Auto Loan Approvals!

[Anonymous]

APPROVING BANK: Capital One
BUREAU PULLED: All 3
CREDIT SCORE: 605/590/605
CUSTOMER STATE OF RESIDENCE: MI
NEW/USED: USED
YEAR OF VEHICLE: 2013
MAKE: Chrysler 
MODEL: Town & Country
MILEAGE: 19000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 21700 (including tax, title, plate etc)
TERM CONTRACTED: 72
APR/LEASE RATE: 12.1
MONTHLY PAYMENT: $418
ANNUAL INCOME: $45K

MISCELLANEOUS COMMENTARY: Joined MYFICO about 3 months ago to fix my years of major credit issues.  Was going to wait a while but gave capital one a try as we have a new on on the way - Approved me immediately with an interest rate of 6.75-12.76 - Found a van the wife wanted and we were out the door with a new (to us) van in less then an hour. No Money down very smooth transaction.  I know its a high interest rate but we plan to refiance in a few years when we pay more down and improve our scores.  I'm pretty satsified as other banks wanted 18% with my horrible scores.

[Anonymous]

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@Anonymous wrote:

APPROVING BANK: Capital One
BUREAU PULLED: All 3
CREDIT SCORE: 605/590/605
CUSTOMER STATE OF RESIDENCE: MI
NEW/USED: USED
YEAR OF VEHICLE: 2013
MAKE: Chrysler 
MODEL: Town & Country
MILEAGE: 19000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 21700 (including tax, title, plate etc)
TERM CONTRACTED: 72
APR/LEASE RATE: 12.1
MONTHLY PAYMENT: $418
ANNUAL INCOME: $45K

MISCELLANEOUS COMMENTARY: Joined MYFICO about 3 months ago to fix my years of major credit issues.  Was going to wait a while but gave capital one a try as we have a new on on the way - Approved me immediately with an interest rate of 6.75-12.76 - Found a van the wife wanted and we were out the door with a new (to us) van in less then an hour. No Money down very smooth transaction.  I know its a high interest rate but we plan to refiance in a few years when we pay more down and improve our scores.  I'm pretty satsified as other banks wanted 18% with my horrible scores.

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Congrats, keep on working on rebuilding (the rebuilding forum folks can help a great deal) and then in 6-9 months refinance with a credit union.  I had a very similar issue with a 12.5% loan that I was able to refinace to 4.29% which saves thousands over the life of the loan.  Joiining a good credit union is essential in my opinion to getting good APR on a loan. DCU and NFCU are the most popular here, NFCU has legendary customer experience. 

[Anonymous]

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@Anonymous wrote:

APPROVING BANK: Carmax Financial
BUREAU PULLED: Experian
CREDIT SCORE: 605 
CUSTOMER STATE OF RESIDENCE: Colorado
NEW/USED: Used
YEAR OF VEHICLE: 2012
MAKE: Fiat 
MODEL: 500
MILEAGE: 29101
RETAIL/LEASE: Purchase
AMOUNT OF LOAN: $13k
TERM CONTRACTED: 60
APR/LEASE RATE: 9.35
MONTHLY PAYMENT:  $286.00
ANNUAL INCOME: $22k
DEBT TO INCOME RATIO: Undetermined
MISCELLANEOUS COMMENTARY: Was as shocked as anyone else that I got approved at this one, but had some changes happen at work that pretty much required me to get a car. So here we are. Easiest car deal EVER with Carmax, no hassle, no haggle, and was approved over the phone.  

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Does anyone know which score Carmax pulls?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

APPROVING BANK: Carmax Financial
BUREAU PULLED: Experian
CREDIT SCORE: 605 
CUSTOMER STATE OF RESIDENCE: Colorado
NEW/USED: Used
YEAR OF VEHICLE: 2012
MAKE: Fiat 
MODEL: 500
MILEAGE: 29101
RETAIL/LEASE: Purchase
AMOUNT OF LOAN: $13k
TERM CONTRACTED: 60
APR/LEASE RATE: 9.35
MONTHLY PAYMENT:  $286.00
ANNUAL INCOME: $22k
DEBT TO INCOME RATIO: Undetermined
MISCELLANEOUS COMMENTARY: Was as shocked as anyone else that I got approved at this one, but had some changes happen at work that pretty much required me to get a car. So here we are. Easiest car deal EVER with Carmax, no hassle, no haggle, and was approved over the phone.  

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Does anyone know which score Carmax pulls?

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[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

APPROVING BANK: Carmax Financial
BUREAU PULLED: Experian
CREDIT SCORE: 605 
CUSTOMER STATE OF RESIDENCE: Colorado
NEW/USED: Used
YEAR OF VEHICLE: 2012
MAKE: Fiat 
MODEL: 500
MILEAGE: 29101
RETAIL/LEASE: Purchase
AMOUNT OF LOAN: $13k
TERM CONTRACTED: 60
APR/LEASE RATE: 9.35
MONTHLY PAYMENT:  $286.00
ANNUAL INCOME: $22k
DEBT TO INCOME RATIO: Undetermined
MISCELLANEOUS COMMENTARY: Was as shocked as anyone else that I got approved at this one, but had some changes happen at work that pretty much required me to get a car. So here we are. Easiest car deal EVER with Carmax, no hassle, no haggle, and was approved over the phone.  

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Does anyone know which score Carmax pulls?

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Sorry, I didn't mean which bureau, I saw that.

I mean which score - FICO 8, Auto Enhanced, etc?

[Josh611]

APPROVING BANK: Bank of America
BUREAU PULLED: TU
CREDIT SCORE: 721
CUSTOMER STATE OF RESIDENCE: MI
NEW/USED: Used
YEAR OF VEHICLE: 2009
MAKE: Chevy
MODEL: Impalla LT
MILEAGE: 64k
RETAIL/LEASE: 
AMOUNT OF LOAN: $7200
TERM CONTRACT
APR/LEASE RATE: 4.68%
MONTHLY PAYMENT: $169
ANNUAL INCOME: 17k
DEBT TO INCOME RATIO: No debt other than deferred student loans
MISCELLANEOUS: 

3 new accounts in the last 2 months. 10+ Inqs. Less than 2 years of credit history. Very happy to get my first car that isn't a piece of junk!

[jkt1975]

APPROVING BANK: United Heritage Credit Union
BUREAU PULLED: Transunion
CREDIT SCORE: 639
CUSTOMER STATE OF RESIDENCE: Tx
NEW/USED: Used
YEAR OF VEHICLE: 2010
MAKE: Mercedes
MODEL: E63 AMG
MILEAGE: 42K
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 34k
TERM CONTRACTED: 60mths
APR/LEASE RATE: 4.49%
MONTHLY PAYMENT: $593
ANNUAL INCOME: 100k+
DEBT TO INCOME RATIO: 29%
MISCELLANEOUS COMMENTARY: was thrilled with the cu from beginning to end of deal...if you have one in your area...use them, they are great!

[Jpmack29]

APPROVING BANK: Chase
BUREAU PULLED:all 3
CREDIT SCORE:EX 708 EQ 688,TU 689
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: New
YEAR OF VEHICLE 2015
MAKE: Toyota
MODEL: Camr
MILEAGE: 11
RETAIL/LEASE:RETAIL
AMOUNT OF LOAN: 27,500
TERM CONTRACTED: 75MONTHS
APR/LEASE RATE: 5.34
MONTHLY PAYMENT: 438.00

[Anonymous]

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@Jpmack29 wrote:
APPROVING BANK: Chase
BUREAU PULLED:all 3
CREDIT SCORE:EX 708 EQ 688,TU 689
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: New
YEAR OF VEHICLE 2015
MAKE: Toyota
MODEL: Camr
MILEAGE: 11
RETAIL/LEASE:RETAIL
AMOUNT OF LOAN: 27,500
TERM CONTRACTED: 75MONTHS
APR/LEASE RATE: 5.34
MONTHLY PAYMENT: 438.00

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Congratulations on your new car.  With your scores I think you can get much better APR if you apply at a credit union, I think you might be able to cut that APR by nearly 2 points, over the length of the loan that will be thousands of dollars.  It is always important to remember that dealerships routinely add one, two or more points to loans (the papers you sign even say that you are ok with them doing this).  I am sure you should be closer to 3 to 3.5% over 72 months.  Dealers often bring the loans to 75 months to give them room to jack up interest.  Please don't read this as a critisim just a suggestion that can save you big money.  If you move right away you can do this deal before the paperwork is sent into Chase which will allow you to finance it as new with a credit union, DCU is a favorite here, NFCU and Penfed are all great also. As an example I had scores right at 600 and refinanced my Accord to 4.29% with NFCU over 72 months.