Auto dealers often use an Auto enhanced score and no I don't know where to get a copy of it. They seem to look at your auto loan history and weigh that in addition to you FICO score.
In August 2007, with a 667 EX score, I was able to get a 2.9% on a 3 year loan with 20% down from GMAC. Tthe 3yr, 20% down were the terms I asked for when I applied since I figured it would be easier to qualify that way as I was nervous. The 2.9% wassome special finance deal that GMAC had back then.
I have had 3 previous auto loans that were all paid off with no repos. The only lates on any of those loans were from my last loan and occured 2.5 to 3.5 years earlier (7 30days in total with them on that loan). In fact I had just paid off my previous 5yr loan to GMAC the month before I applied.
Your situation will be different and thus your results may differ as well.
Message Edited by Miner on 09-25-2008 12:56 PM
Message Edited by Miner on 09-25-2008 01:03 PM
I have bought many autos in my past as well and have not had auto enhanced. I know it is done but I have not had it. I would have preferred it because my score would have been higher.
You would NEVER know they pulled an auto-enhanced score since all they give you is the FICO score they pulled since any auto enhanced score is usually something that the major car creditors do internally. All they do is look at your auto loan history and take that into consideration with more weight then just the FICO score. They care more about how you treated your past auto loans then your credit cards though both are a consideration. I asked at the dealership when I bought my last car and that is what the guy explained to me. Besides, I've seen articles on CNN money and other places on the internet over the years, so it is happening.
Message Edited by Miner on 09-26-2008 10:52 AM
Message Edited by Miner on 09-26-2008 10:53 AM
Message Edited by Miner on 09-26-2008 11:02 AM