Auto Loans

[kwinks]

APPROVING BANK: Toyota Financial Services

BUREAU PULLED: Experian
CREDIT SCORE: 702
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2013

MAKE: Toyota

MODEL: Venza
MILEAGE: 11
RETAIL/LEASE: Lease
AMOUNT OF LOAN: 28,000
TERM CONTRACTED: 36 months
APR/LEASE RATE: 
MONTHLY PAYMENT: 295.64

ANNUAL INCOME: 40,000
MISCELLANEOUS COMMENTARY:

I recently leased an audi a4 in July so really wasn't expecting to get approved with only my income, but they somehow worked their magic. original offer was 489 a month!!l and the 295.64 per month includes gap insurance, which to my surprise isn't included in the lease, like it was for the audi. 

[BullsEye10]

APPROVING BANK:    Capital One
BUREAU PULLED:       Equifax
CREDIT SCORE:          720 (Auto Enhanced)
CUSTOMER STATE OF RESIDENCE:   Florida
NEW/USED:    Used
YEAR OF VEHICLE:     2010

MAKE:              Mercedes-Benz

MODEL:           ML 350
MILEAGE:        35,500
RETAIL/LEASE:          Purchase
AMOUNT OF LOAN:     $25,000
TERM CONTRACTED:  72 Months
APR/LEASE RATE:      4.3%
MONTHLY PAYMENT: $388

ANNUAL INCOME:      $160,000
MISCELLANEOUS COMMENTARY:     Was told that if the car was a 2011 it would have been ½ point lower (or if I bought it in late December 2012)

[madmann26]

APPROVING BANK: NFCU (my goal overall)
BUREAU PULLED: EQ/TU
CREDIT SCORE: unknown at this time
CUSTOMER STATE OF RESIDENCE: GA
NEW/USED: Used (refinance)
YEAR OF VEHICLE:

MAKE:

MODEL:
MILEAGE:
RETAIL/LEASE:
AMOUNT OF LOAN: 22038.00
TERM CONTRACTED: 60
APR/LEASE RATE: 14.79
MONTHLY PAYMENT: 588

ANNUAL INCOME: 90k
MISCELLANEOUS COMMENTARY: NFCU pushed back initially and requested some detailed information about an account that went south 6yrs ago. They basically cut the interest rate in half for me. I'm happy about that. Over the course of the loan, I'll  save about $10.6k.

[NewbieReed]

APPROVING BANK: NFCU 
BUREAU PULLED: EQ/TU probably but Idk yet - I will update later
CREDIT SCORE: unknown at this time
CUSTOMER STATE OF RESIDENCE: MA
NEW/USED: Used (refinance)
YEAR OF VEHICLE: 2009

MAKE: Mazda 

MODEL: 3
MILEAGE: ~87K
RETAIL/LEASE: 
AMOUNT OF LOAN: $12100
TERM CONTRACTED: 72
APR/LEASE RATE: 6.49
MONTHLY PAYMENT: Unknown yet, but given me a range of $200 - $220

ANNUAL INCOME: Just me ~50K
MISCELLANEOUS COMMENTARY: Refinanced from my 19.995% interest rate with a local lender. Very happy to be cutting my current car payment in half! Filled it out online - under review so I called and a rep conditionally approved it for me. Then conferenced in with my current finance company in order to verify pay-off quote. then the NFCU rep upgraded the refinance check from regular mail to Fed Ex (next day) mail. They are mailing it to me todayand I will need to mail it to the company. Very happy with their service

[yodi2007]

@ madmann26 My intrest rate from capital one (EX 610 FICO) is @15.83% for 2012 19k and up with a repo from 6 years ago. I find it funny how a big bank like cap one could give me a secured CC with a low deposit and auto loan not in the 20-25% range while my own bank denied me (Wells Fargo), USAA denied me (I once had them for my auto insurance), & Penfed denied me but gave no reason why they denied but they allowed me to join them anyway. Roadloans was laughable they wanted 22% intrest!

NFCU hasen't sent me my registration letter so ill call tomorrow and applyfor an auto loan. I want to give my explanation for the repo 6 years ago. Is this what you had to do to get approved?

[rdfico]

APPROVING BANK: Bank Of America
BUREAU PULLED: Equifax 
CREDIT SCORE: 801 on myFICO, dealer pulled 828 auto enhanced
CUSTOMER STATE OF RESIDENCE: GA
NEW/USED: USED
YEAR OF VEHICLE: 2008

MAKE: Mercedes

MODEL: C300 Certified Pre-owned
MILEAGE: 40,500
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: $23,000
TERM CONTRACTED: 66 months
APR/LEASE RATE: 4.99%
MONTHLY PAYMENT: $413

ANNUAL INCOME: $50k
MISCELLANEOUS COMMENTARY: Came into dealership with approval already from Capital One blank check as well as my credit union. They offered to try to beat those rates and were able to. I could have gotten an even better APR (1.99%) through MBFS if the car would have been a 2009 or newer. Due to high credit score, I did not have to show any proof of income and listed as self-employed. No down payment required either. Just signed paperwork and drove out. 

I put off buying a vehicle until I got my credit rebuilt after some collections/charge-offs from some unfortunate business deals from the past 5-7 years. In 2010 my score was below 600, but with persistence I was able to get everything in order. I did have perfect car payment history and financed another Mercedes already however.

[CruzImperial]

APPROVING BANK: DCU

BUREAU PULLED: ---
CREDIT SCORE: Unknown but the loan processor congratulated me literarily 3 or 4 times about my report.
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: No difference
YEAR OF VEHICLE: Not specified

MAKE: ---

MODEL: ---
MILEAGE: ---
RETAIL/LEASE: ---
AMOUNT OF LOAN: 20,000
TERM CONTRACTED: Up to 65 months
APR/LEASE RATE: 2.49
MONTHLY PAYMENT: ---

ANNUAL INCOME: 35,000
MISCELLANEOUS COMMENTARY:

DCU loan processor was very nice and knowledgeable on the subject. She algo gave me a CC with the same pull. Nice lady and overall a pleasant experience. Looking forward to have all my business with DCU.

Edit: No down payment either.

[kwinks]

Congrats @rdfico. 

My mom is in the process of fixing her credit and your credit score is definitely an inspiration. 

[madmann26]

---

yodi2007 wrote:

@ madmann26 My intrest rate from capital one (EX 610 FICO) is @15.83% for 2012 19k and up with a repo from 6 years ago. I find it funny how a big bank like cap one could give me a secured CC with a low deposit and auto loan not in the 20-25% range while my own bank denied me (Wells Fargo), USAA denied me (I once had them for my auto insurance), & Penfed denied me but gave no reason why they denied but they allowed me to join them anyway. Roadloans was laughable they wanted 22% intrest!

NFCU hasen't sent me my registration letter so ill call tomorrow and applyfor an auto loan. I want to give my explanation for the repo 6 years ago. Is this what you had to do to get approved?

---

Yodi,

Surprisingly, their pushback was not even auto loan related. It was for an old mortgage account.

[LMBray09]

APPROVING BANK: USAA
BUREAU PULLED: EQ
CREDIT SCORE: USAA CCM 599 EQ, Lady on the phone said 620 EQ and FICO 663 EQ (3 weeks later)
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: N/A

MAKE: N/A

MODEL: N/A
MILEAGE: N/A
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 25K
TERM CONTRACTED: 60 mos at 4.19% or 72 mos at 4.59%
APR/LEASE RATE: 4.19%/4.59%
MONTHLY PAYMENT: $462/$397

ANNUAL INCOME: $66K+
MISCELLANEOUS COMMENTARY: I knew my scores weren't that great but was really surprised USAA approved me. I originally wanted 30K but they wouldn't budge due to high credit balances at the time. I don't think I will take this offer and will just wait until my scores improve and reports show that my cards are now paid off.