Frankenswat

I just placed an order for a c63s sedan with one of my local dealerships. I was looking over my paperwork from when I purchased a used c300 and noticed a form called “notice to motor vehicle credit applicant” it basically tells me which of the four major credit reporting agencies they used to obtain my credit score. The form list all four and shows one checked, in my case trans union.

My questions is this. Can I advise the finance department at my dealerships and or a credit union which credit reporting agency to use to check my score? Asking because I monitor my scores weekly and one of the three major reporting agency, experian, is significantly higher 810 than transition and equifax which are both around 750.

Thanks in in advance for any answers!

MajesticLuk

Even with 750 points, you shouldn't have problems with getting lowest rate.

cyberorth

They have different ranges. The one that is higher has a higher max than the others.

Frankenswat

Thanks. I think the biggest reason for the difference is the higher score one is the only agency of the three that removed a collections I disputed. The other two still have not.

cyberorth

Rats!!!
good luck. I have not known of the ability of a customer to dictate where to check his credit. If anything, I think that would raise suspicions.

JWreck

750 is still A+ paper, but you might get questioned about it. We would likely ask you about it and with that story, we could opt to run a different agency to validate it. Costs money, but made back in the loan.

But yeah no, you don’t get to ask for it.

FLC63s

MB uses Trans most of the time, but you can tell the Credit Manager to ONLY run what report you want, and you can tell them to ONLY run it 1 time, and if they are going to SHOP other lenders other then MBF, they can share the report they got.
(Also, you can lock the report you dont want accessed)

If you are dealing with a reputable dealership, they know what goes on with credit and understand it, and will work with you/it.

I just purchased 2 cars (C63s, and a C43) in the same day, and ran one of my Trans, and the other on my Experian....

Frankenswat

Interesting thanks for the info. I was kinda hoping I would hear that dealerships will work with you on something like
this. After all the best possible credit score is best for everyone involved.

Mojo31

Most lenders are going to dictate which report they want. You won't convince them otherwise. Unless you go to a lender that you have a relationship with that is willing to work with you.

Frankenswat

I guess I’m not too concerned. Even hearing that even 750 is good enough for top tier. At least my 810 is experian which is used for FICO scores so that’s good

FLC63s

Yea and most use the Auto Fico as well, there are so many different ones these days..

GOOD LUCK and cant wait to see pics of your new ride!

Frankenswat

Thanks can’t wait to post them. Here is the build

raudiace4

Might want to check out credit union rates (penfed, etc.) before financing with dealership. It's usually a lower rate than whatever bank the dealer is working with can offer. As others mentioned 750 is pretty good, from there to 800+ isn't going to be much of a difference in rate offered.

FLC63s

PenFed is amazing !!

Frankenswat

I’ll definitely check them out.

FearlessFarris

That looks like a really nice build. Be sure to post some pictures.

Frankenswat

I heard MB financial uses TransUnion Fico score. Does anyone know if it’s the straight Fico score like one of the Fico Auto scores, probably 8 or 9? Guy on YouTube who’s a car broker says most dealerships use FIco Auto 8 currently. Wondering if anyone has any experience with that

fabbrisd1

As per the prior post - your Best Bet for Best Rate for up to $100K - is to join PenFed - which can all be done online - if you're not former military or government they allow you to join online one of two qualifying nonprofits (like $30) and then $35-$50 membership fee's.

PenFed has aggressive and straight forward new car rates - that you can use as a tool to get your dealer aggressive - you can check with PenFed is they have a "smart buy" (another way to say term balloon - which you might choose to use to bring payments down as long as end-term balloon is set to a reasonable/realistic #.