Credit check required for ordering Z?
 

I went to order the 2012, the sales guy said that the credit check was required to exact quote "its a new law to check you are not a terrorist, check for red flags and its only a soft check to transunion only and its mandatory to order the Z."

The problem is that I would not have mind IF the Z I wanted was parked right outside and I can drive it outside of the lot. That way I can shop around for financing within 14 days. But this car is 2-3 months out on the ordering and delivering.

Has anyone ordered the Z and not subjected to credit check requirements? I have 2 credit monitoring and my score (equifax and transunion) just took a hit (hard inquiry) and it dropped 35 pts. :eek2:

What are my options now if I'm financing? I might have to shop around for loan now instead of the original plan of waiting til 2 weeks before delivery to increase my score. Is it too late to cancel this order (they will order it in first week of Jan)? Already pissed at this sales guy.

I wonder since they already pulled ur score now, can they get you a loan now? My dealer got me 1.99% with capital one for 60 months.

Did you sign the paper to let them do a hard pull? If so, you're kinda screwed.

The only reason they pulled your score was to check you out and see if you would qualify to finance the car.

They arent going to order your car unless you put down a deposit and you can pretty much refuse anything until you sign the final papers, regardless of what they may tell you...but you will lose the deposit.

35 pts for a hard inquiry?? Do you have a lot of credit history? I get hard inquiries all the time (partly because I own a business) but I have a solid enough credit history and available credit where the hard inquiries don't really do anything to my overall score...35 pts is insane for one hard inquiry.

I have good credit score but limited credit history. Been using cash for years. I wanted to start shopping around when the delivery date gets close so my credit score improves a little but kinda forced to now shop around now.

When you guys shop around for finances, do you shop one bank at a time or shop multiple times at once?

bankrate.com

This issue was brought up on another forum (or maybe it was another thread on here?) yesterday, and a dealership salesman did say that since January 1st 2011, he's had to do mandatory credit checks to make sure you're not a terrorist or drug dealer/money launderer/pimp/etc. Basically, someone with no credit history coming in to buy a $30k car and saying they don't need financing is going to look suspicious.

I ordered mine in mid November, they didn't do a credit check on me. I did put a 1000 deposit though.

Are you not caucasian is that why they wanted this from you? I'm thinking they asked for this because they think they can get away with this.

Get approved from at least 2 banks when you're ready to buy within a month. Do everything in one day.

When I bought my z I put a $500 refundable deposit. What if the z came in and it was damaged?

I've never heard of this. The dealership knows a lot of people do their own financing so it's kind of weird they would do a credit check on you as some sort of assurance they can still sell you the car. I recently bought a 2012 mustang and when I told them my credit union offered me 2.75%, they said they could beat that and performed 8 hard lookup's on me over the span of 2 days. My score only dropped 40 points. (Ultimately they said they could only MATCH that score, which I declined to let them process).

Thats the problem. Hard to get approved for a loan then order the Z 1-3 months out when the pre-approval is only good for 30 days. And in my situation, get dinged twice if I wait til few weeks before delivery to start shopping around.

Long story short, I'm going to cancel the order and just wait it out. The limited credit history is limiting my financing options even though I can afford it. I'll try again in 6+ months once the score recovers and bigger down payment.

My dealer required a credit check even though I paid cash for my ZR. Supposedly it was just in case my check was bad. :shakes head:

If I ever buy a car with cash I'm gonna take a duffle bag with cash and place it on the table and demand keys