Does this sound legit???

[Lookin2Buy]

So, I'm wanting to join the Mustang family and decided to go through my credit union for the loan. Since this isn't my first rodeo I said to myself I should apply for credit through Ford BEFORE I get to the dealership to make the transaction that much smoother. I finally find the Mustang I want and rush over to the dealership to do what I think will be a smooth transaction. I get there and the salesman says they don't see my credit app in the system and that I would need to do another one. I say no I've already done one but it doesn't matter I'm using my CU. The sales manger comes over and says I'm required to do a credit app and he can't sell me the car without it.

Does this sound right to any body? In my mind I'm thinking maybe they do need to run it to as they say "ensure I am who I say I am because fraud is high and I might have a fake check from the bank". But then I snap back into reality and say hell no I've done an app online and I'm using my own credit so if that's not good enough then I'll go elsewhere.

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[Zig]

Sometimes there are some odd rules for certain transactions in specific locales

 

[rubbertoe]

That was my experience also when buying a new gt. Whatever the reason the dealer was not telling why it was necessary.

 

[IFFV68]

As long as they get their money for the vehicle, what do they care where the money came from?
It seems odd they would need you information..

 

[Lookin2Buy]

As long as they get their money for the vehicle, what do they care where the money came from?
It seems odd they would need you information..

Most dealers absolutely want you to use their financing because it's a lot more money (unless you use theirs and refinance the next day, but still). In my mind they were going to have me do the credit app and use my scores to try to gauge what my CU gave me to beat their rate.

 

[ListedGuru]

Most dealers absolutely want you to use their financing because it's a lot more money (unless you use theirs and refinance the next day, but still). In my mind they were going to have me do the credit app and use my scores to try to gauge what my CU gave me to beat their rate.

FYI Ford Credit is offering special rates on 2024 Mustang's currently in certain parts of the country. Seeing 1.9% for 36 months, 2.9% for 48 months and 3.9% for 60 months so it might be worth checking out the Ford rates in your area. These are pretty good rates in this current rate enviroment.

 

[BossPSC]

FYI Ford Credit is offering special rates on 2024 Mustang's currently in certain parts of the country. Seeing 1.9% for 36 months, 2.9% for 48 months and 3.9% for 60 months so it might be worth checking out the Ford rates in your area. These are pretty good rates in this current rate enviroment.

I bought mine last weekend through FMC at 1.9%. That was better than my CU by a considerable amount so that might be the way go anyway. While there's some odd processes to but a car these days I wouldn't think they would have to run your credit if your pre-approved through your bank.

 

[Decio]

Don't let them do another hard pull of your credit. If they don't want the sale without financing, find another dealer. They can refuse to sell just like you can refuse to buy and walk away.

 

[Deleted member 60890]

Yeah, it is totally wrong. They are trying to get you to do an app so that they can see if they can beat the interest rate or if not talk into using them because they have better benefits or whatever bullshit talk. Don’t let them pull an app there’s plenty of dealers you can buy a Ford Mustang from you don’t have to buy it from them. I would call the general manager and ask them is this the type of goon squad sales tactics to gain more margin on the sale? I freaking can’t believe it.

 

[Rio Lobo]

This isn't unheard of. My father was paying the full amount with a check. They ran his credit as basically a security check. He didn't care one way or the other.

But I would think if you're opposed, the dealer would have some other way. I always give the dealer a chance to beat my financing, so this isn't something I've had to mess with.

 

[Zig]

As long as they get their money for the vehicle, what do they care where the money came from?
It seems odd they would need you information..

That’s the rub and the reason for the financial rules. Walk in with a pile of cash and you’ll still need to fill out a form to verify. Not saying you gotta complete their app prior to showing up for purchase (our dealer kept asking as well but we didn’t share any info until we sat down to do the deal) simply saying the feds have made some of the reporting requirements part of the purchase/sales process.

 

[Lookin2Buy]

That’s the rub and the reason for the financial rules. Walk in with a pile of cash and you’ll still need to fill out a form to verify. Not saying you gotta complete their app prior to showing up for purchase (our dealer kept asking as well but we didn’t share any info until we sat down to do the deal) simply saying the feds have made some of the reporting requirements part of the purchase/sales process.

And I’m glad you mentioned this. My salesman was a young guy and he lied to me. He said I need you to complete this verification on my computer. I look at it and it clearly says Ford Credit Application. He then says it’s not a credit app it’s just our verification and if you want you can go through and only complete the boxes that have a red dot next to them. I say ok I’ll play your games, I go through with vague information and sure enough big red dot next to SSN. I stopped and said no more.

 

[Skye]

Is what happened legit? No, it is not. The local dealer was attempting to sell a loan to the buyer.

In Ford's financial statements, they identify how much their credit programs make money for the company. To the dealer, getting a buyer to finance through them makes a nice amount of money as well. And unfortunately, many will do anything to make that happen.

Drivers License or other government-furnished ID is all that is required to confirm the identity of the purchaser.

It's a good practice to offer what's available or possible through Ford credit. Some buyers might have researched beforehand. Others not. But to require a hard pull before that discussion can take place, "No Thank You."

https://www.edmunds.com/car-buying/car-dealership-credit-report-scams-and-the-patriot-act.html

https://www.experian.com/blogs/ask-experian/hard-inquiry-vs-soft-inquiry/

Edit:

"Welcome to our store! We'd love to sell you something. But before we do, we need your SSN# and other identifying information, so we can run a credit check before purchase."

 

[Zig]

And I’m glad you mentioned this. My salesman was a young guy and he lied to me. He said I need you to complete this verification on my computer. I look at it and it clearly says Ford Credit Application. He then says it’s not a credit app it’s just our verification and if you want you can go through and only complete the boxes that have a red dot next to them. I say ok I’ll play your games, I go through with vague information and sure enough big red dot next to SSN. I stopped and said no more.

The spooky part of the whole story is: ‘where’s the first app info?’ I mean what happened to the stuff you submitted but they say they don’t have?

 

[Deleted member 60890]

I purchased over 50 some odd cars in my lifetime and I run into all the scams. This is just one of them.

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