@Anonymous wrote:
We're looking for financing, most likely on a Toyota Tundra around $15,000. The primary driver's scores are in the 625ish range. He has an auto loan from 3/2007 and a BOA 99/500 card from 12/08 that he has never been late on, and all his old collections are 100% paid off. I've been planning on cosigning for him with credit around 710. If we wait a few more weeks, my credit should be a little higher because of lower balances reporting. I've talked with BECU and Toyota Financial to try to get an idea of what rate we can get with these scores, but no one really seems to know what they're talking about outside of the automated system they use. I was hoping to get a real idea before letting everyone go pull happy on our scores. The one thing everyone keeps telling me is that the primary borrower' score will have the most effect. If that's the case, what is the point of cosigning? Has anyone with scores in the low 600s had any recent experiences with Toyota Financial or BECU? Anyone had any recent cosigning experiences? I have a Lexus lease now that I'd like to buy out (I can do it now, a few months early). Although I pay through Lexus Financial, the loan reports as Toyota Financial on my reports and I've had a previous loan with them as well. I'd really love to buy out my lease at the same time if I'm cosigning his loan so that I can just pull my scores once. Sorry, that's a lot of random info, but I'm wondering if anyone knows if that might be possible?
Yup, the primary co-signer's score will be looked at the most. My experience is that the primary is usually needed to be the higher and better credit of the two co-signers. In your case, its you.
The point of co-signing is that the higher and better credit guy will be guaranteeing the loan primarily, and the lower guy is just to tag along. Just like a person (usually parents) with better credit will issue a credit card to their kids to help them build credit by tagging along their parents' credit.
I have had 2 Scions (One for myself, another I co-signed my ex-gf), and last year a Lexus. They all showed up on my credit report as Toyota Financial Services.
It might hurt your chances to get a loan to buyout your Lexus lease. But with your history with Toyota, I'm assuming that they will go easy on you. It still depends though, you know.
