My girlfreind and I went to look at a 4 Runner (for her) and the salesman told us that they were having 0% till the end of the month and you needed a 680 Beacon to qualify. Thats pretty dam low I thought to myself, knowing with my CH7 and low balances I can get a 680 myself. Anyway thought this might be of interest to someone here.
I think they use the auto loan formula for that, so the regular FICO we see isn't the score they go by, it is the auto loan version.
All dealers that use equifax would be talking about the beacon score that is at the top of your credit report. I'm not sure what he means by auto dealer version (and i'm in the business). Typically 650 to 680 will get ya the special manufacturers rates. But it depends on what kind of bad tradelines you have (and how powerful the dealer and finance mgr you are working with).
Fat Jake, That Toyota 4Runner is hot, you have got to buy that truck. That's what I am in the market for right now as well. Hopefully you will be able to get that 0% financing. I just wanted to let you know that the 2003 model of the 4Runner is going to be completely restyled. I've learned that it may be getting a V8, third row seats and the size of it is going to substantially increase. Also I heard it may be out in the spring of 2002, just a heads up. Anyway, I hope all goes well for you in whatever you and your girlfriend decide to do. Keep that credit straight and you should be just fine in life!
Thanks Alan for the advice. Since the 4 Runner like other specilty vehicles generally don't follow the 4 year model cycle I had no idea when a new one was comming out. Personnally I just like the idea of having access to something new.... with a roof. But I don't have anything to do with that purchase.. She wont need a V8 because it will be more a SAV (Suburban assault vehicle) than a SUV. Hahahha She's be able to get the 0% if there going with just Beacon... her reports are squeeky clean. I still baffled by the 680 number because thats pretty low.
Jake, I'd suggest your gf take a look at the Toyota Landcruiser and or Sequoia. We've got a '98 Landcruiser w/ V-8, this is a serious off-road SUV, 4-Runner w/ the V-6 is okay, but not that powerful, plus they discontinued the differential lock. may want to wait till 2003
What I meant by "Auto Loan version" is this: There is a Scoring model designed for automobile loans. It is not the same as the generic FICO we get, but is geared toward the auto industry, and the probability of repaying an auto loan. Previous auto loan information is more heavily weighted to determine the final score you'll receive, and non auto laon info will have less weight. I believe FICO has several different scores/models. So, the 683 FICO score you get when you log on to Equifax is NOT the same score an auto dealer will get. Someone correct me if I'm wrong on this, but I've read it somewhere, and was also told the same thing by my CU when I applied for a loan, and through the local Toyota dealer when I bought my new truck.
...SO since I have NEVER financed a car...I have a "POOR" AUTO F.I.C.O. even though my F.I.C.O. SCORE IS 711???
George, I believe that's the way it works. Now, I wouldn't go betting a alot of money on it, but I know I've seen info about the "auto FICO" on this board before, as well as others, AND my CU and the Toyota dealer told me that's what they used. I've heard they come up with a different score for the insurance industry as well, for those insurance companies who like to think a person's credit record has some bearing on how they drive. When I went into my CU, I had a 724 Experian, and was only approved for 15K, and was told my score was in the low 600's. He said they used the "Auto version of the FICO"? Toyota told me the same thing. Makes sense since I had no previous auto loan on Experian, even though I had good credit and a good score, I was having trouble getting financed. Fianlly did it through Toyota Financial on a Saturday, 7.9%, 23K loan.
I talked to a dealer recently. Dealers have lots of tricks to play on you to increase their profit. Anyone savvy enough to be reading this board should check out www.carbuyingtips.com before car hunting. Anyway, the dealer I talked to said I didn't qualify for the best rates in part because I was a "first time car buyer." Not exactly true since I DROVE IN to the place in my own car. What she meant, of course, was that I hadn't had an installment car loan before. I think George's statement that 'good credit + no auto loan history = subpar auto credit rating' is probably correct. Always remember with dealers, they need you more than you need them. Play hard-to-get and shop around. -ingenue
...SO even though I could put a MERCEDES or BMW on my credit card or pay cash...I WOULDN'T qualify for a 0.00%/60 month loan ON A GENERAL MOTORS MINI VAN because I have NO car loan history??? LOGICAL... I'll see what happens after I RE-FI my mortgage this week or next...
Mindcrime, This 4 Runner won't haul anything but a little (you know what). It will never see a spec a dirt. You know just like most of the SUV's on the road today. LOL. The differential lock is not important because she's looking at a SR5 4X2 with a roof, leather and maybe the puffy sticker woodgrain stuff. I'd like for her to get one sans the trailer hitch too but they come on most of them from the factory. We will never have anything to tow, maybe my bike but that would be a sin in my book. Also for those of you wanting to do some virtual shopping. Toyota has setup there local dealerships website to show inventory and asking price. This is alot better than it sounds. Theres a dealership in Chamblee, GA (ATLANTA AREA) that sells comparably equipted 4 Runners consistanly from 2-3K less than the 8 or so dealerships in a 120 radius. I ask the salesman at the dealership closest to me casually would they match price. He says they "try to." I'm like "F"orget you, I'll drive the 70 miles save 6-8 payments before haggleing, make a night of it with dinner and have a nice little maiden voyage back to the house. Also as I posted in the other thread... If you want data on any car goto www.autosite.com . They have complete data for all makes and models. From Daewoo to Double R. Check it out.
15 years in the business and I have never heard of the "auto version" you mention Danny. But that doesn't mean it doesn't exist somewhere. I have never worked at a Toyota lot. Maybe it is a special score that Toyota Credit cooked up. I still think that it may be a story that a salesman baked up. Remember, the dealers don't like to lay you down with the 0.0% or 2.9%. Big profits from holding rate (you have 700 beacon which qualifies for the best rate, our "buy rate" on that customer is about 6-7%) a good salesman is taught to hold rate, so if he can talk you into 9% because of your lack of auto loan financing (like George) the finance guy holds 2-3 points and dealer pockets 2-4k. I do know this for sure, George or anyone with a 700+ beacon can buy any rig they want and will always qualify for the best rates and/or special manufacturer financing (0.0 2.9, etc.) One exception, if you are young and only a year or two on bureau. 680 is a really good score and will usually get you 1-2 points higher then the 700 guy. So 8-9% would be a good rate for 680.
One account I read (so this is at least a third-hand story) said that a consumer had tried to buy at a Dodge dealership for the 0% deal offered. He had excellent credit that definitely would have qualified him. Several separate dealerships refused to sign him to the 0% deal. He bought his car online and saved a bundle. A Ford dealer actually told me their exact criteria without asking me to run my credit first. The main points I remember were a required minimum score of 720 and absolutely no negatives. -ingenue
Recently went in with my brother-in-law and he bought a 2 year old passanger van loaded. Salesman said below 600 and its tough to buy a vehicle from them. Would get you haig rates. 600-700 good rates. Above 700 and you get the 0.0%
