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Does anyone have any experience with Ally's buyers choice? I specifically wondering if it is similar in approval criteria to BMW select. Looking to use buyers choice for a new Suburban.
I was able to find some information from a google search that shows Ally lending criteria for dealers to consider a buyer is 660 for a credit score. It does not show anything about income. I would think it is the standard DTI ratio for income requirement.
I think that's a reasonable assumption re: DTI. Typically lenders like to see no more than 35%, but I've seen 45-50% with some lenders. Not exactly sure about Ally to be honest.
I'm guessing their minimum income is going to be 2k/month pre-tax. There is a slight chance it's less than that at 1.5k/month pre-tax or something, but if I had to bet I'd bet 2k. Obviously you'd have to meet both minimum income and DTI requirements.