My credit is subpar but I’ve gotten Tier 1 Rates with Hyundai regardless because of all the Hyundai cars under my name( No Late Payments) paid off. That being said, would I still get Tier 1 Rates with Genesis with my bad credit since they are the same company?
Anybody have any experience like mine?
More than likely, no. It does not matter how good you paid with the same automotive company. It only matters what the credit score is.
I don’t think that’s true.
How is that not true? I am thinking Tier 3 or 4? But definitely not Tier 1
I also disagree… strongly.
I’ve seen people with bad credit who have leased a Honda when their credit was good and got tied 1 and decided to re-lease with the same brand when the credit was bad and still easily managed tier 1, without a manual bump request.
The score plays a factor for sure but if you’ve leased to them for 3 years and never missed a payment but you have subpar credit, they’re more likely to give you a much higher tier than your score would normally qualify you for because you already have 3 years of history with them.
Speaking from my own experiences, by the way.
I just had a deal where the customer leased a car 2 years ago when the credit score was above 720+. COVID-19 cut the job loose, so he had foreclosure + 90 days late payment on the car that the customer was leasing. We submitted on Tier 3, thinking that he had a good history with Toyota, but was declined. We barely got it done with a co-signer.
I’ve heard of things going both ways. There are a lot of variables, so I doubt there’s one right or wrong answer here. Different financing institutions may evaluate with slightly different weighting / criteria, pull from a different combination of credit bureaus, or use a different flavor / version of FICO scoring.
OP also said his credit is subpar, which can mean anything from high utilization to low average age of accounts to straight up credit criminal.
The good news is that it should be easy to find out… @derekoh1991, don’t a lot of dealerships have online versions of credit app paperwork OP could submit these days because COVID?
Correct. Just go onto the dealership website and fill the app out.
Foreclosure.
Hyundai, Kia and Genesis all use HCA. Note that typically HCA offers the same rates for tiers 1-3.
That said, they could definitely have different credit criteria for different nameplates. More than likely not, but higher dollar amount vehicle could trip different criteria, which may be more likely with Genesis than a Hyundai model.