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Is this even possible???

New Visitor

Is this even possible???

I am a mortgage broker so i would say i know a little about credit scoring.  have a Toyota lease that was repoed in February. My father co-signed the note for me. He recently went to trade in his car and they told him the repo took his score from 769 to 450. My credit only went from 560 to 515 as a result of the repo. Is this possible or were they just trying to make a killer Yield Spread on him???
Message 1 of 5
4 REPLIES
Regular Contributor

Re: Is this even possible???

There is such a thing as auto FICO score that puts more importance on auto related TLs.  They may have pulled that type of report, and that would explain the bigger number drop.  He might want to sign up to myfico.com and pull his reports from here so he can get a true FICO score from a reliable source.  Of course, its not going to be the auto fico, but then again it will be more directly comparable to your score change.
 
It really underscores the significant consequences to being a co-signer, joint holder, or even an AU if something goes wrong.
Message 2 of 5
Moderator Emeritus

Re: Is this even possible???



Homerjdoh wrote:
I am a mortgage broker so i would say i know a little about credit scoring.  have a Toyota lease that was repoed in February. My father co-signed the note for me. He recently went to trade in his car and they told him the repo took his score from 769 to 450. My credit only went from 560 to 515 as a result of the repo. Is this possible or were they just trying to make a killer Yield Spread on him???



769 to 450 seems a bit excessive assuming nothing else changed. Do you know if the dealer used an auto enhanced score?
Message 3 of 5
Super Contributor

Re: Is this even possible???

I assume this was a:

Auto-enhanced scores are specific indicators of credit worthiness with regards to an auto loan. Consumers cannot purchase auto-enhanced scores.

 

And a 4 month old repo would really NOT look good to someone supplying credit for a car  Smiley Sad, much worse than on a straight FICO

 

So it might be real

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 4 of 5
Valued Member

Re: Is this even possible???

I would say it wasn't just the repo, how many lates did you have?  They just don't repo a car for one missed payment.  I had a friend who missed about 5 months before they came and got the car.  I can tell you from experience that when you have a high score, lates will hit you hard.
 
Dragon
Message 5 of 5