topic I would like to lease but have a FICO Auto 8 of 645-663 in Auto Loans

I would like to lease but have a FICO Auto 8 of 645-663

Anonymous — Thu, 17 Sep 2020 01:15:56 GMT

My beacon 5 (FICO 5?) is worse (590s). Can anyone suggest a finance company to go through? TransUnion is the worst for me and Equifax is the best. I am able to put a significant amount of money down and I'm looking to get a two year ultra low mileage lease just to build some auto tradeline credit while I continue to heal my credit. Any tips/suggestions much appreciated! Now, I know this sounds funny but I read Porsche will just let you pay a lump sum for an entire lease? Do you think they would let me make payments on about 2-3 k just to have that tradeline? I feel stupid walking into a Porsche dealership with subprime credit (depending on what FICO model they pull). But also, I've heard a lot of doctors have horrible credit so I don't feel too bad! While I'm not a doctor I'm in the same "boat" so to speak, great income, with mediocre credit!

Re: I would like to lease but have a FICO Auto 8 of 645-663

mrjerry — Thu, 17 Sep 2020 19:02:19 GMT

Yes, Porsche Financial offers single pay lease, but your credit scores aren't bad. You would be approved with most lenders, ex: (bmw financial, Mercedes Benz financial, VW/Audi financial)

porsche is a tough nut to crack, what current or previous lease/auto loans have you had? Also what are the monthly payments? Comparable auto is usually looked at.

Re: I would like to lease but have a FICO Auto 8 of 645-663

lhcole77 — Thu, 17 Sep 2020 19:40:09 GMT

@Anonymous If you're not married to the brand of car you lease, I've heard good things about Toyota and Honda Financial for scores in your range.

There are some good YouTube videos about credit tiers. Here is a screenshot from one.

I've leased with VW since 2015 and your score range will = higher MF (interest charge) right now.

Re: I would like to lease but have a FICO Auto 8 of 645-663

BmoreBull — Thu, 17 Sep 2020 21:36:48 GMT

With Toyota/Lexus, they will pull all 3 auto 8 scores and use whichever is the highest. So as said above, if your not stuck on Porsche, look at a Lexus.

Re: I would like to lease but have a FICO Auto 8 of 645-663

Scupra — Thu, 17 Sep 2020 22:00:49 GMT

First rule of leasing, don't put any money down towards cap cost reduction. Paying TT&L up front is ok and suggested though. Money down is completely lost god forbid the vehicle ends up being totalled.

One pay lease really isn't that uncommon. Very rarely does it make more sense vs leasing 24-36 months.

Re: I would like to lease but have a FICO Auto 8 of 645-663

Anonymous — Sat, 19 Sep 2020 23:30:41 GMT

I have a prior car loan where I had I cosigner this loan was closed a long time ago. Seven years ago I entered a raffle and won a car so I haven't had an auto loan in ages!

Re: I would like to lease but have a FICO Auto 8 of 645-663

Anonymous — Sat, 19 Sep 2020 23:33:31 GMT

Have you seen finding Nemo where the cute turtle is talking and Nemo's Dad is like "you're really cute but I don't understand what you're saying?" LOL that's how I feel after I read your post. If you have time to educate a complete stranger on your acronyms or have any resources on how to negotiate leases like a boss I would be very grateful

Re: I would like to lease but have a FICO Auto 8 of 645-663

lhcole77 — Sun, 20 Sep 2020 04:17:50 GMT

@Anonymous wrote:
Have you seen finding Nemo where the cute turtle is talking and Nemo's Dad is like "you're really cute but I don't understand what you're saying?" LOL that's how I feel after I read your post. If you have time to educate a complete stranger on your acronyms or have any resources on how to negotiate leases like a boss I would be very grateful

Welcome to the Forums!

Who were you replying to with your post?

Re: I would like to lease but have a FICO Auto 8 of 645-663

sccredit — Wed, 23 Sep 2020 20:05:11 GMT

@Anonymous wrote:
Have you seen finding Nemo where the cute turtle is talking and Nemo's Dad is like "you're really cute but I don't understand what you're saying?" LOL that's how I feel after I read your post. If you have time to educate a complete stranger on your acronyms or have any resources on how to negotiate leases like a boss I would be very grateful

Spend some time reading through the LeaseHackr forums. It will pay off in spades

FICO Auto 8 Score

Anonymous — Thu, 24 Sep 2020 17:00:43 GMT

Hoping someone can help me understand why my FICO AUTO 8 score is 80 points lower than my FICO 8? I havent' had an auto loan in 7 years. Experian FICO Auto 8 is 663, which is sctill lower than my FICO 8 but its not the abysmal FICO Auto 8 TU shows.

Is there a way via buying tradeline or something that can increase my TU FICO Auto 8? I've been working hard on my credit the last 6 months and I was saddened to see the score with this FICO model. My credit utilization is 3%. No late pays on TU.

Re: FICO Auto 8 Score

Slabenstein — Thu, 24 Sep 2020 17:17:19 GMT

Regular FICO 8 and AUTO 8 are calculated differently and have different score ranges so they're unlikely to match (and the two score matching wouldn't mean anything anyway). My EX AUTOs are lower than my EX8 and have a bunch of angry negative reason codes, some of which have to do with no auto loan on file and some of which don't. If by buying a tradeline you mean TL renting, that's something that can't be discussed on these forums. I don't think AUTO 8 has been studied as minutely as regular FICO here, but if you want to post your profile details the community may be able to make targeted recommendations to help you raise that score.

Re: I would like to lease but have a FICO Auto 8 of 645-663

Scupra — Thu, 24 Sep 2020 18:09:04 GMT

@Anonymous wrote:
Have you seen finding Nemo where the cute turtle is talking and Nemo's Dad is like "you're really cute but I don't understand what you're saying?" LOL that's how I feel after I read your post. If you have time to educate a complete stranger on your acronyms or have any resources on how to negotiate leases like a boss I would be very grateful

@Anonymous haha no worries. Shoot me a PM and I will help as much as I can

Re: I would like to lease but have a FICO Auto 8 of 645-663

Loquat — Fri, 25 Sep 2020 01:39:44 GMT

@Anonymous I merged your two threads together as they're similar in question.