Almost leased a new camaro LT1 today . They gave me gm employee discount . They knew my credit score ahead of time ( sent them a screen shot from credit karma ) I’m 709 and 720 . Same job 15 years . I have had 4 gm financial lease in a row never late always got tier 1 .Well right before signing finals papers they come back with oh your tier 2 couldn’t get you approved for tier 1 . We need 500 more down payment and your payment is goin up 20 a month . I said no thank you and walked out . What is the score needed for tier 1 GM financial
??
I always thought it was 720, but I do know that a lot of repos have made the banks tighten up the rules.
Yeha I was wondering car salesman have lied to me so many times I trust nothing they tell me
Pull your credit report and see if they did a hard inquiry, if it was GMAC or ‘Ally’? ( don’t remember the current GM lender) Then yup they wanted more.
If it was Joe Shmoe bank, then they are pulling a fast one on you.
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Yeah Will do thank you
Did they share the reporting agency along with the score they used for the approval? If not, I believe by law you can request one.
No they didn’t . They said it was 709 and I needed 720 . They could call and get it bumped to first tier . I had a dealer do that last time I leased . They said no they can’t . I have leased last 4 cars through gm financial never been late ect. Bullshit
That’s not the score any lender uses
OP will receive a FCRA disclosure in the mail that should answer that question
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Experian, Equifax or TransUnion?
I would not rely on a score from credit karma.
They told me it was a 709 and I needed a 720 . Same as the screen shot I sent . I pulled my credit app gm financial is on there so is the dealership . They could have called and got it bumped since I was close I have had it done before . I just don’t like being lied to .
A 720 on Credit Karma isn’t a 720 on a FICO v8 auto nor an Auto Enhanced Equifax. You need to know scores for all three bureaus that their captive is pulling - yours was a 709 which isn’t Tier 1
If you showed your salesperson a 709 and they mistakenly told you it was T1 they made a mistake. Whatever exceptions they might be able to get from their buyer, they weren’t able or willing to do that for you.
The thread I linked to has lots more detail around this question…
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Ok thank you
Without knowing anything else, it sounds like the dealership was trying to bump you on the rate. 4 paid on time loans from gm financial with no derogs since should get you tier 1, score be damned. I’ve seen scores in the low 600s get tier 1 at toyota all the time.
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Just because GM is paid on time is irrelevant.
What are the other debts, revolving debt accounts, DTI, etc. peoples risk changes over time.
OP should work on getting their credit rating up into the mid to upper 700s, especially if they’re shopping for a new vehicle or other large purchase.
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History is more important than score. GM Financial, Ally, TFS, they care if you paid your auto and mortgage on time. Most everything else is irrelevant to them. Hell even some late revolving loans or student loans won’t disqualify you from tier 1.
Yeah too much utilization can hurt depending on income, but then they would have a harder time getting him approved. It wouldn’t be tier 2 if anything serious was wrong.
Everyone has already covered it all. But you can pay to pull your actual FICO right now. Otherwise, as @jeisensc said, you will receive the information by mail (it is the law).
They gave me my score verbally and with my documents during my last lease. While waiting to drive off the lot, my phone had already informed me via my paid identity theft protection monitoring which bureau it went through. If you knew that (which of the three they utilized), you could pull it and see if they were being honest or not. You never know these days. Restrictions could be getting tighter, or they could have lied.
lol credit karma
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Here is a update 9 am today . They called first thing when they opened . He talked to his gm who wasn’t there last night and they can give me tier 1 now . So I’m on my way to get my new cameo lt1 with dual mode exhaust . Hopefully gonna piss of my neighbors lol
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So you’re getting bumped to Tier 1 although you have a 709 credit score?
For your own good, I would suggest monitoring and checking your credit score across all 3 bureaus.
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How is this possible? Could it be the history you have with GM?