Auto Loan Approvals!

[maximiliano]

APPROVING BANK: Wells Fargo Dealer Services
BUREAU PULLED: Ex
CREDIT SCORE: 661
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Toyota
MODEL: Corolla
MILEAGE: 19
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 17600
TERM CONTRACTED: 66 months

APR/LEASE RATE: 4.19%
MONTHLY PAYMENT: 295.xx
ANNUAL INCOME: $50,000
DEBT TO INCOME RATIO: no idea...
MISCELLANEOUS COMMENTARY: I shopped around for a loan before going to the dealer. CUs offered me 7.99% and 6.45%, Cap1 blank check offered me 4.21%. So happy I just received the welcome letter from WF today, I was waiting for it to be official before posting here Also, I read the "How to Buy a car (for the first time buyer)" thread numerous times, and negotiated the prices online. I was able to get the car for less than the invoice price listed on KBB and Edmumds. I only spent about two hours at the dealer which included test driving the car and all the financial docs. It was such a smooth process thanks to all the tips I found in this forum

[amiskwia]

APPROVING BANK: Huntington Bank
BUREAU PULLED: Transunion
CREDIT SCORE: 698 
CUSTOMER STATE OF RESIDENCE:  OH
NEW/USED: New
YEAR OF VEHICLE: 2013
MAKE: Hyundai
MODEL:  Veloster
MILEAGE: 22
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 14436.93
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 6.14%
MONTHLY PAYMENT: $280
ANNUAL INCOME: $33k
DEBT TO INCOME RATIO: --
MISCELLANEOUS COMMENTARY:  New to the whole credit world. Got my first credit card 6 months ago. Aplied everywere online, but was declined by all banks and credit unions. Finally was able to get this financing through the dealer.

[ANAGLE0]

APPROVING BANK:Bank of America
BUREAU PULLED:EX
CREDIT SCORE:710
CUSTOMER STATE OF RESIDENCE:KS
NEW/USED:USED
YEAR OF VEHICLE:2012
MAKE:Honda
MODEL:CRV EXL
MILEAGE:10700
RETAIL/LEASE:24000
AMOUNT OF LOAN:24000
TERM CONTRACTED:60 months
APR/LEASE RATE:3.59
MONTHLY PAYMENT:437
ANNUAL INCOME:50K
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Was not in the market to buy a car but since my car was totaled I had to get one. Have high balances on credit cards but using my pay off from totaled car to pay cc off. Not really sure how I got approved because of credit card balances.

Car that was totaled was a 2009 Honda Accord EXL that I financed 2009 and paid of in 3 years instead of the 60 months that it was termed for. Put alot of miles on it so it was not nearly worth what I paid on it so I definitely did not buy brand new this time but CRV is nearly new and exactly what I wanted.  Decided to stick with Honda due to the safety of the vehicles because we were involved in a head on collision and only received a burn mark on hand from air bag and a mark on chest from seat belt.

[FlowerChild7275]

How do you find your auto-enhanced score?  I'm at 652 (Equifax) and trying hard to get it to climb, but my past auto loan history is outstanding.  Now sure how to find what it is though.  Suggestions?

[sphinx313]

APPROVING BANK: Ally Financial
BUREAU PULLED: Unknown
CREDIT SCORE: 623
CUSTOMER STATE OF RESIDENCE: Indiana
NEW/USED: Used
YEAR OF VEHICLE: 2010
MAKE: Chevrolet
MODEL: Camaro SS
MILEAGE: 17650
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $22,000
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 9.65%
MONTHLY PAYMENT: $416.00
ANNUAL INCOME: $35,000
DEBT TO INCOME RATIO: Low
MISCELLANEOUS COMMENTARY: Declined by Capital One AND RoadLoans...Sales manager claimed to know someone at Ally and got me approved at under 10% on a sports car. They came back with a Chrysler Capital approval for 20% and a $545 payment. I laughed hysterically and left. Called back to under 10%. First auto loan.

[kk627]

APPROVING BANK: Chase
BUREAU PULLED: Experian
CREDIT SCORE: 791 for my husband, 690 for me (auto scores)
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Jeep
MODEL: Grand Cherokee Overland
MILEAGE: 12
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $35,000
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 2.15%
MONTHLY PAYMENT: $499
ANNUAL INCOME: $170,000 bewteen the both of us
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Downpayment $17000. Sticekr price $49,175, husband haggled them down to $46,000. This car is amazing, come with all the bell and whistles, stuff  you didn't even know you needed.

[Kratos-TM]

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@kk627 wrote:

APPROVING BANK: Chase
BUREAU PULLED: Experian
CREDIT SCORE: 791 for my husband, 690 for me (auto scores)
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Jeep
MODEL: Grand Cherokee Overland
MILEAGE: 12
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $35,000
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 2.15%
MONTHLY PAYMENT: $499
ANNUAL INCOME: $170,000 bewteen the both of us
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Downpayment $17000. Sticekr price $49,175, husband haggled them down to $46,000. This car is amazing, come with all the bell and whistles, stuff  you didn't even know you needed.

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Great interest rate through Chase! Did the dealer do that for you, or did you go to Chase yourself? Did you have a previous relationship with Chase? Asking because I have not seen rates like this outside of CU's and manufacturer incentives.

[DaveSignal]

APPROVING BANK: Navy Federal Credit Union
BUREAU PULLED: EQ
CREDIT SCORE: 708
CUSTOMER STATE OF RESIDENCE: Armed Forces Europe
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Ford
MODEL: Fiesta ST
MILEAGE: 0
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 20000
TERM CONTRACTED: 60 months

APR/LEASE RATE: 2.09%
MONTHLY PAYMENT: $352
ANNUAL INCOME: $80,000
DEBT TO INCOME RATIO: low
MISCELLANEOUS COMMENTARY: This purchase is being done through an AAFES dealer, who originally pulled a 707 TU and got me financing through Keesler FCU at 3.74%.  After talking to other forum members, it became clear that I could do better than this rate.  So I called up NFCU and they gave me the 2.09%.   I may have gotten a slightly better offer yet if I had acceess to US-based Ford dealers, but I am living in England at the current time and don't have this option.   I have already ordered the car built to custom specifications and will be using this NFCU financing along with a $5k downpayment (NFCU does not require a downpayment, but I might as well put this down since I have received this amount by selling my previous vehicle).

[kk627]

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@Kratos-TM wrote:

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@kk627 wrote:

APPROVING BANK: Chase
BUREAU PULLED: Experian
CREDIT SCORE: 791 for my husband, 690 for me (auto scores)
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Jeep
MODEL: Grand Cherokee Overland
MILEAGE: 12
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $35,000
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 2.15%
MONTHLY PAYMENT: $499
ANNUAL INCOME: $170,000 bewteen the both of us
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Downpayment $17000. Sticekr price $49,175, husband haggled them down to $46,000. This car is amazing, come with all the bell and whistles, stuff  you didn't even know you needed.

---

Great interest rate through Chase! Did the dealer do that for you, or did you go to Chase yourself? Did you have a previous relationship with Chase? Asking because I have not seen rates like this outside of CU's and manufacturer incentives.

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The dealer got it for us. We first went to our credit union and got approved for their best rate.  Then we went to the dealer and told them if they could not beat it, we would use our CU. We were shocked when they came back with Chase of all banks. We have checking/savings/credit cards with Chase but we save all of our money at the CU.

[Kratos-TM]

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@kk627 wrote:

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@Kratos-TM wrote:

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@kk627 wrote:

APPROVING BANK: Chase
BUREAU PULLED: Experian
CREDIT SCORE: 791 for my husband, 690 for me (auto scores)
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Jeep
MODEL: Grand Cherokee Overland
MILEAGE: 12
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $35,000
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 2.15%
MONTHLY PAYMENT: $499
ANNUAL INCOME: $170,000 bewteen the both of us
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Downpayment $17000. Sticekr price $49,175, husband haggled them down to $46,000. This car is amazing, come with all the bell and whistles, stuff  you didn't even know you needed.

---

Great interest rate through Chase! Did the dealer do that for you, or did you go to Chase yourself? Did you have a previous relationship with Chase? Asking because I have not seen rates like this outside of CU's and manufacturer incentives.

---

The dealer got it for us. We first went to our credit union and got approved for their best rate.  Then we went to the dealer and told them if they could not beat it, we would use our CU. We were shocked when they came back with Chase of all banks. We have checking/savings/credit cards with Chase but we save all of our money at the CU.

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Did you have to show them proof, or did they just take your word for it?