The following post of yours was bumped several times without response. Everyone is wanting to know your scores that garnered the 5.4% financing. Thanks!

I got approved by CapOne before I went shopping. I wasn't going to get my hopes up and have them smashed by a dealer. I was approved by CapOne for a loan up to $38,000 with a rate of 9.65%. I wanted to buy a Scion so, I called the dealer to make sure they would take the CapOne "Blank Check". They said it wouldn't be a problem and, if I wanted, they would try and beat the rate. After running my credit, they were able to get me financed through Toyota at their advertised rate for my score, 5.4%. I guess it never hurts to check.

John

From my past experience with CAP 1 as an automotive lender...... they will pull all 3 bureau and rate your loan by the AVERAGE score.

Sorry for slacking off lately. I haven't paid as much attention to the automotive financing section since I got the car. I bought the Scion xB financed through Toyota Motor. These are the current rates:


http://www.napervillescion.com/location/na...sectionId=4#acc


Just scroll down near the bottom of the page. Even though I had the Chapter 7 discharged, it apparently didn't hold me back. I bought the car in November, my discharge is two years in February. I also bought a new house in September.

John

Thanks John. Now if we can just answer rtwilber's post about Lexus rates (see What Scores Does Lexus pull for financing). I wonder if they are the same as Toyota. Marv? Anyone?

I don't know if they use any different rules for Lexus. The sales manager told me that since Scion was a "no haggle" kind of dealer, they were "no haggle" on everything. This included pricing for accessories, warranties, and financing.

John

In the southeastern US they will pull Equifax primarily.

In the southeastern US they will be called World Omni.

i am also looking to buy a scion and have a ? about the finace rates that maybe Marv could answer. Do you look at just the Fico score to decide the rate? For example I have a 630 equifax fico, but the report is very ugly. Lots of VERY OLD negatives(CO's and colctns) and very few postive, 1 crappy $300 limit card, student loan and very old closed positive card. Also can I expect my AutoFico the be lower since I have not auto history?

I believe they are somewhat more flexible on approvals for the Scion product.

They will not look at the FICO score alone.

I do not know of any reliable way to predict whether your auto enhanced version is either higher or lower than the classic FICO model.

I do notice that routinely people with many revolving tradelines do have high Auto-Enhanced versions of FICO compared to a similar file with a lesser number of revolving tradelines.

Marv, Maroone scion here in south Florida specify on their website they use Experian Autofico for decisions, since Experian is my best reg Fico(650) should I go to them? All scion dealers have that finance menu but they are the only ones Ive seen that show wich score they use.

Can you give me a link? and let me look at it.

http://maroonescion.com/dealers/maroone/maroone-scion/

go to finance link, than pricing menu

They do so specifically state.

Although I am sure they will have other lenders available also.

It is my understanding that the Scion guidelines are more relaxed than others, although I have no direct experience with them. Lenders will ocassionally do this to boost market share on a new model/brand.

thanks Marv, I hope youre right about a relaxed financing.Im gonna need all the help I can get.
btw check this out...
http://www.hollywoodscion.com/Department-New.aspx

is this what your finance dept looks like? (btw Im a dark spanish guy, so its not a racial thing, just my idea of a finance guy is a middle aged white dude, If Im gonna get owned by a 15% rate I want the guy to atleast wear a shirt and tie and leave his doo rag at home.)

I was playing with Toyata's financing tools on their site last weekend and their site actually shows you what scores you need for financing at different rate levels. Wish all car sites did this.

Great. Can you post the link?

I believe those are sales persons. My finance department is substantially different.

Marv, I though with all the info you give us,I was ready to close a deal on my scion, but they threw a curveball at me. They simply would not finance me. I was ready to pay high rates but not to be turned down.Because of no car history, I was told they would need to use a Toyota first time buyer prgram wich I would not qualify because of having some negative tls. There was no offer of using other sources of financing. Only option is a cosigner. If I am the first person on the app,am I the one buying the car? I have a cosigner with 730+ scores but they cannot show as owning a car right now, so I dont want to have them cosign and screw them over. Boy I though I was done paying for my credit mistakes for the last 7 years, but the fun continues.

Depending on the lender, when two parties jointly purchase a vehicle, the vehicle may be titled in either name. The one to whom the vehicle is titled must also be the one that has the insurance policy on the aforementioned vehicle too.

So, yes, if approached properly the person you mention could sign the contract and not own the vehicle.

Thanks alot Marv, the info we get from u here for free is priceless. Hopelly last question. If I do use acosigner will their income be a factor? My income is 50k+, but they are retired,close to no income, what do u think?

Retiree's with goodly scores, seldom need to prove income. For instance, my parents while both retired, do not have a source of income per se. I suppose they get social security retirement benefits, but they also have rental income and some various other items that can legitimately be claimed as income on a credit application.

You on the other hand might very well be asked for POI.

If you check out their payment estimator you will find the following. Can't post the link, the estimator comes in a window without a URL to cut and paste.

Choose one of the following to estimate your Annual Percentage Rate(APR).


Excellent - I have a long, established credit history. FICO Score above 730. This selection shows a 4.5% APR

Very Good - I use my credit wisely and never miss a payment. FICO Score 690 - 729. This option shows a 4.9% APR

Good - My credit is good but I do have a few late payments. FICO Score 650 - 689. This option shows a 6.9% APR

Fair - I should have paid closer attention to my credit and paid my bills on time. FICO Score 620 - 649. This option shows a 9.5% APR

Poor/No Credit - I have credit problems OR I don't have a credit history. FICO Score below 619. This option shows a 12.9% APR

here is a halfway decent automotive loan calculator

http://www.bankrate.com/gookeyword/auto-ad...p?prodtype=auto

ok Marv I think Im close to the finish line here..so I decided a cosigner is out of the question so I headed down to the big agressive toyota dealer instead of the stand alone scion dealer I went before. Here is the deal..they showed me my equifax auto is 669..because of my old charge offs they said will have to send to special financing and will get back to me. They are asking for 10% down which is close to $2000 and are telling me to expect a very high rate around 18% but will let me know exactly. Again my income 50k+,4 years same job with fortune 500 co,same addres 2 1/2 years, If you had someone like me what rate do you think you can get me? also is the down paymnt reasonable or can they do with less?

That seems a wee bit high to me with an auto enhanced score of 669.

Down payment seems reasonable to me.

Rate depends on if one uses a lender approved on internal scores or FICO scores, but with what I remember of your credit history probably low double digit APR. (guessing)

thanks Marv, Ill try and fight for low double digits, I think they smelled I was desperate for the car and that I was very suprised at having a 669.

Hoss: please understand I am only guessing here, but say somewhere between 9 and 11%. Without reviewing your actual file that about all I could hazard as a guess. At any rate what ever they come up with on 60 month terms the rate is capped at a 3% margin and for terms exceeding 60 months the cap margin is lower. If the loan goes secondary finance market they may not allow a markup and you might be offered the rate at retention. There are so MANY variables that are considered it becomes difficult to say.

hey Marv, I should be hearing from the dealer tomorrow. Not only because of what youve told me,but doing the math and figuring that the difference in just a few points is thousands of dollars over the life of the loan,I dont think I can live with paying more than maybe 11% max. When I hear from the dealer, if its something I dont want, do you suggest I try and apply to some direct lenders? Ive been holding off because of your advise on not doing this so I dont burn bridges.

Before you burn any bridges, let me know what they say will be your APR on the contract AND the NAME of the lender who is approving the loan.

Can go futher from there.

Hey Marv, Beleive it or not I have not heard from the dealer. It was monday when I went and was told would have an asnwer by Wednesday. Called the sales guy yesterday and he didnt seem to really know who I was and just told me he would get back to me. Now today I get a call from a different sales guy at the orignal Scion dealer which wouldnt finance me without a cosigner, he was asking if I was still interested in the car and when I told him about the finance situation he acted very surprised and said that if they really wanted a deal could get done. Any suggestions what my next move should be? Ive been in sales all my life and I gotta tell you the unprofessionalism these people are showing is shocking.

Yes, I know, Most automotive salespersons do not follow up too well.

I have all m Monday deals done and in the bag. I ONLY have todays business to worry with.

IMO, I would go back to the first dealer and have another go at them.

Hey Marv, the saga continues. I finally heard back from the Toyota dealer and was told they got me financing at 16% and 2,000 down. I forgot to ask them what company got me financing but I have pulls in my Equi from Capone,HSBC and Triad. Everytime you post a new aproved loan in the sticky it makes me crazy that with my 669 enhanced this is the best I can get. I also contacted the original Scion dealer and told them if they could do better, still waiting. Do you think that this is a reasonable rate for my situation? Also, the car I want has to be ordered and could take more than a month. The sales guy said the aproval is good for a month, does that mean a month from now the rate could change? Thanks again.

If they actually have an approval in hand, it is good for 30 days from the approval date.

And yes, rates change frequently.

Try your credit union. Don't have one? Join Pentagon Federal. We were approved for a 3.9 0 down new or used when our scores were worse than some mentioned in this thread!

I found out about PenFed through the other board here.