Getting approved w/Lexus financial

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May 16, 2006 | 03:00 PM

omr

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Driver School Candidate

Joined: May 2006

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From: nj

Getting approved w/Lexus financial

Anyone know what credit bureaus LFS pulls when you apply? Also, is there a cutoff score where anything below that will not get approved?

May 16, 2006 | 03:09 PM

XeroK00L

Lexus Fanatic

Joined: Aug 2002

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From: The Bay Area, CA, USA

Equifax.

May 16, 2006 | 07:00 PM

minty99z

Pole Position

Joined: Nov 2004

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From: Illinois

lexus financial isnt always the best price compared to other banks....

May 16, 2006 | 07:09 PM

JJG2005

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From: OH

They pulled my friend's Transunion... which was a 742, but the dealership said he was denied financing because he had never had an auto loan before

May 16, 2006 | 08:17 PM

LexFather

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Quote:

Originally Posted by omr

Anyone know what credit bureaus LFS pulls when you apply? Also, is there a cutoff score where anything below that will not get approved?

700 is the cut off with Lexus for tier 1 financing, i.e any lease deals they advertise or financing deals they advertise.

They may advertise rarely and it may be like $499 a month for an ES 350 (example) but the Finance Manager has a book, with many many deals they can offer.

For instance, slow selling cars/SUVs have more deals, they just don't tell you that.

Now the finance manger looks at your credit and he's SUPPOSED to check things out, not just your score.

For instance, your credit maybe jacked up, for some reason, you always forget to pay your credit cards on time every month, so your score is maybe 600. But you ALWAYS pay your car note on time or have in the past.

Lexus is does use multiple lenders, bottom line, they want to sell you a car. Yoru interest rate and terms just won't be as good as someone with a 700 credit score.

The finance manager is supposed to recognize that and see your not a "RISK" for a car loan.

And this means the lenders are supposed to look at this as well.

May 17, 2006 | 09:11 AM

MSMLexIS

Lexus Champion

Joined: Jun 2005

Posts: 1,793

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From: Virginia

That is true as for me those factors were looked at when i bought my IS300 since i had never had a loan before they gave me what the call efinance or ifanace which is for first time buyers and it gave me an excellent rate on a new car loan. So i really do recoment toyota financial.

May 17, 2006 | 09:20 AM

Dx3

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Joined: Jul 2003

Posts: 10,681

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From: Tulsa, Oklahoma

Car loans can be weird. Capital One have given me over $60,000 in car loans and I have never missed a payment. But then they offered me a credit card with a $500 limit