Auto Loan Approvals!

[negg]

APPROVING BANK:  Hawaii USA FCU
BUREAU PULLED:  Dont know, didn't ask, not to concerned 
CREDIT SCORE:  751
CUSTOMER STATE OF RESIDENCE:  Hawaii
NEW/USED:  Used
YEAR OF VEHICLE:  2009
MAKE:  Lexus
MODEL:  RX350 AWD 
MILEAGE:  39,000
RETAIL/LEASE:  Retail
AMOUNT OF LOAN:  15,000
TERM CONTRACTED:  48 months 
APR/LEASE RATE:  2.49%
MONTHLY PAYMENT:  352
ANNUAL INCOME:  50,000
DEBT TO INCOME RATIO: 6%
MISCELLANEOUS COMMENTARY:  First car loan in 20 years. Wanted a newer model Lexus RX 350, but I couldn't pass up this is up, Car is in mint condition.  Little old lady drove it to church, grocery store, and the weekly bridge party. 

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[Anonymous]

Excellent!

Would you mind sharing: 

1. Did you apply on line? Applied online
2. How long did the approval take? Got approval within 1 minute.

3. Did they require any income documentation? They didnt require any documents from us. I will add the only 2 credit cards we have are with Capital One. The first we opened in November, the second in February. 

[DrMac210]

APPROVING BANK: Decatur Medical Credit Union

BUREAU PULLED: EQ
CREDIT SCORE: EQ V5 748

CUSTOMER STATE OF RESIDENCE: IL
NEW/USED: Used
YEAR OF VEHICLE: 2013
MAKE: Chevrolet
MODEL: Traverse 2LT
MILEAGE: 39K
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $28500 ( $0 down payment)
TERM CONTRACTED: 60
APR/LEASE RATE: 2.7

MONTHLY PAYMENT: $508
ANNUAL INCOME: $72K
DEBT TO INCOME RATIO: 10%

[stagefoursurvivor]

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@stagefoursurvivor wrote:

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@stagefoursurvivor wrote:

APPROVING BANK: PenFed
BUREAU PULLED: Eq
CREDIT SCORE: 732
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: Used
YEAR OF VEHICLE: 2008
MAKE: Volvo
MODEL: S60AWD
MILEAGE: 72K
RETAIL/LEASE: Retail $10.9K
AMOUNT OF LOAN: 9,500
TERM CONTRACTED: 36 mos
APR/LEASE RATE: 1.99
MONTHLY PAYMENT: 256
ANNUAL INCOME: 124000
DEBT TO INCOME RATIO: 10% w/o mortgage
@MISCELLANEOUS COMMENTARY:  Also offered 36mos @2.24 Refused dealers offer to shop APR; Figured I'd use others money; Spotless CarFax & 1owner; For a son in college; Not glamorous, Good, safe, reliable transportation.

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[Blackice7888]

APPROVING BANK: Bank of America
BUREAU PULLED: Equifax
CREDIT SCORE: 808
CUSTOMER STATE OF RESIDENCE: WA
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Mazda
MODEL: CX-5 Grand Touring AWD
MILEAGE: 38
RETAIL/LEASE: Retail - $32,230
AMOUNT OF LOAN: 21,000
TERM CONTRACTED: 72
APR/LEASE RATE: 3.04
MONTHLY PAYMENT: 319
ANNUAL INCOME: 30,000
DEBT TO INCOME RATIO: 24%
MISCELLANEOUS COMMENTARY: BofA was the only one besides Mazda/Chase who would give me the amount I needed. Mazda wasn't offering any incentives since this a 2016 and would only approve with standards rates at 3.99 and wouldn't budge. I applied online with BofA who I use to bank with (still have a CC with them) and I was instantly approved. It was a very smooth process and I'm impressed with them so far. I will look into refinancing at a later time. 

[MoneyRight2015]

APPROVING BANK: Bank of America
BUREAU PULLED: Transunion
CREDIT SCORE: 694 (auto score pulled) (fico 686)
CUSTOMER STATE OF RESIDENCE: New York
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Mazda
MODEL: CX-5 Grand Touring AWD
MILEAGE: 3
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $37K (roughly)
TERM CONTRACTED: 72 (planning to pay off sooner)
APR/LEASE RATE: 4.98%
MONTHLY PAYMENT: $628.00
ANNUAL INCOME: $85K
DEBT TO INCOME RATIO: 34%
MISCELLANEOUS COMMENTARY: I was expecting a much higher interest rate since I made tons of late payments on my first auto loan and even paid final payment late. This resulted in a charge off on my account which was later changed to paid in full. My vehicle came with a ton of bells and whistles! This is exactly what I wanted and comparing this vs. a new BMW X-3 i can definetly say this was worth it. 

[Anonymous]

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@2b2rich wrote:

APPROVING BANK: CAP 1 Auto
BUREAU PULLED: all 3
CREDIT SCORE:  EQ 591 TU 578 EX 580 (they used FICO auto Score 5 which the middle score was 623 if that makes any difference)
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: Used/Fleet
YEAR OF VEHICLE: 2014
MAKE: Chevrolet
MODEL: Captiva LTZ
MILEAGE: 19k
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $25K
TERM CONTRACTED: 72
APR/LEASE RATE: 15 (0 down; simple loan with no pentalty for early pay off)
MONTHLY PAYMENT: $538
ANNUAL INCOME: $52K
DEBT TO INCOME RATIO: 0% (I had no debt before this loan, other than rent, utilties & food, etc)
MISCELLANEOUS COMMENTARY: Cut up all of my credit cards about 8 years ago when I became too disabled to work so I really have no positive credit history other than a MC with a $500 CL that I've had less than a year.  Have 2 student loans that are paid with 0 bal, but were in collection status previously.  Both my bank and Cap 1 told me the biggest obstacle I faced with regards to finance rate was the lack of any recent auto loan history.  I do plan to refinance for a MUCH lower rate in 18 months or pay it off completely at that time.

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Congrats, your situation sounds alot like mine.  I also when for a long time without using any credit cards and had some dings which brought my scores down to mid 500's.  I ended up with a 12.57% Santander loan but after building a good history using cards and paying things on time for 8 months I got that refianced to 4.29%.  I think you will be able to do the same.  If you can get a rate that low the interest cost goes down a great deal, then making payments will help build your scores so that would be my suggestion.

[JRadV]

APPROVING BANK: Wells Fargo Dealer Services

BUREAU PULLED: EX/EQ
CREDIT SCORE: myFICO EX 649 / myFICO Auto Enhanced 634 / Dealer Pulled "Beacon Auto" Score: 575

CUSTOMER STATE OF RESIDENCE: SC
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: Dodge 
MODEL: Durango Citadel RWD
MILEAGE: 350
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $40500 ( $1000 down + $2000 trade)
TERM CONTRACTED: 75
APR/LEASE RATE: 7.99

MONTHLY PAYMENT: $714
ANNUAL INCOME: $260k - combined
DEBT TO INCOME RATIO: 15%

[sam818]

 JRadV: You mentioned the dealer pulled a "Beacon Auto" score, HOWEVER, do you know which report (bureau and version) WFDS pulled specifically ?(you can check on your report to see the inquiries).

ALSO: what documentation did WFDS require you to provide (if any at all)

[2b2rich]

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@Anonymous wrote:

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@2b2rich wrote:

APPROVING BANK: CAP 1 Auto
BUREAU PULLED: all 3
CREDIT SCORE:  EQ 591 TU 578 EX 580 (they used FICO auto Score 5 which the middle score was 623 if that makes any difference)
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: Used/Fleet
YEAR OF VEHICLE: 2014
MAKE: Chevrolet
MODEL: Captiva LTZ
MILEAGE: 19k
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $25K
TERM CONTRACTED: 72
APR/LEASE RATE: 15 (0 down; simple loan with no pentalty for early pay off)
MONTHLY PAYMENT: $538
ANNUAL INCOME: $52K
DEBT TO INCOME RATIO: 0% (I had no debt before this loan, other than rent, utilties & food, etc)
MISCELLANEOUS COMMENTARY: Cut up all of my credit cards about 8 years ago when I became too disabled to work so I really have no positive credit history other than a MC with a $500 CL that I've had less than a year.  Have 2 student loans that are paid with 0 bal, but were in collection status previously.  Both my bank and Cap 1 told me the biggest obstacle I faced with regards to finance rate was the lack of any recent auto loan history.  I do plan to refinance for a MUCH lower rate in 18 months or pay it off completely at that time.

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Congrats, your situation sounds alot like mine.  I also when for a long time without using any credit cards and had some dings which brought my scores down to mid 500's.  I ended up with a 12.57% Santander loan but after building a good history using cards and paying things on time for 8 months I got that refianced to 4.29%.  I think you will be able to do the same.  If you can get a rate that low the interest cost goes down a great deal, then making payments will help build your scores so that would be my suggestion.

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That would be great.  My SLs (2) will drop off in March (10 more months) and that will be the last of any lates showing. I think I will garden until then