Finance Question

[M Kyle]

Does this seem odd?

I placed a deposit and completed a credit application at the same time. The same day the Sales Manager tells me the credit check was good to go. Note, I confirmed a hard credit pull for this date on my credit report. A month later when the vehicle arrives, I sign the paperwork and leave with the vehicle. I submitted no credit application at this time. Days later the dealer calls and texts me stating that I need to complete another credit application as the SS# was entered incorrectly. However, they don’t tell me who entered the SS# incorrectly. They send over the credit app and I fill it out. I later confirmed that another hard pull on the credit was conducted.

Is it normal to have two hard credit pulls when going through the deposit and purchase process? Could the dealer have submitted another credit application without me knowing the day I signed paperwork and received the vehicle?

 

[TellTastic]

@M Kyle

Multiple Inquiries When Shopping for a Car Loan - Experian

Experian lists each inquiry that is made into your file for two years, so that you have a complete record of who has reviewed your credit history, but they will only be counted as one inquiry when calculating the score.

www.experian.com

This explains kind of what I think you’re going through.

The whole ‘wrote the SSN wrong’ seems sketch - there’s no way it’d be Transposed wrong if you see a credit pull now.

From what I understand, it’s common to have additional pulls if the time of initial application and Actual purchase was separated by at least 30 days. This is because lender rates change.

to be frank, I wouldn’t be happy if it was me.

 

[jw_tx21]

Does this seem odd?

I placed a deposit and completed a credit application at the same time. The same day the Sales Manager tells me the credit check was good to go. Note, I confirmed a hard credit pull for this date on my credit report. A month later when the vehicle arrives, I sign the paperwork and leave with the vehicle. I submitted no credit application at this time. Days later the dealer calls and texts me stating that I need to complete another credit application as the SS# was entered incorrectly. However, they don’t tell me who entered the SS# incorrectly. They send over the credit app and I fill it out. I later confirmed that another hard pull on the credit was conducted.

Is it normal to have two hard credit pulls when going through the deposit and purchase process? Could the dealer have submitted another credit application without me knowing the day I signed paperwork and received the vehicle?

First, you should never have agreed to a credit app when you left a deposit. That is a slimy tactic that dealers use to ensure the sale won't run into issues at delivery. Many Kia dealers are trying to put credit challenged people into vehicles with low monthly payments.

That being said, it happened, so when they delivered your vehicle the lender they used probably required a more current credit pull. It sounds like they may have done a spot delivery with you and not arranged the financing at delivery - so they did it after the fact.

Anyway, sounds like a sloppy dealership. You got your vehicle, and hopefully got the financing terms you wanted, so I wouldn't worry about it. Extra pulls won't affect your credit score that much.