Auto Lender That Uses Standard FICO Not Auto Enhanced

[Anonymous]

Hi all!  This is my first time ever posting on a forum so hopefully I'm doing this correctly!  I have been diligently working on my credit.  I was excited my scores were finally ranging from 630-645 and took off to the Toyota dealership yesterday with all paperwork in hand.  I checked before dragging my toddler down there that they used FICO 8 Scores and that they could use my business bank statements for proof of income and was told a resounding "yes!"   Fast forward 5 hours at the dealership I walk out empty handed with a toddler freaking out and 13 new credit pulls!  Apparently they do not use the FICO8 scores but use the Auto Enhanced Scores which were only 580. Does anyone know of any car lenders that will use the classic FICO scores and not auto enhanced? Or does anyone know of a dealership that will lease with that low of scores?  I know I can get a purchase they were offering me 10% down at 15-18%.   I'm in North Texas area.   

[Dj4Money]

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@Anonymous wrote:

Hi all!  This is my first time ever posting on a forum so hopefully I'm doing this correctly!  I have been diligently working on my credit.  I was excited my scores were finally ranging from 630-645 and took off to the Toyota dealership yesterday with all paperwork in hand.  I checked before dragging my toddler down there that they used FICO 8 Scores and that they could use my business bank statements for proof of income and was told a resounding "yes!"   Fast forward 5 hours at the dealership I walk out empty handed with a toddler freaking out and 13 new credit pulls!  Apparently they do not use the FICO8 scores but use the Auto Enhanced Scores which were only 580. Does anyone know of any car lenders that will use the classic FICO scores and not auto enhanced? Or does anyone know of a dealership that will lease with that low of scores?  I know I can get a purchase they were offering me 10% down at 15-18%.   I'm in North Texas area.   

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 What's dragging down your Auto Enhanced Score? My "repo" was dragging mine down and dropping that resulted in a huge points bump up on my Auto Enhanced scores from 676 to 731 or 727 depending which version you use, this was Transunuion.

 Some credit unions pull mortgage FICO scores, like Digital Credit Union or DCU for short. Car Max pulls standard FICO 08 scores. 

  I would take the current purchase deal offered to you and refinance when your scores improve in six months. No way you'll get a lease with 580 Auto Enhanced. 

[Anonymous]

Hi DJ! I had a repo in 2012 that was actually redeemed. Only one 30 day late in the last year. Could that still be hurting me that badly? So Carmax doesn't use AutoEnhanced? I'm checking their website now! Thank you!

[surferchris]

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@Dj4Money wrote:

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@Anonymous wrote:

Hi all!  This is my first time ever posting on a forum so hopefully I'm doing this correctly!  I have been diligently working on my credit.  I was excited my scores were finally ranging from 630-645 and took off to the Toyota dealership yesterday with all paperwork in hand.  I checked before dragging my toddler down there that they used FICO 8 Scores and that they could use my business bank statements for proof of income and was told a resounding "yes!"   Fast forward 5 hours at the dealership I walk out empty handed with a toddler freaking out and 13 new credit pulls!  Apparently they do not use the FICO8 scores but use the Auto Enhanced Scores which were only 580. Does anyone know of any car lenders that will use the classic FICO scores and not auto enhanced? Or does anyone know of a dealership that will lease with that low of scores?  I know I can get a purchase they were offering me 10% down at 15-18%.   I'm in North Texas area.   

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 What's dragging down your Auto Enhanced Score? My "repo" was dragging mine down and dropping that resulted in a huge points bump up on my Auto Enhanced scores from 676 to 731 or 727 depending which version you use, this was Transunuion.

 Some credit unions pull mortgage FICO scores, like Digital Credit Union or DCU for short. Car Max pulls standard FICO 08 scores. 

  I would take the current purchase deal offered to you and refinance when your scores improve in six months. No way you'll get a lease with 580 Auto Enhanced. 

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Agreed.  Goto Carmax and apply in person (they will let you know in about 15 minutes what you qualify for).

[Anonymous]

Does anyone know if Carmax will allow my business bank statements for proof of income?

[RonM21]

To the OP, it could be very hard to find someone that is using Fico 8 at a deakership. You might have to adjust your strategy if the terms offered weren't to your liking. Maybe even look into other options like a CU.