We applied for an auto loan at a dealership and he was able to find us one with an interest of 7%. The bank was Suntrust a credit union. He said that Trans had the highest score so he submitted that score for the approval.
Today I decided to get a trial account with Transunion and see for myself. It shows a score of 610. However the dealer said the pull gave him 675. I'm lost. How did we take a 65 point hit? Is it because of the inquiries made by the auto dealers? We went to two and they ran us through a few banks. The first dealer ran us through five while the second ran us through four. We went with the second dealer. I was under the impression that auto loan pulls are grouped together and counted as only one inquiry. Does Transunion not work that way? Or is it possible that the credit scoring they have at dealerships is different than what we see at home?
I don't think it was an auto enhanced score because we have never financed an auto loan before. Can anyone help?
Makes sense. He said he knew for certain this credit union pulled their reports and scores through transunion hence why he knew we'd get an approval from them if we gave him a day ( we went to the dealership at night when most banks were closed ). Next morning got a phonecall and several more approvals came through, Suntrust was the lowest APR. He was right as we saw this inquiry from this bank on Transunion but did not see the inquiry on Equi or Exp. So now I understand.
Thank you! Guess I'll go ahead and cancel this Transunion thing.
yeah i pulled my scores (tu and eq) from here and they were 689 690. the morning of.
2 hours later when the dealer pulled they got 704 so im guessing its auto enhanced but im not complaining because the guy said you need 700 to get tier one financing.
(even though everywhere else i read toyota is 650 to qualify for the 0.0 rate)
idk if they pulled ex but both eq and tu show inquries from the dealership and toyota financial.
