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      02-09-2019, 01:44 AM   #1
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Dealer checked my credit - Do I have to buy the car now?

Hey folks got a question regarding a used car. This may sound like a dumb question but am I obligated to buy/finance a used car if the only thing i submitted was a credit app? I changed my mind about a the car after I submitted a credit app. Can I walk away? Thanks
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      02-09-2019, 01:47 AM   #2
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Quote:
Originally Posted by 818M3 View Post
Hey folks got a question regarding a used car. This may sound like a dumb question but am I obligated to buy/finance a used car if the only thing i submitted was a credit app? I changed my mind about a the car after I submitted a credit app. Can I walk away? Thanks
yes, but you shouldnt let them (dealers) hard pull your credit until your ready to buy assuming your financing.

if you go in knowing your credit or pull a copy of your own report it wont be a hard pull.
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      02-09-2019, 01:50 AM   #3
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Originally Posted by YasF80_SLO View Post
yes, but you shouldnt let them (dealers) hard pull your credit until your ready to buy assuming your financing.

if you go in knowing your credit or pull a copy of your own report it wont be a hard pull.
Yes I will take my own credit report next time. So I can walk away. Just want to clarify. Thanks! Btw I'm in CA if that matters.
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      02-09-2019, 06:22 AM   #4
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You can walk away at any point if you haven't signed a sales contract. Your credit report will show an inquiry from whichever financial institution the dealer is working with, which will ding your credit score temporarily.

Be warned though, some dealers will run it multiple times because they work with multiple institutions. One time I had four inquiries out of the same transaction!
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      02-09-2019, 06:33 AM   #5
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Yeah you're under no obligation just because they run your credit. If you know what you want and you already know your score then I would negotiate everything you need and then the last step would be credit check and purchase. They either won't agree to certain things and you can walk away with no harm to your credit, or they do agree and you become a happy buyer.

Letting them credit check you early on also gives them a chance to manipulate numbers for whatever agenda they might have.
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      02-09-2019, 06:51 AM   #6
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Me thinks there is more here than just a credit report. Most dealers will not run without at least a term sheet, so they know how much the customer is borrowing/putting down. Also, "credit app"? More likely a purchase order and financing app with authorization to pull credit.
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      02-09-2019, 07:02 AM   #7
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All hard pulls made within 14-30 days are counted as one pull.
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      02-09-2019, 07:16 AM   #8
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You can walk out at anytime. Pen in hand, in the finance office if you want.
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      02-09-2019, 03:55 PM   #9
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If you're buying a used car it's always best to get pre-approval from your own financial institution, preferably a credit union, and come in with your own financing. You can also shop around for the best terms (APR) and not have to rely on the dealer to get financing for you, which may be more expensive.

The same applies to new cars, although if you're buying a new BMW and doing Euro Delivery, BMW FS may be your only option. But even if you use BMW FS for a new car, you can always re-fi at your own financial institution at a later date. That's what we did for my wife's 2018 M3 when we did Euro Delivery. BMW FS was at 4.09% when we bought, but our credit union refinanced after the car arrived home at at least a half percent less.
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      02-09-2019, 06:28 PM   #10
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Thanks guys for the great advice, one more thing. I remember that it said "quick credit app" and it asked for my social, year, make, model and financing amount. Is this something you usually see on a quick credit app?
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      02-10-2019, 08:44 AM   #11
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If a woman gives you her phone number does she have to sleep with you?
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      02-10-2019, 10:21 AM   #12
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Quote:
Originally Posted by 818M3 View Post
Thanks guys for the great advice, one more thing. I remember that it said "quick credit app" and it asked for my social, year, make, model and financing amount. Is this something you usually see on a quick credit app?
They honestly shouldn't have run your credit if you were not ready to pull the trigger.
A credit check should ONLY be run if the customer is READY to buy. Unfortunately, there are dealers out there that run people's credit as as they wish...
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      02-10-2019, 06:41 PM   #13
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Quote:
Originally Posted by R-M4 View Post
Quote:
Originally Posted by 818M3 View Post
Thanks guys for the great advice, one more thing. I remember that it said "quick credit app" and it asked for my social, year, make, model and financing amount. Is this something you usually see on a quick credit app?
They honestly shouldn't have run your credit if you were not ready to pull the trigger.
A credit check should ONLY be run if the customer is READY to buy. Unfortunately, there are dealers out there that run people's credit as as they wish...
Sounds like he was ready to buy it but then backed out. Don't think the dealer was running his credit just for fun.
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      02-10-2019, 07:30 PM   #14
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If a woman gives you her phone number does she have to sleep with you?
Definitely!!!
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      02-10-2019, 10:28 PM   #15
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You can always back out...essentially up to the point papers are signed, money is transferred and keys are in your hand.

Most reputable dealers would let you back out until the car is in your name and driven off the lot.
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      02-12-2019, 09:06 AM   #16
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This answer is a little off topic and maybe does not apply in your case now but one thing that people can do is have your credit locked or frozen (two of the three agencies offer this for free and very easy to set up). When your credit is frozen no one can do a new credit pull. Then when you are ready to have your credit pulled then you can unfreeze it.
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      02-16-2019, 06:50 AM   #17
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Quote:
Originally Posted by R-M4 View Post
They honestly shouldn't have run your credit if you were not ready to pull the trigger.
A credit check should ONLY be run if the customer is READY to buy. Unfortunately, there are dealers out there that run people's credit as as they wish...
I disagree - because if he said "what would my payment be?" They would at least need to know what rate the could get him - and seeing as the OP is young, they would need a starting point (to even see if they could get him credit).
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      02-20-2019, 12:41 PM   #18
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Quote:
Originally Posted by visi107 View Post
This answer is a little off topic and maybe does not apply in your case now but one thing that people can do is have your credit locked or frozen (two of the three agencies offer this for free and very easy to set up). When your credit is frozen no one can do a new credit pull. Then when you are ready to have your credit pulled then you can unfreeze it.
This scenario only applies to someone doing an unsolicited credit check, whereas in this case it's pretty clear the OP authorized the dealer to check his credit but later changed his mind and did not want to complete the purchase.
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      02-20-2019, 08:34 PM   #19
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Quote:
Originally Posted by lawrence1 View Post
This scenario only applies to someone doing an unsolicited credit check, whereas in this case it's pretty clear the OP authorized the dealer to check his credit but later changed his mind and did not want to complete the purchase.
hence why i said it might not apply to him . . . but the idea is to avoid any potential miscommunications and be in charge of when you are ok getting your credit checked.
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      03-04-2019, 05:08 PM   #20
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      03-04-2019, 06:29 PM   #21
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Quote:
Originally Posted by 818M3 View Post
Thanks guys for the great advice, one more thing. I remember that it said "quick credit app" and it asked for my social, year, make, model and financing amount. Is this something you usually see on a quick credit app?
There's no such thing as a "quick credit app" they were probably just referring to the fact that they weren't going to fill out a completed application. You don't need a full, completed credit application to run a report. Sounds like they wanted to just get an idea of your credit was and use to that determine the rates they believe the bank would give them.

Also, in the state of California, even if you sign the paperwork, you can still back out. Until you drive the car off the dealership's property, you can back out. The saying is "If it ain't rolled, it ain't sold."
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