786 FICO EX Subaru Best rate?

Anonymous · ‎04-25-2017

I have an appointment tomorrow at my local Subaru dealer. I applied online. The credit manager told me that I qualify for financing with any lender. I noticed though on their disclaimer for their 'sample' terms on the cars they have in stock, consumer must have a credit score of 800 or higher, blah blah, is this BS? I'm expecting a Bait and Switch when I get there, like most car dealerships, (I hate these guys!) Any tips? I am currently about $4,000 negative equity in my current car loan. I'm looking to lease a new Outback with all the bells and whistles. I don't NEED a new car, but would like one. Any tips or advice is appreciated, Thanks in advance!

ps if the deal is not right, I WILL walk! Should I tell them that at the beginning. Does the end of the month really mean anything?

Anonymous · ‎04-25-2017

Do they ask for paystubs if your credit score is high?Sounds

Anonymous · ‎04-25-2017

Anything over 770 is the same tier as 800 or 850 so you should be able to give you their best deals. Of course on leases they can get a bit tricky and some dealers will play with the money factor so keep an eye on that, take that number and mutliply it by 2400 to get the actual interest rate. I also suggest you use one of the published deals as your benchmark and hold firm on that, you have the score to demand the best deal but remember that negative equity will impact you. Finally I doubt they will require any proof of income for a person with your scores, is seems anyone over mid 600's is good on income.

Appleman · ‎04-25-2017

They are likely to use your auto credit scores.

Hopefully there are 2 Subaru dealers where you live. I have found you need to spend the time, let them know they are being cross shopped and actually visit more than one place.

You may want to get pre-approved financing before you head in as a barganing chip, even with a plan to lease.

PenFed would be an easy way to apply for a loan and have only one EQ credit pull.

If you are not sure about your car value take you car for the FREE Carmax appraisal, the amount they would pay you for your car.

Anonymous · ‎04-25-2017

@Appleman wrote:
They are likely to use your auto credit scores.

Hopefully there are 2 Subaru dealers where you live. I have found you need to spend the time, let them know they are being cross shopped and actually visit more than one place.

You may want to get pre-approved financing before you head in as a barganing chip, even with a plan to lease.
PenFed would be an easy way to apply for a loan and have only one EQ credit pull.

If you are not sure about your car value take you car for the FREE Carmax appraisal, the amount they would pay you for your car.

Thanks for the advice guys! I have an appt. tomorrow at Carmax for a free apraisal!