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Credit tiers

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ainglese
Established Member

Credit tiers

Does anyone have experience with different credit tiers when it come to leasing?  Went to toyota dealership and told me i did not qualify for tier 1 (best) but i did qualify for tier 3. And my payments would go up $100.00 a month. I think he is full of it am i right to think this 

Message 1 of 8
7 REPLIES 7
nycplayboy78
Regular Contributor

Re: Credit tiers

What are you credit scores and credit history. Give us this information so that we can give you some insight...


EX08 801 EQ08 812 TU08 805 Total Credit Line: $100K+
Message 2 of 8
ainglese
Established Member

Re: Credit tiers

The one they pulled was transunion and its 680

 

Message 3 of 8
nycplayboy78
Regular Contributor

Re: Credit tiers

According to this thread regarding Toyota Financial you need to be in the 700s to get Tier 1 rates:

 

http://ficoforums.myfico.com/t5/Auto-Loans/Toyota-financial/m-p/4488968#M62917


EX08 801 EQ08 812 TU08 805 Total Credit Line: $100K+
Message 4 of 8
sccredit
Valued Contributor

Re: Credit tiers

A decent finance person can get Tier 1 with a 680, especially with Toyota..  I'd look at a different dealer.  

Message 5 of 8
Anonymous
Not applicable

Re: Credit tiers

I'm a bit perplexed, as to why a 'decent' finance person can get a certain score 'TIER ONE'

 

When the standards of 'tier' can not only be subjective but they can and are changed based upon WHATEVER the lender deems important enough to considered.

 

Tiers like CS's themselves are subject to change ppl speak as the goverment or some agency has what 'tier' ='s mandated.

 

A Cap-1 tier 1 and a BoA 'tier' 1 could be night and day.....and both could change their criteria in a night or a day......

 

They aren't published guidelines that they must adhere to......

Utility companies seek permission to change rates, in some states

Insurance companies have explain rate hikes and better be able to prove non redlining

But a bank/financial instituion one lending THEIR money change change lending criteria by lunch ( it doesn't happen often

but it darn sure can....and I've been sitting in offices where it has.)

 

Remember the bank makes less money on tier 1....when that boat gets heavy the standards to get in darn sure can rise, just like if the desire is more passengers

standards can be softened....

 

Businesses act in their best interest, not as green peace charities....this is NOT to say their looking to steal every nickel but they ain't trying to LOSE every one either.

 

I've worked at CU's and private for profits and they BOTH ......don't operate just to give out the farm, at every turn....

Message 6 of 8
madmann26
Valued Contributor

Re: Credit tiers

With a 680, you could probably buy the vehicle and get your financing through a CU. 

Current FICO 9 Scores



Message 7 of 8
sccredit
Valued Contributor

Re: Credit tiers


@Anonymous wrote:

I'm a bit perplexed, as to why a 'decent' finance person can get a certain score 'TIER ONE'

 

When the standards of 'tier' can not only be subjective but they can and are changed based upon WHATEVER the lender deems important enough to considered.

 

Tiers like CS's themselves are subject to change ppl speak as the goverment or some agency has what 'tier' ='s mandated.

 

A Cap-1 tier 1 and a BoA 'tier' 1 could be night and day.....and both could change their criteria in a night or a day......

 

They aren't published guidelines that they must adhere to......

Utility companies seek permission to change rates, in some states

Insurance companies have explain rate hikes and better be able to prove non redlining

But a bank/financial instituion one lending THEIR money change change lending criteria by lunch ( it doesn't happen often

but it darn sure can....and I've been sitting in offices where it has.)

 

Remember the bank makes less money on tier 1....when that boat gets heavy the standards to get in darn sure can rise, just like if the desire is more passengers

standards can be softened....

 

Businesses act in their best interest, not as green peace charities....this is NOT to say their looking to steal every nickel but they ain't trying to LOSE every one either.

 

I've worked at CU's and private for profits and they BOTH ......don't operate just to give out the farm, at every turn....


In the auto finance business finance managers are able to puch tier bumps on a regular basis.  Toyota Financial will give tier 1 pricing to most people with a 650+.  Hence my point that any "decent" (not good or great, just decent) finance person can get that bumped if they wanted to.  

Message 8 of 8
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