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Community Leader
Established Contributor
Posts: 909
Registered: ‎08-30-2007
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Re: Auto Loan Approvals!


rachael1 wrote:
APPROVING BANK:Access of Louisiana Credit Union
BUREAU PULLED:Equifax
CREDIT SCORE:624
CUSTOMER STATE OF RESIDENCE:Louisiana
NEW/USED:New
YEAR OF VEHICLE:
2012
MAKE:Hyundai
MODEL:Sonata 2.0 Turbo black/black
MILEAGE:
15
RETAIL/LEASE:22,564 Plus ttl
AMOUNT OF LOAN:14,000
TERM CONTRACTED:60
APR/LEASE RATE:6.3%
MONTHLY PAYMENT:273.51
ANNUAL INCOME:
MISCELLANEOUS COMMENTARY:
put down almost $10,000 plus $700 for my trade in. financed the rest. (14,000). Was really shocked to get approved for 6.3% with low scores. i love my new car!!!

Congrats on the nice new ride.  Big down payment conquers many things.


Starting Score: 500's
Current Score: 773 EQ(DCU), 757 TU(Barclay), 788 EX(Credit.com)
Goal Score:760 X 3


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Member
Posts: 5
Registered: ‎10-15-2009
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Re: Auto Loan Approvals!

APPROVING BANK:Infiniti Finance
BUREAU PULLED:TU
CREDIT SCORE:692 (disclosed by finance company)
CUSTOMER STATE OF RESIDENCE:CT
NEW/USED:New
YEAR OF VEHICLE:2012
MAKE:Infiniti
MODEL:EX35
MILEAGE:13
RETAIL/LEASESmiley Tongueurchase
AMOUNT OF LOAN:4K
TERM CONTRACTED:60 months
APR/LEASE RATE:1.9%
MONTHLY PAYMENT:$787
ANNUAL INCOME:250K
MISCELLANEOUS COMMENTARY: Rolled small amount of negative equity over.  Also purchased service plan
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Frequent Contributor
Posts: 488
Registered: ‎04-09-2008
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Re: Auto Loan Approvals!

 APPROVING BANK: NFCU
 BUREAU PULLED: EQ
 CREDIT SCORE: 634
 CUSTOMER STATE OF RESIDENCE: DE
 NEW/USED: New
 YEAR OF VEHICLE: 2012
 MAKE: KIA
 MODEL:  Soul
 MILEAGE: 15
 RETAIL/LEASE: Retail
 AMOUNT OF LOAN: 16,319
 TERM CONTRACTED: 60
 APR/LEASE RATE: 3.49
 MONTHLY PAYMENT: 298
 ANNUAL INCOME: 62K
 MISCELLANEOUS COMMENTARY: This will be my 3rd Auto loan with NFCU. Last month I contacted them about getting  a loan with two open Auto Loans with them. They approved me for up to 17,500 (that's all I asked for) on the condition I trade in one of the vehicles, so that I only have two open auto loans. The approved rate was 10.79%. I wasn't too pleased with the rate and spent my time trying to find a good auto deal. They gave me 30 days to use the loan or it would be voided. I didn't find the car or deal I wanted and decided I would pay off one of the loans and sell the vehicle outright instead of trading it in. A few days after I paid off the car I called back and found out the 10.79% loan had expired. I asked to reapply and I said I would like around $18,500 and I made sure I told the person I paid off the loan. She came back within seconds and said "they want to counter offer pre-approval for up to $22,000" I said sure. I thought she made a mistake when she said 3.49%. I know the paid off loan did not have time to hit the credit bureaus yet. The sent the check FEDEX and bought my wife a Kia Soul last night!


 

New Contributor
Posts: 73
Registered: ‎04-04-2010
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Re: Auto Loan Approvals!

[ Edited ]
APPROVING BANK:Ford Motors
BUREAU PULLED: All 3 (at salesman's request)
CREDIT SCORE: EX: 598 (disclosed to me by capital one auto finance) EQ: 639 TU: 666
CUSTOMER STATE OF RESIDENCE:TN
NEW/USED: New (I wanted used but went with new for better interest rate and rebates)
YEAR OF VEHICLE: 2012
MAKE: Ford
MODEL: Explorer
MILEAGE: 20
RETAIL/LEASE:Retail
AMOUNT OF LOAN: $37,000
TERM CONTRACTED:72
APR/LEASE RATE: 5.9%
MONTHLY PAYMENT: $700
ANNUAL INCOME:$67,000
MISCELLANEOUS COMMENTARY: Payment was originally mid 600s but added gap insurance and premium warranty to cover all the electrical equipment in the car as it is fully loaded. Also when I originally went to ford i was already approved for the capital one blank check for a used vehicle up to $30,000 with an 7.8% interest rate. I used the blank check for negotiation purposes only as i knew i would need to finance more than the 30 grand. Ford's offer on a used 2011 Explorer (the exact same as the new one i purchased) was 11.9%. So i went to Carmax to see what they would offer and they were going to finance me at 8.9%. When the ford salesman found out I was shopping around he called Ford to get them to drop the interest rate to 5.9% if I purchased new instead of used. I went with it because there was only a $3,000 difference between the two vehicles and my monthly payments actually came out cheaper with the lower interest rate on the new one.




Starting Score: EQ 589 TU 626
Current Score: EQ 610 TU 681 EX PULLED BY LENDER 623
Goal Score: EQ 650 TU 690


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New Contributor
Posts: 57
Registered: ‎09-27-2011
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Re: Auto Loan Approvals!

Congrats! That is awesome!

Community Leader
Established Contributor
Posts: 909
Registered: ‎08-30-2007
0

Re: Auto Loan Approvals!


moondog7324 wrote:
 APPROVING BANK: NFCU
 BUREAU PULLED: EQ
 CREDIT SCORE: 634
 CUSTOMER STATE OF RESIDENCE: DE
 NEW/USED: New
 YEAR OF VEHICLE: 2012
 MAKE: KIA
 MODEL:  Soul
 MILEAGE: 15
 RETAIL/LEASE: Retail
 AMOUNT OF LOAN: 16,319
 TERM CONTRACTED: 60
 APR/LEASE RATE: 3.49
 MONTHLY PAYMENT: 298
 ANNUAL INCOME: 62K
 MISCELLANEOUS COMMENTARY: This will be my 3rd Auto loan with NFCU. Last month I contacted them about getting  a loan with two open Auto Loans with them. They approved me for up to 17,500 (that's all I asked for) on the condition I trade in one of the vehicles, so that I only have two open auto loans. The approved rate was 10.79%. I wasn't too pleased with the rate and spent my time trying to find a good auto deal. They gave me 30 days to use the loan or it would be voided. I didn't find the car or deal I wanted and decided I would pay off one of the loans and sell the vehicle outright instead of trading it in. A few days after I paid off the car I called back and found out the 10.79% loan had expired. I asked to reapply and I said I would like around $18,500 and I made sure I told the person I paid off the loan. She came back within seconds and said "they want to counter offer pre-approval for up to $22,000" I said sure. I thought she made a mistake when she said 3.49%. I know the paid off loan did not have time to hit the credit bureaus yet. The sent the check FEDEX and bought my wife a Kia Soul last night!


 


You did things right.  Way to go.......sell the car outright and get yourself a better deal. Patience wins out.  Good job, and congrats.  Hope your wife enjoys her new ride.


Starting Score: 500's
Current Score: 773 EQ(DCU), 757 TU(Barclay), 788 EX(Credit.com)
Goal Score:760 X 3


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New Member
Posts: 3
Registered: ‎02-21-2012
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Re: Auto Loan Approvals!

Would NFCU not finance you, and if not why?

 

Question...what was your score at the time you applied for the car loan, was it the numbers mentioned from October 09?

I ask becasue I am wanting to apply for a car loan and get preapproved before going to the dealership. Also tryint to decide if I should apply for the CR Visa at the same time or before the car loan. My current fico EQ is 644, my TU and EX  are in the 700's.

 

I have been working with Lexington Law, but I am about to fire them, they take their time to get more money out of me. I disputed an item on my own and it was removed in about  2 weeks, LL takes forever!

 

Any advice out there is greatly appreciated.

New Member
Posts: 3
Registered: ‎02-21-2012
0

Re: Auto Loan Approvals!

I am new to the community and have been reading the post, this is a great place to obtain MUCH knowledge, as it relates to credit.

 

Question...I am wanting to apply for a car loan and get preapproved before going to the dealership.  My current fico EQ is 644, my TU and EX  are in the 700's.

 

I currently drive an 06 Sonata, and want to trade it in for the 2011 or 2012 Limited, fully loaded.

 

Any advice out there is greatly appreciated.

Member
Posts: 5
Registered: ‎09-17-2007
0

Re: Auto Loan Approvals!

APPROVING BANKSmiley TongueNC
BUREAU PULLED:TU
CREDIT SCORE:Me: high 6's wife high 5's
CUSTOMER STATE OF RESIDENCE:IL
NEW/USED:New
YEAR OF VEHICLE:2012
MAKE:Jeep
MODEL:Liberty arctic
MILEAGE:217. (had to get it from another dealer)
RETAIL/LEASESmiley Tongueurchase
AMOUNT OF LOAN:28k
TERM CONTRACTED:72
APR/LEASE RATE:4.74
MONTHLY PAYMENT:$456
ANNUAL INCOME:110k combined
MISCELLANEOUS COMMENTARY: Added gap for 583$, got 6/85000 extended for 1500$. Put 1500 down.
Valued Contributor
Posts: 1,055
Registered: ‎02-03-2009
0

Re: Auto Loan Approvals!

 

APPROVING BANK: BMW FS
BUREAU PULLED: Experian
CREDIT SCORE: 733
CUSTOMER STATE OF RESIDENCE: MI
NEW/USED: Used (CPO)
YEAR OF VEHICLE: 2008
MAKE: BMW
MODEL: 328i
MILEAGE: 37800
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 24157.00
TERM CONTRACTED: 60
APR/LEASE RATE: 2.9%
MONTHLY PAYMENT: 433
ANNUAL INCOME: 78,000
MISCELLANEOUS COMMENTARY: Have a prev BK (7/02). Car is a CPO with gap ins, and Maint Program (to cover oil changes, brake pads, rotors, etc FOR 72 MOS/100K MILES). 2.9 is Elite Tier financing, Super Elite Tier is 740 +, according to finance mgr. Elite Tirr still made me eligible for Feb promo, BMWFS pays first 2 payments (up to 500.00 each).




CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (4), Chase (6), Nordstrom Visa,US Bank Cash+, Huntington Voice, UMB Visa, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Walmart Discover, Sam's MC, Cabela's Visa, Cap One QS, BOA (2), BMW Visa, Comenity Visa/MC (3), Ebates Visa Siggy, 5/3 RLR MC, Diner's Club MC; FNBO Amex; A few store cards.

Current Scores (7/2015): EQ My Fico: 789; TU MyFico: 777; EX (My Fico): 764
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