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Pre-approval denied for Acura/HFS

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New Member

Pre-approval denied for Acura/HFS

Just concluded the lease on my 3rd Honda Pilot. I went for pre-approval for and Acura lease and was denied within an hour. Appears they only pulled Experian which is 687 (8) and 706 Auto score. My DTI is very low, I have a 6-figure income, but I have a dismissed bankruptcy from 2015. Wondering if it's worth it to just go to the dealer at this point and hope for the best, Have a long history with Honda Financial, so was surprised not to be pre-approved. 

Message 1 of 6
5 REPLIES 5
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Regular Contributor

Re: Pre-approval denied for Acura/HFS

Believe it or not, direct lending and indirect lending can be vastly different. I know this because I work Finance at a car dealership. Go into your local Acura dealer and have them apply directly... in an indirect world (where the dealer submits you rather than you submitting an application directly) how their portfolio is performing plays a HUGE factor. I worked at a Toyota dealer in Jacksonville, FL and we were able to get 400s bought on new Toyotas all day long because our portfolio was ridiculously good.
Current Score (01/13/2020): EXP: 680; TU: 684; EQ: 665
Gardening as of 01/13/2020

Community America CU Cash Rewards - $10000 | Discover It Cash Back - $4000
Nordstrom Credit Card - $4000 | BMO Harris Cash Back MasterCard - $4000
Discover It Cash Back - $2000 | US Bank Cash+ Visa Signature - $2000
Target Red - $1100 | Chase Starbucks Visa - $1000
Capital One Quicksilver - $700

Total Credit: $28800
Message 2 of 6
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New Member

Re: Pre-approval denied for Acura/HFS

Thanks, I will give it a shot. I was desperately hoping to avoid the whole rigamarole in the financing office, but I guess that's not going to happen. 

Message 3 of 6
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Regular Contributor

Re: Pre-approval denied for Acura/HFS

Honda Financial buys down to a 600 for Acura leases so I can't imagine why you would be denied. Keep us posted!
Current Score (01/13/2020): EXP: 680; TU: 684; EQ: 665
Gardening as of 01/13/2020

Community America CU Cash Rewards - $10000 | Discover It Cash Back - $4000
Nordstrom Credit Card - $4000 | BMO Harris Cash Back MasterCard - $4000
Discover It Cash Back - $2000 | US Bank Cash+ Visa Signature - $2000
Target Red - $1100 | Chase Starbucks Visa - $1000
Capital One Quicksilver - $700

Total Credit: $28800
Message 4 of 6
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New Member

Re: Pre-approval denied for Acura/HFS

Happily, was able to lease our new Acura from the dealership last week, and did it all over the phone - so much easier. Happy with the monthly price as well. Thanks so much for the advice!

Message 5 of 6
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Regular Contributor

Re: Pre-approval denied for Acura/HFS

Absolutely! Glad to help!

Always remember, dealerships aren’t always the bad guys. They have a lot of reach with their reps to get deals bought.
Current Score (01/13/2020): EXP: 680; TU: 684; EQ: 665
Gardening as of 01/13/2020

Community America CU Cash Rewards - $10000 | Discover It Cash Back - $4000
Nordstrom Credit Card - $4000 | BMO Harris Cash Back MasterCard - $4000
Discover It Cash Back - $2000 | US Bank Cash+ Visa Signature - $2000
Target Red - $1100 | Chase Starbucks Visa - $1000
Capital One Quicksilver - $700

Total Credit: $28800
Message 6 of 6
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