imdoingitright Posted July 9, 2007 Report Share Posted July 9, 2007 Yesterday my dh went to the Audi dealer to do some test driving. He fell in love with the A3. Decided to see if he could get approved. He did. His score was 743. Is this is actual fico score or is this what is called an Auto Enhanced score? He was approved at 7.4 Apr through Audi Financial. If his score is high shouldn't the interest rate be a lot better? I'd like to know, if anyone has any knowledge on the difference between an auto enhanced and fico score? Is there such a difference? Link to comment Share on other sites More sharing options...
willingtocope Posted July 9, 2007 Report Share Posted July 9, 2007 FICO has about 17 different "scoring models" used by different types of creditors to determine whether they'll make money off of you. I'm pretty sure that Auto Enhances is one of them 7.4% sounds about right to me for an Audi. Unlike american manufacturers, they don't have to give it away. Link to comment Share on other sites More sharing options...
imdoingitright Posted July 9, 2007 Author Report Share Posted July 9, 2007 FICO has about 17 different "scoring models" used by different types of creditors to determine whether they'll make money off of you. I'm pretty sure that Auto Enhances is one of them 7.4% sounds about right to me for an Audi. Unlike american manufacturers, they don't have to give it away.So, is the score that the dealer gave us the same score we would see if we purchased it through myfico? My scores are 710, 717 and 673 are these the same scores a dealer would get or would they be lower or higher? Link to comment Share on other sites More sharing options...
willingtocope Posted July 9, 2007 Report Share Posted July 9, 2007 Probably not the same scores YOU would see through MyFico....that's another one of the FICO models, intended to give you a sense of your credit worthiness. Financing companies see a different score. Mortgage companies another. Its really hard to tell which would be higher or lower...they look a different things and attach differenit importance to different things. Link to comment Share on other sites More sharing options...
imdoingitright Posted July 9, 2007 Author Report Share Posted July 9, 2007 Probably not the same scores YOU would see through MyFico....that's another one of the FICO models, intended to give you a sense of your credit worthiness. Financing companies see a different score. Mortgage companies another. Its really hard to tell which would be higher or lower...they look a different things and attach differenit importance to different things.Thanks. I have no car payment history on my cr. Does that hurt? Link to comment Share on other sites More sharing options...
willingtocope Posted July 9, 2007 Report Share Posted July 9, 2007 743 is a pretty good score. Probably doesn't even need yours.But, yes, not having had a prior car payment is one of the not positive things I would expect the FICO car buying scoring model to take into account. Link to comment Share on other sites More sharing options...
imdoingitright Posted July 9, 2007 Author Report Share Posted July 9, 2007 743 is a pretty good score. Probably doesn't even need yours.But, yes, not having had a prior car payment is one of the not positive things I would expect the FICO car buying scoring model to take into account.That's true, but I want this on my credit report too. Link to comment Share on other sites More sharing options...
willingtocope Posted July 9, 2007 Report Share Posted July 9, 2007 I think when it comes time to actually sign the papers, you can request it in both your names.... Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted July 9, 2007 Report Share Posted July 9, 2007 Thanks. I have no car payment history on my cr. Does that hurt?I don't think this would make much of a difference if you have other "installment" type accounts. I think that an auto enhanced score is looking more at your "installment" history than they would your "open" type history. Link to comment Share on other sites More sharing options...
PolarBearnCO Posted July 10, 2007 Report Share Posted July 10, 2007 7.4% isn't horrible by any means. If you look at MyFICO.com it'll say somewhere around 7.2% for a 36-mo car loan with scores like yours --- FOR 36 months. Nearly every lender I have spoke with offers higher rates for longer term loans, probably because the default rate is slightly higher for longer term loans... makes sense to me.So, if you are looking at a 60 or 72-mo loan, 7.4% is probably pretty good. You can pull your hair out trying to get the best loan, but REALISTICALLY DON'T BOTHER! Unless you can find SIGNIFICANTLY LOWER, it won't make a difference.I used Bank of the West calculator on their website to figure the following.I don't know how much an A3 is. I figured $40K.I don't know what term you are wanting. I figured 60 months.I don't know what your down payment is. I assumed $0.The difference between 7.4% and 7.0% is only $454 over 60 months. Essentially, half a car payment. If you can afford an A3 along with the property tax and insurance, $454 is chump change, right? And again, this is assuming NO DOWN PAYMENT. If you make any down payment at all, the difference will be even less. Also, if you get a shorter loan term, the difference will be almost nothing... $264 over 36 months.So, I'd suggest don't bother. If you can get 7.4%, take it. Don't waste your time trying to get better unless you're planning to eat Ramen Noodles to drive this thing. Link to comment Share on other sites More sharing options...
PolarBearnCO Posted July 10, 2007 Report Share Posted July 10, 2007 I've said it before and I'll say it again, check out Capital One Auto Finance. www.capitaloneautofinance.com They helped me out and there are a few things I really like about their loan program. #1. Their website says "as low as 6.19%."#2. They will approve you in 15 minutes or less.#3. They will email you a "Blank Check" making you essentially a CASH BUYER. As a cash buyer, you will usually save more money when negotiating a price. (Always negotiate OTD, out the door price. They'll try to add this and that, including a "required" delivery charge. Out the door means out the door. They'll still charge you the delivery charge, but they'll knock it off the price of the car to total up to whatever OTD you decide on.)More on negotiating... from my experience (2 new cars for me, 3 used and 1 new car for friends/family) last day of the month is best day to purchase. If possible, find out which salesperson is on top or almost on top for the month. They'll do anything to get you that car to claim victory having sold the most cars for the month. I found out Mr. X was 1/2 a car away from the lead on Oct 31 last year. One hour before close, he wanted my sale badly. I ended up getting a new model year Honda CR-V for some ridiculous 13% off sticker and Mr. X got salesman of month by 1/2 a car. Not bad for a car that was "flying" out of the parking lots. It had just come out.#4. This is something I really like the idea of, but haven't used it yet. Cap 1 Auto will re-amortize your loan any time you'd like to make any additional principle payment. In other words, if your payment is $800 and you want to pay $1800, you can ask that they reamortize your payment. They'll then figure the new balance and calculate a new monthly payment using the months remaining and rate you locked in at. Instead of paying the car off early by paying extra, you lower the monthly payment. You may not care. I like that idea. It's essentially refinancing, but keeping loan rate and term the same. Link to comment Share on other sites More sharing options...
imdoingitright Posted July 10, 2007 Author Report Share Posted July 10, 2007 7.4% isn't horrible by any means. If you look at MyFICO.com it'll say somewhere around 7.2% for a 36-mo car loan with scores like yours --- FOR 36 months. Nearly every lender I have spoke with offers higher rates for longer term loans, probably because the default rate is slightly higher for longer term loans... makes sense to me.So, if you are looking at a 60 or 72-mo loan, 7.4% is probably pretty good. You can pull your hair out trying to get the best loan, but REALISTICALLY DON'T BOTHER! Unless you can find SIGNIFICANTLY LOWER, it won't make a difference.I used Bank of the West calculator on their website to figure the following.I don't know how much an A3 is. I figured $40K.I don't know what term you are wanting. I figured 60 months.I don't know what your down payment is. I assumed $0.The difference between 7.4% and 7.0% is only $454 over 60 months. Essentially, half a car payment. If you can afford an A3 along with the property tax and insurance, $454 is chump change, right? And again, this is assuming NO DOWN PAYMENT. If you make any down payment at all, the difference will be even less. Also, if you get a shorter loan term, the difference will be almost nothing... $264 over 36 months.So, I'd suggest don't bother. If you can get 7.4%, take it. Don't waste your time trying to get better unless you're planning to eat Ramen Noodles to drive this thing.lol - no plan to eat ramen noodles, especially not for a car. We plan to put $5000 for each car. We are looking at buying 2 cars, hopefully from the same dealer. Thanks Link to comment Share on other sites More sharing options...
PolarBearnCO Posted July 11, 2007 Report Share Posted July 11, 2007 lol - no plan to eat ramen noodles, especially not for a car. We plan to put $5000 for each car. We are looking at buying 2 cars, hopefully from the same dealer. ThanksI've never done that, but I'd think you could get quite a deal buying two cars. If you don't need to drive them home that night, you could special order them. The dealer will lose little to nothing ordering them already sold, wheeled off the truck and practically into your garage. Link to comment Share on other sites More sharing options...
imdoingitright Posted July 11, 2007 Author Report Share Posted July 11, 2007 I've never done that, but I'd think you could get quite a deal buying two cars. If you don't need to drive them home that night, you could special order them. The dealer will lose little to nothing ordering them already sold, wheeled off the truck and practically into your garage.That's what we thought BUT we aren't buying brand new cars. Something like 2 years old and certified pre-owned. The Audi was a 2005 certified pre-owned. The thing with the used Audi was we got free oil changes for 6 years, free roadside assistance, they didn't offer this deal with the new Audi. There was this one place that had a 2007 Infinite (this is what I want) FX for $349 with 3.9 apr and $3995 down. But if you put more then that down, it changed the deal, our apr could go up and the payment would go up........strange. Link to comment Share on other sites More sharing options...
iscrewedupbig Posted July 12, 2007 Report Share Posted July 12, 2007 That's what we thought BUT we aren't buying brand new cars. Something like 2 years old and certified pre-owned. The Audi was a 2005 certified pre-owned. The thing with the used Audi was we got free oil changes for 6 years, free roadside assistance, they didn't offer this deal with the new Audi. There was this one place that had a 2007 Infinite (this is what I want) FX for $349 with 3.9 apr and $3995 down. But if you put more then that down, it changed the deal, our apr could go up and the payment would go up........strange.I'd definitely read the fine print on that FX...sounds like they're trying to sell you to a contract or it'll be model specific... Link to comment Share on other sites More sharing options...
imdoingitright Posted July 13, 2007 Author Report Share Posted July 13, 2007 I'd definitely read the fine print on that FX...sounds like they're trying to sell you to a contract or it'll be model specific...It was a 2007 with 4000 miles. It was fully loaded. 60 months and balloon payment at the end. Either pay the balloon or trade it in. Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted July 13, 2007 Report Share Posted July 13, 2007 It was a 2007 with 4000 miles. It was fully loaded. 60 months and balloon payment at the end. Either pay the balloon or trade it in.WOW, 60 months AND a ballon payment? Doesn't sound like much of a deal. Link to comment Share on other sites More sharing options...
PolarBearnCO Posted July 13, 2007 Report Share Posted July 13, 2007 Sweet car, though. Met one of my neighbors last night at the mail boxes when he pulled up in an FX. I told him he should go to the local Bandemere 1/4 mile and race it. The CO HWY Patrol has a program at the track to allow people to race on the track instead of on the streets. You can even race police officers on motorcycles and their other police cars. Fun times in an FX. Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted July 13, 2007 Report Share Posted July 13, 2007 Sweet car, though. Met one of my neighbors last night at the mail boxes when he pulled up in an FX. I told him he should go to the local Bandemere 1/4 mile and race it. The CO HWY Patrol has a program at the track to allow people to race on the track instead of on the streets. You can even race police officers on motorcycles and their other police cars. Fun times in an FX.I did that a couple of times in AZ. WASTED them! Link to comment Share on other sites More sharing options...
imdoingitright Posted July 13, 2007 Author Report Share Posted July 13, 2007 WOW, 60 months AND a ballon payment? Doesn't sound like much of a deal.We didn't think so either and decided against it. The car was sweet, dark blue with tan leather and woodgrain Link to comment Share on other sites More sharing options...
PolarBearnCO Posted July 14, 2007 Report Share Posted July 14, 2007 I did that a couple of times in AZ. WASTED them!I think they let ya win. The cars around here are FAST and I've seen them go down the 1/4-mi against others and it doesn't look like they are flooring it. Some of the HIPOs drive Z28 and Chargers and I'd bet they aren't stock. Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted July 14, 2007 Report Share Posted July 14, 2007 I think they let ya win. The cars around here are FAST and I've seen them go down the 1/4-mi against others and it doesn't look like they are flooring it. Some of the HIPOs drive Z28 and Chargers and I'd bet they aren't stock.I have yet to find a cop car that can beat an M3. Link to comment Share on other sites More sharing options...
Amerikaner83 Posted July 14, 2007 Report Share Posted July 14, 2007 Oklahoma Highway Patrol is running brandnew Mustang GTs - I believe they've got the BOSS engine/package.Washington State Patrol are running new Hemi-Chargers Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted July 14, 2007 Report Share Posted July 14, 2007 WOW.. pretty impressive. this of course isn't very common as far as "standard issue" is concerned. Not sure about the mustang stats, but the SRT8 Charger is still slower and is a dog in comparison to handling. Here in VA, they are running the new Charger (non SRT8) and the Magnum.. I've also seen a Lambo Countash. LOL Those days are all over for me. Once I had the two kids, the lease ran out and I been driving the commuter car full time. Don't even ask what it is. LOL Link to comment Share on other sites More sharing options...
Amerikaner83 Posted July 14, 2007 Report Share Posted July 14, 2007 OK you made meWhat kind of car is it? Link to comment Share on other sites More sharing options...
Recommended Posts