Subaru Finance

[Anonymous]

Hello!  Does anyone know if it’s work getting preapproval with Subaru Finance directly or would the dealer have to pull credit again, similar to how Ford and GM work?

We consolidated down to one vehicle a few months ago after I sold my truck and here in the next few months we will need a good commuter vehicle that is safe and reliable.  The appeal of AWD and wanting a manual transmission has me looking at Subaru, especially in 5-6 years when our daughter will be driving.  We also may be moving up north later this year as well. 

I have a preapproval with PenFed but would like to see if Subaru can beat the rate or possibly approve me for a lease.  Credit scores are in the low to mid 600s with PenFed saying they pulled me at 645. 

[IPIF]

I think that you should stick with PenFed.

Subaru Finance may be coded as a CFA and lower your FICO score for maybe a decade.

Leasing is a bad financial choice. Most of the depreciation occurs during the first 3 years of a new vehicle.

The lessee is just paying for the depreciation and then owns nothing.

[iv]

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@Anonymous wrote:

Hello!  Does anyone know if it’s work getting preapproval with Subaru Finance directly or would the dealer have to pull credit again, similar to how Ford and GM work?

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You can get an online pre-approval from Subaru/Chase.

The dealer doesn't HAVE to pull again... but most dealers probably will anyway. Maybe twice...

There's a good chance they'll try to pull credit even if you just walk in with the PenFed pre-approval.

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@IPIF wrote:

Subaru Finance may be coded as a CFA and lower your FICO score for maybe a decade.

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Subaru Finance is Chase. Does not code as a CFA, just a regular auto loan, no negative score effects.