Auto Loan Approvals!

[Aud1no]

APPROVING BANK: Santander
BUREAU PULLED: Equifax
CREDIT SCORE: 648 (I believe the second one is auto-enhanced? because they also gave me a printout showing a score of 608, which is closer to what's on my most recently self-pulled report)
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: Used
YEAR OF VEHICLE: 2010
MAKE: Honda
MODEL: Fit Sport
MILEAGE: 35k
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $15k~
TERM CONTRACTED: 72 months
APR/LEASE RATE: 12%
MONTHLY PAYMENT: $312
ANNUAL INCOME: $32k
MISCELLANEOUS COMMENTARY: Not ideal, because I was approved with Cap1 for a lower rate (10.75) but couldn't find a car/dealer that fit their requirements. Going to work on my credit and refinance in a few months. I still feel lucky to even have a car (24 years of public transit!), my first, a year after defaulting on a student loan and crawling out of a score of 530. I love it 

[Hammer23]

APPROVING BANK: PNC
BUREAU PULLED: Experian / TU
CREDIT SCORE: 674 / 730
CUSTOMER STATE OF RESIDENCE: OH
NEW/USED: New

YEAR OF VEHICLE: 2013
MAKE: VW
MODEL: Passat TDI SE DSG
MILEAGE: 15
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 23730
TERM CONTRACTED: 60
APR/LEASE RATE: 1.34%!!!!!!!
MONTHLY PAYMENT: $393
ANNUAL INCOME: $95000
DEBT TO INCOME RATIO: 26%
MISCELLANEOUS COMMENTARY: Traded my stick shift for an automatic. Blown away by the rate from PNC. They are a wierd bank though... no online payments unless you have an account with PNC, still use coupons for payments.

[Travis-84]

APPROVING BANK: Penfed
BUREAU PULLED: unknown, probably equifax
CREDIT SCORE: Equifax of 765
CUSTOMER STATE OF RESIDENCE:Ohio
NEW/USED:Used
YEAR OF VEHICLE:??

MAKE:??

MODEL:???
MILEAGE:??
RETAIL/LEASE:Retail
AMOUNT OF LOAN:11,000
TERM CONTRACTED:60 months
APR/LEASE RATE: 1.99%
MONTHLY PAYMENT:193.00
MISCELLANEOUS COMMENTARY:

I have not yet selected a car, I was just getting pre approval.  I'm hoping I get a call from insurance on Monday with a amount they will give me for my previous car, which was totalled 6 days ago.  Hopefully 4,000.  I'm planning on buying a 2010 with 40,000 miles for 14k including tax and title.  I don't have a specific car picked out, and I might not end up with even a civic, or honda, but thats what I'm thinking now.  I only requested 11k, and I will put a few thousand down.  In fact, I'll probably take out a loan for exactly 10k (which still allows me 60 month repayment terms, so I can easily pay the monthy payment (and pay double the monthly payment and get ahead)  If they wont cut my APR for a 36-48 month loan, I really don't see the point of the shorter term. 

[Travis-84]

APPROVING BANK: Penfed
BUREAU PULLED: unknown, probably equifax
CREDIT SCORE: Equifax of 765
CUSTOMER STATE OF RESIDENCE:Ohio
NEW/USED:Used
YEAR OF VEHICLE:??

MAKE:??

MODEL:???
MILEAGE:??
RETAIL/LEASE:Retail
AMOUNT OF LOAN:11,000
TERM CONTRACTED:60 months
APR/LEASE RATE: 1.99%
MONTHLY PAYMENT:193.00
MISCELLANEOUS COMMENTARY:

I have not yet selected a car, I was just getting pre approval.  I'm hoping I get a call from insurance on Monday with a amount they will give me for my previous car, which was totalled 6 days ago.  Hopefully 4,000.  I'm planning on buying a 2010 with 40,000 miles for 14k including tax and title.  I don't have a specific car picked out, and I might not end up with even a civic, or honda, but thats what I'm thinking now.  I only requested 11k, and I will put a few thousand down.  In fact, I'll probably take out a loan for exactly 10k (which still allows me 60 month repayment terms, so I can easily pay the monthy payment (and pay double the monthly payment and get ahead)  If they wont cut my APR for a 36-48 month loan, I really don't see the point of the shorter term. 

[Dustink]

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@Travis-84 wrote:

APPROVING BANK: Penfed
BUREAU PULLED: unknown, probably equifax
CREDIT SCORE: Equifax of 765
CUSTOMER STATE OF RESIDENCE:Ohio
NEW/USED:Used
YEAR OF VEHICLE:??

MAKE:??

MODEL:???
MILEAGE:??
RETAIL/LEASE:Retail
AMOUNT OF LOAN:11,000
TERM CONTRACTED:60 months
APR/LEASE RATE: 1.99%
MONTHLY PAYMENT:193.00
MISCELLANEOUS COMMENTARY:

I have not yet selected a car, I was just getting pre approval.  I'm hoping I get a call from insurance on Monday with a amount they will give me for my previous car, which was totalled 6 days ago.  Hopefully 4,000.  I'm planning on buying a 2010 with 40,000 miles for 14k including tax and title.  I don't have a specific car picked out, and I might not end up with even a civic, or honda, but thats what I'm thinking now.  I only requested 11k, and I will put a few thousand down.  In fact, I'll probably take out a loan for exactly 10k (which still allows me 60 month repayment terms, so I can easily pay the monthy payment (and pay double the monthly payment and get ahead)  If they wont cut my APR for a 36-48 month loan, I really don't see the point of the shorter term. 

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What was totaled? Play hardball with the insurance company. Squeeze them for every penny. Refuse offers and show them comps (overpriced retail).

[Dustink]

APPROVING BANK: Penfed
BUREAU PULLED: unknown, probably equifax
CREDIT SCORE: Equifax of 765
CUSTOMER STATE OF RESIDENCE:Ohio
NEW/USED:Used
YEAR OF VEHICLE:??

MAKE:??

MODEL:???
MILEAGE:??
RETAIL/LEASE:Retail
AMOUNT OF LOAN:11,000
TERM CONTRACTED:60 months
APR/LEASE RATE: 1.99%
MONTHLY PAYMENT:193.00
MISCELLANEOUS COMMENTARY:

I have not yet selected a car, I was just getting pre approval.  I'm hoping I get a call from insurance on Monday with a amount they will give me for my previous car, which was totalled 6 days ago.  Hopefully 4,000.  I'm planning on buying a 2010 with 40,000 miles for 14k including tax and title.  I don't have a specific car picked out, and I might not end up with even a civic, or honda, but thats what I'm thinking now.  I only requested 11k, and I will put a few thousand down.  In fact, I'll probably take out a loan for exactly 10k (which still allows me 60 month repayment terms, so I can easily pay the monthy payment (and pay double the monthly payment and get ahead)  If they wont cut my APR for a 36-48 month loan, I really don't see the point of the shorter term. 

[knr]

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@Hammer23 wrote:

APPROVING BANK: PNC
BUREAU PULLED: Experian / TU
CREDIT SCORE: 674 / 730
CUSTOMER STATE OF RESIDENCE: OH
NEW/USED: New

YEAR OF VEHICLE: 2013
MAKE: VW
MODEL: Passat TDI SE DSG
MILEAGE: 15
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 23730
TERM CONTRACTED: 60
APR/LEASE RATE: 1.34%!!!!!!!
MONTHLY PAYMENT: $393
ANNUAL INCOME: $95000
DEBT TO INCOME RATIO: 26%
MISCELLANEOUS COMMENTARY: Traded my stick shift for an automatic. Blown away by the rate from PNC. They are a wierd bank though... no online payments unless you have an account with PNC, still use coupons for payments.

---

This isn't true, I have a vehicle through PNC and have automatic payments set up through their online loan center. I do not bank with them nor have I ever sent them a manual check.

You have to dig through their online loan account center website, but the option is there - if memory serves, its a manual form you print and fill out with your account details and how much you want them to take every month.

[Believe1970]

APPROVING BANK: The Summit FCU
BUREAU PULLED: Equifax
CREDIT SCORE: 662
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: Used
YEAR OF VEHICLE: 2011
MAKE: Toyota
MODEL: Rav4
MILEAGE: 28,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 17500
TERM CONTRACTED: 72 months
APR/LEASE RATE: 4.35%
MONTHLY PAYMENT: $276.00
ANNUAL INCOME: $39,000
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Chapter 13 was discharged on 08/28/2013. Still waiting from other Credit Union I applied thru as well.

[Travis-84]

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@Dustink wrote:

What was totaled? Play hardball with the insurance company. Squeeze them for every penny. Refuse offers and show them comps (overpriced retail).

---

Yes, my previous car was totalled.  I haven't called them to follow up quite yet, because I really have no clue what I want, and once we settle, the clock starts ticking before they pull my rental car from me.

Since I am dealing with somebody elses insurane, since they were at faut, I do have a lot more options to settle.  They might have a policy that states exactly how the value of a car is figgured, but since I never signed off on that policy, I don't have to agree to those terms, and as long as I am somewhat reasonable, I can fight their offer.

[Dustink]

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@Travis-84 wrote:

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@Dustink wrote:

What was totaled? Play hardball with the insurance company. Squeeze them for every penny. Refuse offers and show them comps (overpriced retail).

---

Yes, my previous car was totalled.  I haven't called them to follow up quite yet, because I really have no clue what I want, and once we settle, the clock starts ticking before they pull my rental car from me.

Since I am dealing with somebody elses insurane, since they were at faut, I do have a lot more options to settle.  They might have a policy that states exactly how the value of a car is figgured, but since I never signed off on that policy, I don't have to agree to those terms, and as long as I am somewhat reasonable, I can fight their offer.

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Glad you are on the right track. SOOO many people just take the first low ball offer the insurance throws at them thinking they have no other options.

As I mentioned. Provide the adjuster high retail comps.

You need to make contact with them at some point. Just ignoring them to keep the rental car doesn't work. But, you can reject the offer and still keep the rental for a little while. Should be able to get 30 days "loss of use" out of them. It is not your fault you have to go shopping, it is their clients fault. Thus you can also argue you need the rental to car shop. 

Make sure they also compensate you for the cost of taxes and registration on the new vehicle.

[Travis-84]

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@Dustink wrote:

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@Travis-84 wrote:

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@Dustink wrote:

What was totaled? Play hardball with the insurance company. Squeeze them for every penny. Refuse offers and show them comps (overpriced retail).

---

Yes, my previous car was totalled.  I haven't called them to follow up quite yet, because I really have no clue what I want, and once we settle, the clock starts ticking before they pull my rental car from me.

Since I am dealing with somebody elses insurane, since they were at faut, I do have a lot more options to settle.  They might have a policy that states exactly how the value of a car is figgured, but since I never signed off on that policy, I don't have to agree to those terms, and as long as I am somewhat reasonable, I can fight their offer.

---

Glad you are on the right track. SOOO many people just take the first low ball offer the insurance throws at them thinking they have no other options.

As I mentioned. Provide the adjuster high retail comps.

You need to make contact with them at some point. Just ignoring them to keep the rental car doesn't work. But, you can reject the offer and still keep the rental for a little while. Should be able to get 30 days "loss of use" out of them. It is not your fault you have to go shopping, it is their clients fault. Thus you can also argue you need the rental to car shop. 

Make sure they also compensate you for the cost of taxes and registration on the new vehicle.

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They actually contacted me today.  Their offer was 4007, which was NADA value in excellent condition (3700 or so), plus 15.00 for title, plus taxes (good luck finding a dealer who will only charge 15.00 for the paperwork on a title).  Its on a 2001 hyundai elantra, with 110,000 miles.  He sent me the paperwork, but I have not yet agreed to his number.  I think its actually pretty fair.  The car was in good shape, but not excellent.  There was a bit of peeling on a protective film on the back bumper, so I really don't have anything to fight him on for valuation.  

I did get them to agree to pay me for 1/2 day missed.  They initally refused, since my work paid me, but I explained that I used 4 hours of sick pay, which represenets an oppurtonity cost, and I have the right to be reimbursed for that.  (he asked if

The only real sticking point is the rental car.  They said they will cover it until wednesday 9/25, which isn't a ton of time to buy a car, and the last thing I want do do is be rushed and not make an informed decesion.  Hopefully I'll find a car by then, but I may be fighting over this issue.  I'm luck to have good credit, and a bit of cash to put down, but I would imagine a lot of people couldn't even buy a new car until the insurance check comes, and that won't arrive until next week.

[Hammer23]

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@knr wrote:

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@Hammer23 wrote:

APPROVING BANK: PNC
BUREAU PULLED: Experian / TU
CREDIT SCORE: 674 / 730
CUSTOMER STATE OF RESIDENCE: OH
NEW/USED: New

YEAR OF VEHICLE: 2013
MAKE: VW
MODEL: Passat TDI SE DSG
MILEAGE: 15
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 23730
TERM CONTRACTED: 60
APR/LEASE RATE: 1.34%!!!!!!!
MONTHLY PAYMENT: $393
ANNUAL INCOME: $95000
DEBT TO INCOME RATIO: 26%
MISCELLANEOUS COMMENTARY: Traded my stick shift for an automatic. Blown away by the rate from PNC. They are a wierd bank though... no online payments unless you have an account with PNC, still use coupons for payments.

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This isn't true, I have a vehicle through PNC and have automatic payments set up through their online loan center. I do not bank with them nor have I ever sent them a manual check.

You have to dig through their online loan account center website, but the option is there - if memory serves, its a manual form you print and fill out with your account details and how much you want them to take every month.

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Not referring to Auto pays, was looking for the option to schedule SINGLE payments from thier site. There is not an option to do that and they want $10 to do it over the phone. I can make it at a branch or through my banks bill pay site so its not a huge issue, just odd that they would not have that feature on thier site.