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When do you actually submit for credit.... At order or at delivery?

Werkedperformance

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I am settling on a new house in early Febuary and dont want to run any additional hits on my credit before closing.

Ford Pre-Approved me for over 100k.

I have no problem making a cash deposit. Just dont want to run anything that could affect the morgage till its signed and all....

Does anyone have any intel on how that part works? Do we do financing at order time or just drop off cash and thats done at delivery?
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JPNC

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Did everyone get 100k pre-approved? I saw that in my email, but didn't know how they got any information to determine that amount.
 

lowmpg

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Did everyone get 100k pre-approved? I saw that in my email, but didn't know how they got any information to determine that amount.
Yes for the most part, those bogus letter were sent by Ford based on the 'model' you picked.

As for financing the buy, that should be done at delivery (I'd assume)
 

mestuntman

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100K Who the hell got a letter from ford for 100k. I have a 800 credit score and they never sent me a letter saying i was approved for any amount much less 100k
 

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Judge Rufus

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Yes for the most part, those bogus letter were sent by Ford based on the 'model' you picked.
Um, no. Ford Credit ran a "soft credit check" using the credit card you used for your reservation deposit.

Soft credit checks don't hit your credit report.
 

lowmpg

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Um, no. Ford Credit ran a "soft credit check" using the credit card you used for your reservation deposit.

Soft credit checks don't hit your credit report.
Do you have anything to back that up?

I don't think this statement back that up any more than saying "we based it on MSRP value"

PRESCREEN & OPT-OUT NOTICE: This “prescreened” offer of credit is based on information in your credit report indicating that you meet certain criteria. This offer is not guaranteed if you do not meet our criteria. If you do not want to receive prescreened offers of credit from this and other companies, call the consumer reporting agencies toll-free at 888-567-8688; or write: Experian, Opt Out, P.O. Box 919, Allen, TX 75013.
 

Judge Rufus

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Do you have anything to back that up?

That's how credit / finance companies do it. They use the same technology that Credit Karma and others use.

Also there is a thread when the emails were sent out, and there was no correlation between the trim models that people selected and the amounts of pre-approval. But there was a correlation on people's credit worthiness and the amount that Ford had pre-approved them.
 

GoldenKnight

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Do you have anything to back that up?
Because basically any promotional credit card or loan offer is from a soft credit pull. They don't need your CC number to do that either
 

lowmpg

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So again, no actual statement of that, just an assumption which is fine it doesn't matter at all anyway.
 

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Judge Rufus

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Ford Credit isn't going to pre-approve you for any amount of money, just because YOU reserved a particular trim.

They have the ability to do a "soft credit check" by using your social security number (which wasn't provided by reservation holders) or by using an existing credit account (which reservation holders did provide). So that's how they determined the pre-approval amounts.
 

GoldenKnight

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So again, no actual statement of that, just an assumption which is fine it doesn't matter at all anyway.
There's no assumption. That's exactly how pre approved loans are pre approved.
 

EvlNvrDys

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I am settling on a new house in early Febuary and dont want to run any additional hits on my credit before closing.

Ford Pre-Approved me for over 100k.

I have no problem making a cash deposit. Just dont want to run anything that could affect the morgage till its signed and all....

Does anyone have any intel on how that part works? Do we do financing at order time or just drop off cash and thats done at delivery?
Like others have said, credit check should be done at time of delivery. Though I have heard of a few places looking to do the credit check at time of order. Like in your case though, I'd just tell the dealer that you don't want to have any credit hits while trying to purchase a house. There's no reason they really need to do the credit check this early.
 

ZackDanger

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100K Who the hell got a letter from ford for 100k. I have a 800 credit score and they never sent me a letter saying i was approved for any amount much less 100k
I didn’t get a letter... I think it was in an email... and I can still see it in my Ford.com acct.
Ford Bronco When do you actually submit for credit.... At order or at delivery? 97C434DD-1EAB-474A-955A-414038C451F8

Ford Bronco When do you actually submit for credit.... At order or at delivery? F9FF807E-4881-4D28-A4F9-34909049E146
 

PSUTE

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I was pre approved for 45,000, about the max you can spend on a base configuration...
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