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      02-16-2014, 10:45 AM   #23
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Jabbers,

It seems the best bet is dealer financing with a bit down. You may pay a bit more on interest up front, but after a few months you can always refinance if it is an outrageous rate. Good luck!
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      02-16-2014, 11:30 AM   #24
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The auto industry lenders use the FICO Auto Industry Option Score. Some times called the FICO auto enhanced score. This score is typically higher than the credit score you get when you purchase your credit report, as the scale is higher.

Since OP is talking about how his FICO effects his ability to purchase an auto that's where I mentioned his score relative to the scale auto lenders use. If we were taking about credit cards or houses then perhaps you are right, I don't participate in those kinds of loans.

I don't need to google search what I do everyday. But you are welcome to yourselves.
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      02-19-2014, 06:08 PM   #25
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Thanks guys...for the advice and chuckles. #passionatefolks
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      02-19-2014, 08:41 PM   #26
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Quote:
Originally Posted by TrakBch View Post
The auto industry lenders use the FICO Auto Industry Option Score. Some times called the FICO auto enhanced score. This score is typically higher than the credit score you get when you purchase your credit report, as the scale is higher.

Since OP is talking about how his FICO effects his ability to purchase an auto that's where I mentioned his score relative to the scale auto lenders use. If we were taking about credit cards or houses then perhaps you are right, I don't participate in those kinds of loans.

I don't need to google search what I do everyday. But you are welcome to yourselves.
So you agree then, that we were talking about two different types of scores? There is 1) FICO 300-850 and FICO Auto Industry Option Score.

If you look back and read your threads, you did not make that distinction YET were so confident that I was wrong and needed to educate myself all the while either you didn't know there was a difference or you found out later that they were in fact not the same.

I don't care what FICO Auto whatever is, FICO scores (without options) is 300-850, period - end of story- game over

Good grief
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      02-19-2014, 11:41 PM   #27
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Sure. I agree in the general sense.

But it's irrelevant to the conversation since were discussing AUTO financing.

But nice victory for you.
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      02-21-2014, 04:49 PM   #28
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https://www.penfed.org/used-auto-loan/

I used these guys when I bought my M3, they offer extremely competitive rates and although they are a bit conservative with their lending, if you call them and speak with a loan officer and are able to show your income/short credit history and explain how you've just moved to the country, they will more than likely approve you given the conversation/your income. But I am not 100% sure, as I am not in the industry, how lenders function.

Otherwise, with your credit rating/income, you should, imo, be able to secure a fairly competitive rate via BMWFS. I suggest Classic BMW, in Plano, TX. I live in Irving, TX as well, and take my M3 to them. They are the biggest BMW dealership in TX, so they would be able to work something out for you if you find something you want on their lot. Hope this helps.
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      02-21-2014, 05:15 PM   #29
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I sold cars at a dealership once in an area with mostly no credit or bad credit customers. Length of credit history is key in your case (yours is almost zero).

Essentially if you can bring a large down payment you will get financed, period. Then it was 50%.

Buy something cheap right now and just save yourself a good down payment. By then your credit will have improved a few points too due to a longer history. I would imagine with 180k/year it should only be a number of months before you have a sizable down payment ready.
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