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Auto Loan Approvals!

Regular Contributor

Re: Auto Loan Approvals!

Bought car June 2012:

 

APPROVING BANK: American Honda Finance
BUREAU PULLED: Equifax
CREDIT SCORE: 492 (06/2012)
CUSTOMER STATE OF RESIDENCE: IL
NEW/USED:NEW
YEAR OF VEHICLE: 2012
MAKE: Honda
MODEL: Civic SI
MILEAGE: 0
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 31,000
TERM CONTRACTED: 60
APR/LEASE RATE: 3.9%
MONTHLY PAYMENT: 598.64
ANNUAL INCOME: 65000
DEBT TO INCOME RATIO: 10%
MISCELLANEOUS COMMENTARY: Had a trade in that added $3,000 to the car loan, had 2 recent collections reporting in the amount of $5,000., 5 chargeoffs,  (5) 90 day late student loans. $3,000 Downpayment. The dealer was anxious to sell the car so it took them about a day to get me approved for that low rate. they started at 17.8% and i said no not until they bring it down, i told the dealer i dont "need" a car just want one if i get the best deal. Smiley Happy

Starting: 6/2012 : EX: 485(FAKO) EQ: 490(FICO) Trans: 482(FAKO)
Current : 4/2014: EX: 650(FICO) EQ: 664 (FICO) Trans: 681 (FICO)

Cards: NPSL Amex Green (AU), $11500 Discover IT, $4000 Quicksilver One, $3500 Bank of America Travel Rewards,$3000 Amex BCE,$3000 Quicksilver One, $3000 AA, $2500 Sallie Mae MC, $5000 Citibank AA, $1500 Barclay, $1200 Macys
~Back to the Garden~

Goal Score: 700 Across!

Gardening til 8/2014!!
Valued Contributor

Re: Auto Loan Approvals!


mnosal9 wrote:

Bought car June 2012:

 

APPROVING BANK: American Honda Finance
BUREAU PULLED: Equifax
CREDIT SCORE: 492 (06/2012)
CUSTOMER STATE OF RESIDENCE: IL
NEW/USED:NEW
YEAR OF VEHICLE: 2012
MAKE: Honda
MODEL: Civic SI
MILEAGE: 0
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 31,000
TERM CONTRACTED: 60
APR/LEASE RATE: 3.9%
MONTHLY PAYMENT: 598.64
ANNUAL INCOME: 65000
DEBT TO INCOME RATIO: 10%
MISCELLANEOUS COMMENTARY: Had a trade in that added $3,000 to the car loan, had 2 recent collections reporting in the amount of $5,000., 5 chargeoffs,  (5) 90 day late student loans. $3,000 Downpayment. The dealer was anxious to sell the car so it took them about a day to get me approved for that low rate. they started at 17.8% and i said no not until they bring it down, i told the dealer i dont "need" a car just want one if i get the best deal. Smiley Happy


Great data point to add to this thread. Shows how much negotiating can do for your rate. I wonder if they knew somebody in underwriting and pulled a few strings to close the deal.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Moderator Emeritus

Re: Auto Loan Approvals!

+1 I'm super impressed by that deal


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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MyFICO Fitness Goal: 800s Club!



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Regular Contributor

Re: Auto Loan Approvals!

To get the dealer down from 17% to 3% took some excellent negotiating skills and I applaud you for it. 

Established Contributor

Re: Auto Loan Approvals!

mnosal9 - I agree with everyone else!  Great job at negotiating.  I plan to take you with me when I'm ready to go car shopping Smiley Wink

 

Highlighted
Valued Contributor

Re: Auto Loan Approvals!


mnosal9 wrote:

Bought car June 2012:

 

APPROVING BANK: American Honda Finance
BUREAU PULLED: Equifax
CREDIT SCORE: 492 (06/2012)
CUSTOMER STATE OF RESIDENCE: IL
NEW/USED:NEW
YEAR OF VEHICLE: 2012
MAKE: Honda
MODEL: Civic SI
MILEAGE: 0
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 31,000
TERM CONTRACTED: 60
APR/LEASE RATE: 3.9%
MONTHLY PAYMENT: 598.64
ANNUAL INCOME: 65000
DEBT TO INCOME RATIO: 10%
MISCELLANEOUS COMMENTARY: Had a trade in that added $3,000 to the car loan, had 2 recent collections reporting in the amount of $5,000., 5 chargeoffs,  (5) 90 day late student loans. $3,000 Downpayment. The dealer was anxious to sell the car so it took them about a day to get me approved for that low rate. they started at 17.8% and i said no not until they bring it down, i told the dealer i dont "need" a car just want one if i get the best deal. Smiley Happy


I was going to call BS until I ran the numbers. Nice job on the negotiations! Nice job indeed.

 

Scores: about 700 across the board
Total CL: $275k
Valued Contributor

Re: Auto Loan Approvals!

I cut the anchor and closed on my re-fi today!  Went from 17.1% with Capital 1 to 1.99% with DCU.  I had 4 1/2 years left on the old loan. Payment was $283.xx. New loan is 4 years with a payment of $233.82. Total interest to be paid is $452.21. I would have paid that on the other loan in 3 months! 

 

VERY worth checking them out!!! 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / Penney - $10,000 / Barclay Apple Rewards - $4000 / Merrick - $2500


EQ - 740 / TU - 748 / EX - 748
Frequent Contributor

Re: Auto Loan Approvals!

APPROVING BANK: Canandaigua Bank and Trust
BUREAU PULLED: Transunion
CREDIT SCORE:685
CUSTOMER STATE OF RESIDENCESmiley Tongueeoples Republic of NY
NEW/USED:Used
YEAR OF VEHICLE:2008
MAKE:Ford
MODEL:Expedition
MILEAGE:78000
RETAIL/LEASE:Retail
AMOUNT OF LOAN:17000
TERM CONTRACTED:60 months
APR/LEASE RATE:4.9
MONTHLY PAYMENT:$320
ANNUAL INCOME:$76000
DEBT TO INCOME RATIO:15%
MISCELLANEOUS COMMENTARY:Had one baddie on my CR

Regular Contributor

Re: Auto Loan Approvals!

APPROVING BANK: Bank Of America
BUREAU PULLED: Equifax
CREDIT SCORE: 720
CUSTOMER STATE OF RESIDENCE: OH
NEW/USED:NEW
YEAR OF VEHICLE: 2013
MAKE: Ford
MODEL: Fusion SE 2.0 EcoBoost
MILEAGE: 23
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 30,033 (Car + Ford extended warranty + tax, Title, License, small negative equity )
TERM CONTRACTED: 66
APR/LEASE RATE: 2.95
MONTHLY PAYMENT: 493.42
ANNUAL INCOME: 78,000
DEBT TO INCOME RATIO: 2%
MISCELLANEOUS COMMENTARY: Haven't had a car loan in years because of past credit problms. Even though I'm good now, still got that nervous feeling when they started pulling.  Two other banks were also pulled, Fifth Third bank and Huntington National Bank. 

Re: Auto Loan Approvals!

Joining DCU might be beneficial to you. With your score and Equifax being the bureau they pull your rate could be as low as 1.99