dawizard

I read about this off and on but wanted to see what the most recent views are on this.

We finalized on a new ML350 and we secured a great rate through our bank. However, the dealer is telling me that they need to run credit irrespective of who our lender is.

I don't mind the credit check, we already had that done by our bank in the last day or 2 so it won't hurt our scores but I just don't want to do it if I don't have to.

Is this legit? Should I be thinking thrice about this (I am already thinking twice)?

Midwest

I think it is common practice. I had pre-approval for a vehicle through my credit union, but the dealership still ran mine anyway. I am not sure why they do this, but they do.

Thericker

I believe they do this to try & further prevent fraud IE a fraudulant criminal goes in w/stolen identity & fake loan etc the dealership is trying to further prove the person buying the car on loan doc's is indeed person in front of them & everythings legit.. These types of scams have plagued & burned dealers for years.. They give the perp the keys & it's over no real doc's no real address no $$ etc etc...

dawizard

So the dealership basically told me that if you get us a cashiers check for the amount (same for your down payment), then we don't have to do a credit check on you.

They don't want people driving off without any background unless they have the money on hand so it's either cashier's check or credit check to make sure they can bill you if you don't pay up.

This is fine, the bank should be able to get me a cashier's check.

screw991le

I was actually pre-approved through AAA for 1.9% and my selling dealer beat them. Yes it sometimes hurts your credit score, but it could be worth thousands in the end.

dawizard

Wow, good deal. AAA doesn't provide insurance in Cali but I did get a 1.8% through bank and MB dealer pretty much told me they wouldn't be able to come close to it. MB is currently running a 2.99% promotion.

screw991le

Mine was a used rate, I never buy new Let someone else pay the excise, gas guzzler and the deprecation for 2 years.