Report: Mitsubishi Buyers Have Lowest Credit Scores of All Brands

There are few things that can kill a car deal quicker than a credit score. The salesman can spend hours on an excellent test drive, building customer rapport, and negotiating a fair deal, but when the finance department discovers a poor credit score the deal can go sideways faster than a Motor Trend road test editor behind the wheel of a Toyobaru. Now, a recent report from Experian Automotive shows which brands’ customers have the lowest and highest credit scores when securing a new vehicle loan.

2012 Volvo S60 R design rear three quarter in motion 300x187 imageAccording to Experian Automotive, Mitsubishi buyers come into the dealership armed with a credit score averaging 694 points, the lowest of any major brand. The second-worst brand with a reported score of 704 is Suzuki, which recently announced its departure from the U.S. market. Dodge was third lowest (718), followed by Kia and Scion with 721 and 723, respectively. Scion’s spot on the list isn’t much of a surprise considering they cater to younger buyers trying to establish a decent credit history.

Meanwhile, Volvo customers appear to be the most financially responsible among all car buyers, with a reported credit score of 818. Not surprisingly, the nine makes following Volvo are all luxury brands, including Lexus (816), Acura (813), and Audi (810).

Lenders, however, are still more cautious about approving new car loans today than they were before the Great Recession. During the third quarter of 2012, the overall average credit score for new vehicle loan was 755. That number was 749 during the same time period in 2007, prior to the Great Recession, which Experian Automotive points to as proof that lenders are more cautious about approving loans.

Source: Experian Automotive

By Erick Ayapana

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