Went to Honda dealership today, got ripped apart and destroyed.

So went to a Honda dealership today to look at an Accord LX listed on website for $28900. Emailed back and forth about the car. Basically I was interested in Hondas 1.99% APR 36-48month deal they were running. My credit score dropped from 720 to 702 (Experian), and on my bank app, my fico score through trans union was showing 699. Basically I knew I wasn’t a qualified buyer so would get the low advertised deal, also I’m a first time fiancée, so my rates were going to be high. But I was hoping I would get something in the ball park range or around 5% APR maybe.

However, while test drove the vehicle, the sales person explained how I wouldn’t probably qualify for the advertised deal. So I asked if they did a soft check, or if they could do any pre qualification to give me an estimate. The guy said that they did, and that the soft check only takes a few points off and the hard check takes like 5-10. So I said I’d move forward with the soft check to see what I’d qualify for before making a decision.

When they came back they gave me horrible rates. Basically the ones in the picture below. They also said that my credit came back 655 on equifax?!!! Which was crazy. I opened an account and checked my credit report with them, and it’s true, my score was lower on equifax. But to my horror, I noticed after my credit check at Honda, my credit score with equifax dropped to 635 and that Honda didn’t do a “soft check” but a hard inquiry. Even so, 20points for an inquiry seemed rough. Now during the process the guy made me sign a paper saying I authorized the credit check, didn’t think anything of it at first because I thought I was authorizing a “soft check”, I even skimmed through the document and asked the guy about it too . But now I feel dumb and played.

In the end the manager came to talk to me, and tried to convince me to take the car at the bad rate or lease it. I left. Basically now I feel screwed, is going through a credit union and buying a used car my best option?

So went to a Honda dealership today to look at an Accord LX listed on website for $28900. Emailed back and forth about the car. Basically I was interested in Hondas 1.99% APR 36-48month deal they were running. My credit score dropped from 720 to 702 (Experian), and on my bank app, my fico score through trans union was showing 699. Basically I knew I wasn’t a qualified buyer so would get the low advertised deal, also I’m a first time fiancée, so my rates were going to be high. But I was hoping I would get something in the ball park range or around 5% APR maybe.

However, while test drove the vehicle, the sales person explained how I wouldn’t probably qualify for the advertised deal. So I asked if they did a soft check, or if they could do any pre qualification to give me an estimate. The guy said that they did, and that the soft check only takes a few points off and the hard check takes like 5-10. So I said I’d move forward with the soft check to see what I’d qualify for before making a decision.

When they came back they gave me horrible rates. Basically the ones in the picture below. They also said that my credit came back 655 on equifax?!!! Which was crazy. I opened an account and checked my credit report with them, and it’s true, my score was lower on equifax. But to my horror, I noticed after my credit check at Honda, my credit score with equifax dropped to 635 and that Honda didn’t do a “soft check” but a hard inquiry. Even so, 20points for an inquiry seemed rough. Now during the process the guy made me sign a paper saying I authorized the credit check, didn’t think anything of it at first because I thought I was authorizing a “soft check”, I even skimmed through the document and asked the guy about it too . But now I feel dumb and played.

In the end the manager came to talk to me, and tried to convince me to take the car at the bad rate or lease it. I left. Basically now I feel screwed, is going through a credit union and buying a used car my best option?