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Prices Paid: Buying & Leasing Experiences Subaru Forester Prices Paid and Buying Experience
2745 messages, Last post on Nov 28, 2009 at 4:46 AM
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Replying to: weverhat (Sep 13, 2008 4:54 pm) In any case, you should always line up financing ahead of time with your bank or credit union. You can always offer the dealer the opportunity to beat it. Usually manufacturer sponsored financing deals are the best (if you can qualify). Otherwise, a credit union will normally have the best rates. -Frank
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Replying to: p0926 (Sep 15, 2008 9:56 am) |
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Replying to: weverhat (Sep 13, 2008 2:36 pm) I agree with some of the other posters that if the score is noticeably lower, something is wrong...perhaps they typed in the SS# wrong??? Couple of things you could do... 1. Search for financing elsewhere, there are always other options... 2. Bring in copies of your scores to the dealer and talk to him about it. Ask the dealer to see copies of what he has to verify that it is really you. He should show you this information readily, as it is about you. If he doesn't, perhaps something else may be going on. 3. Chase bank is the one who finances the Subaru loans if you are going for the 4.9%, perhaps you could talk to your local Chase bank (or their 800#) to see what they do use to check the scores for the Subaru accounts. Chase does give a lower rate through Subaru than through their bank. 4. Every time someone pings your SS# your credit score can be lowered, so even if you don't get a loan or credit card, but just asked about one, and they ran a credit check, it can lower the score. Get the detailed version from each of the big 3 to see if someone has been pinging your SS#. It will show up on your complete detailed credit score report that you can get free once per year from each of the big three credit agencies. (Heads up: I had one time when a couple of credit card companies that I already had cards with were pinging my account every single month...who knows why) 5. The dealer/salesperson gets a kickback if they sell you on the Subaru financing, so it is more money in their pocket if you finance through them. So... 6. Make sure the dealer is using the Subaru financing (probably better now due to the incentive) and not their own dealership financing. These are two different options that you would have typically. Good Luck! |
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Replying to: weverhat (Sep 13, 2008 4:54 pm) The FICO scores/reports which you can purchase from Myfico.com or from the credit bureaus themselves are what's called your "classic" FICO scores. However, there are also "specialized" versions of your FICO scores used in different industries, one of which is known as the "Auto enhanced" FICO scores used in the automobile industry. These are not available to the consumer at all. --------------------------------------------------------------------------------- ----------- http://creditboards.com/forums/index.php?showtopic=125574 "Each industry that uses a credit-scoring algorithm to judge creditworthiness likely has a specialized version of the Classic Fico model that pays specific weight to the factors associated with that industry?s extension of credit to individuals. So now, we come to Auto Enhanced Versions of FICO. Equifax?s partnered with Fair Isaac to formulate a Fico score for the automobile industry called BEACON 5.0 AUTO INDUSTRY OPTION. Experian?s partnered product with Fair Isaac is called EXPERIAN/FICO AUTO MODEL 2. TransUnion?s partnered product with Fair Isaac is called FICO RISK SCORE, CLASSIC AUTO 04. Each of these aforementioned products is a real FICO score model. According to Equifax, Experian, and TransUnion, particular weight is paid to past automotive credit history in the computation of these scores. It is possible that from the above posted chart that the percentage points are slightly skewed in favor of installment history in the computation of these scores. ... An Auto Enhanced Fico is not available to the consumer. None of the credit reporting agencies, nor Fair Isaac sells this scoring model to the consumer." --------------------------------------------------------------------------------- ----------- I was able to obtain a copy of my "Auto enhanced" credit scores/reports from a dealer. In my case it turned out that my "Auto enhanced" FICO scores were indeed considerably lower than my "classic" FICO scores. My classic FICO scores are 716/689/680. My Auto-enhanced FICO scores were 672/645/603. Cited on my Auto-enhanced report was "Lack of recent installment loan information." This is because I have not had any auto-loan payments for the last 13 years. I paid off my first car after a few years and have kept it for the past 15 years. While you would think that this would be considered a positive, it was actually a negative on my score since I had a very short automotive-loan history. And since that is given greater weight in the auto-enhanced scores, that's what brought down my scores, I believe.
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Replying to: weverhat (Sep 15, 2008 6:58 pm) At this point I had not yet found out my Auto-enhanced scores, so I was wondering why the scores dealer #1 was telling me were much lower than what I had gotten from Myfico.com. I decided to contact dealer #2 and have them run my credit (dealer #2, you'll recall, was $400 higher than dealer #1, but dealer #2 had the car I wanted in stock). I calculated that if dealer #2 could get me the 4.9% rate, it would more than make up for the $400 difference in price. I tell dealer #2 of the experience I had when dealer #1 checked my FICO scores - that dealer #1 said my highest score was 645, which I thought was too low. Dealer #2 says that some dealers have bad reputations and have been known to try to make money on the spread, by telling buyers that they qualify for a worse rate than they actually do. Dealer #2 asks me who dealer #1 was. I tell dealer #2 the name of dealer #1. Dealer #2 says that dealer #1 is kind of in the middle - not a bad reputation but not a great one either. Now here's an interesting twist - I had previously asked dealer #1 about dealer #2 (since dealer #2 was one of three dealerships who had the car I wanted who dealer #1 could possible be getting the car from). Dealer #1 had told me that he had a pretty good relationship with dealer #2. Getting back to dealer #2, dealer #2 says that they'll check my credit to see if what dealer #1 told me was accurate. About 10 minutes pass and dealer #2 calls me back. Dealer #2 says that they ran my credit, and tells me that dealer #1 was not lying to me, my highest score was indeed 645. I thanked dealer #2 for checking, and that was that. I still was not satisfied. Why were my scores so low? Was dealer #2 telling me the truth, or were they backing up dealer #1? Was it really due to these mysterious "auto enhanced" FICO scores? Did all dealers use these "auto enhanced" scores, or did some use the "classic" scores? I decided to visit the dealerships of several different manufacturers and have then run my credit to see if I could find out the answers to these questions. I know that inquiries into your credit can lower your score. I also remembered reading that several inquiries in a short time span were treated as one, so it wouldn't really have that big an effect on my credit. Plus at this point I really wanted to know so I didn't really care if it cost me a few points on my credit. First stop was a Jeep/Chrysler dealer. I feigned interest in a car and then asked them to run my credit. They do and come back and show me my scores - 712/680/675. All within a few points of the scores I obtained from Myfico.com! At this point I am feeling pretty skeptical about the trustworthiness of both the Subaru dealers I had contacted (dealer #1 and dealer #2). Next stop was a Nissan dealership. I again say I'm interested in a car and ask them to run my credit. They return and show me the scores/reports - 672/645/603. The names on the reports were the names of the specialized auto-enhanced FICO scores described in my previous post - Equifax BEACON 5.0 Auto Industry Option, Experian Auto Loan Model 2, TransUnion Classic Auto 4. In addition, the 645 and 603 agreed with what Subaru dealer #1 had told me. However, the third score, which dealer #1 said he did not run, turned out to be higher than the other two, and would have placed me in Subaru's tier III - 6.25% for 64-72 months. Last stop, a Honda dealership. Same routine. They run my credit, and return with one score. They say they only use Experian. My score is 603, which matches the Auto-enhanced Experian score from both the Nissan dealership and Dealer #1. Bottom line, of the 4 manufacturers I checked with, three used the "Auto enhanced" FICO scores - Subaru, Nissan, and Honda. One used the "classic" FICO scores - Jeep/Chrysler. Still, there was unfinished business with the Subaru dealers. Why did dealer #1 check only two of my scores? Why did dealer #2 confirm that my highest score was 645? One interesting thing I discover from my credit report is that Dealer #2 never checked my credit! It showed that dealer #1 checked my credit. It also showed that the Jeep/Chrysler dealer, the Nissan dealer, and the Honda dealers checked my credit. But it did not show any record of dealer #2 checking my credit! Remember, I told dealer #2 that dealer #1 had told me that my highest score was 645. I also told dealer #2 the name of dealer #1. Also remember that dealer #1 had told me before that he had a good relationship with dealer #2. Draw your own conclusions. Armed with all this information I send dealer #1 an email. I tell dealer #1 that I obtained a copy of my "auto enhanced" credit scores, and that two of my scores matched what he told me - 645 and 603. I also tell him that the score he said he didn't check because it was usually the lowest was actually the highest at 672, and that since he said that Subaru takes the highest of your three scores, that would have qualified me for tier III (6.25% for 64-72 months) instead of tier IV (6.9% for 64-72 months). The following day I get a response from him with good news, he was able to get me the 6.25% interest rate! |
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Replying to: weverhat (Sep 15, 2008 8:42 pm) 
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Replying to: weverhat (Sep 15, 2008 8:42 pm) After your great credit odyssey, did you close the deal? Do you have your new Forester? It will be all the sweeter for your efforts. Congratulations!
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Replying to: skeleton (Apr 24, 2008 7:10 pm) |
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Hi - I hope I'm posting this to the right place. I'm new to the Forum and am seriously considering the purchase of a 2009 Forester Premium or Limited. I was leaning towards a Premium originally (for the lower price) but this week I test drove a Limited and it was very very nice to drive. I am in the SF Bay Area, CA by the way. Here is one of the better quotes that I received so far from the internet dealer at one of the local (San Jose) dealerships that has positive customer reviews, which I prefer to give my business to. This is what I am being given: 2009 Forester Limited w/VDC: Auto trans. AUTO DIM MIRROR/COMPASS W/HOMELINK LUGGAGE COMPARTMENT COVER PZEV REAR BUMPER COVER SPLASH GUARD KIT MSRP: $27,381 Offered internet Price: $24,970 (before tax, title, and license) For the Premium 2.5x w/VDC and all-weather: Auto trans. TAIL PIPE COVER DUAL EXHAUST CARGO TRAY PLATINUM LUGGAGE COMPARTMENT COVER SPLASH GUARD KIT REAR BUMPER COVER PZEV CERTIFIED MSRP of $25,042 invoice: $23,397 offered price: $22,449 Does this seam reasonable?Not sure if I have everything available to know. I am not too far along in the process, so just gathering info. Thanks in advance for advice.
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