Approval for one bank at one dealership transfer to a different dealership?

Cuc717

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This may be a weird question, but I got approved at a dealership (I know, not the best decision but will refinance once my credit improves the following month), and I was wondering if I could use that same approval I got at that dealership at another dealership? Additionally, I know the JL I got approved for is a used one, and the one I was looking at another dealership is new, and I got this approval at a different state. Help would be much appreciated!
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Dkretden

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You likely cannot use the “approval’ at one dealership for the other. That said, if the first dealership got you approved, the second one likely will be able to as well.
 

toolaide4fit

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This may be a weird question, but I got approved at a dealership (I know, not the best decision but will refinance once my credit improves the following month), and I was wondering if I could use that same approval I got at that dealership at another dealership? Additionally, I know the JL I got approved for is a used one, and the one I was looking at another dealership is new, and I got this approval at a different state. Help would be much appreciated!
It depends on whether it was a local bank or FCA. If it is through FCA then the answer should be yes it is transferable.

I was approved at one dealership for 0% financing years ago and bought at another and they pulled the same info up and used it. I have done this twice.
 
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Cuc717

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It depends on whether it was a local bank or FCA. If it is through FCA then the answer should be yes it is transferable.

I was approved at one dealership for 0% financing years ago and bought at another and they pulled the same info up and used it. I have done this twice.
It wasn’t from a local bank, it was from Ally. Since it’s such a large bank, can they just pull up that information?
 

toolaide4fit

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It wasn’t from a local bank, it was from Ally. Since it’s such a large bank, can they just pull up that information?
Every Dealer using Ally should be able to pull up your approval. You shouldn't have to apply again...they have already approved you.
 

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Bring your own financing.. One less thing they can mark up.. You can always ask for a better rate they quote and make it part of the negotiation (unless your credit is questionable.)
We have a credit union that gives you a check that's valid up to a certain amount for like 60 days, make your deal, write the check and it's done. Excellent rates for new and used purchases.
 
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Cuc717

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Bring your own financing.. One less thing they can mark up.. You can always ask for a better rate they quote and make it part of the negotiation (unless your credit is questionable.)
We have a credit union that gives you a check that's valid up to a certain amount for like 60 days, make your deal, write the check and it's done. Excellent rates for new and used purchases.
That rate I got at the dealership I applied to is the best one I’ve received so far. My credit isn’t the best, so I was gladly surprised about the rate I was given. The other dealership I plan on transferring the loan to/re-applying is one I have gotten an even better deal then the original dealership.
 

Chipe

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That rate I got at the dealership I applied to is the best one I’ve received so far. My credit isn’t the best, so I was gladly surprised about the rate I was given. The other dealership I plan on transferring the loan to/re-applying is one I have gotten an even better deal then the original dealership.
Did you go back to the original dealer who got you approved and tell them you found a better deal? Then see if they can beat it.
 
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Cuc717

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Did you go back to the original dealer who got you approved and tell them you found a better deal? Then see if they can beat it.
No I have not. So the original dealer is in California, and I am in Indiana. I have found a pretty decent deal on a used Moab, but the cost of shipping the vehicle is making me hesitant on pulling the trigger. This new dealership is about 15 minutes down the street from me and would give me about 14.5% off of MSRP for a pretty loaded 2020 Rubicon. I would much rather work with the dealership here as I am very inpatient and would like the vehicle sooner rather than later, so I am heading in tomorrow to see if they can transfer the loan. I will let them know what deal I got from the other dealer and hope to see if they can beat it.
 

Chipe

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No I have not. So the original dealer is in California, and I am in Indiana. I have found a pretty decent deal on a used Moab, but the cost of shipping the vehicle is making me hesitant on pulling the trigger. This new dealership is about 15 minutes down the street from me and would give me about 14.5% off of MSRP for a pretty loaded 2020 Rubicon. I would much rather work with the dealership here as I am very inpatient and would like the vehicle sooner rather than later, so I am heading in tomorrow to see if they can transfer the loan. I will let them know what deal I got from the other dealer and hope to see if they can beat it.
Yes, I would do the same. :). Ally is a nationwide bank and you should have no problem going to another dealer.
 

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This may vary by area, but federal law allows your credit to be pulled by several banks within a certain number of days without negatively impacting your credit. So in other words you can “shop for a car“, within a short timeframe say five days. And you can have your credit pulled multiple times without additional negative impact.
 
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