Auto Loan Approvals!

[txbusted]

APPROVING BANK: Capital One Auto Finance
BUREAU PULLED: TU
CREDIT SCORE: TU Auto score 626 (actual TU FICO is 577)
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: Used
YEAR OF VEHICLE: 2014
MAKE: Chevy
MODEL: Sonic
MILEAGE: 46K
RETAIL/LEASE: 
AMOUNT OF LOAN: 9860
TERM CONTRACTED: 66mo (not sure why)
APR/LEASE RATE: 9.59%
MONTHLY PAYMENT: $192
ANNUAL INCOME: 36k
MISCELLANEOUS COMMENTARY:
My old car died (TODAY). I had previously approved for Cap One thru the Pre-Approval. Took 2 hrs at the dealership (Hertz Car Sales). Overall pretty happy with the process. Going to wait a year or so and then refi and see what rate I can get. 

[ALLevesque]

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@ALLevesque wrote:

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: $26,265.06 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 $26,265 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

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I had my numbers way off hahaha.. fixed.

[Anonymous]

ALLevesque -

Sounds like a good car and a good plan.

Congrats!

I wish I could have bought at the end of the year, but still not ready.  I'll have to settle for the end of a month.

Great car though.

[Klesko]

APPROVING BANK: Infiniti Finance
BUREAU PULLED: EQ
CREDIT SCORE: EQ Auto score 626 (actual EQ FICO is 717)
CUSTOMER STATE OF RESIDENCE: NC
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: Infiniti
MODEL: QX60
MILEAGE: 0
RETAIL/LEASE: LEASE
AMOUNT OF LOAN: 51,350 MSRP
TERM CONTRACTED: 39 Months
APR/LEASE RATE: 1.29%
MONTHLY PAYMENT: $438 15k Miles a year
ANNUAL INCOME: 144k
MISCELLANEOUS COMMENTARY:

Old car was negative 8k and we needed something bigger after having our 2nd kid. I put down 14k total to cover the 8k negative and 6k down to get my payment down and the top lease tier. I have one negative on my EQ which caused problems, an old VW auto lease which I IIB in 2009 but they updated it 16 months ago to a balance due. 

[derek6004]

APPROVING BANK: Southeast Toyota Finance
BUREAU PULLED: Experian & Transunion
CREDIT SCORE: 630 & 622 auto enhanced
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: Toyota
MODEL: Corolla S Premium
MILEAGE: 17
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $26,895
TERM CONTRACTED: 72
APR/LEASE RATE: 1.9%
MONTHLY PAYMENT: $373.54
ANNUAL INCOME: $54,000
DEBT TO INCOME RATIO: 8%
MISCELLANEOUS COMMENTARY: Originally approved through Southeast Toyota Finance with an APR of 4.9% and a Tier 1, and left with an APR of 1.9% and Tier 1+

[Anonymous]

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@Klesko wrote:

APPROVING BANK: Infiniti Finance
BUREAU PULLED: EQ
CREDIT SCORE: EQ Auto score 626 (actual EQ FICO is 717)
CUSTOMER STATE OF RESIDENCE: NC
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: Infiniti
MODEL: QX60
MILEAGE: 0
RETAIL/LEASE: LEASE
AMOUNT OF LOAN: 51,350 MSRP
TERM CONTRACTED: 39 Months
APR/LEASE RATE: 1.29%
MONTHLY PAYMENT: $438 15k Miles a year
ANNUAL INCOME: 144k
MISCELLANEOUS COMMENTARY:

Old car was negative 8k and we needed something bigger after having our 2nd kid. I put down 14k total to cover the 8k negative and 6k down to get my payment down and the top lease tier. I have one negative on my EQ which caused problems, an old VW auto lease which I IIB in 2009 but they updated it 16 months ago to a balance due. 

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Nice car, lots of vehicle for the money. My wife and I went in to the dealership  a few months ago to look at the QX60 and QX70 since we are expecting our first child. We ended up deciding that we liked the cars more than the SUV's and ended up getting a Q70 AWD and a Q50S Hybrid AWD lol. I suppose we will have to reevaluate if there is a second one on the way in the near future. Congrats on the new car!

[Anonymous]

APPROVING BANK: CarFinance.com
BUREAU PULLED:Ex
CREDIT SCORE: 612/615
CUSTOMER STATE OF RESIDENCE: VA
NEW/USED: New
YEAR OF VEHICLE: Dodge
MAKE: Durango
MODEL: SXT
MILEAGE: 5
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 34750 out the door
TERM CONTRACTED: 72
APR/LEASE RATE: 8.43
MONTHLY PAYMENT: 620
ANNUAL INCOME: 100K combined
DEBT TO INCOME RATIO: 0 "debt" - we pay mortgage of $1130 that was not reaffirmed with a BK 7
MISCELLANEOUS COMMENTARY: BK7 discharged July 2015.  Shocked I got an interest rate under 15%!!  Sticker not including tax, tags, freight was 40k so I feel I got a good deal considering the BK

[rukati81]

hello there

is it regular fico8 or auto?

thanks

[curlylox777]

Thanks for the detailed info regarding your mix of utilization, etc. Really helpful for others that may be applying. Good feedback to know that utilization may not have a big impact if all other factors are in good standing, ie: score, accounts, length of history, income, etc.

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@Anonymous wrote:

Decided against the Audi as mentioned in my previous post and went with this.  Signed and drove off last week.

APPROVING BANK: Lexus Financial
BUREAU PULLED: Experian
CREDIT SCORE: @Anonymous enhanced V2 @ 743
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Lexus
MODEL: LS 460 Base
MILEAGE: NEW
RETAIL/LEASE: Lease
AMOUNT OF LOAN: $66,507 (net capital cost after trade in)  I was able to negotiate $5000 off of MSRP!
TERM CONTRACTED: 3 years (10k/year)
APR/LEASE RATE: 0.0012 or 2.88% (wasn't negotiable or I tried and failed to negotiate it lower)
MONTHLY PAYMENT: $736 or $795 with tax (8%)
ANNUAL INCOME: $124k
DEBT TO INCOME RATIO: 8% without car payment 16% with car payment
MISCELLANEOUS COMMENTARY: Have over $30k in revolving credit debt with one card maxed between two credit cards (80% overall utilization and one card at 99% utilization at the time of application).  Have three credit cards total, one with no balance.  One student loan paid off, two credit cards that are on my record that I closed myself.  Three merchant credit cards that are unused.  Three perfect car loans on my record, one with BMW financial for a lease (that I returned), one for Acura and one for a credit union when I purchased my Acura lease.  No missed payments on record or other derogatories. 

High utilization wasn't a factor in their determination, according to the finance guy, provided it didn't affect my ability to pay.  He said that utilization is built into the credit score so if you can manage to pull off a good credit score with extremely high utilization, that utilization will NOT negatively affect you in regards to auto loans, provided it does NOT impact your ability to pay (i.e., monthly payments versus income).

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