Auto Loan Approvals!

[bigboy]

That is awesome! Did you work with an agency to help you increase your score/clean your credit history over the past two years?

[Anonymous]

APPROVING BANK: BMW Financial
BUREAU PULLED: Experian Auto 8
CREDIT SCORE:666
CUSTOMER STATE OF RESIDENCE: NJ
NEW/USED: CPO
YEAR OF VEHICLE: 2013
MAKE: BMW
MODEL: X5
MILEAGE: 28000
RETAIL/LEASE: retail
AMOUNT OF LOAN: 46000
TERM CONTRACTED: 60
APR/LEASE RATE: 3.9%
MONTHLY PAYMENT: 850
ANNUAL INCOME: 155k
DEBT TO INCOME RATIO: 28%
MISCELLANEOUS COMMENTARY:  

 Bit of a crazy story.  20 years of perfect credit.  Slaughtered in 2008/2009 (was MBS / derivatives attorney for for Lehman/Countrywide).  3 repos (including a yacht) and 2 foreclosures all in 2009.  Charged off $75k credit card debt.  took 21% loan with santander in 2013.  paid as agreed for 24 months. Opened cap 1 CC in aug 2014.   April 2015 score= 553.  most of the derogs are due to come off between December 2015 and July 2016.  Knew BMW only used experian.  Called EX and told them I wanted to apply for loan and since the derogs were so close to coming off, would they do an "early exclusion".  They immediately took off everything due to delete in the next 60 days and they automatically delete 3 months early do this is really closer to 6 months.  I have all of you to thank for this.  This forum has been invaluable to me and inspried me to try again.  I almost passsed out when BMW approved me!! I was $6k upside down in my santander loan.

[Anonymous]

I did not work with an agency. I looked it up and found that in May 2014 I was at 575. I received a packet in the mail yesterday stating my approval for an Up2Drive application at 4.4% (which I am not using) was based on a FICO score of 666 (scary). And as mentioned my EQ is currently 713. 

I had a lot of items that reached their 7th birthday that fell off over the past year. I also regularly would log on and dispute items looking for the creditors to verify all the information. So some of them fell off that way. 

I got a secured cc and used it and paid if off regularly. I also had most of my bills auto withdrawn so I wouldn't miss anything. Overall I reduced my expenses and started working for myself which raised my salary considerably. 

[Anonymous]

APPROVING BANK: Eastern Bank
BUREAU PULLED: TU
CREDIT SCORE: 681/698/690
CUSTOMER STATE OF RESIDENCE: New Hampshire
NEW/USED: Used
YEAR OF VEHICLE: 2013
MAKE: VW
MODEL: GTI
MILEAGE: 20,000
RETAIL/LEASE: $20,900
AMOUNT OF LOAN: $13,900
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 3.64%
MONTHLY PAYMENT: $253
ANNUAL INCOME: $48k
DEBT TO INCOME RATIO: Before loan = 8%
MISCELLANEOUS COMMENTARY: I was accepted by DCU at 3.99% and Capital One at 6.00%. Denied by my own credit union (Service Credit Union), Cap1 wanted me to wait 90 days after my new job start date. VW was able to get me 3.54% with Eastern Bank, all I had to show was proof of income. I put $7k down which helped a lot. In December of 2014 my credit score was under 500! I payed my bills on time, opened a secured credit card in April and kept the utilization under 10%. Couldn't be happier with the car, fully loaded, low miles, clean carfax, all service done, CPO 2 years 24k miles, 2 years left on PT warrenty. Shout out to www.reddit.com/r/personalfinance , this is where I learned about rebuilding credit and have recently found myfico.com which has given me more knowledge as well.   

[creditkarma2013]

APPROVING BANK: DCU
BUREAU PULLED: EQ
CREDIT SCORE: 657
CUSTOMER STATE OF RESIDENCE: Wisconsin
NEW/USED: Used
YEAR OF VEHICLE: 2013
MAKE: Ford
MODEL: Escape
MILEAGE: 29985
RETAIL/LEASE: $19,985
AMOUNT OF LOAN: $20,588
TERM CONTRACTED: 65 Months
APR/LEASE RATE: 3.74%
MONTHLY PAYMENT: $348
ANNUAL INCOME: $63k
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY: I was accepted by DCU at 4.24% (3.74% after adding DD). After about a year of rate reductions (1.5% total) due on on-time payments, I expect the rate to be 2.24%

[bigboy]

Thank you! Glad it's paying off!

[Anonymous]

APPROVING BANK: BofA
BUREAU PULLED: Experian 
CREDIT SCORE: 701 Fico Auto score 8
CUSTOMER STATE OF RESIDENCE: Arizona
NEW/USED: used 
YEAR OF VEHICLE: 2008
MAKE: F350 Diesel
MODEL: XLT
MILEAGE: 40000
RETAIL/LEASE: Retail/ private party sale
AMOUNT OF LOAN: 22,500
TERM CONTRACTED: 60
APR/LEASE RATE:5.37%
MONTHLY PAYMENT: approx 420
ANNUAL INCOME: 50k
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY: Thanks to everyone in this forum I decided not to pass up the this truck. Last night I also applied for DCU, US Bank and Statefarm. With Dcu I applied for the membership and checking/savings account first when I was about to submit it came up and said I was pre approved to a 20,000 auto loan. (Kinda like the shopping cart trick!) so I checked to box and and assumed I could fill in the actual amount I was wanting (22,500) nope wouldn't let me change the amount so I submitted anyway. I received an email wanting a copy of my DL and ss card but that's all I've heard. Maybe because I applied on a Friday night?  The app for us bank is sitting at waiting for valuation of the vehicle and statefarm will let me know Monday, but they only offer 48mo so I'm going to pass on that one.  I believe the others pulled eq reports which is my worst 665 as they are the only ones refusing to remove a 6 year old judgment and I have a collections account for 1800 falling off next April.. No baddies on my ex anymore but 12 cc inquiries and 12 new accounts in the past 3 months! All under 15 % ul except my venture card is at 40% and discover is at 60%. I do have a BofA cc only 3 months old with a tiny $1500.00 cl but no other relationship with them so I was very surprised I was approved in seconds. I went in to my local branch instead of applying online and the process took 15 minutes no additional paperwork except the title and reg of the vehicle I am purchasing WOW! I brought pay stubs, taxes ect for nothing! I have 30 days to except the loan as I am curious to see if I get any other approvals but I'm pretty sure I'll be excepting this one. ***Happy Dancing**

[travlincub321]

APPROVING BANK: Ally Bank
BUREAU PULLED: TU used to determine loan/EQ frozen, but needed for unknown reason ("I need it so I won't get introuble with my boss, but your approved")
CREDIT SCORE: 571
CUSTOMER STATE OF RESIDENCE: Oregon
NEW/USED: Used
YEAR OF VEHICLE: 2008
MAKE: Subaru
MODEL: Outback
MILEAGE: 90,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $13,000
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 13%
MONTHLY PAYMENT: $310
ANNUAL INCOME: $68,000
DEBT TO INCOME RATIO: 4%
MISCELLANEOUS COMMENTARY:
Tried to get a Toyota Rav4 but all where over priced and couldn't get a decent approval with just my TU score... Most banks require a EQ or EX score and mine are too low and messed up still (not all my fault). 

This dealer worked a deal with Ally Financial and got me a sorta ok rate, decent term and used just my trade as down payment..  No proof of income or any stips, just want my darn eq report unfrozen for there "file"... I am told this loan is approved off my TU score and won't be affected by my very crappy EQ score... So far I am happy, but will amend if things change

LOL, very nervous that it will, as thats been my luck

[Anonymous]

---

@travlincub321 wrote:

APPROVING BANK: Ally Bank
BUREAU PULLED: TU used to determine loan/EQ frozen, but needed for unknown reason ("I need it so I won't get introuble with my boss, but your approved")
CREDIT SCORE: 571
CUSTOMER STATE OF RESIDENCE: Oregon
NEW/USED: Used
YEAR OF VEHICLE: 2008
MAKE: Subaru
MODEL: Outback
MILEAGE: 90,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $13,000
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 13%
MONTHLY PAYMENT: $310
ANNUAL INCOME: $68,000
DEBT TO INCOME RATIO: 4%
MISCELLANEOUS COMMENTARY:
Tried to get a Toyota Rav4 but all where over priced and couldn't get a decent approval with just my TU score... Most banks require a EQ or EX score and mine are too low and messed up still (not all my fault). 

This dealer worked a deal with Ally Financial and got me a sorta ok rate, decent term and used just my trade as down payment..  No proof of income or any stips, just want my darn eq report unfrozen for there "file"... I am told this loan is approved off my TU score and won't be affected by my very crappy EQ score... So far I am happy, but will amend if things change

LOL, very nervous that it will, as thats been my luck

---

Congrats on getting a car.  I know the feeling of trying to get financed with crappy FICO scores and it is not fun (I am determined to never have to go through that again).  My suggestion would be to go to the rebuilding forum and work on getting your scores up. I was able to turn things around pretty quick and went from a 12.57% APR with Santander to 4.29% with Navy Federal.  You'll probably need to make 4-6 payments under this loan but if you can get it refinanced you can save a couple of grand over the life of the loan. 

[travlincub321]

Nope it was declined after all... Becuase my equifax file was flagged as  a security risk and the score is that awful, it bounced back and wa snot overrideable

No credit union, bank ro anything will take just TU it seem.... I need a car and right now im just too cash strapped to get one cash and my parents are being less then helpful (i have really bad health issues)

Ill post back when I have better news.. So angry and hurt that my semi bad TU score alone can't buy a car