A Secret Credit Score Your Car Dealer Won't Tell You About
You're ready to buy a new car.
You know your three FICO credit scores.
You determine that your highest FICO credit score is from
Equifax (also known as your BEACON score).
So, you find a car dealer who uses your highest score (which
increases your opportunity to get approved at a good rate).
Sure enough...the dealer says your Equifax/BEACON score
isn't high enough for their lowest interest rate.
You just checked your FICO credit scores through
http://www.myfico.com/12 a few hours ago. Remember, your credit scores are
dynamic and will change whenever information on your credit reports changes.
Car Dealers Can Use "Different" FICO Scores Than
The Ones You See
The car dealer is probably using what is known as the FICO
Auto Industry Option score instead of a traditional FICO credit score. You see,
car dealers not only get to select the credit reporting agency they receive
FICO credit scores from...they also get to decide if they will use a
traditional FICO credit score or a variation of a FICO score called an Auto
Industry Option score.
What's the difference between these two types of scores?
Not a whole lot to most people...but there's enough
variation to make the majority of auto lenders use the Auto Industry Option
score. The real difference between the two scores is that the Auto Industry
Option score pays a lot more attention to how you handled previous auto credit.
- Have you had a car repossessed?
- Did you include your car loan or lease in your bankruptcy?
Those actions will affect your Auto Industry Option score
more than they'll affect your traditional FICO score. Bottom line, if you
handled your previous auto credit perfectly, you should have a high FICO Auto
Industry Option score--that's a good thing.
You guessed it...your Auto Industry Option score will be
lower. You see, auto lenders are different than other types of lenders. What a
Former Auto Finance Director Revealed to Me
"So many people I have helped couldn't believe their
scores were so high with the FICO Auto Industry Option score. What's good about
the auto score is that it truly helps the auto lender concentrate on what is
important--how the customer handles his/her auto loans.
As you can see, the FICO auto scores can work in your favor,
if they are used correctly.
scores against you...
A Dirty Trick Car Dealers Can Play with Your FICO Scores
Let's imagine your Equifax/Beacon FICO score is 585. With a
score that low, if you do get approved for a car loan, you'll probably wind up
with a high interest rate and high monthly payment.
The finance director then reviews your FICO Auto Industry
Option score. And, unknown to you, this score is actually higher than the
Equifax/Beacon FICO score you pulled.
With this higher score, you'll get approved at a better
rate...right?
Here's what unscrupulous car dealers can do. They won't tell
you that your auto score is higher than your traditional score!
How Some Car Dealers "Play the Spread" to Get You
to Pay More
It's possible that a car dealer has the ability to pull your
traditional FICO scores AND your FICO auto scores. How to Use Your FICO Scores
to Your Advantage when Buying a Car
Wait until he reviews the scores himself. Then ask him what
your scores are.
3. However, if your scores are higher, then pull them out
and show him. How do you find out what your FICO Auto Industry Option scores
are before you walk into a car dealership?
Only a very small percentage of the population even knows
they have three FICO credit scores...let alone three Auto Industry Option
scores.
If you handled your previous auto credit well--your FICO
Auto Industry Option scores will be higher than your traditional FICO scores. 4.
If you've handled your auto credit poorly...then you should simply try to find
an auto lender that uses just the traditional FICO credit scores. When you find
a lender that uses a traditional FICO credit score, you'll have your best
chance to get the lowest interest rate.
5. Start by calling dealerships and asking the finance
director if they use a traditional FICO credit score to make their lending
decision or if they use the FICO Auto Industry Option score.
Gran Turismo 5 Review
Modes
Again present is the famous GT mode, which requires you to
work your way up in the world of cars. Also present is arcade mode, here users
can set the conditions of the race and just drive with a car of their choice. Last
but not least is Gran Turismo TV; here you can watch television shows and clips
about cars. Online
GT mode
For me this has always been the mode that reminds me I'm
playing a Gran Turismo game. The core of GT mode has also been refined, this
time you'll need to reach curtain levels to unlock access to events or buy
higher-up cars. It's a lot of fun to buy cars/tune them and win every event the
game throws at you. Cars
All of the modes ultimately boil down to cars, and GT5 has a
lot of them. I honestly think there isn't a game in the world that features so
many cars in this amount of detail.
The cars aren't all perfect though. There's a big difference
between the 800 standard cars and the 200 premium cars that the game offers. Driving
Due to GT-mode gamers will have to master a host of
different cars and thanks to this drivers will quickly notice and appreciate
the little differences between the many cars in the game. Some exotic car
owners have already expressed that GT5 comes really close to the real thing,
for some of the cars that is. In any case it's way more simulation than most
other car games have to offer.
Racing
We've already established that Gran Turismo 5 is a great car
game but does that convert into a great racing game? The AI cars are still as
brainless as they've ever been. Gran Turismo games used to set the bar so high
for graphics. What really bothers me though are the standard cars and the
sluggish finish. A difference that big between cars in a game is simply
unacceptable.
On the flipside, the game does offer a lot of great things. It
has a lot of replay value, fantastic premium cars and the physics are unmatched
by any console game of the genre.
Putting things into perspective the problems don't outweigh
the many great aspects of the game and the bottom-line is this: Gran Turismo 5
is the best car game in the world because it drives great and is really
extensive. Not every car is realistic. Presentation 7/10: Slow menus and
standard cars are a pain. At times great graphics and premium cars look
amazing.
Overall 8/10: Best car game in the world but the drawbacks
and lack of polish brings it down.
Gran Turismo review
