Credit Check for Ordering?

[Jmbeebe0722]

I have been working with a dealer to get my 2014 Raptor ordered...

We had everything ready, they called to get allocation this morning. They required a credit check to place the order even though I had a pre-approval. I am young at only 20 years old, but my score is very high.

I was approved through one of their banks, but Ford declined me. They are saying that Ford will not allow an order of a Raptor without approval from Ford Motor Credit, even if others banks will finance me. They are requesting that I have a co-signer apply, even though I won't need a co-signer to actually buy the truck.

Does this sound unusual to anyone else? I could understand if my local CU didn't already pre-approve me and their banks have even matched my local CU approval and rate. But just because Ford denied me a loan, I have to have a co-signer to order?

 

[Deleted member 12951]

To me it sounds unusual. I placed my order and no check was done. The dealer really doesn't have a whole lot to lose. Say you don't get it when it comes in, they will put it on the lot and probably have no problem getting it sold. Besides, in 4 months someone's credit could go to crap so what difference does it make to check it now.

You have a odd dealer there and they are playing with you in my opinion because of your age.

 

[Jmbeebe0722]

To me it sounds unusual. I placed my order and no check was done. The dealer really doesn't have a whole lot to lose. Say you don't get it when it comes in, they will put it on the lot and probably have no problem getting it sold. Besides, in 4 months someone's credit could go to crap so what difference does it make to check it now.

You have a odd dealer there and they are playing with you in my opinion because of your age.

I feel the same way, which is odd to me because I bought my 2013 FX4 from them and they secured my loan then as weell.

 

[RaptorScrew]

Ford Motor Credit has nothing to do with ordering a vehicle from Ford. They're full of shit!

I was a business manager at a GMC dealership for 15 years. If I had an approval, I would order the vehicle period. They're full of shit.

With that said, if they've already got you approved they should already have a copy of your credit report.

?????????

You should have signed a couple of disclosure documents (Not the credit application) prior to them submitting anything to the bank showing that you're aware they're going to pull your credit for purposes of preapproval.

 

[RAPTORSV]

Why not just let them run your credit? Order you Raptor before it's too late, or someone else gets this allocation.

 

[Jmbeebe0722]

Why not just let them run your credit? Order you Raptor before it's too late, or someone else gets this allocation.

Thats the thing.. They have ran my credit, and were able to match the interest rate of 2.99% I was approved for from my local credit union. They have already secured the loan from another bank.

However, they claim Ford will not allow them to order a vehicle unless the credit has been approved from Ford Motor Credit, which I denied from due to length of credit history. Therefore, they are asking for me to get a co-signer just to apply to get Ford Motor Credit to agree, then not use the co-signer and use the already approved loan from another bank.

I don't think I should have to, and my father (who is co-signer on my truck now, and I have an approval without him on the note) doesn't agree with allowing them to just run his credit for the hell of it.

Both myself, and the dealer have received approvals and agreeable terms for purchase.

 

[RaptorScrew]

Thats the thing.. They have ran my credit, and were able to match the interest rate of 2.99% I was approved for from my local credit union. They have already secured the loan from another bank.

However, they claim Ford will not allow them to order a vehicle unless the credit has been approved from Ford Motor Credit, which I denied from due to length of credit history. Therefore, they are asking for me to get a co-signer just to apply to get Ford Motor Credit to agree, then not use the co-signer and use the already approved loan from another bank.

I don't think I should have to, and my father (who is co-signer on my truck now, and I have an approval without him on the note) doesn't agree with allowing them to just run his credit for the hell of it.

Both myself, and the dealer have received approvals and agreeable terms for purchase.

Simply put: They're full of shit!

 

[BigBOSS]

Not sure how old you are but I am 24 and wasn't required to get a credit check when ordering. I also have my financing worked out through USAA at 1.24%

 

[Scozz]

It sounds like they want FMC to get the loan and interest not another bank. I would have your father co-sign again, order the vehicle, then once you get it, have your credit union pay the note off, and then you pay the credit union. More work and hoops, but then you're done.


http://www.fordraptorforum.com/showthread.php?t=31296

 

[Deleted member 12951]

Are they giving you such a great deal, near invoice for you to want to put up with their crap?

I would go elsewhere or do the quick refinance. I financed with Ford with my current truck for a $1,000 rebate then never made a single payment to Ford and refinanced as soon as I got the loan number.


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