Really low auto score - chances of approval?

[Smooth_J]

So I am trying to upgrade from my current vehicle (Chevy Bolt finance) to another (Chevy Equinox EV lease). I went to the dealer, and then they did a hard pull on the dealership level and then GM Financial (TU). I have 4 years of payment history with GM but messed up one time with a 30 day late on August 2024 on my current vehicle. So after all that, I was advised that they need to "talk to the bank" and that will happen on Monday. 

I had my 3 month renewal today so I refreshed my scores, and while my my regular FICO is "OKish" (near the 650s), my auto FICO isn't that great, with TU being the best at 611. 

If I would have waited, I would of known this before car shopping and now based on what I am seeing, I highly doubt I would be approved.

I guess I am just trying to prepare myself for bad news...

[cashorcharge]

The reason they need to speak to the bank is not entirely a bad thing.  Your score is not high enough for them to auto-approve you and since GM financial did not auto-approve you either...there is still hope.  They will need to discuss (versus algorithms approving) to see what can be done.  You may end up paying a higher interest rate though I wouldn't completely say it's a no-go.

Dont' be surprised if they hit you with a bunch of stips like Pay Stubs, Bank Statements etc.

Good luck!  

[USMCOne]

When you apply for a loan at a dealership they shot gun that application out to ALOT of lenders. Ones that few have heard of. Usually someone will take the bait. The issue is your falling into sub-prime lending which means high interest rate which eats into the amount they will approve you for. They also will want a pound of flesh out of you in the form of a down payment.

Sometimes its the only solution and if so pay the bill on time and maybe in a year seek another lender that will refinance it at a lower rate. For most people the impact of adverse credit history becomes real when getting a car.

[indiolatino61]

[looking335]

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@Smooth_J wrote:

So I am trying to upgrade from my current vehicle (Chevy Bolt finance) to another (Chevy Equinox EV lease). I went to the dealer, and then they did a hard pull on the dealership level and then GM Financial (TU). I have 4 years of payment history with GM but messed up one time with a 30 day late on August 2024 on my current vehicle. So after all that, I was advised that they need to "talk to the bank" and that will happen on Monday. 

I had my 3 month renewal today so I refreshed my scores, and while my my regular FICO is "OKish" (near the 650s), my auto FICO isn't that great, with TU being the best at 611. 

If I would have waited, I would of known this before car shopping and now based on what I am seeing, I highly doubt I would be approved.

I guess I am just trying to prepare myself for bad news...

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Good luck.  Your scores are better than mines.  I pre-qualified with Ford and provided the dealer with the letter of prequalification.  I had no prior history with Ford but, at the time, my scores were in the early 600s with EX and EQ.  TU was my lowest (below 600).  From my paperwork, TU was used and my score was 571.  I completed the app on the dealer's website but did not have to provide proof of income.  Hoping for good news for you.