TFS Question

[Anonymous]

So, I just leased a new car from TFS and have a couple of questions.

1. I traded my old lease in for a new lease.

2. The dealer pulled TU, which came out to be 680 (Tier 2). My Discover FICO score shows at 723. Why the difference?

3. I co-signed with my father, who also co-signed on my last TFS lease that I traded when I got this one. Last time, they didn't ask for any income verification. This time, the dealer asked for pay stubs. They were asked for after the fact. Only issue is that I just got a raise at work and went full time. I put down the annual income based on this new raise and full time, but my paystubs for the year are based off of my old rate and only working part time. My father makes more than 3x the value of the car, and he co-signed. Anything to worry about here? I also put down on "other income" funds that I get from other sources, such as side jobs, etc. They didn't ask for verification of these, but I really don't have ways to verify this in official terms. Any issues here?

4. I completed the contract on 11/30/15 and just sent the paystubs in today (totally forgot). Called to make sure they got them and asked for the TFS account number. Dealer said he was awaiting paystubs before processing. Is this normal?

Just want to make sure I shouldn't expect any surprises.

Thanks for your help!

[sccredit]

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@Anonymous wrote:

So, I just leased a new car from TFS and have a couple of questions.

1. I traded my old lease in for a new lease.

2. The dealer pulled TU, which came out to be 680 (Tier 2). My Discover FICO score shows at 723. Why the difference?

3. I co-signed with my father, who also co-signed on my last TFS lease that I traded when I got this one. Last time, they didn't ask for any income verification. This time, the dealer asked for pay stubs. They were asked for after the fact. Only issue is that I just got a raise at work and went full time. I put down the annual income based on this new raise and full time, but my paystubs for the year are based off of my old rate and only working part time. My father makes more than 3x the value of the car, and he co-signed. Anything to worry about here? I also put down on "other income" funds that I get from other sources, such as side jobs, etc. They didn't ask for verification of these, but I really don't have ways to verify this in official terms. Any issues here?

4. I completed the contract on 11/30/15 and just sent the paystubs in today (totally forgot). Called to make sure they got them and asked for the TFS account number. Dealer said he was awaiting paystubs before processing. Is this normal?

Just want to make sure I shouldn't expect any surprises.

Thanks for your help!

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2. - Auto Enhanced vs regular FICO

3. - As long as you can prove what your income is NOW you should be fine

4. - This is normal, they needed to balance of the paperwork to finish processing the funding with TFS.  

[Anonymous]

Shouldn't the Auto Enhanced be higher than the FICO score shown by Discover? My Discover FICO is based from Transunion (correct?), so wouldn't the Auto Enhanced be higher than the TU shown by the dealer?

[emptypockets]

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@Anonymous wrote:

Shouldn't the Auto Enhanced be higher than the FICO score shown by Discover? My Discover FICO is based from Transunion (correct?), so wouldn't the Auto Enhanced be higher than the TU shown by the dealer?

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That would depend on your Auto Loan history (and that of your co-signer).

[Anonymous]

Wouldn't a second loan with the same lender with perfect payment history be a good indicator? I would have thought that based on this my score would have been higher.

[emptypockets]

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@Anonymous wrote:

Wouldn't a second loan with the same lender with perfect payment history be a good indicator? I would have thought that based on this my score would have been higher.

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It is possible, but that is not always the case. I am no expert, but I believe auto enhanced places a higher emphasis on payment of auto loan accounts, but that does not mean just your most recent loan. If there was a past payment problem (for you or the co-signer), it could bring the score down. They will sometimes ask for a co-signer if your income is not enough - even if the co-signer's credit history is the same as yours. Plus, even though this score may emphasize auto loan accounts, it will still take into account AAoA, etc. (the same as all credit scores do).

Did you ask (can you ask) the credit manager about the score difference, and let him know you have yout TU score, and have him explain it to you? It is possible that the Discover score you got was from a much different date than the score pulled by the lender. Sometimes scores can vary quite a lot from day to day - depending on what balances are reporting, etc.

[sccredit]

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@Anonymous wrote:

Shouldn't the Auto Enhanced be higher than the FICO score shown by Discover? My Discover FICO is based from Transunion (correct?), so wouldn't the Auto Enhanced be higher than the TU shown by the dealer?

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One would think.  I can tell you that my auto enhanced score is significantly (50 points) lower than my FICO08 and I couldn't tell you why, aside from the fact that I don't keep cars long.