Auto Enhanced Fico Score?

fuzzybean · ‎09-25-2012

Is there some sort of tier chart out there for that? We went to the Ford dealership yesterday and found our scores were 720-something and 740-something. We pretended we had places to be so we could come home and research things more. He felt they (through Ford) could offer us 6.9% and through another bank at 4.9%. I'd like to know where those scores put us.

tooleman694 · ‎09-25-2012

Those scores should get you the best rates. Like 2.9 percent for 60 months.

fuzzybean · ‎09-25-2012

That's what I thought after much research...that the rates should be lower. I wonder if it's their game. I still wonder if we should wait for the Columbus Day sales...

Anonymous · ‎09-25-2012

@fuzzybean wrote:
That's what I thought after much research...that the rates should be lower. I wonder if it's their game. I still wonder if we should wait for the Columbus Day sales...

Did you try your local bank or CU? THey might offer you better rate and you would know for sure where you stand? Also that will help you negotiate better rate.

I went with preapproval from local CU with 1.99% and made the F&I guy match it. The best he got was 2.74% but seeing me not interested he went to 1.99%. THe best part - "Both these rates were from TD Auto Finance". Reduction of 0.75% in just 15 min

Shogun · ‎09-25-2012

+1 If you have a working relationship with a bank or CU that might be your best course.

Starting Score: 504
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.

guydiver · ‎09-25-2012

You should qualify for a better rate than that, depending upon your DTI. Sounds like they are high-balling the financing for extra profit for themselves...done every day. I'd bet that 2% disappears if you balk at their rate. But be careful, they could still cut 2% from the highest quote and still make money on the deal if you actually qualify for their best available rate. If you have a CU, get their best rate and use that to negotiate.

fuzzybean · ‎09-25-2012

@guydiver wrote:
You should qualify for a better rate than that, depending upon your DTI. Sounds like they are high-balling the financing for extra profit for themselves...done every day. I'd bet that 2% disappears if you balk at their rate. But be careful, they could still cut 2% from the highest quote and still make money on the deal if you actually qualify for their best available rate. If you have a CU, get their best rate and use that to negotiate.

DTI? Debt to income?

MyCreditSucksTheMost · ‎09-26-2012

The DTI is;

The money you make(your income) compared to how much money you owe or spend on bills, cc's car payments, mortgage etc.(Your debt)

It basically works out to a percentage, so for example a DTI where someone made $1,000 dollars a month, and spent $850 on various bills would be 85% as that person spends 85% percent of his/her income on debt.

The lower your DTI, the greater your chance for approval, or a decent interest rate. As those with a high DTI are pushing the limits of their income, and may seem incapable of paying any new bills.

Staring Scores:Transunion-636 Equifax-618 Experian- 640 (8/12):
Current Scores:Transunion-717 Equifax-(?) Experian 726(as of 11/18/13):
Goal 760 Across the Board:

fuzzybean · ‎09-26-2012

@MyCreditSucksTheMost wrote:
The DTI is;

The money you make(your income) compared to how much money you owe or spend on bills, cc's car payments, mortgage etc.(Your debt)

It basically works out to a percentage, so for example a DTI where someone made $1,000 dollars a month, and spent $850 on various bills would be 85% as that person spends 85% percent of his/her income on debt.

The lower your DTI, the greater your chance for approval, or a decent interest rate. As those with a high DTI are pushing the limits of their income, and may seem incapable of paying any new bills.

I know what debt to income is, I just wasn't sure that's what DTI is...still learning my way around the boards.

The only thing we owe is about 9k on an auto loan. We own our home so no mortgage, just the typical bills everyone has. Our CC utilization is under 1%. Income is nearly 138k.

guydiver · ‎09-26-2012

@fuzzybean wrote:
@MyCreditSucksTheMost wrote:
The DTI is;

The money you make(your income) compared to how much money you owe or spend on bills, cc's car payments, mortgage etc.(Your debt)

It basically works out to a percentage, so for example a DTI where someone made $1,000 dollars a month, and spent $850 on various bills would be 85% as that person spends 85% percent of his/her income on debt.

The lower your DTI, the greater your chance for approval, or a decent interest rate. As those with a high DTI are pushing the limits of their income, and may seem incapable of paying any new bills.
I know what debt to income is, I just wasn't sure that's what DTI is...still learning my way around the boards.

The only thing we owe is about 9k on an auto loan. We own our home so no mortgage, just the typical bills everyone has. Our CC utilization is under 1%. Income is nearly 138k.

Sounds like you are prime-time. I don't see anything here that should preclude you from getting the best top-tier financing available. I would still recommend getting CU approval at their best rate and trying to get the dealer to beat it. Unless they are offering a 0% deal, it will likely be difficult for them to undercut the best CU rates out there. On my last car loan, my CU was offering 4.99%(four years ago). The dealer tried and tried to get me to take their 4.98 % promo. I wouldn't go for it. When I sat down to sign the docs, I found out that I was getting a $1500 factory rebate that I would not have gotten if I had taken their financing deal. I didn't even know about that offer.