Quote:
Originally Posted by ReaperKK
Quote:
Originally Posted by wtwo3
It seems to vary by dealer. Some dealers won't run a credit check until you're ready to pick up the car/sign the final paperwork, and some require filling out a credit application before you place the order. It also seems to depend on the type of order you're placing. If you're requesting multiple individual options, they will most likely require credit check at time of placing the order.
On that note, shouldn't your utilization decrease if you've paid off bills? Unless you're paying these accounts off and closing them too. Or do you mean you paid off bills with credit cards?
Also, how are you verifying your credit? Are you relying on sites like credit karma? Or are you actually paying for your score through myFico? I would strongly suggest paying for myFico as that will give you your actual auto lending score, which is what manufacturers reference when issuing credit.
In regards to your trade in. I would strongly suggest you treat your trade in as a separate transaction. If you negotiate sale price of the car as well as your trade-in, the dealer will most likely try to justify offering you a "good" deal on one end by making it up on the other end (i.e. give you a good % off MSRP but then give you a terrible valuation on your trade-in or vice versa). But by treating them as 2 separate transactions (not even mentioning you're trading a car in at time of MSRP negotiations), you're ensuring the dealer doesn't muddy up the deal.
You will also benefit if you get sale quotes for your trade-in with other methods (i.e. carvana, vroom, carmax, etc). I found carvana to offer me the best value for my previous car when I was selling it. The dealer was offering me about $1,500 less than what carvana offered.
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Thanks for the post! I check my credit through a paid experian account which gave me my FICO 8 and FICO 8 auto score. My utilization went up because I paid some medical bills with a CC, i've since paid my CC off but it'll be a couple of weeks before my balance updates to bring my back utilization down. I'll just end up and wait.
As far as my current car is concerned I was offered $22k for it through Genesis when I was looking for a G70 for myself, I stopped by a BMW dealership nearby where they gave me $19k but I didn't spend any time negotiating. I'd be happy with $22k as that is a few hundred less than my payoff. |
When I placed my order for my build I did a credit check prior to putting down my deposit etc to lock in the current rates I had negotiated with my dealer. It would be a waste of $2k if you put down the deposit and for some reason didn't get approved by BMWFS when you went to pick up the car and finalize the paperwork.
In order to get a 'top tier credit' deal, I was told by my local dealer a credit score of 740+ would qualify for that. However, I believe BMWFS will approve most people as long as they have above a 680 and don't have an absurd monthly payment amount. It also helps to put down some $ if you're credit is not the greatest.
I had to work on rebuilding my credit over the last few years from some mistakes when I was younger and dumber
