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Regular Contributor
Posts: 210
Registered: ‎07-26-2011
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How to proceed with a new auto loan

I purchased last year through Wells Fargo Dealer Services.


My current loan is 15 months old, no lates.  20% interest, payments $298/month.  I owe $10,158. 


My Fico scores (Mortgage lender pull) are 621, 634, and 664.  Yesterday at the dealership they pulled my credit and my TU was 590.  Are they using a different scoring model? I have a past reposession from 2008.  But my recent (last 2 years) loan/lines of credit have a perfect payment history


I really want to get out of this car (starting to act funny) and get a lower interest rate.  Will I have to wait? Pay off the old repo?  VW Credit said they wanted me to have a co-signor which is not an option.  Any ideas/suggestions would be great.


Regular Contributor
Posts: 180
Registered: ‎12-19-2012
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Re: How to proceed with a new auto loan

If you are in the process of buying a home I would not recommend vehicle buying. It will only bring your score down more even inquiries hurt as well. If you already closed that could be why your score is so low. If you have paid ontime with WF then I would start there. They may look past your score.
New Contributor
Posts: 132
Registered: ‎11-21-2012
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Re: How to proceed with a new auto loan

Yes most dealers/ lenders use a different score for auto loans called auto enhanced fico..

Just try some other dealers, you will get approved and a better rate for sure..GM has special programs as well as Toyota.

All the inquiries made for a auto loan over 30 days will only count as one so since you already have one don't worry about shopping for a auto loan since it won't affect your score any more then that one inquiry.
Regular Contributor
Posts: 210
Registered: ‎07-26-2011
0 Kudos

Re: How to proceed with a new auto loan

I have some commissions coming in soon with my job, so I am going to wait until I have a significant down payment.  I really really like the new Kia's, and the rebates/rates they are offering are awesome.  But to qualify for them he said you need atleast a 640..which as I stated earlier my TU Auto Enhanced Fico is only showing a 590.  Credit scoring is so insanely frustrating.  The good news is, the old repo I have, the original lender agreed if I settle with them for $2500, they will remove the repo and re-report the tradeline as closed/paid as agreed...which would probably give me a HUGE boost both for my auto purchase desire, and my credit health in general.  I may just keep my current car until I can get that straightened out.  


Thanks for the advice everyone. 

Senior Contributor
Posts: 3,889
Registered: ‎05-24-2011
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Re: How to proceed with a new auto loan

Hello!  I would take them up on that 2500 dollar deal Asap because  you will pay way more than that in interest for years to come with that low of an AUTO enhanced score.


What's up with the house?


love, booner



STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720

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