Thanks for the reply. I guess what I should have asked was will I qualify for a good money factor on a lease?
I'm not sure which bureaus and/or scores they'll pull. I found the published chart below which is based of Equifax Auto 9, which would actually put me in a pretty high tier. Equifax was my second best Auto score (732) only behind Experian Auto 2 (742) which seems older and less likely to be used.
I've read quite a few posts with Honda pulling Equifax, so I'm optimistic.
I've researched the top tier MF on Edmunds and would obviously love to get that, but worst case sounds like I could get into second tier. It would be my first lease, I want to make sure the dealer doens't pull any funny stuff with the money factor to boost their profits.
Thanks again, really appreciate it.
How far will Honda look beyond the score? I have some baddies on my report (credit cards settled less than full balance) that I'm worried about, and also I only have one secured credit card currently with only a $500 limit.
On the positive I have a 100% payment auto loan on file and my debt to income is about 17% on a ~$55k income. I'm just worried I'm going to get my hopes up for the lease, get there and be denied or given a garbage money factor. I did prequalify with Capital One Auto Nav 60 months @ 4.34% so I could finance the vehicle, but I'd prefer to lease with low/no down payment, and get something new in a few years anyway.
CFA=consumer finance account
A CFA on a credit report will reduce FICO score by a small amount for possibly 10 years.
CFA is usually an installment loan from a store to buy something such as furniture.
But there are some posts on one of the other FICO forums that say that Honda Financial is coded as a CFA.
I don't understand how a lease is reported to CRAs.
I asked the question because I am thinking about buying a new Honda. I will get preapproved at credit union, but I am sure that the dealer will want to try to beat the rate. If Honda Financial is coded as CFA, then I will tell the dealer that I am not interested in Honda financing.