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Auto Loan Approvals!

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jrands
Regular Contributor

Re: Auto Loan Approvals!


@jason0618 wrote:

I can vouch that Honda is VERY lenient with people who have prior Honda credit with my 4.9 rate and a score in the 400s.


WOW! "Lucky..." -Napolean Dynamite

Message 1131 of 4,736
iCoop
Regular Contributor

Re: Auto Loan Approvals!

APPROVING BANK: Chase Bank
BUREAU PULLED: EX
CREDIT SCORE: 673
CUSTOMER STATE OF RESIDENCE: GA
NEW/USED: Used Refinance
YEAR OF VEHICLE: 2010
MAKE: KIA
MODEL: Forte Sedan
MILEAGE: 45500
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $14,900
TERM CONTRACTED: 48 Months
APR/LEASE RATE: 4.00%
MONTHLY PAYMENT: $330
ANNUAL INCOME: $50,000
MISCELLANEOUS COMMENTARY: Prior loan was through Kia Motors Finance 6 months ago at an APR of 7.5%. I just bought a home so I still feel good about this rate with so many pulls on my credit.


Starting Score: EQ 675 | TU 688 | EX 702
Current Score: EQ 795 | TU 788 | EX 770
Goal Score: 750 (Across All 3)


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Message 1132 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!

APPROVING BANK: JP Morgan & Chase Bank
BUREAU PULLED: TU
CREDIT SCORE: 694(mine) 699(coapplicant)
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2012
MAKE: Subaru
MODEL: WRX
MILEAGE: 7
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $29,970
TERM CONTRACTED:
72 Months
APR/LEASE RATE: 2.9%
MONTHLY PAYMENT: $450
ANNUAL INCOME: $100,000
MISCELLANEOUS COMMENTARY: Had to get a co signer to pull a decent APR. My Auto Fico v4 from TU was really high. My experian was 640 and Equifax was 555. They said the cosigner had Eqperian over 700 and wanted to use that to pull the 2.9 APR (tier 2) from the bank, otherwise id have had to pay 3.9 APR.
Co signer had limited income but a more established credit record. LOVE THE CAR
Message 1133 of 4,736
iCoop
Regular Contributor

Re: Auto Loan Approvals!

 


@Anonymous wrote:
APPROVING BANK: JP Morgan & Chase Bank
BUREAU PULLED: TU
CREDIT SCORE: 694(mine) 699(coapplicant)
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2012
MAKE: Subaru
MODEL: WRX
MILEAGE: 7
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $29,970
TERM CONTRACTED:
72 Months
APR/LEASE RATE: 2.9%
MONTHLY PAYMENT: $450
ANNUAL INCOME: $100,000
MISCELLANEOUS COMMENTARY: Had to get a co signer to pull a decent APR. My Auto Fico v4 from TU was really high. My experian was 640 and Equifax was 555. They said the cosigner had Eqperian over 700 and wanted to use that to pull the 2.9 APR (tier 2) from the bank, otherwise id have had to pay 3.9 APR.
Co signer had limited income but a more established credit record. LOVE THE CAR

 Did you take advantage of the .50 % decrease to open a Chase Checking account along with auto payment? This would make your rate even better...



Starting Score: EQ 675 | TU 688 | EX 702
Current Score: EQ 795 | TU 788 | EX 770
Goal Score: 750 (Across All 3)


Take the myFICO Fitness Challenge
Message 1134 of 4,736
timkrof
Contributor

Re: Auto Loan Approvals!

Congrats on the nice rate and sweet car!

 

I'm also interested in the 2012 WRX, what model and price did you negotiate for?

 

Thanks!

Message 1135 of 4,736
daveg38
Established Contributor

Re: Auto Loan Approvals!

APPROVING BANK:  Volkswagen Credit
BUREAU PULLED:    Transunion
CREDIT SCORE:   681 (although I will get A.E. FICO and Post)
CUSTOMER STATE OF RESIDENCE:  Indiana
NEW/USED:  New
YEAR OF VEHICLE: 2012
MAKE:  Volkswagen
MODEL:  Jetta S / Automatic
MILEAGE:  10
RETAIL/LEASE:  Retail
AMOUNT OF LOAN: $15,596
TERM CONTRACTED: 60
APR/LEASE RATE:  10.65%
MONTHLY PAYMENT: $337.97
ANNUAL INCOME:  $58k
MISCELLANEOUS COMMENTARY: Put $4k down as sticker was $19,596 out the door.  Not sure why my FICO score merited high APR; prolly cuz I opened up several CC's lately.  Still stoked and will probably refi with NFCU in a year or two.  Until then, it is still in my budget.  No baddies, 10 INQ's at time of pull.
Ch7 Discharge: 5/14/2016 | Target RedCard $900 | Merrick DYL $500
Message 1136 of 4,736
GetAHouse
Valued Member

Re: Auto Loan Approvals!

APPROVING BANK:USAA
BUREAU PULLED:EQUIFAX
CREDIT SCORE:684
CUSTOMER STATE OF RESIDENCE:New York
NEW/USED:New
YEAR OF VEHICLE:2012
MAKE:Toyota
MODEL:Highlander SE
MILEAGE:0
RETAIL/LEASE:Retail
AMOUNT OF LOAN:$30,500
TERM CONTRACTED:72 months
APR/LEASE RATE:4.25
MONTHLY PAYMENT:467.11
ANNUAL INCOME:$65,000.00
MISCELLANEOUS COMMENTARY:

Starting Score: EQ728(11/06/2015), EX722,TR727(11/06/2015?
Current Score: EQ 728 11/06/15, EX 722,TR 727 11/06/15
Goal Score: 740 plus on ALL by end of 2016


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Message 1137 of 4,736
GetAHouse
Valued Member

Re: Auto Loan Approvals!

Wow Dude. Not trying to be a jerk or debbie downer, but you got seriously ripped on that deal. For another $2,000 you could have bought a 2012 Honda Pilot EX-L with NAV and less than 100 miles on it, and wouldn't need the warranty. It also seems like many people on this forum have applied to Honda Credit with much lower scores than yours and got a lower rate.

 

It's your money, but I would have applied to Honda Credit and bought a new car if I was going to pay that much for a used car. Good Luck.


Starting Score: EQ728(11/06/2015), EX722,TR727(11/06/2015?
Current Score: EQ 728 11/06/15, EX 722,TR 727 11/06/15
Goal Score: 740 plus on ALL by end of 2016


Take the FICO Fitness Challenge
Message 1138 of 4,736
daveg38
Established Contributor

Re: Auto Loan Approvals!

The 10 miles is all portered...not sure how you seen that as being used..yeah, I took one in the kiester in terms of interest, yet the car is untouched and 100% new. 

Ch7 Discharge: 5/14/2016 | Target RedCard $900 | Merrick DYL $500
Message 1139 of 4,736
e123
New Contributor

Re: Auto Loan Approvals!

APPROVING BANK:Toyota Financial
BUREAU PULLED: Equifax - Transunion
CREDIT SCORE: EQ - 706, Trans - 758
CUSTOMER STATE OF RESIDENCE: KY
NEW/USED:  New
YEAR OF VEHICLE:  2012
MAKE: Toyota
MODEL: Highlander
MILEAGE: 114
RETAIL/LEASE: Lease
AMOUNT OF LOAN: 
TERM CONTRACTED: 3 year / 12K miles
APR/LEASE RATE: money factor .00065 = about 1.60% interest rate.
MONTHLY PAYMENT: 392.53 includes GAP. 21.970.00 residual. 1200. down ( includes first payment )  but not required. 
ANNUAL INCOME: 150K
MISCELLANEOUS COMMENTARY:  BK seven plus years ago. Have steadily rebuilt credit. Easily qualified for top tier rates. Thinking about this board I talked with the FI manager for awhile. He told me in this part of the country Toyota only pulls EQ and Trans. They use auto enhanced but I am not sure how this applied to myself because I do not have any auto loans on my reports. I am self employed and I did use my wife as cosigner but I really did not need her just wanted car titled in both names.
 
I asked the FI and person about lower credit scores and approvals. He told me they have and use dozens of various factors that will produce different credit scores depending on what's in the report. He confirmed high score with only one or two trade lines  ( thin file ) reporting will require a larger down payment. Down payment can cure most problems. Leasing does require a better credit file. They do choose the higher of scores and submit that to Toyota Financial. I bought this car in Ohio. This is the second car I have purchased in Ohio. Local dealers not even close.  My best advice for buying new or almost new is to stay home and let your fingers and phone do the work. I emailed about 6 dealers and surfaced two or three that are receptive to internet transactions.
 
I then focus on one or two dealers for the best deal. Narrowing down to one.   I get the final numbers from the dealer ( checking and rechecking facts and figures on computer ) and make a deal.  I have them email all of the terms and conditions we have agreed to ( rechecking on the internet ) and then I  fill out credit app over the phone with dealer. Once they let me know I am approved and at what rates I make an appointment to pick-up the car. Once at dealer it takes about an hour and at that point I just make sure all terms and conditions are as agreed. The FI manager told me most people who just show up at the dealership don't even get close to the lowest deal. With the internet customer he said they are much more aggressive on price because they know they only get one shot.
 
I could not negotiate like this at the dealer I have to have the internet. All of this took about a week to play out and because the dealer had to locate the exact car I was looking for. Oddly enough a dealer close to me had the car and traded it to the dealer I purchased from. The local dealer would not even get close on price ( quoted 450.00 month for same car ) just a different business model I guess. Final thought. You have to really pay attention to all numbers and terms.
 
I was getting great price quotes for the car but then losing on the fee and loan end. Most dealers seem to give on one hand and take back on another. This board is what has really changed my out look on credit and credit management. After completing my deal I could not wait to ask the FI manager questions about the process so I could report to the board. I felt I owed it to this board for all they have done for me. I usually don't lease but Toyota is running great lease terms right now. Good luck to all.   

 

Message 1140 of 4,736
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