I applied for financing through the Subaru site after using their payment calculator, and it took me to a financing app. I filled it out, submitted it, and got a hard credit pull — but it somehow went to a totally different dealership, even though I never picked one.
Now the dealership I’m actually getting the car from keeps quoting me way higher rates — like 6.2% for 60 months and 6.9% for 72. But the other dealership that got my info approved me for 3.9% and 5.29%.
Now my actual dealer wants me to do the whole thing again using their own site. Do I really have to do another credit pull? And if they won’t match the better rates, should I just walk and go to the other dealership, even if it’s 1.5 hours away and I’d have to take a car that isn’t the one I ordered?
I called SOA and they just said they only make the cars and don’t handle any of the sales stuff. But this was the Subaru financing page from the main site… I get it’s Chase behind it, but is it true that only one dealership can use my application even though it came through the same lender?
If your dealer won’t match those better rates, I’d walk. An extra drive is worth saving that kind of money. And another credit pull isn’t a huge deal if you’re not planning to borrow again anytime soon. It won’t hurt your score that much.
@Lesley
If you’re applying for the same type of loan, credit scores usually count all the hard pulls as one — as long as they happen within about 30 days.
Devlin said: @Lesley
If you’re applying for the same type of loan, credit scores usually count all the hard pulls as one — as long as they happen within about 30 days.
Not always. If you open two credit cards in a month, you get two hard pulls. I’ve shopped around before too — one from a credit union and one at the dealership — both showed up separately.
@Lesley
Credit scoring rules were changed to treat multiple auto or mortgage loan checks as one, if they happen close together. You’ll still see each one on your report, but they usually count as just one for scoring. And the hit is small — just don’t miss payments, that’s what really kills your score.
Devlin said: @Lesley
If you’re applying for the same type of loan, credit scores usually count all the hard pulls as one — as long as they happen within about 30 days.
I had both the dealer and Chase pull mine. Ended up with two hard pulls too. Wasn’t thrilled about it.
The lower rates you’re seeing are usually made possible by a dealership kicking in some of their profit to buy the rate down. If your current dealer expected you to go with outside financing, that might explain why they’re not offering the better rate now.
Even if it’s all through Chase, the dealer helps cover some of that rate drop. I’d ask your dealer if they can still honor the pricing with Subaru/Chase financing instead of pushing their own loan option.
If they say no or play games, I’d take my business to the one that already gave you better terms. No point sticking with a dealer that’s making things harder.
Wolf said: @Flint
I got the better rate from Subaru/Chase too — just through a different dealership. That’s what’s confusing me.
Yep, I went through the same program when I bought mine.
Thing is, the dealer takes a hit on their side when you use those promo rates. Chase is the lender, but the dealer is the one helping cover the lower rate.
Chase doesn’t care which dealer you buy from — their job is just to fund the loan.
If your current dealer thought you were using other financing, they probably gave you better pricing and now want to make it up by pushing their own loan. Some salespeople also get bonuses for using certain lenders.
If you’re not sure, call Chase directly and ask. They won’t care what dealer you buy from — just that they’re the ones holding the loan.
Wolf said: @Flint
Thing is, I’m using VIP pricing, so the price isn’t even negotiable.
Yeah, VIP pricing is fixed depending on your membership. That already cuts into the dealer’s profit. If it’s just an invoice deal, they might only be making $500 or so. Then if you use the lower rate financing, they lose more.
So yeah, it kinda makes sense now why your dealer isn’t thrilled about the lower rates.
Cypress said: @Flint
That’s why I take my money to dealers who don’t mess around and just make the process simple. If they treat me right, I go back next time too.
Exactly. My go-to dealer would take the deal no problem. But the one closest to me? Total hassle.
Sounds like the one the person who posted this is dealing with is just making things harder than they need to. Probably trying to avoid giving the lower rate, or maybe the salesperson wants a better commission.
I’ve explained it all, but honestly… I should’ve just said they’re being shady and it’s time to find a better dealership.