WFDS vs The REST

[Anonymous]

So today I find out from other banks that have rejected me for an auto loan that my credit is actually 576, I guess they're on the 04 Fico? Anyways 2 days ago I got a letter from WFS saying that my interest rate was lowered to 6.99 percent (from 9.99 at the dealer) and that I'm fully financed through for 25k. When I applied by myself WFDS also rejected me but  I guess my dealer somehow managed to get me approved through them?

Can someone please explain to me how this is all possible or if this is a scam? I'm kind of just confused.

[Creditaddict]

Wells Fargo vs Wells Fargo Dealer Services is a much larger arm of the bank that only deals in cars so with volume the approvals will be easier and sometimes lower rates. When you apply yourself directly with Wells Fargo you are applying at branch level basically.

[Anonymous]

Thank you for your reply. I did not know that I guess I got lucky! ))

[sccredit]

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@Anonymous wrote:

Thank you for your reply. I did not know that I guess I got lucky! ))

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Not necessarily luck.  Different underwriting criteria.  WFDS is the old Wachovia subprime/near prime finance source.