Say what!?

[dagwodzz]

I was at work today when my dealer calls and asks me my birth date and ss#. Now keep in mind I have not yet decided to finance with them. I ask why he needed this info? His reply was..... the third party they use to contact my state of TN. ( they are in KY) needs this info to process all the paper work. He likened them to a title company like when closing on a house. ? what I said? Tell me how calling my home state and figuring out the taxes ans tags requires my data. The rest was yadad yada.... I have seen a thread on this before but I just don't see any reason they need this as I am getting my own financing.

Any thoughts?

Dagwodzz

[jefferios]

Why didn't you just say, "Search on Google for that information, google knows all"

[Wdhitch]

My dealer tried this as well on my orphan.... It's financing, don't do it.

[SuperGeek]

Check with your local state registration office but I'm pretty sure they don't need that info.. mine didn't (Dealer in TX, me in AL). Then check your credit report for inquiries. If you have inquiries you didn't authorize, you can sue the dealer under the credit laws i.e. breach of privacy - they don't want to mess with that. If you did give the info, just politely make it very clear that you do not want any inquiries until you're clearly ready to find financing.

[dagwodzz]

Originally Posted by SuperGeek

Check with your local state registration office but I'm pretty sure they don't need that info.. mine didn't (Dealer in TX, me in AL). Then check your credit report for inquiries. If you have inquiries you didn't authorize, you can sue the dealer under the credit laws i.e. breach of privacy - they don't want to mess with that. If you did give the info, just politely make it very clear that you do not want any inquiries until you're clearly ready to find financing.

That is the conversation I just had them just minutes ago. I know why they want it, its so they can pre-qualify me. However that was not the reason they gave me.

[kitttie]

I'm sure most folks already know this, but going through prequalification will land a hard inquiry on your credit report. My advice is don't give anyone the okay until you decide to try to finance with that company.

[SuperGeek]

Originally Posted by kitttie

I'm sure most folks already know this, but going through prequalification will land a hard inquiry on your credit report. My advice is don't give anyone the okay until you decide to try to finance with that company.

Exactly, and for those not familiar with the ins and outs of credit - a hard inquiry is one tick closer toward lowering your score. Lots of reading material on the subject, but in summary, guard that information - don't just go applying for 10 accounts in a year or you'll spend the next five paying higher rates because of it. Check with your local bank and/or credit union just days before going to the dealer - multiple auto finance inquiries within 10 days or so are usually treated as one. Shop around too early and you may find the rates suddenly go up even if the market has them going down. "Sorry, two months ago your score was 720, now it's 690 and we're going to have to charge you another 2%"

And pay down all your high interest credit cards first - big impact on the credit score. Mine rose 60 points just by doing that.

[dagwodzz]

Hello Mr. Mazzoline,

Good Morning. I just heard back from our titling lady and I can now give you an out the door price. This price includes the car, dealer fees, registration fees, title fees, and tax. $18,111.58. Who ever you finance through, let them know that it includes everything. As far as your social goes, our titling lady has emailed me and said that she can do without your social as long as your drivers license is a TN drivers license, which I am sure it is.

Thank you and please let Phil know if you have anymore questions.



Jennifer Franklin

smart center Louisville

Business Manager

(502)-499-4530