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Auto Credit and Scoring

Senior Contributor

Re: Auto Credit and Scoring

dsteed wrote:
I had a repo, about 9 years ago, and it is not showing up on my current FICO reports. Will it show up on an Auto FICO? From what I have read it will not, is that a correct assumption? ~thanks!

A repo is simple one type of adverse information that can get reported to the CRAs. At 9 years old, it's too old to report with any CRA. An Auto FICO score is derived from information contained within your CRs. As such, no, a 9 year old repo that ain't on your CRs will NOT adversely impact your Auto FICO score.
It is possible, a la AMEX, that the finance company for the repo could hang on to records of the repo forever. They could, if they wanted, blacklist you and refuse to grant you a loan, even with FICOs in the 800s, and I suspect they would not violate any federal laws. Again, I reference AMEX and other OCs blacklisting policies. If GMAC financed the vehicle that was repo-ed, then GMAC might not give you a loan whereas Ford, Toyota, Capone and others might. This is all very theoretical, and auto finance companies tend to be more generous than CCCs because if you stop paying it's usually easy to go get the car.
Message 61 of 90
Established Member

Re: Auto Credit and Scoring

Thanks for your reply! The loan was financed through I believe Transouth. So, when I am ready to go and get a car I'll be prepared. My scores are in the mid 600's now, so I have quite a bit of work to do yet!
Message 62 of 90
Senior Contributor

Re: Auto Credit and Scoring

bengerman wrote:
will it be at all based off your classic FICO? or just off the fact that you have no auto history?

They use the info contained in your EQ, EX or TU CR. Just use a different formula and weigh different things differently. With no auto history, it would tend to be lower than some good history.
No history is probably better than a bad history. Car finance companies know that people sometimes hit upon hard times and they might start missing bills. But, if you're making your rent or mortgage payment, and making your car payment, they'll probably be much more forgiving if you have have some CC COs. Miss a bunch of car payments or get a repo, probably will be less forgiving.
Message 63 of 90
New Member

Re: Auto Credit and Scoring

Is anyone still reviewing this thread?  I'm new here and just stumbled upon it.
I have a REDEEMED repo from Nov. 2005.  I got the car back (hence the redemption) and have paid well on the account since.  It is now August 2008.  If my husband and I go for a new vehicle around December 2008 and my account is still looking good, is it probable that the Redeemed repo aspect will still be holding my auto enhanced score way down?  I had never heard of this scoring until today...
Message 64 of 90
New Contributor

Re: Auto Credit and Scoring

Something very important I would like to share with you all. FYI, I am a previous car dealer. Car dealers do NOT look for the lowest score; they do their best to find your highest credit score, so you can "qualify" for the lowest rate. Part of the reason is so they can pay the lowest possible "buy rate" on the interest, and still charge you the highest percentage in which they can legally get from you. In my state, it's 3 points, meaning, if you qualify for 4%, they can legally charge you up to 7%. It doesn't really help the dealership to use your lowest score and pay more for a higher buy rate...just FYI.
Message 65 of 90

Re: Auto Credit and Scoring

I have never had a late auto payment and have always had an auto loan or lease for the last 15 years.  Can anyone tell me how much higher an auto enhanced fico would be over the fico score I would find one here?

Message 66 of 90

Re: Auto Credit and Scoring

Somewhat similiar to your question (which is months old) - I have pretty awful FICO scores (580s) that I'm working on. I'm actually not in debt at all any longer, my problem is opening new lines of credit.


I have probably never missed a car payment, and I have 3-4 paid off autoloans listed on my Fico -  I'd like to purchase a new vehicle, I can most defintely afford one - I'm very curious how different my Auto Industry Option is from my regular FICO. It's kind of ridiculous that we can't view it!

Message 67 of 90
New Member

Re: Auto Credit and Scoring

So, can anyone give a guesstimate as to how much difference there is between the regular FICO score and the Auto Industry score, point-wise I mean?  My Equifax is currently 740, but I do not have any previous auto loan history.  I'm looking to buy a new car, but I don't want to get rejected for a loan.  I have CC debt of $3200, but will pay it off in July.  I only have two CC's.  Any help?

Message 68 of 90
Moderator Emeritus

Re: Auto Credit and Scoring

As you have no auto loan history, there won't be any difference.

What are your CLs on each CC and the balances that you are carrying on each?
Do what is true in spite of the consequences--your future is only as true as you are.
Message 69 of 90
Regular Contributor

Re: Auto Credit and Scoring

how far back can auto loan history go?

I have a car now that the auto loan still shows on my credit report but was paid off back in december of 2006...4 1/2 years no late payments but I have had 5 other auto loans that were all paid in full with no lates whatsoever.but we are going back many years..if the loans are not on my credit report any longer is there anyway to pull my auto loan history without them being on my report other than getting a loan from one of these prior banks?

also as far as credit card balances how bad do having balances that are high hurt you on an auto loan? even if they are all on time payments with no lates?  I know I should just pay them off and then apply for a car loan but I may not be able to wait that long ?


Message 70 of 90