How long for a car dealership credit check?

Question

So my husband and I went car shopping on Tuesday and decided to lease a Toyota Yaris. We were told they would run our credit check and we would have an answer by that evening or the next morning. So 5pm on Wednesday rolls around and no word. I called and was told we won't know until Friday. This is our first new car lease and I'm just wondering if this is normal? 3 days to get credit results? Plus then they need 2 business days to track down our car and let us know the arrival which could take 3-5 weeks. Our car is on its last legs and I'm wondering if we are getting dicked around or if it typically takes this long? I just don't want to be wasting our time, we need a car asap. TIA : )

Answer 1

The credit check takes a matter of minutes....the credit decision by the bank is another story.

You may have been declined by the bank and the Dealer is shopping your application around to different lenders trying to get you approved.

Answer 2

No you are not.  Unless you hve perfect credit then when credit app is put online to banks they must carefully review before approving.  This takes sometimes as long as a week.. Leasing a car is harder then buying a house.  They are waiting for approval from a bank. Credit must be a 720 with perfect 5 year credit history to be automatically approved.  Otherwise it must be done manually by which ever bank approves with best money factor. If dealer is pretty sure of approval they probably will loan trak car until your car comes in. Ask. If you have the credit you are not getting d-ked around but waiting for approval as if they spotted car and you got turned down you would have to return car and everybody would be upset.

Answer 3

Pretty much impossible to answer your question.  Now getting the data from the credit reporting agency doesn't take long, if you're a member you ask, and it comes back almost immediately.  But then the person extending credit needs to evaluate the raw data.  How long does that take?  How long is a piece of string?  Some businesses look at the number, if you are 720 or better you're "a well qualified buyer" and get whatever you want.  Others have only one person who looks, and may be 3 days behind.

Add to that that you are attempting to get an extremely popular car and it adds even more time to the process.

It could be there is something in your credit file that requires some follow up, but you should know if you're going to be approved credit wise soon.  After that it may take some time to actually get you in the drivers seat.

Answer 4

A credit check shouldn't take very long at all. Now the Yaris is a whole other matter. With the price of fuel, small cars that offer excellent fuel mileage are in high demand. If they didn't have one on the lot then you have to wait for them to find one for you that isn't already spoken for.

Answer 5

Credit checks are done online these days.  They should have had an answer in hours not days.  Do you have poor credit history?  Sometimes dealers have to go to secondary lenders to get the financing if their normal lenders won't back the loan.  This will usually mean a higher interest rate for you.

Answer 6

In this country 10 days.

Are you in this country? Who knows!

Answer 7

The previous answerer is probably correct. It's not your credit check that is causing the delay, it's more likely that your credit score is not quite acceptable to the lease company or finance company used by the dealer and he is trying his best to find another company who will accept your lease application.

What is your credit score? If it's below about 640, this may explain the problem.

Since your are leasing a Toyota Yaris, which is one of the hottest cars in the country right now, it is understandable that your dealer may be having problems finding one. Many dealers have sold out and have a waiting line. Your dealer may just be keeping you on hold to keep you from going to another dealer who may just happen to have one in stock.