Does anyone happen to know what version of FICO Auto scoring Land Rover lease financing uses?
I'm looking to lease but my Auto Score 8 scores are MUCH higher (like 60-80 points difference!!) than my Auto Score 5,4 & 2..... so trying to find out if anyone knows which version of the auto score they pull.
My 5, 4 & 2 scores - EQ 696; TU 690; EX 712
Fico 8 scores: EQ 763; 764; EX 713
Fico 9 scores: EQ 779; 762; 735
As you can see the huge variation in scores is why I'm asking!
Any recent experience or info would be helpful!
I spoke with (2) Land Rover dealerships on the Velar. I made them ask the finance manager directly, as most sales reps don't know. They want you to submit a credit app, which is not right. If you are shopping different brands, try to call and get the finance manager on the phone, to see which bureau they pull from, which scoring model they use and they ask them what the tiers are. It can make a HUGE difference in your monthly payment, when you go from a Tier 1, 2, 3 and 4. Here in Sarasota and Ft Lauderdale, they use Chase Finance for leasing:
They pull from Equifax using FICO Auto Score 9. These are the tiers:
700+= tier 1
680 to 699 tier2
660 to 679 tier3
659 or below tier4
This takes a lot of work to get the bureau they pull from, the scoring model and the tier levels. But once you get those and get a quote from them, you will have a better idea on the payments and you can make a better informed decision on which car to get.
On the Velar, I was looking at the 2019 Velar P250 R Dynamic. Ask the dealership or sales rep what Money Factor and residual they are using to get the lease pricing. Some dealerships mark this up to pad more profit. There are forums out there where you can post the months, mileage, year make and trim of the vehicle you are looking to lease and people will reply back to you with the Money Factor and residual based on the area you live and the make/year/trim of the car you are looking at.
There's a way to beat the dealerships, don't let them rip you off. They usually try to when you are not at Tier 1, perfect score.