CarMax!

[Creditaddict]

My friend that I posted about last week that leased a new Infiniti and then the dealership couldn't sell the lease to Infiniti had to turn the car back in so scared of getting another loan before it was actually sold I told him to go to Carmax as any "conditions" for a loan are given on the spot with the approval.

He was approved through Carmax at 13.25% for 60 months with a 633 EX (The score they gave him at signing)

He bought a 2009 Nissan Murrano fully loaded... it's gorgeous.

it was just over $20k out the door financed after all said and done and $1k down.

Very happy and proud of him on this one... he has been working VERY hard to get his credit cleaned up and now with some auto history he will be in the 700's in no time and can refinance.

[BallBounces]

Good info.

Can you share if all three agencies were pulled?  Who ultimately financed?  Was the score auto enhanced?

Did your friend have the ability to steer toward one agency?  Did your friend have the ability to steer away from particular under writers?

[Creditaddict]

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@VistaV wrote:

Good info.

Can you share if all three agencies were pulled?  Who ultimately financed?  Was the score auto enhanced?

Did your friend have the ability to steer toward one agency?  Did your friend have the ability to steer away from particular under writers?

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They either pulled JUST EX or EX and TU but EX was the score given with his finance papers and when my partner bought our car last year they pulled TU and EX but gave us EX scores.

He was financed with CarMax Financial and I learned something new that if Carmax makes a finance offer they don't send it to any of the other lenders so that was just the 1 pull, maybe 2!

They don't use auto enhanced which is nice!

it's a computer that basically makes the finance decisions, some of the banks may have the ability to underwrite it quickly but they have 5 minutes to submit loan offers so many of them are computer generated I feel which is another thing I like!

[BallBounces]

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@Creditaddict wrote:
 

They don't use auto enhanced which is nice!

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Unless your auto loans represent some of your pristine history!

[MTSN]

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@VistaV wrote:

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@Creditaddict wrote:
 

They don't use auto enhanced which is nice!

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Unless your auto loans represent some of your pristine history!

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Agreed - for a lot of people their auto history is the best they have. It's good your friend was able to get approved, and I would bet in a year they're going to be a better place to hopefully refi the loan back down to a great rate too.

[CreditCuriosity]

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@MTSN wrote:

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@VistaV wrote:

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@Creditaddict wrote:
 

They don't use auto enhanced which is nice!

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Unless your auto loans represent some of your pristine history!

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Agreed - for a lot of people their auto history is the best they have. It's good your friend was able to get approved, and I would bet in a year they're going to be a better place to hopefully refi the loan back down to a great rate too.

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Ya my auto enhanced is about 20 points or so higher then any regular ficos cause I am not about to get my car Repoed and need to for daily activity...  Guess it depends which situation you are in.. If you don't have auto loan history your want normal fico if you do you want auto enhanced...  So nice for him or some, but not nice for most of us

[Anonymous]

Congrats!! Carmax is the best!!