quote: -------------------------------------------------------------------------------- Originally posted by jrjr37 The problem with this is, most car dealerships determine your risk from one of their own scoring models, which may or may not correspond with your fico. Example: You have otherwise good credit except for a few 30 day lates on a previous car loan. Your actual FICO might be 680, but because of the lates that pertain specifically to a car loan, their in-house scoring modles might score you much lower, exempting you from getting the best rates. -------------------------------------------------------------------------------- Hi jrjr and Everyone! I'm just wondering if the reverse is true? I have a perfect credit history with Toyota Motor Credit. I currently don't have any auto loans, but am thinking of getting one to help rebuild. If I applied at Toyota, are they likely to give me a higher score because of my history with them, even though so much of my other credit is badly damaged? Thanks for your input! NuB
I think they're likely to work it to their advantage one way or another. If they can't soak on high interest for late car loans, they'll get you on overall low scores. Nice people aren't they.
Hmmm. So do they not all use their own scoring models as jrjr was saying? Or, what you're saying is they choose at that moment which scoring system to use? What about an auto loan from my bank? Would their determination be swayed by my positive auto loan history? I want to make sure I'm not denied. I remember reading on this board that Ford Motor Credit Co. was really good at working with people. I also recall someone on this board who worked at Toyota......... Thank you kickman! NuB
Many Toyota dealers use an Experian Auto FICO score for assessing creditworthiness. So in that sense, you might get lucky. You'd probably get a lower rate, though, through your bank or credit union if you can qualify. See if you can get someone at your bank to review your report and give you an honest assessment before you ask the dealer to give you a (ha ha) honest assessment.
Re: Re: Toyota Motor Credit scoring Thank you kickman. Any idea how the Auto FICO configures? Is there a calculator out there on the web anywhere? My bank is not in my state, so I can't run down there and have them look at my report, and don't want a pull yet, but they may be able to help me over the phone, they're customer service is beyond belief! Thanks again! NuB
Re: Re: Toyota Motor Credit scoring Why not pull your own report and offer to fax it to them to review? They may be able to tell from looking at it if you're going to qualify or not.
Re: Re: Toyota Motor Credit scoring Unfortunately, I've never seen a calculator configured for such. And that's where trust in the dealer comes into play.
Re: Re: Toyota Motor Credit scoring That's a good idea Hedwig, I can always do that. kickman, trust the dealer? Oxymoron.
Re: Re: Toyota Motor Credit scoring if you work with that bank a lot, they can pull a soft inquiry. i do all my banking with USBank and they haven't pulled a hard inquiry on me in years.
Re: Re: Toyota Motor Credit scoring That's interesting, thank you. I wonder if they see something different whether they pull hard or soft? What's the incentive to pull hard? NuB
Re: Re: Toyota Motor Credit scoring At Toyota we use the Experian Auto Matrix. It is based on previous auto history, available credit, length of credit history, and payment history. Previous auto history of any kind is weighed heaviest of all. Toyota Encore is a program used for customers with previous Toyota Financing. Toyota is a 4 Tier credit scoring model, Tier 1 being highest. If you are a Tier 2, but have previous credit with Toyota, you are a good candidate for a 'Tier Bump' which will enable you for Tier 1 Financing. However, if you are looking for a special factory rate (IE 0%), Tiers 1 and 2 qualify, and an Encore member of Tier 3 will also be considered. You can pull your own report a bring it to a dealer, but it will not be your auto FICO. Also, I realize that many people know there scores and would like to be quoted a rate. You have to realize that anything an employee quotes you at is legally binding, as if it were written down. If you tell them your FICO is a 720 and they quote you @ 4.25%, they are legally held to that rate. When your credit is pulled, and you don't actually have a 720 Auto FICO, the dealer is bound to their original quote, and this is why we do not take reports from consumers. I suggest that everyone use a credit union to get qualified before setting foot in the dealership.
Re: Re: Re: Toyota Motor Credit scoring **SO ME---25+ years PERFECT RETAIL/BANK CARDS/MORTGAGE...and NO AUTO LOAN would get a LOW SCORE??? WON'T QUALIFY???
Re: Re: Re: Toyota Motor Credit scoring This lack of history does not lower your score. Previous auto history that is good, will only increase your score. With a credit history of 10 years or better, you will certainly qualify for any special incentives. Remember, it is a live person who makes the final approval, not the computer. Even if you have never had an auto loan, they will certainly look at the big picture and realize that you are gold, buddy!
