMFNANCIAL
801 CHERRY ST STE 3900
FORT WORTH, TX 76102
Feb 08, 2019 OURISMAN CHEVROLET CO INC
4400 BRANCH AVE
MARLOW HEIGHTS, MD 20748-1899
1-301-423-4000
This was the deal they wanted to honor the listed terms only with my $3,000 GM card points applied (which the dealer took and later gave back).
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Hm, why two hits?
Do you think that was a scramble by the dealer to get some extra cash ? What was the final outcome? Did Honcker CS help ? Who dropped the ball here and why?
Honcker probably uses Experian, TU or Equifax to pull the consumer report (soft pull)
The information is already there. Most lenders will do a hard pull when they are 100% funding because they want their inquiry to show up on the credit report.
I just dont get honcker – they will get in a whole lotta shit if they do hard pulls and change pricing and them blame it on the dealers – Yo its your platform and reputation – right now they are hurting themselves and losing customers.
I never figured that one out. It’s always been like that for me also, in fact I’ve seen GM Financial pull twice is you take delivery of the car the next day or 2 days later.
Yep other recent lease and purchase shows like that.
I don’t know exactly why, but this whole thing has me really worked up, even though I’m not directly affected. It just infuriates me. And the excuse of “well, the numbers changed after the hard pull” is bullshit. Never once have I witnessed numbers changing because the hard pull and soft pull scores were different enough to warrant said change.
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