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Posted in Auto Loans
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crzylifter07

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Auto loan ran too many inquiries
When I got a new car the dealership ran my credit through a ton of banks and dealers. I only wanted one ran. But now they're all on my history and tanked my score. How do I remove them

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They did the same thing to me..

Helpful to 6 out of 7 people

And I am glad they did run through so many because I saved an extra 3% off what I initally agreed to pay through Honda Financial. 

When you are shopping for a car, you generally are given a period of time where all auto inquiries (I read with Experian 14 days) only count as one hard inqury. You legally are allowed to shop around to get the best rate without it impacting your overall credit. I have 6 additional from my car purchase on 3/14 and am waiting to see how long before they drop off and only the one I selected financing through remains. 

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too many inquiries

Helpful to 5 out of 6 people

The same thing happened to me, 12 hard inquiries, ddropped my score from 722 to 615

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dont sign any more credit applications

Helpful to 4 out of 5 people

if you already have a preaproved loan from a bank and youre satified with the teerm then do not sign a credit applicaion, they did this to me and i declined to sign it since i was already pre-aproved, i did ended walking away from them 2 times but at the end i got the car i wanted. 

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Transunion answered me

Helpful to 3 out of 4 people

They basically told me that regardless if the dealership had my permission to runs several inquiries - they did.  Blossom Chevrolet in Indianapolis went out to about 8 lenders.  All ethe lenders pulled their own report.  Now I have 22 hard inquiries on my history for two years.  the remedy, per TU - write a letter of direct dispute to the dealer and those lenders and tell them the inquiries were not authorized.  However, if you  sign any paper in the dealership - there is likely fine print that says they can basically do whatever they want regardless of what the lip service is.

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Hard inquiries not counted as one.

Car dealer shopped for best rate and I now have 8 hard inquiries on my report. All 8 inquiries were ran within an hour of each other, and they are not viewed as 1 inquiry. Dropped score to 763 from over 800. Has been 1 year.....

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Helpful to 6 out of 12 people

you can't remove them.   you signed on the dotted line to allow them to get the best loan available and they tried that.  

maybe folks can learn from this.  

Go to you bank or credit union and get pre-approved first for x amount  then shop for a car.

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