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gm financial, chances of approval??

New Visitor

gm financial, chances of approval??

Currently have 615 Tu Auto score.  Looking to get a new lease on a 2019 equinox through chevy.  I have never had any auto loans, leases, or mortgages before.  Credit score is only about 4-5 years old.

 

Will i be approved for a lease at 615 score?  Decent income (80k annually)

 

Also, i read somewhere that GM now only uses TU Auto score 9...is this info correct?  I am in New York

 

thank you!

8 REPLIES
Community Leader
Super Contributor

Re: gm financial, chances of approval??

Although I don't recommend putting money down for leases, are you planning on putting any money down?  Your score is on the low side for a lease unfortunately.  

 

Is there any reason why you want a lease instead of a loan?

Message 2 of 9
New Visitor

Re: gm financial, chances of approval??

I wasn’t planning on putting any $ down. I would possibly put $1000 down if it would help. No baddies on my record. Just util at 89% and credit is only a few years old. I have leased my past 2 cars under my mothers name as I didn’t have any credit history but now trying to go it on my own. I have a decent income and hoping they would maybe bump me up to next tier (620??). Does that sound improbable?
Message 3 of 9
Frequent Contributor

Re: gm financial, chances of approval??

I would use the cash down you could have, to pay down your CC's in order to hopefully raise your score enough to obtain a decent money factor.

AMEX BCE ($39,500) CITI AAdvantage ($20,500) Region's Platinum Card ($14,400) Discover IT ($23,000) Macy's ($7,000) Chase FU ($10,000) Barclay's Aviator ($22,000) TU:778 EX: 781 EQ:791
Message 4 of 9
New Visitor

Re: gm financial, chances of approval??

Thanks for the advice. Is it true that GM in New York uses Fico auto 9? My auto 4,5,6 are all almost 700 so I was hoping to get lucky. My auto 9 is 615 as stated
Message 5 of 9
Regular Contributor

Re: gm financial, chances of approval??


@jmitch wrote:
Thanks for the advice. Is it true that GM in New York uses Fico auto 9? My auto 4,5,6 are all almost 700 so I was hoping to get lucky. My auto 9 is 615 as stated

I don't know GMF to use TU at all. Could be a region of the country thing, but in Texas they only look at EQ5.

Starting Score:Low 500s in 2013
Current Score 7-31-18: TU: 806 EX: 829 EQ: 799
Goal Score: 800 Across the Board
In My Wallet: Cap1 QS - PenFed Power Cash Rewards - PenFed Promise - AmEx Delta Gold - AmEx Platinum - DISCO - NFCU Cash Rewards - AmEx Simply Cash Business

Message 6 of 9
New Visitor

Re: gm financial, chances of approval??

Wow really? Is that Fico 5 or Fico auto enhanced 5? Either way my Fico 5 is 700 so that would be amazing news. Anyone else have Any other input on what score GM pulls??? Please let me know as this would really ease my mind. I called Chevy today and asked what score they use and they could only tell me that they use both TU and EQ but could not tell me which version of the score they pull?? Please if anyone has recent experience or knowledge let me know. Thanks
Message 7 of 9
Established Contributor

Re: gm financial, chances of approval??


@JGGM wrote:

@jmitch wrote:
Thanks for the advice. Is it true that GM in New York uses Fico auto 9? My auto 4,5,6 are all almost 700 so I was hoping to get lucky. My auto 9 is 615 as stated

I don't know GMF to use TU at all. Could be a region of the country thing, but in Texas they only look at EQ5.


It's by region i'm in Utah when i leased a Terrain in Mar of this year they only pulled TU Fico Auto 9 i know for a fact it's the same in California also so out west they use TU auto 9.

Message 8 of 9
Regular Contributor

Re: gm financial, chances of approval??


@jmitch wrote:
Wow really? Is that Fico 5 or Fico auto enhanced 5? Either way my Fico 5 is 700 so that would be amazing news. Anyone else have Any other input on what score GM pulls??? Please let me know as this would really ease my mind. I called Chevy today and asked what score they use and they could only tell me that they use both TU and EQ but could not tell me which version of the score they pull?? Please if anyone has recent experience or knowledge let me know. Thanks

Where I'm at, it wuld be your auto-enhanced EQ5. Though, as someone else pointed out, it apparently does vary by region - which is weird because I don't think GMF has ever, in their entire existance, given me a call-back on a customer's TU score.

Starting Score:Low 500s in 2013
Current Score 7-31-18: TU: 806 EX: 829 EQ: 799
Goal Score: 800 Across the Board
In My Wallet: Cap1 QS - PenFed Power Cash Rewards - PenFed Promise - AmEx Delta Gold - AmEx Platinum - DISCO - NFCU Cash Rewards - AmEx Simply Cash Business

Message 9 of 9