willieesco Posted October 10, 2005 Report Share Posted October 10, 2005 Hello,I am new to the board. My question is why would a auto dealer credit report have lowers scores than the personal credit reports pull by consumers? I went to a GMC dealer this weekend and my scre were 50 points lower than the credit report that I pulled on 10/6. Link to comment Share on other sites More sharing options...
AaronE Posted October 10, 2005 Report Share Posted October 10, 2005 yes it is possible... first off the scores you had may be FAKOs. They could be FICOs too but still could be different from what the auto dealer has. The CRAs sell their scoring models for different credit applications, for instance mortgage companies pull score models which are designed for thier business... same with auto financing. Link to comment Share on other sites More sharing options...
tadmartin223 Posted October 10, 2005 Report Share Posted October 10, 2005 It's true. When I got my loan, my scores were very low, but the score that the auto dealer pulled was waaaay higher than the score I paid for. They do have a different scoring system. Link to comment Share on other sites More sharing options...
dasani08810 Posted October 10, 2005 Report Share Posted October 10, 2005 Also; there are some dealerships that have been known to "show" you a lower credit score than they actually pulled. This happens more often when you are looking for "in house" financing through the dealership. If they sell you on the low score they pulled, they can sell you a higher interest rate on the car financing. Then, when they shop your financing, they make a bigger profit off the higher interest rates.My suggestion is to get a preapproved check from an outside lender and just go buy the car with that. Don't EVER do in house financing unless they can beat the rate you got with the outside lender.JMHO Link to comment Share on other sites More sharing options...
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