Auto Loan Approvals!

[Anonymous]

APPROVING BANK: BMW Financial
BUREAU PULLED: EX and TU
CREDIT SCORE: My Capital One credit tracker says 592, but the dealer told me 650, so I am not sure. Credit Karma tells me 620, so somewhere in between
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: Used
YEAR OF VEHICLE: 2014
MAKE: BMW
MODEL: 320i
MILEAGE: 18900
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 28025 Amount Financed
TERM CONTRACTED: 72 months
APR/LEASE RATE: 9.24
MONTHLY PAYMENT: 500
ANNUAL INCOME:
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY:  Was definitely surprised when I was approved with BMW to get my car. I had originally applied and was approved with Capital One auto finance for 27,700 at 10.9% APR. Went into my local BMW dealer with financing in hand, had to fill out an application anyway, and they came back with a higher amount financed at a lower rate. I know it is a bit high and a long time at 72 months, but I am thinking that in a few months, I can try and refinance or try to get my APR lowered. Nevertheless, I am beyond excited that I finally have my BMW. And the best part of all is that the dealer asked for nothing. No proof of income, no proof of residency, nothing. Just my driver's license and my current insurance card!!!!

[Princess9483]

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@Anonymous wrote:

APPROVING BANK: BMW Financial
BUREAU PULLED: EX and TU
CREDIT SCORE: My Capital One credit tracker says 592, but the dealer told me 650, so I am not sure. Credit Karma tells me 620, so somewhere in between
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: Used
YEAR OF VEHICLE: 2014
MAKE: BMW
MODEL: 320i
MILEAGE: 18900
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 28025 Amount Financed
TERM CONTRACTED: 72 months
APR/LEASE RATE: 9.24
MONTHLY PAYMENT: 500
ANNUAL INCOME:
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY:  Was definitely surprised when I was approved with BMW to get my car. I had originally applied and was approved with Capital One auto finance for 27,700 at 10.9% APR. Went into my local BMW dealer with financing in hand, had to fill out an application anyway, and they came back with a higher amount financed at a lower rate. I know it is a bit high and a long time at 72 months, but I am thinking that in a few months, I can try and refinance or try to get my APR lowered. Nevertheless, I am beyond excited that I finally have my BMW. And the best part of all is that the dealer asked for nothing. No proof of income, no proof of residency, nothing. Just my driver's license and my current insurance card!!!!

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Just putting in my $0.02 but with that rate your score sounds like it's in the 580-620 range. If it is indeed a 650 you should qualify for a 3-5% rate, maybe less. My score was 601 and I still qualified for 7.29% for 48 mos and 8.24% for 60 mos through my credit union, USF. I would suggest waiting 6-12mos and refinance when it reaches 620. Congrats on your new car though!

[Anonymous]

Thank you. I am excited about my car!!  I am thinking that my true score is 592. Definitely will try to refinance in the future.

[Anonymous]

BMW uses auto enhanced scores so that's probably why it was higher. I just bought cpo BMW and my score was 666. Sales guy said 640-675 was 3.99%.  The only difference is it was for 60 months not 72 so that may be the reason. Contact bmw financial and see if you get 3.99 for 60 months. Your payment really won't change due to lower rate. These BMW dealers are sleazy. My jackass told me gap insurance was a stipulation of the loan. Sounded reasonable. Got home and reviewed the contract and found out it was not true. Bmw financial confirmed. Threaten to make negative customer survey review and they will rewrite the deal. Trust is treason when it comes to car sales.

[Anonymous]

Congrats on the new BMW, I have had my 3 series for 6 years and have 205,000 miles on it, it was my first and I can't imagine owning anything but a BMW, they drive like nothing else.  I think your on the right track to look at refinancing in the future.  I went through the same thing a few months ago and was able to go from 12.57% to 4.29% that was after 7 months of payments.  The difference is something like 7k over the life of the loan so it is well worth the effort to get the scores up and doing the refinance.  I highly suggest joining a credit union and establishing a relationship with them so when you are ready to refi you can apply at one or two of them because their rates are normally lower than traditional banks.  DCU, NFCU and Penfed are all popular here.  NFCU has tight requirements to get in but has great service once you make the cut to become a member. Congrats and best of luck.

[smitty1]

APPROVING BANK: Seattle Metropolitan Credit Union
BUREAU PULLED: Experian
CREDIT SCORE: 620
CUSTOMER STATE OF RESIDENCE: WA
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Jeep
MODEL: Patriot Sport 4x4
MILEAGE: 12
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 27000
TERM CONTRACTED: 72
APR/LEASE RATE: 4.7
MONTHLY PAYMENT: 375
ANNUAL INCOME: 106,000
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Still in Chapter 13.  Yes, I had Trustees approval.

[Anonymous]

Thank you. will definitely contact them in a few months once I have a positive payment history with them . Luckily I didn't have a bad salesman. He didn't push anything on me. I, on the other hand, with all the excitement of getting my car, asked for the sealant they sell. Stupidly enough, I didn't research before asking for it, but that is all on me. The sales person and the finance manager were all great people to deal with. I  was out the door with my new car in less than an hour.

[notpaul]

APPROVING BANK: Granite State Credit Union
BUREAU PULLED: TU 04
CREDIT SCORE: 704
CUSTOMER STATE OF RESIDENCE: NH
NEW/USED: used
YEAR OF VEHICLE: 2003
MAKE: Toyota
MODEL: Highlander v6 4WD
MILEAGE: 61000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 8395
TERM CONTRACTED: 60
APR/LEASE RATE: 4.99
MONTHLY PAYMENT: $158.23!
ANNUAL INCOME: 40,000
DEBT TO INCOME RATIO: 13%
MISCELLANEOUS COMMENTARY: I was skeptical considering the age but the vehicle is amazing for the year....zero rust is a rare thing in NH, and all fluids are clean as can be. And almost $1500 under NADA. Should go 200,000 miles easy.  Not a bad rate for 4 months post bk7.

[Anonymous]

APPROVING BANK: Fairwinds Credit Union
BUREAU PULLED: EQ
CREDIT SCORE: 645-650
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: Used
YEAR OF VEHICLE: 2014
MAKE: Lexus
MODEL: RX 350
MILEAGE: 9,031
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 34,977 (plus fees for a total of $35,100)
TERM CONTRACTED: 72 mo
APR/LEASE RATE: 6.01% (minus 1/4% for automatic withdrawls)
MONTHLY PAYMENT: $584
ANNUAL INCOME: $119,000
DEBT TO INCOME RATIO: 14% or so
MISCELLANEOUS COMMENTARY:  This rate was 2% cheaper than anything the dealer offered.  I'm going to look at refinancing it in 6 months - not sure with who yet, I need to see where my scores are at the time.  I took the longer term to help with my DTI - I'm looking to buy a house in 2018 and didn't want the payments too high.  I plan to make larger payments on this to pay down in 48.

[mitchblue]

APPROVING BANK: PenFed
BUREAU PULLED: TU
CREDIT SCORE: 782
CUSTOMER STATE OF RESIDENCE: AZ
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Hyundai
MODEL: Sante-Fe Limited
MILEAGE: 28
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $20,000
TERM CONTRACTED: 59 mo
APR/LEASE RATE: 2.24 1.99
MONTHLY PAYMENT: $351.02
ANNUAL INCOME: ?
DEBT TO INCOME RATIO: 2%
MISCELLANEOUS COMMENTARY: Just got today and I'm stoked. It's beautiful. I wasn't going to get a 3rd row but all their two row Sante-Fe's were 4 cylinder. Had to have a 6. Peace. Edit: Got the loan in July, bought in October and they lowered the interest rate from 2.24 to 1.99. Nice surprise.