Auto Enhanced FICO Question

[Booner72]

Does the Auto Enhanced FICO have some way of getting history of my car loans prior to the 7-year- negative- remarks- zone?  Or they have the SAME credit info, just score it differently?

Thanks in advance.

[cdtotten]

Like all FICO scores, it is based off your report and nothing else. If it isn't on the report, it doesn't affect the score.

[GregB]

The marketing material for one of the CRAs Auto Industry FICO scores is pretty specific.

It says that it runs the Classic FICO and then an additional scorecard that can improve or hurt your score based upon additional auto related information.

It says that it picks out more qualified customers without increased risk. This gets the lender more customers that would have been just under the minimum score but still are an acceptable risk for an auto loan.

[Creditaddict]

When I was looking to lease a new Toyota Prius I had spoke to finance guy at my local dealership and he said if I could get any of my 3 reports to spit out a 650 or higher he could get me the promo $199/month lease.  I had a 647 showing on TU when I went into the dealership 15 minutes after pulling.  He pulled my 3 Auto Fico's and the highest was a 547, 563 something around there, can't remember exact number.... OUCH

He said he would have no problem financing me if I wanted to buy but could not get the lease.... I don't know what interest rate we would have been talking abut I wasn't looking for a $600 Prius payment!!

I just wish we could pull them as consumers because when I walk in with my Fico and they pull auto, some of the finance people I have talked to don't really even know the difference and usually suggest I'm not pulling a real report or tell me each CR has about 10 different scoring models etc. it's fustrating and puts me in a less positive stance for negotiating which is why I usually like to get a pre-approval from my CU first and then let them try to beat it... that keeps us on the same page, how much are you selling me the car for not how my score is pushing the rate and term and monthly payment to something stupid so they make more money.

[Booner72]

@ Creditaddict -- what do you have on your reports auto-related?  I'm wondering if none or bad or what?

I have excellent auto history -- no  lates and the end of next week I'll have two paid off auto loans in the last 5 years.  I do have an old Nissan account that was IIB back in 2005 but I think it's only on EX and it seems NOONE uses EX around here.

We had our truck at 24.99% refi'd just today for 6.9% at our CU.  What a blessing this is.  I am so grateful.  Our payment went from 397 to 220 - only 10 months different, too.  So I'm going to utilize this through the holidays and then go back to paying 400 til it's paid off....OR

I'm driving my 94 pathfinder - she needs new tires and sometimes the engine light comes on and it just shakes!  But that goes away in less than a minute, and only happens rarely.   I'm at 185K miles - I think she's got at least 25K more, if not 50.  Nissans run forever and I faithfully change the oil.

But now that the truck payment is half of what it was, we can afford something newer.  I want to get a 13K or less new car - like the Ford Focus or a Kia Soul.  You can get the Kia for 13K if you get the stickshift.

The whole decision is based on what my score will be and what interest rate I will be offered.  I'm grateful that Fuze posted the questions to ask the finance manager before I go in.  Also after the BK (when both our cars were repo'd....which is why I did the bk....I swore I would never again ever in my life EVER drive off a lot with a brand new car).  I tend to keep cars forever so buying new would make financial sense for me/us.

I don't want my Nissan to die and then be rushed to find something   It'd be nice to park it so my 13 year old has something in just a few years.

I don't know what to do - but I do know I know more about car buying than ever before due to MYFICO - Thanks Fuze and everyone else.

[Booner72]

I am ____ outta luck.  The Nissan IIB is on EQ and TU - DOFD was 10/2005.  That means another year.  DH's repo turned positive somehow - so he'd have to get the loan. 

How strict are auto lenders in regards to income?  Would I have to be on the loan w/ my crappy score bc I have the bigger income?  Is it pretty much the same thing as buying a house, or is it more along the lines of - you have the score, that's all that matters to us?

[Creditaddict]

I have an Infiniti and Nissan loans that say INB but don't say anything about Repo but maybe the system just knows a car loan in BK means repo.... still fighting them since the fact I only owned 1 car and it was an Infiniti but so far 4 years later they are still winning disputes to double report it 1 as Infiniti and 1 as Nissan even though same company... pretty sneaky if you ask me and not sure why no one else is understanding how it's not correct!

otherwise Im not sure other negative...

of course fast forward to right after getting my new car after leaving the bk, they took that car... just recently paid it but again shows as INB and chargeoff not repo, but again it's a car so not sure if the auto fico pics that up... I just paid that though and settled... waiting for the updates... trying to get up over 680 to apply for new car.

[Booner72]

Congrats on paying that!  what a relief, i bet.

Yep, someone who works for Nissan Infinity must enjoy taking the time to validate old old old accounts.  I know it's my own fault.  It doesn't say repo but it was repo'd.  Just says Included in BK.

[Booner72]

My auto-enhanced EQ Fico is 657.

I want a Nissan Versa or Ford Focus for under 11K.  Sounds like, from talking to a couple of dealers, that those are hard to come by.  The base model for the 2012 Versa is 10800 or something like that.  Why would it be hard to come by?  Couldn't I order one straight from Nissan?

I don't know if I should continue to drive my 94 Pathfinder and invest in new tires or buy something new and reliable.

If my payment is less than 250 a month, then we are only 80.00 more a month than we were a month ago just paying for the truck at 25% interest.  *(puke).

The Nissan dealer said he could get me financed for less than 6%.  I guess we'll see because that is my BOTTOM LINE.  I won't pay a penny higher than that in interest, nor a penny higher than 11,500 dollars.

[Booner72]

I'm kind of irritated. The auto guy called me today about a different car to see what I thought and said "What'd I tell you, 5% or less?" ---- How can they do this? Just throw around a whole percent? If you were in my shoes, would you buy a brand new car for less than 13K - small and reliable, or stick with a 1994 pathfinder with 186K miles that needs new tires, has a broken windshield (Been warned by the cops twice), and has an engine light that comes on and the whole car wobbles at times? Clearly it needs some money. I don't want to waste the money throwing it into the pathfinder if it's going to die anyway. On the other hand, a Nissan is a Nissan, and she's probably got at least 25K more miles.