Starting Score: 594 (Dec 10, 2010)
Score: 758 (March, 2013
Goal Score: 730 on all (by end of 2012)
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APPROVING BANK: KALSEE Credit Union (Southwest Michigan)
BUREAU PULLED: Transuion
CREDIT SCORE: 683 Primary (husband) 528 (me)
CUSTOMER STATE OF RESIDENCE: MI
YEAR OF VEHICLE: 2011
MODEL: Impala LT
AMOUNT OF LOAN: 16900 (with tax,title, fees and gap insurance)
TERM CONTRACTED: 60
APR/LEASE RATE: 4.75%
MONTHLY PAYMENT: $317
ANNUAL INCOME: $72,000 combined
MISCELLANEOUS COMMENTARY: ive been a lurker on this site for awhile and always appreciative of the information it has been very helpful in my car shopping experience. Very pleased with the interest rate we got onthis vehicIe my previos inrest rate was 22.99%. I was approved by myself for a capital one blank check up to $21,600 for 60 months but the interest rates was 16.28% yikes! No need to use that.
FYI for those considering capital one blank check We applied for capital one before and were not approved, ive had a secured credit card with them now for 4 months and I think that factored into the approval this time. I recieved an email saying my application was being reviwed and recieved the confirmation email 2 days later.
ANNUAL INCOME: $61,000 + (12,000 BONUS) Cosigner combined income
MISCELLANEOUS COMMENTARY: It will be delivered to me on Monday as they pick up my trade (2005 Dodge Neon). They have requested proof of income and have agreed to place new tires on the car assumptively due to the high mileage. I will be adding the extended tire protection plan and warranty. It is white with black leather which was my color preference. I initially went to my local dealer to purchase a brand new black on black one with all the same specs minus the Dynamic Handling Package and 4 zone climate. They wanted 62k brought down to 57k. They had trouble trying to get me financed alone so my grandmama cosigned. 45 minutes later I left with a "callback" = a callback informing me BMWF would consider my prospective purchase with proof of income then we play ball again on Monday. I went home with my tail between my legs due to saving and waiting for this moment for 2 years. I went online and applied with Capital One to see if I could get preapproved. I was advised a decision would be made in 24 hours. Frustration overload now. I've been searching everyday and referenced back to a car I liked in GA. I called him, told him my situation then allowed him to try to get me financed. This car is 10K cheaper to start then I have 10k. He called me back with an approval with proof of income from me and my cosigner. I said let's do it. I'm sooo excited!!! It seems unreal to me
Congrats!! I may be out of bounds by saying this but i hope your income supports it. From reading your post it seems like BMW wouldn't finance you based on your income alone so you need a co-signer. I could be wrong so excuse me if i am. Cool grandmama you have that co-sign'ed tho cause mine wouldn't do it for me 6 years ago on my first ever loan. $800+ is ALOT to tie up monthly for car+insurance. I think places recommend no more then 25% of your monthly gross for a car note if i'm correct but i could be wrong..
But nice ride and good rates.
Just applied and was given a message:
We’ve received your Capital One Auto Finance loan application. We are currently reviewing your information and we will email or call you within three business days to provide you with a status update.
We apologize for the delay and are committed to providing you with a hassle-free loan experience. Thank you for considering us for your auto loan needs!
then 3 minutes later:
Thank you for applying for a Capital One Auto Finance® loan. After reviewing your information, we are unable to approve your application at this time. We will mail you a letter within 7-10 business days that explains the reason for our decision.
Please note: This is the most recent information available to our associates. For your privacy, phone representatives do not have access to decline reasons.
No Mortgage, only student loans recently consolidated through Willam D Ford. No credit Card Debt (although $453 was posted, I pay my balance monthly carry nothing over to the next month)