Questions about CU auto loan

Anonymous · ‎03-12-2020

I am with WNYFCU a CU in our town, I've had an account since this Jan. And my husband's work just got switched to here from a different CU that was closing. Our lease (only under his name) is up in a few months (about June) and we were hoping to get into a new auto loan. He went in today to set up his account and ask about the auto rates and stuff. He has the bigger income, but I have higher scores. They said they only pull TU and they can use both of our incomes & basically my TU score. I thought that when you did two people on an application they average out scores? I could totally be wrong and also not sure if they use FICO 8 TU or an Auto Scores TU. Is that something I can ask them more about and they should be able to tell me which exact TU they pull?

My TU scores right now are

Fico8 750

Auto Score 8 747

Auto Score 9 708

Just want to make sure I ask them excatly what i should know. They have a deal right now till the end of April and the lady said if you both come in and lock in the deal which could be 1.99% then it is good for 60 days.

Is there anything else I'm missing or should ask? Also I've never had an installment loan of any kind on my report, does that matter at all? Appreciate any advice!

Loquat · ‎03-13-2020

Auto loans aren't very complicated at all. When it comes to credit scores and the application, they don't average the score between the 2. A decent Finance Manager will work with a lender and write the dealer accordingly. If it were me and you have the higher score and he had the income, I'd write the deal with you as Primary and the husband as a co-signer as it tends to lead to lower interest rates when I wrote deals that way.

Secondly, sure, there's no harm in asking what score the dealership will use but let me forewarn you that the score the dealer pulls doesn't matter all that much...the question to ask is what score does the lender pull that he wants to hang your deal with.

Some Finance Managers know...some don't...it's a hit or miss but you can indeed ask.

Best of luck to you and I hope you get the car you're wanting. Spring time is always a great time to get a new set of wheels.

Anonymous · ‎03-14-2020

Thank you for replying! Maybe I'm overthinking it but just wanted to make sure it sounded right. I'll try asking the lender pulls as well, my EQ finally bumped up yesterday so it seems like everything should be good no matter what! Thank you!

Revelate · ‎03-14-2020

@Anonymous wrote:
Thank you for replying! Maybe I'm overthinking it but just wanted to make sure it sounded right. I'll try asking the lender pulls as well, my EQ finally bumped up yesterday so it seems like everything should be good no matter what! Thank you!

Yeah, auto loans are typically the higher of the two borrowers for what score they use, mortgages are (always) the lower of the two trimerge mid-scores.

You'll be fine .