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Regular Contributor
Posts: 158
Registered: ‎07-03-2007
0

Re: Auto Loan Approvals!

APPROVING BANK:   Ally
BUREAU PULLED:   TU Auto-04
CREDIT SCORE:   615
CUSTOMER STATE OF RESIDENCE:   Ohio
NEW/USED:   New
YEAR OF VEHICLE:   2014
MAKE:   Chevrolet
MODEL:   Traverse 1LT
MILEAGE:  4879
RETAIL/LEASE:   Retail
AMOUNT OF LOAN:   $36970
TERM CONTRACTED:  72...  Will do like my previous car, though.  Won't take near that long
APR/LEASE RATE: 10.8%
MONTHLY PAYMENT: $692
ANNUAL INCOME:  $91000
DEBT TO INCOME RATIO:  not sure, but low
MISCELLANEOUS COMMENTARY:   I purchased a new 2013 Chevy equinox from this dealer back in November, 2013.  My wife and I had two kids, so it worked.  A couple of months after buying it, she was pregnant, and with triplets.  That made my 2 month old Equinox very undersized.  We did some debating about our options.  Neither of us have the strongest credit scores, but we decided that it would be better to trade in my Equinox and get her something, and I will take over her car as my own.  Now I'm driving a 2012 Hyundai Elantra limited with 26k miles on it, but all the toys, and she's got the Traverse for when the trplets get here.  Of course, being so new in the loan, I had plenty of negaitve equity to contend with, so the dealership got me into a demo vehicle.  Still a new car, with new car rebates and warranty, but several thousand off, on top of the extra incentives.  I'd been concentrating on paying off the Elantra for several months, so while I'm equitable with it, I figured i'd be better off just keeping it, since I'll have it paid off in about 12-18 months, and will have a nice, low mileage commuter car.  Then I'll tackle the Traverse and it's ungodly payment...





Starting Score: 434
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Contributor
Posts: 101
Registered: ‎02-24-2013
0

Re: Auto Loan Approvals!

"Where in FL are you? Did you put any money down? I bought a 2005 Prius Pckg #6, 56k miles, for $10,900 in July with a 580 credit score and 20% down with a 9.74% apr with USF credit union. Refinanced in April and added a mechanical breakdown service plan making it come to $11,012.16 and since my score went up to 616 my new apr is 8.29%, payments now are $272.66. I would suggest waiting 6-12 mos and refinancing"

 


I bought the car from Toyota in Weston FL. It's a 2008 Prius Package 5. I put $1700.00 down on the loan with $1000.00 trade-in value. I purchased the mechanical failure service plan as well. I'll probably end up trying to refinance in a year through my CU as they didn't approve me the first time around. Like I said, I know this is a real scummy loan, but it gave me the opportunity to get a newer car which I desperately needed at the time.


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New Member
Posts: 6
Registered: ‎10-23-2012
0

Re: Auto Loan Approvals!

I'm in Ohio and use GE Credit Union....they are fantastic!  This is my second auto loan with them.

Equifax: 782
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New Contributor
Posts: 58
Registered: ‎04-19-2014
0

Re: Auto Loan Approvals!

[ Edited ]

APPROVING BANK: DCU
BUREAU PULLED: Transunion
CREDIT SCORE:698
CUSTOMER STATE OF RESIDENCE: NJ
NEW/USED: USED (REFI)
YEAR OF VEHICLE: 2009
MAKE: Chrysler
MODEL: T&C
MILEAGE: 58k
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 18390
TERM CONTRACTED: 65 months
APR/LEASE RATE: 1.24
MONTHLY PAYMENT: 292
ANNUAL INCOME: 100k
DEBT TO INCOME RATIO: 30.7% (recurring monthly fixed rate debt divided by gross monthly income?)
MISCELLANEOUS COMMENTARY: Revolving debt utilization (credit card accounts) under 5%

Amazon -2.5K; ToysRUs-3K; Macys Red-3K; Discover IT-13.5K; MCU Visa-5.5K; DCU Visa-12K; FNBO Visa-9.1K; UPromise MC-10K; Amazon Visa-3K; CSP-11.5k; Lowes-17K; SG Visa-6.2K; Amex Delta-16.2K; Amex Everyday Preferred-2KK; AMEX Blue: 1K; Penfed: 10K; NFCU: 24K. NavCh: 15K; BofA PP: 500; Cap1: 300
Starting Scores: 4/12 MyFicoEX: 613 11/13 MyFicoTU:614
May '15 Scores: MyFicoEX: 690; MyFicoEQ: 678; MyFicoTU: 703
Short term goal: 740+ Last app 4/15. Opportunistic app'er
Established Contributor
Posts: 632
Registered: ‎04-03-2014
0

Re: Auto Loan Approvals!

[ Edited ]

APPROVING BANK: DCU
BUREAU PULLED: EQ
CREDIT SCORE: 720
CUSTOMER STATE OF RESIDENCE: MO
NEW/USED: REFINANCE
YEAR OF VEHICLE: 2013
MAKE: NISSAN
MODEL: MAXIMA 
MILEAGE: 9k
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: $24,000
TERM CONTRACTED: 60 months
APR/LEASE RATE: 1.24%
MONTHLY PAYMENT: $415
ANNUAL INCOME: $136K
DEBT TO INCOME RATIO: 14%
MISCELLANEOUS COMMENTARY: Did a re-finance. I was at 5.19% with Nissan Finance. This was worth the HP. 

Established Contributor
Posts: 715
Registered: ‎08-26-2011
0

Re: Auto Loan Approvals!

Have not purchased a car yet but applied for financing through DCU and CAP1.

TU score: 700

State: Illinois

Annual Income: $75,000

Projected Loan amount: $32,000 - $35,000

Projected Monthly Payment: $525.00 - $575.00

Current Utl.: Approximately 45%


DCU offered me 1.7% APR for 72 months with a maximum loan amount of $25K for a new vehicle purchase.

 

Capt1 offered me 5.1%A APR for 72 months with a maximum loan amount of $40K for a new vehicle purchase.

 

I plan to buy a 2014 Jeep Grand Cherokee Limited with a purchase price of approximately $35K. I will try to get a better rate through the dealer. I had no HP's in the past year and have no problem taking a few now - as I will not be app'ing for credit in the next few years anyways. This is my one big purchase for the foreseeable future.

Transunion: 713 FICO (5/13/2014) MyFico
Experian: 789 FICO (4/10/12) Lender Pull
Equifax: 695 FICO (1/10/14) MyFico

My cards: Chase United Mileage Plus 7000CL (3/12), CITI Simplicity 1800CL (9/12), Cap1 Platinum 1000CL (2/10), Cap1 Cash back 1500CL (11/11), Apple Barclay's 2500CL (11/11), Discover IT 6000CL (5/13)

My Primary Financial Goal is to put down my utl%.



New Contributor
Posts: 63
Registered: ‎10-25-2013
0

Re: Auto Loan Approvals!

APPROVING BANK: Boeing Employees Credit Union
BUREAU PULLED: Transunion
CREDIT SCORE: 660TU per BECU (671TU per MyFico)
CUSTOMER STATE OF RESIDENCE: Washington State
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Ford
MODEL: Explorer 4WD
MILEAGE: 17
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 29400
TERM CONTRACTED: 72 months
APR/LEASE RATE: 4.24% (was also offered 3.99% for 60 months)
MONTHLY PAYMENT: $465
ANNUAL INCOME: 50500
DEBT TO INCOME RATIO: 28% before auto loan, 39% with auto loan
MISCELLANEOUS COMMENTARY: I really need to thank this forum for helping this deal come together. I knew my TU was my best score. I actually found out about BECU on another post on this very same thread, and saw that they pulled TU. It really pays to take your time and shop around when your credit is a little on the sloppy side. It's been 8 years since I last purchased a car (which I am keeping as my daily commute car.) Now that I got this autoloan at a great rate I look forward to kicking back, and gardening my credit cards, and wait for the dealer's other inquiries to fall off my report (they tried to beat the BECU rate, I wish they had'nt.) 

APR 2014 FICO: EX 651 | EQ 635 | TU 671
DEC 2013 FICO: EX 628 | EQ 559 | TU 655
Established Member
Posts: 13
Registered: ‎01-11-2014
0

Re: Auto Loan Approvals!

APPROVING BANK: Captial One
BUREAU PULLED: EQ, TU
CREDIT SCORE: Mine- EQ 630 TU 628 Wife - EQ - 745
CUSTOMER STATE OF RESIDENCE: Tx
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Ford
MODEL: Mustang GT
MILEAGE: 25
RETAIL/LEASE: Retail
AMOUNT OF LOAN: up to 36,000
TERM CONTRACTED: 72 months
APR/LEASE RATE: 4.8
MONTHLY PAYMENT: 551
ANNUAL INCOME: 130k combined
DEBT TO INCOME RATIO: 21% prior to the  new car loan
MISCELLANEOUS COMMENTARY:

I applied for the Captial one blank check and was approved right away pending some verifcation which was easy and quick. I was also denied with DCU though. Me and my wife applied together as a joint account since we both have car loans. I have a loan for an lexus ls430 still and she has one for a toyota highlander. Went to the dealer last night to test drive and it felt good to have some kind of upper hand in financing and not be at the mercy of the dealers financing department. I would  suggest everyone do this and that way you can have the negotating tools. They tried to earn my business with using one of there lenders and was willing to work on the price to make the deal happen. I havent purchased the car yet because i am still shopping around, hopefully the transition goes smoothly with the captial one blank check.

 

 

Member
Posts: 13
Registered: ‎04-09-2014
0

Re: Auto Loan Approvals!

APPROVING BANK: GM Financial 
BUREAU PULLED: Experian
CREDIT SCORE: 620
CUSTOMER STATE OF RESIDENCE: Florida
NEW/USED: Used
YEAR OF VEHICLE: 2011
MAKE: Hyundai
MODEL: Sonata
MILEAGE: 43,248
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 14,998
TERM CONTRACTED: 72
APR/LEASE RATE: 22.7%
MONTHLY PAYMENT: 387.20
ANNUAL INCOME: 38k - 40k
DEBT TO INCOME RATIO: not sure
MISCELLANEOUS COMMENTARY: So this was a tricky situation pre-approved for a used car loan by Cap One on 1/28/14 for 15,700 at 15.7%. Went to the dealership did everything and foudn the car. I advised them I have my own loan and they said that is fine and that Capital One is a preferred lender with them and that they would pull my information and use it. I signed all my paper work and left. A week later they call me saying there was an issue and my interest rate was going up to a 22.7% but to offset it they would discount the car 2500.00 to keep my payments the same. Basically they shopped me around. I had no choice but to sign it and figured when it is done I would just go back to Cap One. I did and they denied me due to, to many inquiries. Two months later I decided lets do this again, Capital One approved my Refi with the same term I had left of 70 months at a 9.10% rate and a new payment of 281.67. I am happy to say that the dealer tried to get one over on me but I was able to turn it around on them because not only did I get my rate down 13% two months later but I also got my car 2500 dollars cheaper. 

myFICO scores EX - 636 EQ - 585 TU - 588 - updated 5/12

Goal 700 by 1/2015
Frequent Contributor
Posts: 279
Registered: ‎12-26-2012
0

Re: Auto Loan Approvals!

APPROVING BANK: Toyota Financing
BUREAU PULLED: TU (other 2 froze and refused to unfreeze)
CREDIT SCORE: 691 WM FICO they said I had a 715 Auto Enhanced
CUSTOMER STATE OF RESIDENCE: TN (bought is Morristown)
NEW/USED:New 
YEAR OF VEHICLE: 2014
MAKE: Toyota
MODEL: Tacoma
MILEAGE: 472
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 31,000
TERM CONTRACTED: 75 Months 
APR/LEASE RATE: 2%
MONTHLY PAYMENT: $430
ANNUAL INCOME: 50K (only used part of my income)
DEBT TO INCOME RATIO: 15%
MISCELLANEOUS COMMENTARY: I had a 2011 Hyundai Elantra that I owed 18,000 on, only 8 months into a 60 month loan @ 3.2%. They gave me 11500 for trade in and dropped 4900 of the price of the new truck. I know I was way upside down but I hated my car. Got great gas miles (52 MPG on road trips, will miss that), but the seats sucked, and it was purchased as a used rental, which I didn't know at the time, my fault, and it had a ton of problems. I am happy. I got out of my other car and the $4900 discount on the truck made up for only getting 11500 for my trade. BTW....I am a female, refused to unfreeze 2 reports, only let them run credit once, and refused to verify income, so ladies, don't be afraid to shop alone. Just be firm.

Currently "freezing" in the garden!
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