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Established Contributor
teenastie
Posts: 638
Registered: ‎07-28-2011
0

Re: Auto Loan Approvals!


lovinlifeinkc wrote:

Congrats on the car- are you sure the interest rate  monthly payment/ loan  amounts are correct?  $450 a month for 72 months is $32,400 total for a $20,000 loan. 


Apr works a bit differently than taking 2 numbers and receiving the product of the two. Also the loan was for $25,000 my bottom line was 30-31k (including fees) before my down payment, so I financed 25k. I'm waiting for BoA to contact me with actual payment figures after the loan is finalized could take a few more weeks :smileywink:.



Regular Contributor
lovinlifeinkc
Posts: 154
Registered: ‎12-21-2011
0

Re: Auto Loan Approvals!

I see.  $7000 plus  in interest.   Planning on getting a car loan soon myself.  Trying to figure out the interest/payments etc I can afford.   Thanks for your help.

Starting Score Aug 2011 590/ Gardening until 2013!!
Current Score Walmart 683/ FICO Equifax 722/738/ 708 Transunion FICO 700/ 725 Credit Karma 648/678/
Goal Score 750
Credit Cards- Orchard $300, Capitol One $300/$500, Amazon $600/$1300 Pennys $700, Walmart $250/$700, Discover $2000, Chase $1500 Pending Citi/Declined Cit- Inquires and new credit....... GARDENING UNTIL 2013 or home loan time!!! Help me stay strong!!
Established Contributor
teenastie
Posts: 638
Registered: ‎07-28-2011
0

Re: Auto Loan Approvals!


lovinlifeinkc wrote:

I see.  $7000 plus  in interest.   Planning on getting a car loan soon myself.  Trying to figure out the interest/payments etc I can afford.   Thanks for your help.



You can google auto loan payment calculator or automotive affordability calculator and get some figures that are pretty close to what will be at the dealer assuming you know what rate you qualify for. I actually have an app on my iphone that allowed me to double check my finance managers numbers as we were in the finance office together... we actually found some errors and were able to correct them before I signed any papers. I strongly recommend going into a dealership armed with lots of knowledge.



Regular Contributor
lovinlifeinkc
Posts: 154
Registered: ‎12-21-2011
0

Re: Auto Loan Approvals!

I will definately look something up on google.  Thanks. 

Starting Score Aug 2011 590/ Gardening until 2013!!
Current Score Walmart 683/ FICO Equifax 722/738/ 708 Transunion FICO 700/ 725 Credit Karma 648/678/
Goal Score 750
Credit Cards- Orchard $300, Capitol One $300/$500, Amazon $600/$1300 Pennys $700, Walmart $250/$700, Discover $2000, Chase $1500 Pending Citi/Declined Cit- Inquires and new credit....... GARDENING UNTIL 2013 or home loan time!!! Help me stay strong!!
Contributor
bobvette
Posts: 78
Registered: ‎02-04-2012
0

Re: Auto Loan Approvals!

[ Edited ]
APPROVING BANK: Delta Community Credit Union
BUREAU PULLED: EQ
CREDIT SCORE: 711
CUSTOMER STATE OF RESIDENCE: Georgia
NEW/USED: Used
YEAR OF VEHICLE: 2009
MAKE: BMW
MODEL: 550I Sport
MILEAGE: 32000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 36590
TERM CONTRACTED: 72
APR/LEASE RATE: 4.75%
MONTHLY PAYMENT: 586
ANNUAL INCOME: 115,000K
MISCELLANEOUS COMMENTARY: OTD price including shipping to Georgia from PA.  Great car with nearly every option, very happy.  Sold my 2006 Lexus IS350 with a 117,500 miles and lowered my payment by $50.00 bucks a month!
AMEX BCP $26,600 CSP $12,000 Pen Fed Plat Rewards $12,000 Citi Thank You Preferred $10,500 Chase Freedom $10,000
Delta CU $10,000 Cap 1 X 2 $7,500 AMEX TE $2,000
HSN $1,700 Kohls $1,000 BBRZ $700

Starting Score: EQ-592 TU-606
Current Score: EQ-728 TU-730
Goal Score: 725

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New Member
danev
Posts: 4
Registered: ‎12-11-2011
0

Re: Auto Loan Approvals!

APPROVING BANK: JP Morgan Chase
BUREAU PULLED: EQUIFAX
CREDIT SCORE: 685
CUSTOMER STATE OF RESIDENCE: Illinois
NEW/USED: Used
YEAR OF VEHICLE: 2011
MAKE: Honda
MODEL: Pilot EXLN
MILEAGE: 40,003
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $33,750
TERM CONTRACTED: 72
APR/LEASE RATE: 5.29%
MONTHLY PAYMENT: 549
ANNUAL INCOME: 84K

MISCELLANEOUS COMMENTARY: Had approval within seconds after online application for the CAPITAL ONE Blank Check for up to $30,000 (max amount they offer for used cars) with zero money down @ 5.38% for any 2012 or newer vehicles, 6.90% for any 2011 vehicle, 7.65% for any 2009-2010 vehicle or 8.90% for any 2006 - 2008 vehicle. I Went to the dealership and they ran my credit trying to beat the Capital One rate and came back wih a better 72-month rate of 5.29% from Chase Bank with zero money down within seconds of the dealership application filing. Ironically this same Chase bank denied my application 3 days earlier when i applied myself online showing that they can be quite uncordinated in their approval process (I'm still waiting for the denial letter). I decided to go with the Chase Bank instead for the 5.29% APR higher loan amount which included the $2000 extended warranty and $490 GAP insurance for the vehicle. I had a short-sale on my house from 2-years ago and I reduced my credit card utilization rate from 98% as at December 2011 to 66% presently which boosted my Equifax Fico score from 670 in December 2011 to 685 this month. My current TransUnion Fico score is 691 and Experian Score is 692 from the experian website (NOT Fico). This forum has been awesome and gave me many insight from the discussion threads on auto loans in general.


Starting Score: EQ 547 (Dec 2009)
Current Score: EQ 685 (Dec 2011)
Goal Score: EQ 750 ( within the next 12 months)

Valued Member
sherakay
Posts: 59
Registered: ‎02-20-2012
0

Re: Auto Loan Approvals!

APPROVING BANK: Capital One Blank Check
BUREAU PULLED: EQUIFAX
CREDIT SCORE: 703
CUSTOMER STATE OF RESIDENCE: Los Angeles, CA
NEW/USED: Used
YEAR OF VEHICLE: 2009
MAKE: Toyota
MODEL: Corolla LE
MILEAGE: 39,779
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $14,437.81
TERM CONTRACTED: 60
APR/LEASE RATE: 4.03%
MONTHLY PAYMENT: 267
ANNUAL INCOME: $40,800

 

The approval was for 2.82% for a 2012, 3.67% for a 2011, 4.03% for a 2009-2010, and 5.something% for a 2006-2008. Blank Check program was a breeze, getting the dealers NOT to try and run my credit was another story. They say it can't be done, but I proved them wrong and refused to provide a social security number or fill out any credit application, or sign any 'secondary' contract. Also negotiated $13,200 for my car, when sticker was $15,995 and internet ad was $13,888. KBB was $15508 and Edmunds TMV was $13,666. http://www.yelp.com/biz/keyes-toyota-van-nuys#hrid:sQaBYZm110SNY63-VhW7cg


Starting Score: Walmart myfico 664 TU Lender Pull 690 EQ Lender Pull 669
Current Score: Walmart myfico 698 TU Equifax- 686 Experian- 692 Transunion- 700 Lender Pull 7/18/12
Goal Score: 720


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Frequent Contributor
nuggets321
Posts: 344
Registered: ‎03-25-2011
0

Re: Auto Loan Approvals!

APPROVING BANK : Wells Fargo Dealer Services

BUREAU PULLED : EX , TU

CREDIT SCORE : 657TU

CUSTOMER STATE OF RESIDENCE : Colorado

NEW/USED : Used

YEAR OF VEHICLE : 2005

MAKE : Honda

MODEL : Accord EX-L  (2 dr-coupe)

Mileage : 96k

RETAIL/LEASE : retail purchase

PURCHASE PRICE : 10,995

AMOUNT OF LOAN: 9950

TERM CONTRACTED: 48 mos

APR : 11.49

MONTHLY PAYMENT : 249

ANNUAL INCOME : 48,000

MISCELLANEAOUS COMMENTARY :  Gave 4k down on a 10,995 purchase priced vehicle. Added GAP insurance but passed on the whole lo-jack thing. (live in a semi-rural area, and I dont think Barney Fife has the equipment in his patrol car to locate a stolen car) Was in and out in just about 2 hrs from the closest honda dealership to me. I know I didnt get any screaming deal on the price, but i have had super luck with previous Hondas and dont mind paying book value for a car that I have reliablility confidence in.

TU-717 (MYFICO) EQ- 696(MYFICO) EXP 711(Amex denial letter)
My Wallet : Dicover More 10,000 CL / Amex Zync NPSL / WellsFargoRewards3800 / -CapOne 3000CL / GEMBWalMart 5000CL / Zales 4000CL-Kays 2900--Macys 3000CL /SSFCU 5000CL / CitiBank Plat Select 3000CL / CHASE Freedom 1300CL / Lowes 10,000 CL / BBuyStoreCard 5000CL Sears Store Card (Citi) 3000 / Firestone CFNB 1400 Toyota Financial $35,000 Auto /2200DiscountTire(GECRB) Citi TY Preferred 6500CL / Chase Slate$4000/BofA2500/ToyotaRewardsVisa$6500BofA$6500
New Visitor
Juanl1117
Posts: 1
Registered: ‎04-17-2012
0

Re: Auto Loan Approvals!

[ Edited ]

APPROVING BANK: TD Auto finance

BUREAU PULLED: EQ, EX, TU

CREDIT SCORE: 658, co-signer 681

CUSTOMER STATE OF RESIDENCE:Florida

NEW/USED: New

YEAR OF VEHICLE:2012

MAKE:Jeep

MODEL: Grand Cherokee

MILEAGE: 5

RETAIL/LEASE:Retail

AMOUNT OF LOAN: 35,XXX

TERM CONTRACTED: 72

APR/LEASE RATE: 6.99

MONTHLY PAYMENT: $608

ANNUAL INCOME:122k Combined

MISCELLANEOUS COMMENTARY:Was approved on the spot with Ally @ 9.98 for 75 mths, then dealer called saying they found a lower rate if I bought an extended warranty to secure the loan, the warranty is basically free plus i can cancel if I trade in before it ends, previous car had more than 5k negative equity, put down 2k and took advantage of the 1k jeep rebate, good deal, considering co-signer had a loan modification in the credit report.

 

 

[Edited to fix formatting.  Looks like the iPhone/iPad formatting glitch struck again!]

Member
Mikeguy11
Posts: 7
Registered: ‎02-28-2011
0

Re: Auto Loan Approvals!

APPROVING BANK: PSECU

BUREAU PULLED: EX

CREDIT SCORE: 736 (from the monthly update, applied same day the update came)

CUSTOMER STATE OF RESIDENCE: Maryland

NEW/USED: Used

YEAR OF VEHICLE: 2007

MAKE: Ford

MODEL: Mustang Deluxe

MILEAGE: 52,000

RETAIL/LEASE: Retail

AMOUNT OF LOAN: $13,500

TERM CONTRACTED: 60 months

APR/LEASE RATE: 2.49%

MONTHLY PAYMENT: $240

ANNUAL INCOME: $63,000

MISCELLANEOUS COMMENTARY: It took just ten minutes on the phone with PSECU to get approved, a couple days to get the autodraft, and ten minutes (!!) of paperwork at the dealership to drive away in a beautiful 2007 Mustang. Dealer originally wanted $13,300 + TTT, walked out the door having paid $13,500 with all fees, taxes, etc included. Hardly any more trouble than cars I'd paid for in cash. The car is in nearly mint condition (shockingly good condition for a 5 year old car), has low miles, and includes a 3 month/4,000 miles warranty. I'll probably refinance it at the end of the year down to a 36-month loan at 1.49%.


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