Auto Loan Approvals!

[Anonymous]

APPROVING BANK:Captial One Auto
BUREAU PULLED:Experian
CREDIT SCORE:615(auto enhanced)
CUSTOMER STATE OF RESIDENCE:WA
NEW/USED:New
YEAR OF VEHICLE:2015
MAKE:Hyundai
MODEL: Sonata 2.0 Limited
MILEAGE:30
RETAIL/LEASE:Retail
AMOUNT OF LOAN:$27,642
TERM CONTRACTED:72 Months
APR/LEASE RATE:1.99%
MONTHLY PAYMENT:$407
ANNUAL INCOME:82k
DEBT TO INCOME RATIO:12%
MISCELLANEOUS COMMENTARY:I did the Cap1 prequalify website. It showed pre-approved for $40k between 1.99% and 7.99% APR. I wanted to try and go through a local credit union though to build a relationship. They were useless and offered a max of $16k @ 7.99%. 

Took the preapproved printout to the dealer and it was basically a done deal. The only thing they needed from me as far as paperwork was a copy of my license and insurance card. Took about 2 hours and we we're driving home in my new ride. Pretty unreal considering we just finished our CH13 2 weeks ago and I only have 1 secured credit card and mediocre scores. Even the dealer was surprised at the APR.

We opted for the extended warranty and the 3M invisible protection. My current car looks like the space shuttle after 20 rentries into the atmosphere since I drive almost 100 miles a day on the highway and get pinged with bits of stuff daily.

[TC1223]

APPROVING BANK: SCU

BUREAU PULLED: EX

CREDIT SCORE: 817 (MyFICO), 779 (Auto FICO V2), 843 (Auto FICO 08)

CUSTOMER STATE OF RESIDENCE: CA

NEW/USED: New

YEAR OF VEHICLE: 2015

MAKE: Toyota

MODEL: Prius II

MILEAGE: 7

RETAIL/LEASE: Retail

AMOUNT OF LOAN: $20,019

TERM CONTRACTED: 84 Months

APR/LEASE RATE: 2.49%

MONTHLY PAYMENT: $260

ANNUAL INCOME: 180+

DEBT TO INCOME RATIO:

MISCELLANEOUS COMMENTARY: This car is for my fiancé. When we were at the dealership they told us that the auto enhanced score is lower than what the actual FICO score is. Which is weird because I’ve been reading on here that it’s the opposite. Has anyone else had this experience?

[Raw_Oyster]

APPROVING BANK: NFCU
BUREAU PULLED: unknown
CREDIT SCORE: 626 (MyFICO), 582(Auto FICO V2)
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: Lexus
MODEL: NX200t
MILEAGE: 7
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $42,249 out of door price
TERM CONTRACTED: 72 months
APR/LEASE RATE: 2.79%
MONTHLY PAYMENT: $640
ANNUAL INCOME: 106k
DEBT TO INCOME RATIO:18
MISCELLANEOUS COMMENTARY: MSRP was $45,389 was able to negotiate it down more than 10%. Sunroof, Navi and Premium Package. I love this SUV and I even love NFCU more.

[Anonymous]

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@Raw_Oyster wrote:
APPROVING BANK: NFCU
BUREAU PULLED: unknown
CREDIT SCORE: 626 (MyFICO), 582(Auto FICO V2)
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: Lexus
MODEL: NX200t
MILEAGE: 7
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $42,249 out of door price
TERM CONTRACTED: 72 months
APR/LEASE RATE: 2.79%
MONTHLY PAYMENT: $640
ANNUAL INCOME: 106k
DEBT TO INCOME RATIO:18
MISCELLANEOUS COMMENTARY: MSRP was $45,389 was able to negotiate it down more than 10%. Sunroof, Navi and Premium Package. I love this SUV and I even love NFCU more.

---

Congrats on the new ride, NFCU rocks, great APR period, fantasitic APR considering your FICO scores.

[Anonymous]

APPROVING BANK:Chrysler Financial
BUREAU PULLED:TU
CREDIT SCORE:685(auto enhanced fico 4) Regular Fico is 595
CUSTOMER STATE OF RESIDENCE:IL Chicago
NEW/USED:New
YEAR OF VEHICLE:2016
MAKE:Ram Truck
MODEL: 1500 Crew Cab 4x4 Fully Loaded
MILEAGE:64
RETAIL/LEASE:Retai l
AMOUNT OF LOAN:$List Price 50275.00 My Price 42956.00
TERM CONTRACTED:72 Months
APR/LEASE RATE:10.39%
MONTHLY PAYMENT:$785
ANNUAL INCOME:65k didn't ask for proof
DEBT TO INCOME RATIO:18%
Misc info
I want to be detailed here because I think it will help those who were in my situation.
Mid October I was denied for 2 used auto loans, I was littered with baddies on my reports, no revolving credit, I decided it was time for change. Last year this time I had no choice but to get into a loan at 25% on a 2009 Caddy CTS AT 450.00 a month. I had no issue paying it, I just wanted a full year of good payments. Well only after 2 months of cleaning up of being in the low to somewhat mid 500s forever.. Got 8 of 10 baddies paid and deleted. The other 2 went to zero balance. I opened 4 secured credit cards mid October and have only done the 2 dollar method on them. Scored bumped to the high 500s and since it seemed everyone had good luck with Dodge and it was the end of the year I was ready to give it a wing with 5k cash down. I was going to be about 3k negative on my caddy and was scared and thought that would be the last nail in the coffin. I have been monitoring every score like a nut every day. I told them I only wanted to try for ally and capital one because it seemed people on here had good luck. My regular ficos were 596 TU, 597 EX and 607 EQ which was a boost from mid October. So my autos 8s were TU 616, EX 598 and EQ 622. So I thought there was hope and I told the guy that I only wanted to try Ally and Capital One. Well I get the alerts when they pulled the inquiry and two hours go by with nothing. Then I get an alert for Chrysler Finacial and Im like **bleep**. I call the guy, he transfers me to the Finance Dept and I said I specifially asked not to do Chrylser. Then he pauses and says "Well they were the only ones who appoved you"......"Both others only would finance 25k", then I said well my bad, I feel like a idiot. I asked the APR and he said 10% and they even approved it with out a trade in. I wasnt even going to argue as my last car I still have Im paying 25% interest and about to get out of. I got a brand new Crew Cab Fully Loaded Sport Ram 4x4 for 42K out the door, MSRP was 51k. I want to thank everyone here and if there is hope for me then def hope for others.
So now I have talked with my parents and I'm gonna get them to take the caddy and finance it on their end. It really is a great car, I took care of it and it's perfect for them. If I have to pay something out of my pocket I'm fine with that to help that out. They have done so much for me when I was younger that this is the least I could do.

Once again. THANK YOU TOO EVERYONE!!!

[Raw_Oyster]

This is an update from yesterday. I decided to not finalize the transaction with Lexus and decided to buy a 2016 BMW X3 instead. Below are the terms:

APPROVING BANK: NFCU
BUREAU PULLED: unknown
CREDIT SCORE: 626 (MyFICO), 582(Auto FICO V2)
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: BMW
MODEL: X3sDrive28i
MILEAGE: 2
RETAIL/LEASE: Retail

MSRP: $47,195
AMOUNT OF LOAN: $45,586.37 out of door price 
TERM CONTRACTED: 72 months
APR/LEASE RATE: 2.79%
MONTHLY PAYMENT: $688.40
MISCELLANEOUS COMMENTARY: Fully loaded with premium package, navigation, driver assistance package and 19" wheels. Deciding factor to change my mind was the fact that BMW offers 4/50k miles free maintenance to all their vehicles. 

[Anonymous]

APPROVING BANK: BMW financial
BUREAU PULLED: Experian
CREDIT SCORE: 600
CUSTOMER STATE OF RESIDENCE: NV
NEW/USED: NEW
YEAR OF VEHICLE: 2015
MAKE: BMW
MODEL: M3
MILEAGE: 10k a year
RETAIL/LEASE: lease
AMOUNT OF LOAN: $85k
TERM CONTRACTED: 36 months
APR/LEASE RATE: ? Not sure what money factor
MONTHLY PAYMENT: $1091
ANNUAL INCOME: 80k
DEBT TO INCOME RATIO: 15% used
MISCELLANEOUS COMMENTARY: $12k upside down from previous trade, no money down

[m3v8]

Congrats on your M3 !!! It is impressive BMW FS approves at score 600. At $85k price tag, this M3 must be loaded with every feature possible. How much did you have to put down at lease initiation - first month/last month etc. Did you do taxes (if there is any) into payments? What is the reason your score was 600 if only 15% of credit used?

[Anonymous]

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@Anonymous wrote:
APPROVING BANK: BMW financial
BUREAU PULLED: Experian
CREDIT SCORE: 600
CUSTOMER STATE OF RESIDENCE: NV
NEW/USED: NEW
YEAR OF VEHICLE: 2015
MAKE: BMW
MODEL: M3
MILEAGE: 10k a year
RETAIL/LEASE: lease
AMOUNT OF LOAN: $85k
TERM CONTRACTED: 36 months
APR/LEASE RATE: ? Not sure what money factor
MONTHLY PAYMENT: $1091
ANNUAL INCOME: 80k
DEBT TO INCOME RATIO: 15% used
MISCELLANEOUS COMMENTARY: $12k upside down from previous trade, no money down

---

Congrats on the M3.  I am on the waiting list for an M2 and hope to lease versus buying one but I was a bit concerned about my FICO scores.  Looks like I shouldn't have much of an issue.  You got one heck of a car, enjoy!!

[ALLevesque]

APPROVING BANK: DCU
BUREAU PULLED: Equifax
CREDIT SCORE: Not sure of actual score--- fakos are all between 780-820
CUSTOMER STATE OF RESIDENCE: ME
NEW/USED:Used
YEAR OF VEHICLE: 2014
MAKE:Chevrolet
MODEL:Traverse LT w/ 2LT
MILEAGE:25000
RETAIL/LEASE: Listed for $27,995
AMOUNT OF LOAN: $27,107 OTD
TERM CONTRACTED: 72
APR/LEASE RATE: 3.24 (we do not do direct deposit w/ them)
MONTHLY PAYMENT: I believe itll be like $403 or something
ANNUAL INCOME: 92k-ish combined
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY: Have not bought the car yet, but am working on it this week.  Approved instantly @ DCU for $29k (will likely use about $28k of this if not less).  We already have a relationship with DCU, so this was quick an painless.  Will update the posting once we've worked out the car details and I have my actual score from DCU 

updated-- purchased a 2014 Traverse, was able to get dealer down to $26,500 from $27,995.  Less a little equity on my trade in plus tax, title, etc. we arrived at $27,107 out the door.  The finance manager didnt even try to get us to app through them, I think mostly because we came in to do paperwork about an hour before they closed on NYE (and with our two year old), she also didnt push any additional warranties, coatings, etc.  Very easy buying experience.  DCU made it nice and easy