Cloud's car stuff

[Cloud]

they'd just replace the decal eh?

[Cloud]

Found this on the myFICO forums--did you know that auto lenders have access to a DIFFERENT "auto enhanced" FICO score, which the consumer cannot buy or access for himself? (LJ, this is not a dig at you, or car finance people, really! -- it's just for info purposes)

What is an Auto Enhanced score and how do I leverage it?

Most people do not realize there is a difference between your normal FICO score, and the score you are graded on when you apply for auto credit. Your normal credit score is simply referred to as "Classic FICO Score (also referred to as your BEACON score)". The auto score is usually referred to as your "FICO Auto Industry Option". This score it not available for you to purchase and only dealers\finance companies are able to pull it. Here are the major differences between Auto and Classic scores:

-The major difference between FICO scores and FICO auto scores is that the auto scores rate you more on how you've managed your previous auto credit. Most car lenders primarily care about how you’ve paid your auto loans. The auto score gives them this information.

-Have you made late payments on a current or previous auto loan or lease?

-Have you ever settled an auto loan or lease for less than you owed?

-Have you had a car repossessed?

-Have you had an auto account sent to collections?

-Did you include your car loan or lease in your bankruptcy?


How some car dealers "play the spread" to get you to pay more (and increase their commissions)

It's possible that a car dealer has the ability to pull your traditional FICO scores AND your FICO auto scores. That means they'll have six scores on you. It's a guarantee that some of those scores are going to be higher than the others. So which ones will they use when trying to get you financed?

It depends.

Are you familiar with the term "spread"? It's how car dealers make money when they finance you. If they can quote you a higher interest rate than you deserve—then they stand to make a nice chunk of change from the bank that finances you.

The only way to make a killer "spread" is to make you think that you have lower scores.


How to use your FICO scores to your advantage when buying a car?

Fortunately, you don't have to fall for their dirty tricks. Now that you know all about FICO Auto Industry Option scores, you can protect yourself. Here's what I suggest...

When you first walk into the finance director's office, don't tell him what your FICO scores are. Wait until he reviews the scores himself. Then ask him what your scores are. If the scores he reviewed are higher than the ones you have, don't say anything and just go by his scores. However, if your scores are higher, then pull them out and show him. If he has a choice in the type of scores he can use, there's a possibility that he'll be able to use your highest score. And, it will let him know that he doesn't have a fool sitting in front of him. He can't take advantage of you!


How do you find out what your FICO Auto Industry Option scores are before you walk into a car dealership?

You can't. Sorry. They're not for sale—at any price. Only lenders\dealers have access to them.
I mean seriously, up until you read this, had you ever heard of the FICO Auto Industry Option score?

Exactly.

Only a very small percentage of the population even knows they have three FICO credit scores...let alone three Auto Industry Option scores.


So how can you use this information to help you get your next new car financed at the best interest rate?

First, get your three credit reports\scores from myfico.com. Remember, myfico.com is the ONLY place you can get all three of your actual FICO scores. The three major buraeus sell credit scores. There are commonly referred to as FAKO scores and are worthless to you. If you handled your previous auto credit well—your FICO Auto Industry Option scores will be higher than your traditional FICO scores. So expect more from the lender. You can also ask the lender to show you their tier levels. Tiers are basically charts lenders use that have different interest rates based on your scores. You want to see which tier your fall in.

If they won't show you...at least have them break it down verbally for you. (Personally, I like to see it with my own eyes, as I never believe a word that comes out of most car dealers' mouths.)

If you've handled your auto credit poorly...then you should simply try to find an auto lender that uses just the traditional FICO credit scores. When you find a lender that uses a traditional FICO credit score, you'll have your best chance to get the lowest interest rate.

Start by calling dealerships and ask the finance person the following:

-What credit reporting agency do your lenders use?

-Do your lenders use FICO Auto Industry Option scores (or you can say, “FICO auto enhanced scores”) or regular FICO credit scores?

-What’s the minimum score that I need to get approved through your captive lender?
-What’s the minimum score that I need to get approved at the best rate by your captive lender?
-How does a discharged bankruptcy (or other major negative item) affect your loan decision?
-When was the last time you got someone with a [mention whatever concerns you about your credit reports here] on their credit reports approved? Tell me about that deal.
-What factors other than my scores go into your decision-making process?
-Can you dictate which score or which credit reporting agency the lenders you work with use to make a loan decision

from here:http://ficoforums.myfico.com/t5/Unde...oring/m-p/3684

[Cloud]

still immersed in carPron. Am drooling over the redesigned (2011 Ford Edge). Prolly over my price range though.

[Cloud]

so . . . I want a BLUE car with BLACK leather interior.

really. who cares about performance? or gas mileage?

[jinx]

Ever had a black interior? Gets mighty warm...

[Cloud]

that's what everybody keeps saying. But everything gets "warm" here anyway. I'll just put sheepskin covers on it during the summer.

My favorite car eva! was a blue boat of a Cadillac with black leather interior. My stupid drunk ex totalled it, and I don't think I've ever forgiven him for that.

[classicman]

Black is bad! Go to a little used street with white lines painted on it. Put one hand on the black road and the other on the white stripe.

If not for the hotness The black will not last nearly as long as a lighter color. It will crack &/or peel sooner... jus sayin'

[Cloud]

killjoys! you're just busting my fantasy of rolling around on the leather seats, aren't ya?

[xoxoxoBruce]

No, leather is OK. Black is the hardest to keep clean, and gets hot, as does red, but sheep skins will take care of that.

[Cloud]

but . . . gray is ugly (esPECially gray leather) and beige -- see, I have this rule:

JUST SAY NO TO BEIGE!

[Cloud]

why would black leather be harder to keep clean than a lighter gray or beige?

[xoxoxoBruce]

Because it shows every speck of dust and dirt, especially in the hard to clean seams and crevasses. Don't you have any black clothing?

[Cloud]

dust? I'm not worried about dust. I'm more worried about spills. Leather wipes off.

[Cloud]

happy! 'cause I checked my credit score today and . . . I actually have one! (I didn't before) and it's not too bad! so, hopefully I'll be able to get a loan with decent terms this time

[Cloud]

gah! very frustrated! After several months of looking and researching, I've identified a few pretty good all around cars for me. But I keep getting hung up on the "big" v. "small" question, and trying to find one vehicle to suit all my needs has been difficult. So .. .

this week, I've decided to KEEP my present car ('01 Honda Civic, 55,000 miles); and get an additional vehicle, one on the bigger side. I have enough cash for a downpayment separate from a trade/sell, I think. Then, in a few years' time, I can get something smaller and zoomier, and gift my Civic to my oldest grandchild. Or something.

I've always liked the Element, and may consider one of those. Although they apparently wallow like a pregnant sow in emergency situations, I've always been intrigued by the "multi-purpose" side of it. They are dead on reliable, and I could just plan to keep that vehicle--forever or until it dies, probably 20 years. Or I may look for something else "big" with similar utility.

When this idea came to me, I thought, "duh!" (head smack). I get soooo uptight with car trouble--this way, I can have a spare! It wouldn't cost me much to keep the Civic insured and running.

I figure, if worst comes to worst, I can sell my Civic for extra cash, pile all my possessions in the Element, and live in it. yeah, so I'm a little paranoid. Wanna make something of it?

Anyway, that's my thinking this week!