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Established Member
Posts: 10
Registered: ‎08-02-2013
0

Re: Auto Loan Approvals!

[ Edited ]

APPROVING BANK: Ally
BUREAU PULLED: Not sure
CREDIT SCORE: 620
CUSTOMER STATE OF RESIDENCE: IL
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Chevy
MODEL: Malibu 2LT
MILEAGE: 0
RETAIL/LEASE: Finance
AMOUNT OF LOAN: 26,000
TERM CONTRACTED: 72mo
APR/LEASE RATE: 7.8%
MONTHLY PAYMENT: $460-ish
ANNUAL INCOME: Enough
DEBT TO INCOME RATIO: N/A
MISCELLANEOUS COMMENTARY:
I was approved thru Capital One's Blank Check program w/an 8.4% APR. I was ecstatic about that APR considering some baddies on my report and my barely 1 year old BK.
Got to the dealership and the car I wanted (2013 Malibu) was gone. Wasn't looking for a super new car, just gently used. But the opportunity presented itself so I went for it. I traded in my beloved 2006 Malibu that I bought brand new also. But she (yes she) was on her last leg so I kinda had no choice.....IM HAPPY!!! 😊😜

Member
Posts: 11
Registered: ‎11-16-2013
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. 

Fico: Beginning 506 (11/2013)
Present 616 (04/2014)
Goal 700 (but will settle for 640)
Established Member
Posts: 19
Registered: ‎05-04-2012
0

Re: Auto Loan Approvals!

APPROVING BANK:   Hyundai Motor Finance
BUREAU PULLED:   Not sure, forgot to ask
CREDIT SCORE:   713
CUSTOMER STATE OF RESIDENCE:   IL
NEW/USED:   New
YEAR OF VEHICLE:   2014
MAKE:   Hyundai
MODEL:   Sonata GLS with the POP2 package
MILEAGE:  14
RETAIL/LEASE:   Retail
AMOUNT OF LOAN:   $16,345
TERM CONTRACTED:  72... Yes, yes, I know, smh. I will however, double up on payments whenever possible. Plan to have it paid off in 48.
APR/LEASE RATE: 0%
MONTHLY PAYMENT: $225
ANNUAL INCOME:  $52,000
DEBT TO INCOME RATIO:  11%
MISCELLANEOUS COMMENTARY:   $9,000 down payment and never had an auto loan before...Thanks Remember0!  I went into the dealership with approvals from USAA 4.79%, Bank of America 2.79% and PenFed 1.99%. When the sales guy tried to give me a hard time about never having an auto loan before and student loans not being worth anything, I simply said, "that's fine, my bank already approved me at around 1%". His reply, "really? Let me take that back to the tower..." It wasn't long after that before I was signing the papers and driving off the lot.


Starting Score: 5/2011 579 EX (Fako)
5/2012: 660 EX (Fako) 680 EQ 704 TU
5/2013: 682 EX 698 EQ 735 TU
8/2014: 715 EX 714 EQ 714 TU
Goal Scores: 720 across the board
In the Garden until July 2015; last app May 2014

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





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Contributor
Posts: 96
Registered: ‎02-24-2013
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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.



Entering the Garden on 04/11/15 and staying at least until 09/30/16!
New Member
Posts: 6
Registered: ‎10-23-2012
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Re: Auto Loan Approvals!

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

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New Contributor
Posts: 53
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-7.1K; UPromise MC-10K; Amazon Visa-3K; UA Mileage Plus-5K; CSP-5k; Lowes-17K; SG Visa-5K; Amex Delta-2K; Amex Everyday Preferred-5.4K; AMEX Blue: 1K; Penfed: 10K; NFCU: 24K. NavCh: 15K; BofA PP: 500; Cap1: 300
Starting Scores: 4/12 MyFicoEX: 613 11/13 MyFicoTU:614
April '15 Scores: MyFicoEX: 693; MyFicoEQ: 681; MyFicoTU: 711
Short term goal: 740+ Last app 2/15. Opportunistic app'er
Established Contributor
Posts: 596
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
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