I've been thinking of trading in my car on a newer used car. My car is almost seven years old and the extended warranty expires later this year. I hate driving cars out of warranty and I've already had a transmission replacement on this one (under warranty at 45k miles). I've had a few other issues that have cropped up and been repaired but I guess I'm just gunshy about what could happen down the road. It's financed with NFCU and I have a reasonable payment (under $450). While the thought of paying it off in 2 1/2 more years is appealing I'm able to work a newer more efficent car into the budget. I'm thinking of a Honda or Toyota (something reliable). I may go hybrid as well. There are a lot of used cars for sale right now although I see prices starting to increase.
I updated my scores the other day and my Experian Fico Auto Score 8 is almost 100 points lower than TU and 80 points lower than Equifax. (Equifax 707, TU 722, Experian 624). I'm 15 months post Chapter 7 bankruptcy discharge and have reestablished credit nicely. I had a perfect car paying history 20+ years and I know the Auto score allegedly takes car loans into account more so I'm confused. I reaffirmed my car in the bankruptcy but did surrender a second car so I'm wondering if that's what's causing the score drop. Both were 100% on time up until the BK and I continued to pay the car I reaffirmed while the BK was in progress. If that's the case, I'm wondering why it isn't tanking the TU and Equifax scores as well? I pulled up the score history and noticed the TU and Equifax jumped up right after the BK discharge. The Experian did start trending upward but not as quickly (see picture).
I'm looking at used cars in the $21,000-$24,000 range. I'm figuring a 9% interest rate (my credit union NFCU has been great) for 60 months. I'm about $1800 upside down on the current car loan so not bad. At 60 months with a $25,000 loan I'd be around $580 a month. My goal is to be under $600 and I'm open to going cheaper if I find something good. I don't need to spend that much.
Rebuild Started March 2024
Not sure what your question is, but I'll say that I have never owned a car that was still under warranty. Closest I got was when I bought a Ford with 45,000 miles on it, but it was old enough that the warranty had already expired. That is the lowest milage car I've ever owned. Drove it for 200,000 more miles. Not bad for only paying $15,000 for it. I'm on Team Toyota now. Got my Avalon with 160,000 on it for under $2k. Drives like a dream. Should go another 100,000 miles.
On all personal credit card and loans and auto loans NF pulls TU Fico 9.
Starting Score: 626
@pizzadude wrote:Interesting that your EX score is ~100 pts lower, have you pulled your full report to see what accounts are showing there ?
NFCU generally has among the best rates but in my experience they don't use Auto FICO scores, how do your other scores look.
Pretty sure that NFCU pulled the old TU 98 classic FICO score for me a few years ago for auto financing
They're more equal. TU is my highest and I know NFCU uses TU a lot. I have quite a few inquiries since I've been so aggressive reestablishing (see all the cards in my signature). NFCU gave me 8% when I refinanced my current car right after the BK discharged.
Current FICO 8 scores below:
