OK, Im trying to get my financing together. The other day, the scion dealer runs me a credit check and my score was VERY dissapointing. It was 618. I was shocked! This puts me in the last percentage rate, which is a 13% rate. I own my own home, two credit cards, and have never been late with a payment. He said that he got the report from Equifax, which is the only credit bureau toyota uses. Or so he said.

Soo, the same night I go to the Equifax web site, pay the $15 and get my own credit check. It was 662. Which is a hell of a differance. That score puts me in the second rate, which is like 5%. Whats going on here guys? Is he trying to screw me or is something just not right?? I used the same bureau he used. Should I not get financing through Scion? Is that for suckers or what?? Please help me. Im getting my xB this week.

 

It's always a good idea to talk to an independant bank or credit union if possible, before ever going to the dealer, so you can talk intelligently about the rates you can qualify for, especially with a pure pricing brand like Scion. The trade-in, & the loan are the only things you can bargain with, so you might as well have all the advantages you can get, right?

 

www.myfico.com

You have an option to buy one score from one company or know your score from 3-companies. You score will vary however. It seems the dealer went with the lowest possible score so they can screw you over! Yeah, like what he said, go to a CU or yoru local bank.

 

If it were me, i would bring the copy of the report you got to the dealer again, and ask to speak with the manager. POLITELY ask him why this happened, the difference in scores. Dont go in with the attitude of your right and their wrong ( although it does look like the dealership is out to make the most money by putting you in the lowest bracket ) cause then your only gonna put them on the defensive. If you dont get the answer you seek, then you could contact Scion directly and let them know that your dealer may be up to sneaky means of making a buck, which Scion doesnt seem to like much.

Then you may have to check into finding finance else where. Just keep in mind, too many people poking around in your credit may set off flags to those that look later into lending you money. Also, i found that the cheapest rates online were from CapitalOne, you may want to give that a try.

 

You could apply online at Capital One. I was approved in one hour and had the check the next day in Fed Express. The rate was really low.
http://www.capitaloneautofinance.com...e/Default.aspx

 

I tell all of my customers to go check with their bank 1st. In MN you get hit on your score every time someone looks at it, so the less the better. At worst, you'll get the same rate as we do, but at least if you have a building to go to to talk to a person if you have a crisis.

Mike

 

Ask the dealer to let you see the report. If they put in the wrong address, even with the correct social security number, the report can pull stuff that isn't yours. I had this happen recently. The first report showed all of his sister's stuff that included a repossession and a 492 score. I ran it again, using the exact same name and SSN, but I used his previous address (he had just moved in with his sister but had been in an apartment for the previous 2 years). The score jumped to the upper 600's and had his correct accounts.

It happens. The dealer doesn't benefit by putting you into a higher credit tier. It actually makes their job harder and they should be quite happy if you can help them find a better score for you.

 

Thank you all. I will probably go back in there with my credit report in hand and see what we can work out. The salesman is actually really nice, so I doubt its anything he is doing. Im sure it'll be fine, but if not, I will try some other means of financing outside of scion. But either way, by god I will have the xB!

 

The credit report you pull and the credit report they pull will be 2 different scores everytime you pull them.

When they pull credit, they have provided the credit reporting agency w/ certian criteria to base the score off of. One thing they can be taking into consideration is your lack of installment debt (loans). Yes you do have a mtg but no other loans.

You also have lack of credit history. Usally if you dont have alot of crediti trades that will kill the fico as well.

Like I said tho, lending istitutions have different criteria they give to their credit agency so the ficos will be different.

 

Actually, my home mortage didnt show up yet. I have only had my home for 3 months, so that is either hurting me or helping me. Not real sure. According to my lender, it should be showing up any day now. Should I wait a couple weeks and try again?