Auto-enhanced fico can a 750 regular FICO get a sub 700 auto FICO?

[Anonymous]

How low can it possibly be compared to your standardized fico? It's a bit worrysome that they're grading you based on a score that can't be verified by your own means. They can say just about anything and give you some BS that the score is based on a completely different model, which is why it's 100 points lower than your 750 FICO, etc.

[StartingOver10]

Have you had auto loans before? The auto enhanced FICO score gives auto loans a greater weight in the scoring algorithm used. Someone with more knowledge than I have can be more specific about it.

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@Anonymous wrote:

How low can it possibly be compared to your standardized fico? It's a bit worrysome that they're grading you based on a score that can't be verified by your own means. They can say just about anything and give you some BS that the score is based on a completely different model, which is why it's 100 points lower than your 750 FICO, etc.

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Did the car dealership F&I person tell you your score was 100 points less? If so, then it may or may not be true. Remember the F&I guy/person gets paid a bonus if he can stick you with a premium par rate (a rate higher than what you qualify for). The best way to finance your vehicle is to get a quote from a CU before you shop with the dealer. That way if they say your score is X you know what your actual score is and can either negotiate with the dealership or take the CU financing or walk away if the F&I guy is not cooperative.

[Anonymous]

Thanks for the reply! I looked into that, but how does that work for a lease (do I go and apply for a loan)??? The F&I guy said that when you apply for a lease, you're still applying for the full MSRP of the car regardless if it's a lease or not...is this true?

[Anonymous]

Also my score was 695 and the score he got was 648 (chase emailed me a letter stating my score on the back). It was low due to high balances because I used to use the cards for business and I pay in full, and unfortunately the scores got reported randomly throughout the cycle. Now I paid everything off and my score is 745 (and theres still one balance that isn't updated yet either).

My question is, now that my score is 745 as of today on both Transunion and Equifax (checked here on MYFICO, $20 each...yikes) is it possible that the fico auto enhanced score would still be below 700?? that's my greatest fear. I don't want to check at the dealership and they still tell me I don't qualify for tier 1 credit (I have one previous auto loan, no negatives or missed payments at all).

[pizzadude]

If all of your auto loan history is positive then your auto enhanced FICO® score should be higher than your classic FICO® score.

[Anonymous]

hmm any idea why it would be 30-40 points less than my fico scores? 

[pizzadude]

You have to do an apples to apples comparison, i.e. a TU Classic vs a TU auto enhanced. If the dealer is telling you that your auto score is lower I'd ask to see their printout of it which should show the CRA and exact scoring model.

[Anonymous]

Yep he showed me all the numbers, and Chase bank sent me a letter in the mail telling me they approved me for $50,000 at a score of 648 printed out on the back, and to bring it back to the dealership if I agree with it

[pizzadude]

What score and CRA did Chase use ~ it may not have been auto enhanced.

[MovingForward_2012]

No. With a lease, you are only responsible for the total payments over the lease not the full MSRP. However, banks may require that you be able to finance the full MSRP for approval but I am not sure. By being able to finance the full MSRP, I mean that your DTI needs to be satisfactory for the full MSRP. But only about half the MSRP is shown on your credit report. The remainder is residual value should you choose to finance the car (buyout) at the end of your lease.