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Frequent Contributor
AZHeather
Posts: 304
Registered: ‎04-26-2012
0

Re: Auto Loan Approvals!

That's awesome! What a great start you have there.  I wonder how long everything will have to report before it starts generating a score.  Interesting.


Starting Score: 634 EQ-FICO (4/20/12) 579 EX-FAKO (4/30/12) 629 TU-FICO (5/6/12)
Current Score: 698 EQ-FICO (11/26/12) 705 EX-(11/21/12) 698 TU-FICO (11/26/12)
Goal Score: 720 (for starters)


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Member
kikibloom
Posts: 10
Registered: ‎06-07-2012
0

Re: Auto Loan Approvals!

[ Edited ]

First of all I just wanted to say hello! I’I've been lurking since late January 2012 and I finally feel like I have something worthwhile to Share! I started my journey back to good credit in November 2011, and I couldn't’t get a leg up to save my soul. I just couldn't’t figure out what I was doing wrong! Then in late January of 2012-I found this board and I must say THANK YOU ALL SO MUCH! It was because of all the wonderful advice I read on this board that I was able to understand credit and start fixing my credit the RIGHT way!

 

APPROVING BANK: American Honda Finance Corp../Capital One Blank Check

BUREAU PULLED: Transunion only ( I heard many people talk about auto enhanced scores, however there was nothing enhanced about my score – it was the exact number that Transunion shows on my FICO report)

CREDIT SCORE: 599 – it was a 624, however I didn't’t know that CapOne’s secured cards didn't automatically reflect your posted payment as the available balance straight away so my statement closed showing a high balance as a result my score dropped 25 pts :smileysad:

CUSTOMER STATE OF RESIDENCE: Massachusetts

NEW/USED: Used

YEAR OF VEHICLE: 2009

MAKE: Honda

MODEL: Civic

MILEAGE: 31,392

RETAIL/LEASE: Retail

AMOUNT OF LOAN: $19,455.44 / $16,848.20

TERM CONTRACTED: 60 mos. / 72 mos.

APR/LEASE RATE: 10.49%/ 17.55%

MONTHLY PAYMENT: $415 / $414.18

ANNUAL INCOME: 28k

 

MISCELLANEOUS COMMENTARY: Okay so this is going to be kinda long, my apologies in advance: I applied for AHFC online, I was denied immediately, which was a no brainer for me I still don’t even know why I applied. So after reading numerous threads on Myfico I tried Capital One. I was approved instantly for $16,848.20, the catch was at 17.55% APR. I went to one Honda dealership who basically lied and told me I had to trade in my vehicle, and put money down to cover the negative equity, no matter what Capital One said – “No Ma’am!” I walked out. I’ve been down that road before and THAT IS HOW I ENDED UP PAYING A CAR NOTE ON A LEMON IN THE FIRST PLACE.

 

On Monday (6/18/2012) my car decided to commit suicide on the Massachusetts turn pike! I knew then I was SOL because I live 24 miles from work, and with a 7Am start time public transportation was a no go. The problem was, I didn't have this down payment the dealership claimed I needed to have. So, I decided to go to another dealership. After talking to a Capital One rep, they were extremely knowledgeable and helpful by the way, and I was shocked because I read so many horror stories on this board as well as Credit Karma; I guess that’s AFTER you cash the check :smileywink:. Anyway they explained that I didn't need a DP and I didn't need to do a trade. After brainstorming I decided to use my CapOne check as "leverage", well at least in my mind. We had already negotiated a price $14,200, down from $14,888. I checked the NDA and its around $16-17k depending on the condition. I told them flat out that I didn't need financing; I already had it, and under no circumstances was I going to trade in my clunker. In case anyone is wondering the negative equity would have caused me to pay a down payment, and I wasn't in the position to afford one.

 

I just finished dumping over $2k in repairs in that 2007 Chevy Cobalt and it still crapped out on me. Did I mention it only had 64k miles on it?? Anyway… The dealer asked for a chance to beat CapOne’s APR. I obliged of course, and then I low-balled the APR. I told him 10.99% when it was really 17%. Finally the finance officer emerged from “behind the curtain” and asked to chat with me. He asked where I got my figures from because what he’s getting from CapOne is 20% APR and I have to put something down as well as trade my car in. I then explained the blank check program and told him that it had nothing to do with the dealership’s financing through Capital One, and I’d be writing him a check the following day, and then I calmly asked when I could expect delivery on the Civic?

 

 He then counter offered and asked: “What if we offer you 9.99%, no money down, AND you don’t have to trade in the car?” All I really wanted was an auto-starter/security system which I knew I couldn't afford after Gap insurance and the extended warranty. Hell I  think I couldn't even afford that after title/taxes and doc fees. I told him, if he could do all that I’d buy Gap insurance, get the security system with the auto starter (which I wanted anyway), and join their stupid Safe ride motor club under the “Gold” plan. I said all this assuming he couldn't come through; especially since I read that Honda doesn't really look twice at people with my credit score and I have a judgment on my report – Which I’m disputing and fighting to have vacated BTW.

 

I was so sure of it, I asked CapOne to overnight me the check. I should have known he knew he could do it anyway because he had me fill out ALL the finance paperwork. And he kept using phrases like: “When my finance manager signs off on this….” Rather than: “IF my finance manager signs off on this…” and, “Since you’re going to have two car loans now…” instead of “You may end up with two loans IF this deal is approved…” Trust me, I’ve been laughed out the door so many times, by so many dealerships BEFORE I've even had the chance to look at cars I knew that filling out the paperwork was a feat within itself. Heck, the fact that I could even negotiate left me a little wet behind the ears, LOL.

 

Today (Tuesday) I called him to tell him I’d be dropping off the check, I completely and purposely “failed” to bring up his “chat” with the finance manager about Honda financing; I didn't want to seem desperate and lose my "leverage", LOL. He then stated that he was just about to “text me” which was weird I’d rather he’d call; he wanted to know what time I wanted to come in and resign the paperwork; he then informed me that I got approved for the Civic through Honda financial, the only catch was that my APR would be 10.49% at 60 months. I wanted to push my luck and say: “Give me 10% or cash the check!” However, when I thought about the fact that I would have financed $14,200.00; $18,372.87 after extended warranty, gap insurance, taxes, title and documentation fees at 17.55% at 72 months, my payments would have been $414.18 and I wouldn't have my automatic starter/alarm system kit not (which is what I really wanted as well). I would have had to come out of my pocket anyway or give up the extended warranty and Gap because I only had $16,848.20 to work with through CapOne, I decided to just cave, and here I was thinking I had leverage, LOL.

 

 I forgot about that stupid safe ride, but I held up my end of the deal and added it in; no, it wasn't 9.9% but it sure WASN'T 17.55% either! Yes, I thought about going for a cheaper car, which for me meant changing the year, and a higher interest rate with CapOne, for some reason after the 2009-year the interest rate leaps to like 19% another “No Ma’am!”. So here’s the break down of my loan:

 

Car cost - $14,200 Alarm system w/remote starter $799 (don’t ask me why I chose this one instead of the cheaper one… I know, I know). Saferide Motor club - $399 (I’m kinda glad I got this, because last membership cycle I called triple A seven times, and you know we only get four free services per membership year, and I’ve already had to call them once on this past Monday when my car decided to just give up the ghost on the highway…) Gap insurance $750, extended warranty $1898 (which is what I wouldn't have been able to get with a $16,848.20 loan from CapOne), Tax/Title/Doc fees - $1,411.44 which comes out to 19455.44 minus my $100 deposit to hold the car $19355.44 financed. It’s costing me $5,599.76 to finance with a total of $24,955.20. I will have paid over the life of the loan if I don’t refinance. Luckily, I plan to do just that with my bank in exactly 6 months. PS my bank told me that there was no way in hell they’d finance me while I was still in the rebuilding stage.

 

 

All and all I’m extremely happy with the way everything turned out. I didn't get my first choice car, but I was able to get a car that I really enjoy driving, and I didn't have to roll in that clunker. Now I know you're asking yourselves what am I going to do with the Chase loan? I still owe $5,588 on it; however, a family member offered to give me $3500 for it, he builds cars. That price is more than what the dealership offered. This leaves me with a balance of $2,088. I decided to put the money towards the loan and continue paying on it until I get my end year bonus at work and close the account. Good Riddance Chase, and Good riddance to that money pit of a Chevy!

 

 I hope my story gives someone hope, it can be done – you can get semi decent financing with lackluster credit. Trust me I’m currently paying 21% on that crappy Chevy. I thought Honda financial would stick to their guns; especially since I have a 599 credit score, and I’ve only had my two capital one cards (secured and unsecured) for 2-3 months. I also have a million inquiries; as I stated in the beginning -  I had no Idea what I was doing, and a random judgment that I still can’t account for, I don't even remember owning that credit card! Believe me it wasn't easy fixing the damage I did to my credit, I spent many days in tears especially after seeing that judgment and SEVERAL inaccuracies on my report by Chase auto finance, mysterious credit lines and utility bills opened – I got those deleted thank God! Not to mention that my credit score dropped last month. However, with the help of God, all you kind folks and your tips on this board – as well as my own resolve to see this thing through, I am back on track and much more wiser too! Also I think it helped that I went into the dealership financed with Capital One’s blank check. I never seen so much “magic happen” when you’re already financed, and not in need of the dealerships assistance. Now I need to figure out how to get out of paying for the FEDEX delivery fee for that check – oops… :smileywink:

God Bless!

Contributor
luvandlife
Posts: 127
Registered: ‎05-29-2011
0

Re: Auto Loan Approvals!

Congrats to you kikibloom!


I appreciate you posting your experience because it gives people like myself hope:heart: I have to wait for a judgment to drop from my credit report soon and I read these success stories like yours and even though I know everyone's situation is different, it feels good to see someone "in your shoes" come out on top. 

 

I'm taking it all in and waiting for my moment to strike :smileylol: and I feel that this time around I am waaaaay more prepared.

 

Knowledge is power and this forum has been a blessing to me.

 

Congrats again, and thanks for your post!


Starting Score:575 TU, 577 EQ, 610 EX
Current Score:740 TU, 739 EQ, 750 EX
Goal Score:700+

~Anything Worth While, Takes Time~
I'm done taking shortcuts. I choose the long route. I'll still get there~
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Member
kikibloom
Posts: 10
Registered: ‎06-07-2012
0

Re: Auto Loan Approvals!


luvandlife wrote:

Congrats to you kikibloom!


I appreciate you posting your experience because it gives people like myself hope:heart: I have to wait for a judgment to drop from my credit report soon and I read these success stories like yours and even though I know everyone's situation is different, it feels good to see someone "in your shoes" come out on top. 

 

I'm taking it all in and waiting for my moment to strike :smileylol: and I feel that this time around I am waaaaay more prepared.

 

Knowledge is power and this forum has been a blessing to me.

 

Congrats again, and thanks for your post!


Thanks so much, and yes I know exactly how you feel! I used to read these boards with so much hope and drive saying to myself over and over "I know my situation is not theirs, but if they can get back on track so can I...." It took patience, determination and discipline believe me there were days when I just wanted to say forget it!!. However the more I frequented this board, the more encouragement I got. Which was awesome because when you're trying to fix your credit, it can be a very lonely journey, especially when you're surrounded by people who have A+ reports and they don't know what it's like to be rejected at 29 over a mistake you made at 22. Also, you're so right, knowledge is power; once I understood HOW to pay my bills (not just paying them on time, but making sure I'm staying under 30% utilization), I saw MAJOR changes in my credit score. So I say, hats off to you and keep up the great work. Trust me, you'll be posting a success story on these boards in no time, keep up the good work! I can't wait to read about accomplishments!

 

I still have a long road ahead of me, but at least I'm NOT where I started:smileyvery-happy:

 

New Visitor
cb071
Posts: 1
Registered: ‎06-09-2012
0

Re: Auto Loan Approvals!

APPROVING BANK: Honda Finance BUREAU PULLED: Equifax CREDIT SCORE: 635 CUSTOMER STATE OF RESIDENCE: Ohio NEW/USED: Used YEAR OF VEHICLE: 2011 MAKE: Honda MODEL: Pilot MILEAGE: 12900 RETAIL/LEASE: Retail - certified preowned AMOUNT OF LOAN: $28000 TERM CONTRACTED: 60 mo APR/LEASE RATE: 11.5% MONTHLY PAYMENT: $615 ANNUAL INCOME: $75000 MISCELLANEOUS COMMENTARY: I had ran my score 2 weeks ago after paying off 75% of my credit cards (about $3500) and had a 616 score. They ran it today and it was 635. Nice surprise. I had held $4000 for a downpayment which I used some of and then had a beater of a car that they gave me $1500 for in trade. The car I bought was listed at $32000 which was about $1000 below Kelly Blue book. I got them down to $30500 and ended up financing $28000 even. The original rate they came back with was 16%. I told them I could not and would not pay that. They came back with 13% and I started to walk out. They stopped me and said they would try again. They then came back with 11.5%. I pushed one more time and that is when they came down on the price by $1500. I felt like that was as good as it would get. I had not financed a car in over ten years. I had paid cash for the last 2 used cars I owned. I really wanted the bigger truck for the wife and kids. We have always been stuffed into smaller cars. I will probably refinance after my score gets up a little more. Honda was actually pretty good to deal with. I had also been approved by Capital One, but at a 15% rate for $30000. Hopefully timely payments on this one will help my score pretty quickly as I finish paying off the credit card too. My advice is to push back even if your score is not that great. You don't know what they will do until you try.
Member
KMichelle
Posts: 19
Registered: ‎04-21-2012
0

Re: Auto Loan Approvals!

APPROVING BANK: BMW Financial Services/ Capital One

BUREAU PULLED: Experian 651, Transunion 694

CUSTOMER STATE OF RESIDENCE: Pennsylvania… ordered in Jersey

NEW/USED: New

YEAR OF VEHICLE: 2013!!!

MAKE:MINI

MODEL: Hardtop S

MILEAGE: Own

RETAIL/LEASE: Retail

AMOUNT OF LOAN:$31,762.12

TERM CONTRACTED: 72 months

APR/LEASE RATE: 3.77 Capital One, dealer said the same for BMW waiting to see & sign the papers to be sure

MONTHLY PAYMENT:$449

ANNUAL INCOME:$58, 600

MISCELLANEOUS COMMENTARY: I am unsure of the rate I am offered from BMW, but the dealer said that he would not offer me BMW if he did not match or beat CapitalOne.  We will see… I have wanted a MINI for years!!! While at the dealership, because I was building my MINI, the dealer offered for me the 2013.  He said it would take just as long or maybe a little bit longer to get the 2013. 

 

The good stuff… My MINI is coming with the Sports Package (black stripes and black conical rims), the Cold Weather Package, manual transmission, sunroof, all season tires, black housing for my lights, black (maybe chrome depends on whether they still will offer black on the 2013) driving lamps, wheel locks and the upgraded maintenance package.  Oh! And it is Chili Red! 

 

The sad part... I am from California and now I have to give up both my Cali license plate and driver's license... :-/ the sacrifices... ;-)

 

I am super excited and cannot wait for it to arrive!  Thx for all the info you all offered on this site!  Everything was completely useful and helpful!

 

Member
kikibloom
Posts: 10
Registered: ‎06-07-2012
0

Re: Auto Loan Approvals!

This is awesome! Good for you, my co-worker drives a Mini and he loves it, enjoy!

Established Member
GCM415
Posts: 21
Registered: ‎04-01-2012
0

Re: Auto Loan Approvals!

I was approved by Honda Financial Services yesterday at 10.29% with a 553 EQ score. That's my actual FICO score too. I have a bunch of collections, but most are medical. I have 3 revolving credit card accounts, all of which have no balance (but none of the 3 accounts are a year old yet, although one will be 1yr old in another 2 weeks), and one previous auto loan through Honda Financial (which is why they approved me I'm sure). I even have a repossession on my credit report, although it's due to age off shortly in August '12. I used a heavy down payment as well, as I put down $15,000 which I'm sure also helped a great deal.

 

The car is a 2012 Acura TSX btw. I'm really trying hard to rebuild my credit, and have been very dilligent for the past year after letting it just sit there with total disregard for so long. I guess you have to keep plugging away, but if feels really good to finally be on the right path. I will never let it fall by the wayside again, that's for sure!  I haven't posted much, but this forums and the posters here have been very helpful, so thanks again everyone!

New Member
mnbb
Posts: 4
Registered: ‎04-11-2012
0

Re: Auto Loan Approvals!

APPROVING BANK:  Chase
BUREAU PULLED:  TU
CREDIT SCORE: 647 
CUSTOMER STATE OF RESIDENCE: Minnesota
NEW/USED:  USED
YEAR OF VEHICLE: 2009
MAKE: Honda
MODEL:  Accord
MILEAGE:  34000
RETAIL/LEASE: Retail
AMOUNT OF LOAN:  $10,800
TERM CONTRACTED: 60 months
APR/LEASE RATE: 11.75%
MONTHLY PAYMENT: 277
ANNUAL INCOME: 36k
MISCELLANEOUS COMMENTARY: Car value was 17K after taxes and fees, but to make it more affordable for me I put 7k down. I'm still rebuilding my credit so I'm glad I didn't get an outrages APR (20+%).. I know 11% is high, but I'm going to be doing double payments till paid off.
Valued Member
KatieKatie
Posts: 28
Registered: ‎01-10-2012
0

Re: Auto Loan Approvals!

[ Edited ]
APPROVING BANK: Infiniti
BUREAU PULLED: All 3
CREDIT SCORES: Equifax-648 Experian - 686 Transunion - 721
CUSTOMER STATE OF RESIDENCE:Florida
NEW/USED:Used CPO 
YEAR OF VEHICLE:2009
MAKE:Infiniti
MODEL:M35
MILEAGE:43,900
RETAIL/LEASE:Retail
AMOUNT OF LOAN:$33,000 including tax, tag, title, warranty, and GAP
TERM CONTRACTED:60 months
APR/LEASE RATE:3.9
MONTHLY PAYMENT:$605
ANNUAL INCOME:$131,000
MISCELLANEOUS COMMENTARY: I initially applied with NFCU and was given a 7.49% interest rate.  I didn't intend to allow the dealer to submit a credit application because although I was disappointed with NFCUs rate I didn't think anyone would be more generous than a credit union for someone in the midst of rebuilding their credit. After much discussion the Finance Manager convinced me he could do 3.9% with Infiniti based on what I told him about my scores, credit history and income, and what do you know...
Starting: Equifax 480
Current: EQ: 656 TU: 721 EXP: 686
Goal: 750

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