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Difference in scores at dealer?

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Desmoire
Regular Contributor
‎03-11-2014 07:52 AM
‎03-11-2014 07:52 AM

Difference in scores at dealer?

My fico score is 645, however when I got approved for my car loan at Toyota, they showed me my credit score as being 706. Why such a dramatic difference?

myFICO Scores EQ 778 TU 783 EX 772 | Mortgage 106774.00 | Auto Loan 15251.00 | AMEX BCE 0/25500 | Lowes 0/6300 | Barclay Rewards 0/5000 | NASA FCU 0/5000 | FNBO 0/4400 | Amazon 0/4000 | FNBO Employee 283/2900 | NFM 0/2600 | Chase Freedom 0/2500 | Best Buy 0/2300 | Cap One 0/2250 | FNBO 0/1100 | NASA FCU Rewards 0/1000 | Quicksilver 0/750 | Younkers 0/500 TOTAL: 283/74,450 0.003% UTIL
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Remember0
Valued Contributor
‎03-11-2014 08:07 AM
‎03-11-2014 08:07 AM

Re: Difference in scores at dealer?

Because they are using a formulation of FICO called auto enhanced that consumers cannot access. Look at the auto enhanced stickied thread on this board.

 

I'm guessing you've had a prior good history on an auto loan/no auto baddies/good installment loan history, leading to the significant difference between "regular" fico and "auto-enhanced" fico. It can swing both ways for example if you had a repo or lates on a prior auto loan.

 

Hope you got 0% with that 700+ FICO though. Not that it matters, but what Toyota did you buy?!

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Desmoire
Regular Contributor
‎03-11-2014 08:18 AM
‎03-11-2014 08:18 AM

Re: Difference in scores at dealer?

2014 Camry SE Sport. I'm 26 and have no installment loan history, the dealer didn't want to offer me the 0% because of that. He wanted 4.9%. I walked out and he called me an hour later and said the finance guy could only offer me 0% if I put $1500 down and I agreed.

myFICO Scores EQ 778 TU 783 EX 772 | Mortgage 106774.00 | Auto Loan 15251.00 | AMEX BCE 0/25500 | Lowes 0/6300 | Barclay Rewards 0/5000 | NASA FCU 0/5000 | FNBO 0/4400 | Amazon 0/4000 | FNBO Employee 283/2900 | NFM 0/2600 | Chase Freedom 0/2500 | Best Buy 0/2300 | Cap One 0/2250 | FNBO 0/1100 | NASA FCU Rewards 0/1000 | Quicksilver 0/750 | Younkers 0/500 TOTAL: 283/74,450 0.003% UTIL
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Dw4250
Valued Contributor
‎03-11-2014 08:31 AM
‎03-11-2014 08:31 AM

Re: Difference in scores at dealer?

@Desmoire wrote:

2014 Camry SE Sport. I'm 26 and have no installment loan history, the dealer didn't want to offer me the 0% because of that. He wanted 4.9%. I walked out and he called me an hour later and said the finance guy could only offer me 0% if I put $1500 down and I agreed.

Congrats on the new Camry.  I just bought a new car over the weekend as well (thru Nissan).  My TU was 688, but auto-enhanced showed 712, which qualified my for their top tier financing.  

 

I do have two auto loans showing on my report, both with perfect payment history.  I'm surprised you had such a high auto score with no installement/auto loan history.  Seems the FICO Gods were shining on you...lol.  As is often say about myself, sometimes it's better to be lucky than good!  You qualified for great terms and that's all that really matters.

 

Enjoy the new car!

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Remember0
Valued Contributor
‎03-11-2014 10:26 AM
‎03-11-2014 10:26 AM

Re: Difference in scores at dealer?

@Desmoire wrote:

2014 Camry SE Sport. I'm 26 and have no installment loan history, the dealer didn't want to offer me the 0% because of that. He wanted 4.9%. I walked out and he called me an hour later and said the finance guy could only offer me 0% if I put $1500 down and I agreed.

Nice, enjoy the Camry! Glad you walked away. I know Toyota pretty well, and I'm guessing there was no issue with your no installment history. It's just the dealer was trying to screw you (google dealer participation) probably because you were young-ish and a first time buyer. The whole $1500 was to save face.

 

Just make sure they didn't screw you on any dealer extras (GAP, warranty, life/disability insurance). You can often cancel these within 30-60 days. GAP can usually be bought much cheaper from your auto insurance company, warranties can be bought from ANY Toyota dealer online typically, and disability/life is usually not worth it.

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Creditaddict
Legendary Contributor
‎03-11-2014 01:13 PM
‎03-11-2014 01:13 PM

Re: Difference in scores at dealer?

@Remember0 wrote:
@Desmoire wrote:

2014 Camry SE Sport. I'm 26 and have no installment loan history, the dealer didn't want to offer me the 0% because of that. He wanted 4.9%. I walked out and he called me an hour later and said the finance guy could only offer me 0% if I put $1500 down and I agreed.

Nice, enjoy the Camry! Glad you walked away. I know Toyota pretty well, and I'm guessing there was no issue with your no installment history. It's just the dealer was trying to screw you (google dealer participation) probably because you were young-ish and a first time buyer. The whole $1500 was to save face.

 

Just make sure they didn't screw you on any dealer extras (GAP, warranty, life/disability insurance). You can often cancel these within 30-60 days. GAP can usually be bought much cheaper from your auto insurance company, warranties can be bought from ANY Toyota dealer online typically, and disability/life is usually not worth it.

I'm all for GAP usually but when you are financing at a standard term of 60 months or less and you put money down and you are finacning at 0% I would be surprised if you ever actually owed more than the insurance would pay for the car!

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Remember0
Valued Contributor
‎03-11-2014 02:32 PM
‎03-11-2014 02:32 PM

Re: Difference in scores at dealer?

Haha yeah, true. Though I guess it would depend on if you had a car that depreciated very fast (say the Dodge Avenger) and amount of dp.

 

But yeah, you're probably right especially if you negotiated with your (or the at-fault party's) insurance company with proper comparables.

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