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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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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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, 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, 10:21 AM | #12 | |
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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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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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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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02-20-2019, 08:34 PM | #19 |
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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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When you swipe right and match on tinder do you have to marry her? No.
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03-04-2019, 06:29 PM | #21 | |
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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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