Auto Loan Approvals!

[watch44]

APPROVING BANK: Carmax Financial Services LLC
BUREAU PULLED: Equifax
CREDIT SCORE: 710? (TU 731, EX 749, and EQ is my worst)
CUSTOMER STATE OF RESIDENCE: GA
NEW/USED: Used
YEAR OF VEHICLE: 2013
MAKE: BMW
MODEL: 328i (Navi, leather, premium sound system, etc.) 
MILEAGE: 9,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $28,584
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 7.45%
MONTHLY PAYMENT: $494.87
ANNUAL INCOME: $45k
DEBT TO INCOME RATIO: 4%
MISCELLANEOUS COMMENTARY: Traded in a paid off 2013 Honda CR-V and got cash back on the deal (need cash right now, not a paid off car). Multiple lates from 6 years ago, plan to refi with DCU or NFCU in about a year when all lates fall off. I was using cash only 8 months ago when I started rebuilding. Currently at 47,500 total CL with 5% util. Also, I picked up the Maxcare extended warranty (6 year/75,000 miles) for $1500 because, well, it's a BMW, and I want it under warranty for the length of the loan.

[beachdudede]

APPROVING BANK: Digital Federal Credit Union (DCU)
BUREAU PULLED: Equifax
CREDIT SCORE: 0 FICO (Yes, DCU's loan docs show that I had a 0 FICO)
CUSTOMER STATE OF RESIDENCE: DE
NEW/USED: Used
YEAR OF VEHICLE: 2012
MAKE: Kia
MODEL: Soul+
MILEAGE: 7,858
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $14,296 (approved for $14,500)
TERM CONTRACTED: 65 mos
APR/LEASE RATE: 7.49%
MONTHLY PAYMENT: $268.87
ANNUAL INCOME: $45k
DEBT TO INCOME RATIO: Just rent, no other debt
MISCELLANEOUS COMMENTARY: Applied over the phone and was told I was approved for a loan up to $14,500 at 6.74% over 65 months. When the loan docs were being finalized after I bought the car, the loan officer told me it was 6.74% for 48 months. I had nothing in writing to show I was told 65 months. I ended up at 7.49% for 65 months. I accepted it because this didn't add much to the monthly payment. Lesson learned. In the end, I got the car I wanted on reasonable terms and have a good start on achieving my financial goals.

[09Lexie]

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@watch44 wrote:

APPROVING BANK: Carmax Financial Services LLC
BUREAU PULLED: Equifax
CREDIT SCORE: 710? (TU 731, EX 749, and EQ is my worst)
CUSTOMER STATE OF RESIDENCE: GA
NEW/USED: Used
YEAR OF VEHICLE: 2013
MAKE: BMW
MODEL: 328i (Navi, leather, premium sound system, etc.) 
MILEAGE: 9,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $28,584
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 7.45%
MONTHLY PAYMENT: $494.87
ANNUAL INCOME: $45k
DEBT TO INCOME RATIO: 4%
MISCELLANEOUS COMMENTARY: Traded in a paid off 2013 Honda CR-V and got cash back on the deal (need cash right now, not a paid off car). Multiple lates from 6 years ago, plan to refi with DCU or NFCU in about a year when all lates fall off. I was using cash only 8 months ago when I started rebuilding. Currently at 47,500 total CL with 5% util. Also, I picked up the Maxcare extended warranty (6 year/75,000 miles) for $1500 because, well, it's a BMW, and I want it under warranty for the length of the loan.

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Congrats on your approval.  Are you aware that your BMW comes with a 50k/5yr warranty and maintenance?

[Epcot]

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@09Lexie wrote:

Congrats on your approval.  Are you aware that your BMW comes with a 50k/5yr warranty and maintenance?

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I thought the Ultimate Service and warranty were for 4 years and 50k miles from the in-service date. Has this changed? (Haven't owned a BMW in a few years)

[Chrisla2077]

APPROVING BANK: Santander Consumer (Roadloans.Com)
BUREAU PULLED: Experian
CREDIT SCORE: 589 ...lender pull
CUSTOMER STATE OF RESIDENCE: MD
NEW/USED: Used
YEAR OF VEHICLE: 2011
MAKE: Honda 
MODEL: Accord LX
MILEAGE:36000
RETAIL/LEASE:Retail
AMOUNT OF LOAN: 17749 w/ Gap
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 20.49
MONTHLY PAYMENT: 422
ANNUAL INCOME: 51,000
DEBT TO INCOME RATIO: Not Sure
MISCELLANEOUS COMMENTARY: HORRIBLE TERMS...but it's the best I could do. Hope to refinance in 6 mos to a year.

[guerro]

APPROVING BANK: NFCU
BUREAU PULLED: TRANS
CREDIT SCORE:668
CUSTOMER STATE OF RESIDENCE: Stationed in Germany 
NEW/USED:NEW
YEAR OF VEHICLE:2015
MAKE:BMW
MODEL:320i xDrive
MILEAGE:0
RETAIL/LEASE: $46,500
AMOUNT OF LOAN:$39,000
TERM CONTRACTED:60month
APR/LEASE RATE:1.74%
MONTHLY PAYMENT:$629.00
ANNUAL INCOME:$59,000
DEBT TO INCOME RATIO:6%
MISCELLANEOUS COMMENTARY:Started with low 400's and over two years paid off some old credit, stablished new ones, had to prior auto loans, 1 was co-signed the second by myself with 17.99%, and finally get my new car with the lowest rate, excited to receive my new BMW. 

[signaturecardmember]

BMW is 4 year 50k warranty

[guerro]

Sadly in Europe it's a 2 year unlimited miles plan

[AutoFinanceOptions]

Great rate in cany case!

[09Lexie]

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@Epcot wrote:

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@09Lexie wrote:

Congrats on your approval.  Are you aware that your BMW comes with a 50k/5yr warranty and maintenance?

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I thought the Ultimate Service and warranty were for 4 years and 50k miles from the in-service date. Has this changed? (Haven't owned a BMW in a few years)

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No, it hasn't changed but you still have a few years left. It's also possible to purchase an additional contract before your current coverage ends. You definitely want the maintenance coverage