Auto Loan Approvals!

[Anonymous]

APPROVING BANK: Mercedes/Diamler Trust
BUREAU PULLED: TransUnion
CREDIT SCORE: TU658 from dealer (myFICO TU 598, EQ 660)
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: used
YEAR OF VEHICLE: 2009
MAKE: Benz
MODEL: E350
MILEAGE: 46k
RETAIL/LEASE: retail
AMOUNT OF LOAN: $28k
TERM CONTRACTED: 60 months
APR/LEASE RATE: 1.74%
MONTHLY PAYMENT: 520.15
ANNUAL INCOME: $104k
MISCELLANEOUS COMMENTARY:
I have been shopping around for an E350 for a few months now. I never pulled the trigger because I wanted to pull my score up as much as possible to get a good rate as well as payoff my current loan. 18 months ago my credit score was 440 and was roped into a 24.99% 3 yr auto loan with $350 payments on a $9k '02 honda. That was my wake-up call to realize how important credit really is. Even making six figures, I was driving a pure POS! I hated that car since the day after I bought it (it broke down within 24hrs). So I've been determined to fix my credit and I feel I have successfully accomplished that goal. After doubling up on payments a year ago, I was looking to purchase in April. But while surfing cars.com, I saw a MB ad promoting 1.99% APR on certified pre-owned only in february. Though I still had $1500 left on my old loan, I figured I'd give it a shot. They had the exact car i wanted, black on gray with the AMG sports package and a low sticker price of $29,900. So I went down to the dealer, they ran my credit and initially denied me the 1.99% rate with a $3000 down payment. They offered something like 14% which I refused to take, I'd rather just wait until I improve my score. After some negotiating, they were able to get me into teir 2 with the 1.99% rate under certain conditions. I had to put $6k down, buy the additinal 2yr/135K miles extended warranty, and sign up for auto pay. I was initially planning on giving $5-6k down when I first went in but when he asked I said try $3k to see if I can keep some cash in my pocket. I also planned on buying the extended warranty anyway because I know how expensive service can be. So now I'm covered until Oct 2015. And the auto-pay was a no-brainer because it drops the APR by 0.25%. So I left my deposit and came back the next day to pickup my car. I am in heaven now, I love this car, and I love my APR. It's funny because a few years ago I could care less about APR's, now I wish I could walk around with a sticker on my forehead that says "1.74% b!tch3s". 

BTW, the MB dealer was down right disrespectful on the trade-in offer. They said $500 for an '02 Honda Accord SE w/ 104k miles. I looked at the sales man thinking "those is fightin' words, homie". Thankfully I was able to sell it to a friend for $2500. Paid off my old note and had an extra $1000 for my pocket.

This is my first time posting on these forums but I must say thank you to all those who share their knowledge here. This website has been an invaluable resource in improving my credit.

[guydiver]

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@Anonymous wrote:

APPROVING BANK: Mercedes/Diamler Trust
BUREAU PULLED: TransUnion
CREDIT SCORE: TU658 from dealer (myFICO TU 598, EQ 660)
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: used
YEAR OF VEHICLE: 2009
MAKE: Benz
MODEL: E350
MILEAGE: 46k
RETAIL/LEASE: retail
AMOUNT OF LOAN: $28k
TERM CONTRACTED: 60 months
APR/LEASE RATE: 1.74%
MONTHLY PAYMENT: 520.15
ANNUAL INCOME: $104k
MISCELLANEOUS COMMENTARY:
I have been shopping around for an E350 for a few months now. I never pulled the trigger because I wanted to pull my score up as much as possible to get a good rate as well as payoff my current loan. 18 months ago my credit score was 440 and was roped into a 24.99% 3 yr auto loan with $350 payments on a $9k '02 honda. That was my wake-up call to realize how important credit really is. Even making six figures, I was driving a pure POS! I hated that car since the day after I bought it (it broke down within 24hrs). So I've been determined to fix my credit and I feel I have successfully accomplished that goal. After doubling up on payments a year ago, I was looking to purchase in April. But while surfing cars.com, I saw a MB ad promoting 1.99% APR on certified pre-owned only in february. Though I still had $1500 left on my old loan, I figured I'd give it a shot. They had the exact car i wanted, black on gray with the AMG sports package and a low sticker price of $29,900. So I went down to the dealer, they ran my credit and initially denied me the 1.99% rate with a $3000 down payment. They offered something like 14% which I refused to take, I'd rather just wait until I improve my score. After some negotiating, they were able to get me into teir 2 with the 1.99% rate under certain conditions. I had to put $6k down, buy the additinal 2yr/135K miles extended warranty, and sign up for auto pay. I was initially planning on giving $5-6k down when I first went in but when he asked I said try $3k to see if I can keep some cash in my pocket. I also planned on buying the extended warranty anyway because I know how expensive service can be. So now I'm covered until Oct 2015. And the auto-pay was a no-brainer because it drops the APR by 0.25%. So I left my deposit and came back the next day to pickup my car. I am in heaven now, I love this car, and I love my APR. It's funny because a few years ago I could care less about APR's, now I wish I could walk around with a sticker on my forehead that says "1.74% b!tch3s". 

BTW, the MB dealer was down right disrespectful on the trade-in offer. They said $500 for an '02 Honda Accord SE w/ 104k miles. I looked at the sales man thinking "those is fightin' words, homie". Thankfully I was able to sell it to a friend for $2500. Paid off my old note and had an extra $1000 for my pocket.

This is my first time posting on these forums but I must say thank you to all those who share their knowledge here. This website has been an invaluable resource in improving my credit.

---

I wonder how long you will still have that friend?

[Anonymous]

I just got pre-approved by Pen Fed!!!! Woot woot! This is the same people that denied me 6 months ago for having thin credit (no previous auto loans, but 5 years of a credit card). I don't have all the details yet as I'm sitll deciding what to get, but here's what I have:

APPROVING BANK: PenFed
BUREAU PULLED: Equifax
CREDIT SCORE: I pulled 750 from Equifax.com (BoA pulled 773 out of 900)
CUSTOMER STATE OF RESIDENCE: VA
NEW/USED: Still debating. Either a new Mitsubishi Evo, or used G37s (40k vs ~33k)
YEAR OF VEHICLE: N/A

MAKE: N/A

MODEL: N/A
MILEAGE: N/A
RETAIL/LEASE: Retail
AMOUNT OF LOAN: Got approved for 41k
TERM CONTRACTED: 60 months
APR/LEASE RATE: 2.49%
MONTHLY PAYMENT: Depends on which car I get

ANNUAL INCOME: $62,500
MISCELLANEOUS COMMENTARY: Evo has been my dream car for about 12 years now, but I'm considering the G37 as I want to move closer to work, and rent/utilities would go up about $400. I COULD afford the Evo and new place, but I'd be eating bread and water for a few months

[Anonymous]

lol, I was exhagerating a bit. The car really didnt give me much trouble. And my friend was well aware of the condition of the car, he's driven it on numerous occasions. I really just didnt like the honda because i was just coming off a 3 yr lease of a brand new Acura TL and comparably speaking, it was a POS. The saying "one man's trash, another man's treasure" comes to mind.

[justdonating]

Congrats....Once you're in with MBFS they treat you pretty good down the road should you ever want another loan. I had damaged credit and managed to improve quite a bit and save up enough to make a sizable down payment plus a trade. Cap One offered me something in the 15% range, but I tried MBFS through the dealership. It was a Saturday morning, so I was expecting the ole' this will take until Monday. As I was sitting with the finance manager, he submitted the app. Literally 3 minutes later his phone rang. He said a couple of nice things to the girl from MBFS and viola, my loan was approved.

Again congrats on the car and loan. You have a great rate that will literally save you thousands over the life of the loan!

[Anonymous]

APPROVING BANK: Wells Fargo
BUREAU PULLED: Equifax
CREDIT SCORE: 619 auto enhanced
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: Used
YEAR OF VEHICLE: 2004 Toyota

MAKE: Camry

MODEL: SE
MILEAGE: 79,241
RETAIL/LEASE: 11,500 original asking 14,900

DOWN PAYMENT: 5,500
AMOUNT OF LOAN: 9,000
TERM CONTRACTED: 48
APR/LEASE RATE: 9.99
MONTHLY PAYMENT: 229.00

ANNUAL INCOME: Self Employed

MISCELLANEOUS COMMENTARY: I was so thrilled, they went down on price, I have bad history and low score so made clear I wanted no higher than 13% APR, they got me 3% lower than that! Payment was like 205.00 but they offered me $2000 bumper to bumper 48,000 or 4 years warranty $100 deductible, electric, glass, drive-train all included so payment went to $229 which is still awesome. I guess I see here I could join a credit union and maybe refi in 6 mos. for lower, but don't you pay fees again on that loan? Anyway, I was treated like a Queen and out with the new car in under 2 hours. Since self employed, the following day just had to supply bank records for 3 mos and pink slip on trade in that was in ruins but still got some $ for it. Love this vehicle and its luxury.... My score was really at 570 and after they pulled it, it's at 552. Fico was 515- haven't checkd to see what it is now. I'll wait till I do some more work so it may improve before I look. I don't want to feel bad after feeling so good about this very needed new used car for me.

[currentlywinning]

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@Anonymous wrote:

APPROVING BANK: Wells Fargo
BUREAU PULLED: Equifax
CREDIT SCORE: 619 auto enhanced
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: Used
YEAR OF VEHICLE: 2004 Toyota

MAKE: Camry

MODEL: SE
MILEAGE: 79,241
RETAIL/LEASE: 11,500 original asking 14,900

DOWN PAYMENT: 5,500
AMOUNT OF LOAN: 9,000
TERM CONTRACTED: 48
APR/LEASE RATE: 9.99
MONTHLY PAYMENT: 229.00

ANNUAL INCOME: Self Employed

MISCELLANEOUS COMMENTARY: I was so thrilled, they went down on price, I have bad history and low score so made clear I wanted no higher than 13% APR, they got me 3% lower than that! Payment was like 205.00 but they offered me $2000 bumper to bumper 48,000 or 4 years warranty $100 deductible, electric, glass, drive-train all included so payment went to $229 which is still awesome. I guess I see here I could join a credit union and maybe refi in 6 mos. for lower, but don't you pay fees again on that loan? Anyway, I was treated like a Queen and out with the new car in under 2 hours. Since self employed, the following day just had to supply bank records for 3 mos and pink slip on trade in that was in ruins but still got some $ for it. Love this vehicle and its luxury.... My score was really at 570 and after they pulled it, it's at 552. Fico was 515- haven't checkd to see what it is now. I'll wait till I do some more work so it may improve before I look. I don't want to feel bad after feeling so good about this very needed new used car for me.

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Congrats! Those score and STILL a doable rate- GOOD STUFF!

[GirlMelanie89]

APPROVING BANK: Park Community Federal Credit Union
BUREAU PULLED: Transunion
CREDIT SCORE: 621 (I think)
CUSTOMER STATE OF RESIDENCE: KY
NEW/USED: New
YEAR OF VEHICLE: 2012

MAKE: Haven't decided on vehicle yet

MODEL: N/A
MILEAGE: N/A
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 22,000
TERM CONTRACTED: 60 months
APR/LEASE RATE: Don't know yet, will advise once I find out.
MONTHLY PAYMENT: Don't know yet, will advise once I find out.

ANNUAL INCOME: 61, 752
MISCELLANEOUS COMMENTARY:

I am looking to trade my 2007 Chevy Malibu in for a 2012 Buick Regal. I only applied through my bank for better negotiation tactics at the dealership. If they can be it...GREAT! If not, I will use my credit union. Excited to be approved though with such a low score!

Good luck everyone!

[Tamikatl622]

APPROVING BANK: Capitol One Bank
BUREAU PULLED: TransUnion
CREDIT SCORE: TU610
CUSTOMER STATE OF RESIDENCE: MD
NEW/USED: used
YEAR OF VEHICLE: 2009
MAKE: Benz
MODEL: E350
MILEAGE: 35K
RETAIL/LEASE: retail
AMOUNT OF LOAN: $25k
TERM CONTRACTED: 48 months
APR/LEASE RATE: 7%
MONTHLY PAYMENT: $590
ANNUAL INCOME: $53k
MISCELLANEOUS COMMENTARY: Still under factory warranty.... Financed cost of car $24K, tax tags, $2K, warranty $3K

[diva0969]

APPROVING BANK: Cap One Blank Check
BUREAU PULLED:?
CREDIT SCORE:?
CUSTOMER STATE OF RESIDENCE: Indiana
NEW/USED: Used
YEAR OF VEHICLE: 2007

MAKE: BMW

MODEL: 530i
MILEAGE: 49,000
RETAIL/LEASE: 20,500
AMOUNT OF LOAN: 22,033 (this includes tax, title, and fees)
TERM CONTRACTED: 60 months
APR/LEASE RATE: 12.42
MONTHLY PAYMENT: around 560? 

ANNUAL INCOME: 43,000
MISCELLANEOUS COMMENTARY: Hi everyone! I've been a lurker for years, and I finally have something good to report.  After reading these threads the past few weeks I decided to pull the Cap One Blank check program trigger and I was approved for $26,500 with a variable rate depending on the year of the used car.  I've had a loan with them before and had a couple of late payments around two years ago. Before and since then my record with them was squeaky clean, although I had a couple of other blemishes that I've been working on. I just wanted to say thank you all for such wonderful advice and I've worked really hard to get my credit back where it needs to be after a rough period a few years ago.  This really is my dream car and it has all of the bells and whistles.  I absolutely love it and I plan to pay it off in three years. Right now I don't have much debt, so I can afford to pay a little extra on the loan. The interest rate isn't all that great, but I do hope to refinance next year.