SHHHHHH!!! Real Bank Rates Revised!!!!!!!! REVISED 08/14/04

[MarvBear]

I thought the forum members might be interested in seeing several of the rate sheets we normally use in F&I. These are current and actual RATE SHEETS in use by the banks.

 

For those board members who are affiliated with the Automotive Industry, I would appreciate it, if you have additional Rate Sheets please contact me and I will make them available to the board members via this sticky.

 

I have substantially increased the number of available rate sheets available for viewing.

 

For better access they are now located here:

 

http://briefcase.yahoo.com/marvhed

 

Just click on the folder "Bank Rate Sheets"

Edited December 10, 2004 by MarvBear

[OneShoeOff]

This is one awesome sticky! I recently went car shopping with a friend. The sales manager wanted to know how I knew so much about financing options. I told him that I am an avid reader of Marv Bear's column. He was like --who's Marv Bear??? Hee hee, just kidding

 

Excellent information. Thanks!!

[thefall]

Great post! I am surprised (or not) at how pricey HH is even with A tier scores. The CU's generally look attractive unless you can get the 0% promotions that can still be found here in N. California.

[rebldcrdt]

WOW this really helps me get and idea of where im at, thanks!

[alonsoflor]

MarvBear what do the levels mean like 1,2,3,4????

 

Thanks!

[MarvBear]

MarvBear what do the levels mean like 1,2,3,4????

 

Thanks!

 

That is simply another way of referring to a Tier rating system.

 

It has Numeric values rather than Alpha values.

[alonsoflor]

MarvBear what do the levels mean like 1,2,3,4????

 

Thanks!

 

That is simply another way of referring to a Tier rating system.

 

It has Numberic values rather than Alpha values.

 

Got it! :wink:

[MarvBear]

I guess you notice I cannot spell worth a flip!!!!

 

I meant Numeric Values!

[leesa]

This is really AWESOME!!

 

Question: Is the Average FICO used to determine the rate your middle FICO score or is it truly an 'average' of the 3 scores?

 

 

 

 

leesa

[MarvBear]

This is really AWESOME!!  

 

Question:  Is the Average FICO used to determine the rate your middle FICO score or is it truly an 'average' of the 3 scores?

 

 

 

 

leesa

 

Leesa: I am sorry but I simply do not understand your question. If you could rephrase it for my feeble bear mind, I will be happy to try and answer.

[LowScore]

Is MarvBear's site down?

[jaytee]

i think leesa is a little confused. the middle fico is not whats used in the auto world. there is an auto enhanced (who knows by what though or what that means) FICO score. the score can come from any of your reports and that just depends on the lender. middle scores are used in the mortgage world.

[MarvBear]

Is MarvBear's site down?

 

My "site" is not down, however it is possible I have miss posted a link. If you will direct my attention to it. I will attempt to repair.

[leesa]

This is really AWESOME!!  

 

Question:  Is the Average FICO used to determine the rate your middle FICO score or is it truly an 'average' of the 3 scores?

 

 

 

 

leesa

 

Leesa: I am sorry but I simply do not understand your question. If you could rephrase it for my feeble bear mind, I will be happy to try and answer.

 

MarvBear,

 

For example, on the Capital One rate sheet for the Optimus Program it shows, Buy Rates, Participation, Down Payment: Net or Cash Down. Right above the "Down Payment: Net or Cash Down" column it says "Average FICO: 680" Is this average FICO they are referring to your "middle" score or a true average of all three scores?

 

leesa

[MarvBear]

I need to update that sheet but the score referred to is the auto enhanced score at the moment your bureau is approved for the particular bureau being used.

 

They are somewhat flexible, hence the term average.

 

For the purposes of Auto loans, banks, lenders, CU's will use their bureau of choice and make their decision partially on the score generated at the moment in time the bureau is pulled.

 

Some banks will use the score just to determine rate, and some will use it to determine rate and approval. Some likewise have an internal scoring mechanism in place to determine your approval AND your rate.

 

We do not use an average across all 3 bureaus in any case.

[E-Male]

How would this apply to a lease? Is that (excuse the pun MarvBear) a different animal?

 

Here's the specifics.

 

payment is $400 with about 21 months left on the lease. Just curious if I would be able to takeover the lease with a score in the low 600's.

[MarvBear]

I have not posted lease rates via banks. You would be wise to LEASE an automobile thru the mfg captive finance source rather than another.

[komputerjeanyus]

Damn! This is awesome! I wish I had this two weeks ago when I battled with the finance guy over 19.9% interest rate!

[planner]

Maybe I'm slow,

 

Looking at a Ford sheet (tampa). What rate would I pay if my score was 660, new car? 5.75 or 12

 

I thought the tier and fico score was the same thing. Would someone with a 720 fico, tier 5 pay 9.75?

 

Thanks

[MarvBear]

Maybe I'm slow,  

 

Looking at a Ford sheet (tampa).  What rate would I pay if my score was 660, new car?  5.75 or 12

 

I thought the tier and fico score was the same thing.  Would someone with a 720 fico, tier 5 pay 9.75?

 

Thanks

 

FMCC has an internal score system. Their internal system gives the dealer a tier. They are a tier driven system Whatever tier you get determines your rate. your fico does not determing the rate.

[fniguru]

Most of that would be based on advance or stability, or even the ability to pay.

 

Let me ask you a hypothetical question if you have EQ score of 764-TU score of 745-Experian of 784. Could you always get "bought on an auto"?

[MarvBear]

Today on 08/14/04 I substantially increased the information available in the Bank Rate Sticky.

[creditart]

I thought the forum members might be interested in seeing several of the rate sheets we normally use in F&I. These are current and actual RATE SHEETS in use by the banks.

 

For those board members who are affiliated with the Automotive Industry, I would appreciate it, if you have additional Rate Sheets please contact me and I will make them available to the board members via this sticky.

 

I have substantially increased the number of available rate sheets available for viewing.

 

For better access they are now located here:

 

http://briefcase.yahoo.com/marvhed

 

Just click on the folder "Bank Rate Sheets"

 

Great info....

 

Exactly what do the "tiers"mean. In other words. why do the tiers for the same FICO ranges mean a different interest rate?

 

Thanks agin for helping those of us not in the know!

[MarvBear]

Exactly what do the "tiers"mean. In other words. why do the tiers for the same FICO ranges mean a different interest rate?

 

In order to properly answer your question, I need to know WHICH particular rate sheet your question is regarding.

[scaryjerry]

is anyone else having problems getting into briefcase today?