Fico Score question for the Loan guys

[opfreak]

I know it varies from dealer to dealer, and finance arm to finance arm.

 

But if someone has a large varicance in scores, which would you use?

 

for example.

 

my ex + eq scores are right aroudn 680.

 

But transuion is 700+

 

obivously I would like to use the TU score, since that gets me close to the best interest rates, while the other 2 always put me in a teir below.

 

I'm guessing if someone goes in, not knowing their scores, some dealers would tell me about the 680 score, and pocket the 1% or so mark up, approving me using the 700.

[MarvBear]

A dealer is likely to pull a report from all three bureaus. I do.

 

I don't make the mistake of translating the bureau with the highest score as the most reflective bureau though. I pull all three because I like to know what I am dealing with. I then match the customer to the bank I believe will access the most reflective bureau file, which may or may not be the bureau with the highest score.

 

I don't believe you would know at all what your auto enhanced scores are since they are not available to the general public.

[opfreak]

A dealer is likely to pull a report from all three bureaus. I do.

 

I don't make the mistake of translating the bureau with the highest score as the most reflective bureau though. I pull all three because I like to know what I am dealing with. I then match the customer to the bank I believe will access the most reflective bureau file, which may or may not be the bureau with the highest score.

 

I don't believe you would know at all what your auto enhanced scores are since they are not available to the general public.

 

I geuss I would follow up with the following questions:

 

1) In 'general' would captives use whatever higher score you have? (ethier fico, unkown auto, or their own forumla)

 

2) when dealing with secondary lenders, as the finance guy, would your goal be the best rate, or just apporval?

[MarvBear]

I geuss I would follow up with the following questions:

 

1) In 'general' would captives use whatever higher score you have? (ethier fico, unkown auto, or their own forumla)

 

2) when dealing with secondary lenders, as the finance guy, would your goal be the best rate, or just apporval?

 

To answer #1: captives use an internal scorecard. At least ALL the captives that I know of do.

 

To answer #2: approval.

[opfreak]

Thanks Marv.

 

Alot more insight from those answers, then what appears at first glance.