What in the fresh hell is going on in auto scores?

[kgwinn]

I am so confused. 

My lease is up on my current vehicle and I'm trying to purchase something new. At 51 years old, I've been financing and/or leasing cars nonstop for 33 years and have never been so much as a day late on a payment. 

Fico 8 scores are showing EQ 642, TU 643, EX 619

Auto 8 is showing EQ 667, TU 621, EX 607

Auto 9 is showing EQ 626, TU 640, and EX 584

EQ Auto 5 685, TU Auto 4 658, Ex Auto 2 633

Subaru dealership says they pull Experian Auto 9 exclusively and its showing 580. A little low, but ok. Ask then why they don't pull other scores and try other lenders, he just says I'm not qualified and stops responding to emails. Cool.

Try another Subaru dealer, they tell me my score is 610 but the person I'm talking to has no idea what version they're pulling. But DTI is 56% because I'm a cosigner on my mom's car despite evidence of her making every single payment for the past 4 years, so nothing they can do. 

I try to look at a lease buyout on the current car to get it paid off at a reasonable price and have it as a trade in (currently upside down on lease) and I'm told that my score is coming back at 590 and they have no idea what version they're pulling. This puts interest rates off the charts and means my $20,000 payoff is going to cost me $550/month for the next 5 years. Uh...no. 

What has happened to auto financing? My credit overall is far better than it was in my last 3 car purchases and NO ONE WILL SELL ME A CAR. 

I legit don't understand what the problem is, but I have to have a car. And I don't understand these new auto algorhythms that turn my perfect suto history into my lowest scores in years. WTAF???

Anyone have any suggestions? Know of any dealers known to pull scores that might actually help me? I'm starting to panic. For heaven's sake, I make $74K a year and I can't buy a car???

[Gmood1]

Something is MASSIVELY holding your scores down. 

When was the last time you pulled your credit files? With that many years of credit history. You shouild be easily and safely in the 800s.

Do you have any other active tradelines reporting?

[AllZero]

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AnnualCreditReport. Free weekly 3 bureau online reports through April 2021.

Free credit reports (disregard the VantageScore 3.0 score) at:
Credit Karma for weekly TU and EQ reports.
WalletHub for daily TU report.

[kgwinn]

I have a subscription here at MyFICO and see my reports every 3 months. The scores are much improved after a period of unemployment a few years back that led to collections that had to eventually fall off, as well as heavy reliance on credit cards in the past that I've been steadily working to pay off. My amount of debt is the primary negative factor at this point, as I have huge student loans, a mortgage and about $30K in credit card debt. I'm comfortable with my mid 640 scores for now and will be slowly improving them over time. 

In the meantime I can't figure out how an auto score that's supposed to heavily weigh your auto finance past has decided to tank my scores in that area and when I have paid every car payment on time for my entire life. And I'm asking if anyone has any suggestions for dealers who utilize something other than an Experien Auto 9 which seems to be particularly bad. 

Also, I just got a preapproval through CapitalOne for $35,000 but I'm looking at a $37,000 car, so all in its about a $42K loan. Does anyone have experience with trying to up that amount once you're at the dealership or is that prequal amount usually what they stick to? 

[CreditCuriosity]

Your DTI is primarily what is killing you among your collection account and possible other factors that you might not know about.  If you are at a decent interest rate on your current car you might just have to stick with that car and eventually get whomever you co-signed for off our report as that is killing your DTI it sounds like and thus suppressing your score in the process.  I think there is more going on than just high CC utilization and one baddy on the CR though...

[kgwinn]

My current car is a lease, so I can't keep it. I called about a lease buyout and they offered me $550/month for 5 years to pay off a $20,000 residual. That's ridiculous. I'm stuck wtih mom's car on my credit until she pays it off in a year and a half. And no, there's nothing hidden. There really is just a crap ton of debt. All negatives fell off over a year ago and payment history on all accounts is perfect for the last 7+ years. But my student loan balance is higher than my mortgage, so the amount of debt is not nothing. Also, I have a couple of new accounts because I was offered 2 cards with 0% balance transfer for 12 months, so I took advantage and closed some sub-prime crap cards. But MyFICO says my length of history is still good, although they don't love the recent accounts, that can't possibly account for much of a drop. And it in no way explains the difference between my Fico 8 scores and any of the auto scores. 

[Harvey26]

@kgwinnis your mom able to refiance the car to remove your name off the loan? Are you able to maybe refi your mortgage and maybe do a cash out and pay off your credit cards. I understand that your are ok with your mid 640 scores but each score verison is going to weigh the debt differently.

[coldfusion]

In the meantime you have a couple of different options like researching other financing options like local credit unions and arrange for financing before approaching a dealer for purchase, and/or setting your sights lower on a less expensive vehicle. The latter could include buying a beater vehicle and driving it for 1-2 years until you have a more solid credit foundation and then buying the new vehicle that you really want.

[DebtStinks]

I'd personally fill out the application for credit with the payment amount paid by Mom listed as additional income. YMMV and I don't know the legality behind it, but IMO, I think it'd be okay.

I know most don't do leases, but I'd also look into a local credit union with whom you might have a relationship (even a savings account for a few years) and see what they say.

PenFed has a relatively new "Payment Saver Program" that works a lot like a lease in that you only pay for the predetermined or estimated portion of the decreasing value and have a balloon payment at the end. Their rates are actaully quite competitive and they're one of the few CU's I know of that doesn't base 100% of their rates on credit score.

Best of luck!

[nycsimone]

Whats killing your score isn't your DTI ( i don't think that even has anything to do with the score) but your balances on your credit cards. The balances on your revolving accounts can easily tank your score. If you're above 50% on utilization it can easily drom your score 100+ points.

https://www.myfico.com/credit-education/whats-in-your-credit-score