Last edited by rotisserie; 03-28-2019 at 12:48 AM. Reason: added statement in parentheses
Thanks for the responses, everyone. Hopefully others doing their Subaru Crosstrek research can benefit from the insights in this thread. Feeling like Meghan Trainor's "NO" song will be this week's anthem as I am picking up my Crosstrek this weekend. Or maybe even Ringo Starr's "No No Song," revised for the new car buyer, haaa
The same thing happened to me, they actually dinged my wife's credit even though we already had a approval from our own credit union. Needless to say she was not a happy camper.
I have a preapproval from my credit union and they have my information all set up in a database where dealers just need to look up my info & my credit union’s and I can get my Crosstrek that same day. But the dealer wants me to fill out a credit application anyway and I pushed back, because I’m concerned my credit score will go down again because of the added hard pull.
Any creditor in the meantime can’t do anything to my info because I have a freeze in place for all of my credit reports. I told them so and they backed down. They said they still want the form filled out and given to them the day my vehicle arrives. And also to bring my pre-approval letter. The dealer confirmed they’ve worked with my credit union in the past with no problems so yeah.
What’s the deal? Is this standard for dealerships? I’m a satisfied client with my credit union and I’m ok with my rate.[/QUOTE]
Do you feel comfortable sharing more details and the outcome of your situation, without revealing personal details of course?
If you and wife are open to this, I highly recommend doing a credit freeze on y’all credits. Anyone wanting to do a credit check will have to run it by you first. I actually did that with my credit union on purpose, to see if the system works. When they called me because they couldn’t run my application because of the freeze, I had my permission ready for them. Rest of that talk was smooth.
I’m sorry to hear that experience. Good thing the score can be recovered but depending on an individual’s situation, that can take time. So it’s annoying when it happens.
Never heard of that. Silly if you are approved if you like the rate. I always get a better rate through the dealer banks. I have never paid more than 1.99 for a new car in 15-20 years. My Crosstrek is 2.5 years old and the dealer rate was 1.89 through a local bank ---if you have good credit you might want to look at that option
No it's not normal unless they don't believe you when you said you credit union financing. I financed thru my CU but the dealer did all the paperwork. I just told them who to call. Not a problem.
This is probably unrelated but perhaps along the same lines of what's going on.... today I did Capital One's pre-qualification application with their Auto Navigator site, no hard credit pull, and it showed me a 3.99% rate but to complete the financing I would have to fill out a credit app with the dealer who would then pull up my pre-approved rate from Capital One. I re-financed my current cars with Capital One so I'm an existing customer but that doesn't seem to make any difference.
So this situation might be different than the topic at hand since I wasn't actually approved for a loan with this pre-qual application, but it said the dealer would have to give me all the legal mumbo jumbo and that's why I had to apply through them.