DETROIT -- In another sign that credit markets are improving for auto shoppers, Ally Financial Inc., Chrysler Group's preferred finance provider, has lowered its credit score threshold for the automaker's lease customers to 620, from 660.
A 660 FICO score is on the lower end of prime, while 620 is on the upper end of subprime.
In a memo to dealers last week, Chrysler confirmed that Ally, formerly called GMAC, had revised its minimum score. Dealers confirmed the 620 figure.
A credit score helps determine the interest rate a bank will charge for a loan. FICO scores -- named for Fair Isaac Corp., the company that developed the system -- range from 300 to 850.