Auto Loan Approvals!

[EddieK]

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@stagefoursurvivor wrote:

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@lambo003 wrote:
APPROVING BANK: Bethpage Federal Credit Union
BUREAU PULLED: EX
CREDIT SCORE: 787
CUSTOMER STATE OF RESIDENCE: New York
NEW/USED: Used
YEAR OF VEHICLE: 2010
MAKE: Acura
MODEL: TSX
MILEAGE: 45,000
RETAIL/LEASE: Refinance
AMOUNT OF LOAN: $20,015
TERM CONTRACTED: 59 Months
APR/LEASE RATE: 2.29%
MONTHLY PAYMENT: $355
ANNUAL INCOME: $24k
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: My payments before I refinanced were $485 in a 72 month agreement. And the rate was 10%. I considered going with DCU but I wanted to go with this credit union to avoid two hard pulls and they also allowed me to defer my first payment for 90 days.

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Hmmm?

I thought BFCU offered 2.09% and pulls Eq, not Ex?

PLUS, DCU 2 hard pulls?

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Yep, one for membership and one for the loan.

[sebonne1]

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@stagefoursurvivor wrote:

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@lambo003 wrote:
APPROVING BANK: Bethpage Federal Credit Union
BUREAU PULLED: EX
CREDIT SCORE: 787
CUSTOMER STATE OF RESIDENCE: New York
NEW/USED: Used
YEAR OF VEHICLE: 2010
MAKE: Acura
MODEL: TSX
MILEAGE: 45,000
RETAIL/LEASE: Refinance
AMOUNT OF LOAN: $20,015
TERM CONTRACTED: 59 Months
APR/LEASE RATE: 2.29%
MONTHLY PAYMENT: $355
ANNUAL INCOME: $24k
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: My payments before I refinanced were $485 in a 72 month agreement. And the rate was 10%. I considered going with DCU but I wanted to go with this credit union to avoid two hard pulls and they also allowed me to defer my first payment for 90 days.

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Hmmm?

I thought BFCU offered 2.09% and pulls Eq, not Ex?

PLUS, DCU 2 hard pulls?

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Don't know about BFCU rate, but DCU pulls twice if you are not already a member (one for membership, another for loan).

[lambo003]

No BFCU pulls Experian not Equifax. The lowest credit rating is 2.09%. I'm not exactly sure why I was given 2.29%. I thought if I'd I sign up for direct deposit it would go down to the 2.09% but doing that doesn't make a difference. & since I'm not a member of DCU I would have had two hard pulls.

[Peter1142]

DCU did not pull me twice.

[lambo003]

Really? That's strange, the majority of the people on the forum say they had their credit report pulled once for membership and another time for the product they wanted to apply for (I.e auto loan).

[Peter1142]

Unless the alerts are 3 days late, I was only pulled once....

[Anonymous]

Did you apply for the loan first, then join DCU after approval?  Not sure that it makes any difference, but I'm curious if becoming a member first, then applying for the loan makes any difference in whether you get two hard pulls or not.

[Peter1142]

Yes I applied for the loan first, then membership as part of the process.

[boogiesaveslives]

APPROVING BANK:  BMWFS
BUREAU PULLED:  ALL 3
CREDIT SCORE: EX 656 TU 661 EQ 656 - can't remember exact auto enhanced but was about 20 points higher across the board.  675 to qualify.
CUSTOMER STATE OF RESIDENCE:  CA
NEW/USED:  NEW
YEAR OF VEHICLE:  2015
MAKE:  BMW
MODEL:  328i
MILEAGE:  8
RETAIL/LEASE:  $34,883 (8k off!)
AMOUNT OF LOAN:  

TERM CONTRACTED:  lease for 39 mos, 15k miles/yr
APR/LEASE RATE:  not sure
MONTHLY PAYMENT:  $399 with $875 down
ANNUAL INCOME:  $78000
DEBT TO INCOME RATIO:  

Been working hard to repair my credit for a few years now, much thanks to everyone on MyFico.  This place rocks!  

Original price $42,250.  Was upside down on my trade and got $1000 over KBB.  The advertised deal on this car was $329/mo, 10k miles, $4000 down.  

[FixingMyCreditASAP]

APPROVING BANK: Wells Fargo
BUREAU PULLED: Equifax Trans Union
CREDIT SCORE: 666
CUSTOMER STATE OF RESIDENCE: GA
NEW/USED: Used
YEAR OF VEHICLE: 2012
MAKE: Chevy
MODEL: Silverado 1500 Z71  4x4 5.3v8MILEAGE:
RETAIL/LEASE:
AMOUNT OF LOAN: 20k
TERM CONTRACTED: 48 months
APR/LEASE RATE: 7%
MONTHLY PAYMENT: 441
ANNUAL INCOME: 60k
DEBT TO INCOME RATIO: Very low
MISCELLANEOUS COMMENTARY: Went into the dealer preapproved for 24k through Capital One. For a 2012 they wanted almost 11% interest. The dealer ran my credit and got me approved through Wells Fargo, 4% less. I put down almost 8k, and total vehicle price was 28k.

Feels great being able to finance a car. Three years ago I couldn't get a phone contract without putting down 500 or more dollars. My biggest monthly bill just went from being a 100 dollar T-Mobile bill to a 450 dollar truck payment. That being said, the truck rocks. An old man owned it before me, and was awesome in terms in taking care of it.