Auto Loan Approvals!

[Anonymous]

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@liquidlx wrote:

APPROVING BANK: Mid State Educators Credit Union
BUREAU PULLED: All three
CREDIT SCORE: Average score of 650
CUSTOMER STATE OF RESIDENCE:Ohio
NEW/USED:Used
YEAR OF VEHICLE:2007

MAKE:Hyundai

MODEL:Sonata
MILEAGE:35,000
RETAIL/LEASE:Refinance
AMOUNT OF LOAN:15,600
TERM CONTRACTED:60 months
APR/LEASE RATE: 5.95%
MONTHLY PAYMENT:Approx 320 per month. Close on Friday
MISCELLANEOUS COMMENTARY:

I originally purchased the car through citi financial and was approved at a rate of 15.8% back in august of 2007. After a year and a half of not missing a payment of 400$ a month, I applied for refinancing through road loans and was denied so fast it would make your head spin. Then I gave it one last shot and applied with a credit union and they approved me for 7.71% then I found an offer to lower it to 5.95% with automatic payment deductions.  I am really happy~ If your trying to refinance. Keep trying!

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So I'm clear you didn't refi a 2007 vehicle for another 5 years did you?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

APPROVING BANK: United Federal Credit Union
BUREAU PULLED: Equifax
CREDIT SCORE: 605
CUSTOMER STATE OF RESIDENCE: Nevada
NEW/USED: Used
YEAR OF VEHICLE: 2008
MAKE: Chevy
MODEL: Impala
MILEAGE: 69595
RETAIL/LEASE:
AMOUNT OF LOAN: $9535
TERM CONTRACTED: 48 months
APR/LEASE RATE: 6.99%
MONTHLY PAYMENT: $230.21
ANNUAL INCOME: 19525
DEBT TO INCOME RATIO: 38%
MISCELLANEOUS COMMENTARY: I'm a first time car buyer

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Wow that sounds like an awesome rate! Have you done business with them for a while now?

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No, I never done business with them. I originally had a 25.99% and then it went down to 12.99% but at the last minute the bank that finance my car took the loan after a further review of my credit report file. I was surprised too when I got this rate. 

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Well congratulations! Great loan and terms.

[Anonymous]

APPROVING BANK:Capital One
BUREAU PULLED: Equifax
CREDIT SCORE:510
CUSTOMER STATE OF RESIDENCE: Louisiana
NEW/USED:Used
YEAR OF VEHICLE:  2012
MAKE:Volvo
MODEL:  S60
MILEAGE:  29k
RETAIL/LEASE: Retail
AMOUNT OF LOAN:  $20,250
TERM CONTRACTED:  72 months
APR/LEASE RATE:  11.77%
MONTHLY PAYMENT: $395
ANNUAL INCOME: $60,000
DEBT TO INCOME RATIO: Ridiculous! 
MISCELLANEOUS COMMENTARY:  Car died in December.  Was completely unprepared for this possibility.  After realizing I could not bring it back to life, I tried to get a loan through my credit union...nope!  That's when the rep told me my credit score....510! YUCK! I have no credit cards, no revolving credit.  I pay for everything in cash....and  have a student loan that I let go too far too long b/c I just got frustrated with all my money only going to interest...it's a lingering debt...I mean, it never goes down, so i basically said well, F YOU, Sallie Mae...and apparently she said F YOU TOO!  Hence the bad credit score.  Found my way to MyFIco.com after poking around on the internet.  Read that CarMax is a bad credit friendly place so I applied over the phone.  Got approved by Exeter for 18.25%!  DAMN!  But what could I do.  They wanted income verification for the past three months...I wanted to make sure they got the Dec-Jan statement so I sat on the approval (good for 30 days) until my latest bank statement issued and deposited as much money as I could , just so I could make good on the verbal income statement I gave them.  I went up there the day after my statement issued from my bank, the sales manager verified my income but also did a calculation of my monthly income average and saw that I made more than what I stated.  He suggested they run the numbers again.  I said ok, as long as it was not a credit check, he said it was not...they just rerun the numbers to see if Exeter may offer something better.  So they did...and bam, Capital One came back with an offer (mind you, they had already denied me the first time around, Carmax submits app to about 6-7 lenders, I received a letter in the mail from them, saying that their decision was based on my credit score, blah, blah, blah..).  Capital One offered 11% interest.  Great. Soooo that whole "decision based on credit score" is bullsh*t basically b/c high monthly income cures that, obviously.  I put down $3,500...and am already looking forward to refi-ing later this year.  My loan rehab should be good and in effect by then (again, info thanks to myfico.com).  Y'all have saved me.  Thanks so much for posting such helpful info.  seriously.

[SheedNYC17]

APPROVING BANK: FCA
BUREAU PULLED: UNKNOW
CREDIT SCORE: 521(Eqifax) 528 (Experian)
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: JEEP
MODEL: CHEROKEE
MILEAGE: 7
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 20,063
TERM CONTRACTED: 72
APR/LEASE RATE: 19.99(was offered 9.89 cap1)
MONTHLY PAYMENT: $458
ANNUAL INCOME: 45.5K
DEBT TO INCOME RATIO: sans a repo via cosigning 0%
MISCELLANEOUS COMMENTARY: 99% sure I wasn't going to be able to purchase a new car this year. In the past I've been very good with my auto loans (Cap1). However I did co-sign for a family member and got royally screwed. So here we are a day before Storm Juno NYC I walk into jeep and walk out 2 hours later. Approved. High APR but I'm going to refinance. Actually had a better much better offer on the table but I set a challenge to myself and will not let it beat me. I have a high monthly payment as well but I have to bills. I make about 2600 after taxes a month and between car and insurance I still have 1900 left. I'll be paying against the loan at the beginning of the month (1st) and the actual payment the (24th). Please any advice on this is appreciated. I've worked hard to not allow anything crazy bring me down but this repo August 2014 has hit me hard almost 200pts (pretty sure it shouldn't but idk)

[SheedNYC17]

I have a horrible score and was approved by FCA for my finance loan I went Cherokee as grand was too big. I'd test the waters.

[DaveInAZ]

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APPROVING BANK: SEAFCU - SE AZ Fed Credit Union
BUREAU PULLED: EX
CREDIT SCORE: 700, Experion
CUSTOMER STATE OF RESIDENCE: AZ
NEW/USED: Used
YEAR OF VEHICLE: 2013
MAKE: Mazda
MODEL: Mazda2
MILEAGE: 40600
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 10,000
TERM CONTRACTED: 60
APR/LEASE RATE: 1.99%
MONTHLY PAYMENT: $175
ANNUAL INCOME: 28K
DEBT TO INCOME RATIO: 22%
MISCELLANEOUS COMMENTARY: SE Arizona Federal CU is a small CU with only 1 branch in Douglas & 1 in Benson. It took nearly a week vs. 30 seconds with Cap One or similiar, but wanted to do business locally, and folks here on MYFico say it's good to have a relationship with a CU. A^nd I pre-checked with them and they base the amount they will finance on a car on the KBB retail value, Cap One uses wholesale. I didn't have a whole bunch of $$ for a down payment. $10k is the selling price, I just pay title, reg, & taxes. Buying from Hertz car sales, the arm of Hertz that sells their used rental cars. I highly recommend them - great prices and they have a 3 day rent 2 buy program so you can fully check out the car. If you buy, there's no rental charge. My first car purchase in 11 years - I have a 2003 KIa Sorento SUV I bought new. It has been & still is a great car and I'm keeping it, it was only worth $2500 trade-in. The Mazda will now be primary car as the Kia gets ust 16-18mpg, the Mazda 36mpg.

[Anonymous]

 Hi SheedNYC17, yes 19.99% is too high and you wouldn't make much payment on your principal. either you pay 2 or three times the payments and refinance it after 6 months months you will be alright. I am hoping you will able to fix that. Do not cosign ever unless the person is your intermediate family.

[SheedNYC17]

Honestly I could have purchased the car out right. I took the high apr instead because the amount was more etc. I am actually going to pay in 3 months maybe 30/40% against principle and than refinance. I'm in a good place financially and can get ahead. I just need to show that I like always am a safe bet with loans. The cosigning burned me

[jigbab007]

APPROVING BANK: Capital One Auto Finance
BUREAU PULLED: Transunion (Cap1, Toyota Financial pulled), Equifax (Cap1, Wells Fargo, Roadloans, Toyota Financial pulled), Experian (Toyota Financial)
CREDIT SCORE:  630 Equifax according to Roadloans, 646 Experian according to Toyota Financial, Transunion 597 at Myfico.com
CUSTOMER STATE OF RESIDENCE:  AZ
NEW/USED: NEW
YEAR OF VEHICLE: 2015
MAKE: Toyota
MODEL:  Tundra Crewmax SR5
MILEAGE: 214 (most of those miles were from the transport to our location)
RETAIL/LEASE: Retail
AMOUNT OF LOAN:  $34,013.99
TERM CONTRACTED: 72 months
APR/LEASE RATE: 6.95%
MONTHLY PAYMENT: $580.88

DOWN PAYMENT:  $500
ANNUAL INCOME: ---
DEBT TO INCOME RATIO: ---
MISCELLANEOUS COMMENTARY: I am six months post BK. I really needed a vehicle because I'm moving next month and only have one car for the family. I applied for a loan at three places before I went shopping: Cap1, Roadloans, and Wells Fargo. WF denied me, while the other two approved me. Cap1 6.95% up to $35,000 and Roadloans 13.42% up to $29,000. The Toyota dealer ran my credit too but I did want to see if they could find me a better rate and they couldn't. I think I got a pretty good rate post BK because I have been at my job 11 years and own my home for almost 10 years. The dealer didn't have the truck on site and had to get it from a different location. The one we signed for they couldn't get us so we had to do new loan docs for a different VIN with the same price. The bonus for me was I got a truck with more options. On the NADA Guides website it says invoice is $32,101 for an MSRP of $34,940. My MSRP was $35,635 because of some extras and negotiated price was $31,153. I got a great price and thanks to all of the available knowledge on this message board I was able to make an informed negotiation and purchase. I'm hoping I can refi for a better rate and term within the next 6 to 12 months.

[Anonymous]

APPROVING BANK: BMW Financial Services 
BUREAU PULLED: Transunion
CREDIT SCORE: 666
CUSTOMER STATE OF RESIDENCE: Alabama
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: BMW
MODEL: 428i Gran Coupe
MILEAGE: 0 
RETAIL/LEASE: Lease
AMOUNT OF LOAN: $49,873
TERM CONTRACTED: 39 Months
APR/LEASE RATE: 12000 miles per year
MONTHLY PAYMENT: $588
ANNUAL INCOME: $48000
DEBT TO INCOME RATIO: Too much!! Student loans!
MISCELLANEOUS COMMENTARY: I have 2 other current auto leases. A 2012 Toyota Camry ending Oct 2015 and a 2013 Toyota Avalon ending June 2016. Despite other leases and the debt to income ratio, I was still approved. However, this will be my 6 vehicle purchased in the last 10 years! My auto loan history is flawless.