Auto Loan Approvals!

[Anonymous]

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@MakeItAMudLight wrote:

I'm pretty sure they don't anymore.  They used to back when they were GMAC though.  

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Fiddle sticks! Oh well I suppose I will wait 6 months - 1 year to Refinance through my local CU.. 

[Anonymous]

APPROVING BANK: Wescom Credit Union
BUREAU PULLED: Experian (Pre-approval)
CREDIT SCORE: 699 Fico 8
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: Used
YEAR OF VEHICLE: 2014
MAKE: Kia
MODEL: Cadenza Limited
MILEAGE: 6,300
RETAIL/LEASE: Retail Installment
AMOUNT OF LOAN: $27,900
TERM CONTRACTED 72 months
APR/LEASE RATE: 2.74%
MONTHLY PAYMENT: $420
ANNUAL INCOME: 34K
DEBT TO INCOME RATIO: Not sure
MISCELLANEOUS COMMENTARY
I received a formal pre-approval from the bank, so I just had to pick the car and agree to the price with the franchise dealer. Then I got the temporary contract filled out, took to the Wescom branch and essentially walked out with a check to pick up the new car. Best process and I didn't have to go through with haggling the APR. Considering a refinance down the line to 1.99 thru DCU. Very happy!

[Anonymous]

APPROVING BANK: Nissan Financial
BUREAU PULLED: EQ
CREDIT SCORE: EQ Auto 2 - 683
CUSTOMER STATE OF RESIDENCE: NV
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Nissan Maxima
MODEL: Platinum
MILEAGE: 8
RETAIL/LEASE: Purchase
AMOUNT OF LOAN: 34,000
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 5,85%
MONTHLY PAYMENT: $560
ANNUAL INCOME: 109K
MISCELLANEOUS COMMENTARY:

Open Federal Tax Lien.  No other credit baddies.Stcker was 44K, final price was $39K

[notanxious]

APPROVING BANK: DCU
BUREAU PULLED: Equifax
CREDIT SCORE: 689 (Credit Karma shows 743, how is my equifax so much lower?)

INCOME: $180K annual
CUSTOMER STATE OF RESIDENCE: Arizona
NEW/USED: Used
YEAR OF VEHICLE: 2012

MAKE: Audi

MODEL: R8
MILEAGE: 10,000
RETAIL/LEASE:retail
AMOUNT OF LOAN:70K
TERM CONTRACTED:84 months
APR/LEASE RATE:5.24%
MONTHLY PAYMENT:$997
MISCELLANEOUS COMMENTARY: Same day approval

[Ragelog]

Credit Karma doesn't provide actual FICO scores and DCU pulled your EQ04 Fico Score.

[redshift1]

APPROVING BANK: Pen Fed BUREAU PULLED: Did not ask CREDIT SCORE: All scores above 790 CUSTOMER STATE OF RESIDENCE: CA NEW/USED: New YEAR OF VEHICLE: 2016 MAKE: BMW MODEL: M4 MILEAGE: New RETAIL/LEASE: Retail Installment AMOUNT OF LOAN: $70,000 TERM CONTRACTED 60 months APR/LEASE RATE: 2.49 MONTHLY PAYMENT: $711 ANNUAL INCOME: 60K DEBT TO INCOME RATIO: Not sure MISCELLANEOUS COMMENTARY Pen Fed Payment Saver loan 60 months at $711.00 then about 31K ballon payment. Not a lease you own the car. Interesting but who knows what a M4 sells for in five years. Did not pull the trigger on this loan but giving it some thought . Anyone try this loan?

[Anonymous]

This is effectively an open ended lease where you are at risk for the resale value at the end of the term.  We do this at work for our fleet.  It is a good way for us to keep a fresh fleet without having to put out big amounts of capital.  Just take good care of the car and ensure that you closely follow the value and payoff so you know what direction things are headed in.  If the predicted value turns out too high you may want to check out sooner.  You picked a cool car.  I am on the list to get an M2 and I am considering this same financing mechanisim.  I will probably do a shorter term however.

[C7LT1]

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@redshift1 wrote:
APPROVING BANK: Pen Fed BUREAU PULLED: Did not ask CREDIT SCORE: All scores above 790 CUSTOMER STATE OF RESIDENCE: CA NEW/USED: New YEAR OF VEHICLE: 2016 MAKE: BMW MODEL: M4 MILEAGE: New RETAIL/LEASE: Retail Installment AMOUNT OF LOAN: $70,000 TERM CONTRACTED 60 months APR/LEASE RATE: 2.49 MONTHLY PAYMENT: $711 ANNUAL INCOME: 60K DEBT TO INCOME RATIO: Not sure MISCELLANEOUS COMMENTARY Pen Fed Payment Saver loan 60 months at $711.00 then about 31K ballon payment. Not a lease you own the car. Interesting but who knows what a M4 sells for in five years. Did not pull the trigger on this loan but giving it some thought . Anyone try this loan?

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You may want to start a new thread as this one is mainly for approvals. 

I researched this loan awhile back and will probably use it on my next car. I would highly suggest you play with the numbers on Penfed site and use a spreadsheet to compare the total numbers. For me I found that 36 months is the sweet spot of this loan.

[undrtkr65]

APPROVING BANK: Telco Community Credit Union
BUREAU PULLED: Equifax
CREDIT SCORE: 589
CUSTOMER STATE OF RESIDENCE: NC
NEW/USED: Used
YEAR OF VEHICLE: 2012
MAKE: Toyota
MODEL: Carolla
MILEAGE: 41200
RETAIL/LEASE: Refinance
AMOUNT OF LOAN: 11,160
TERM CONTRACTED: 60
APR/LEASE RATE: 9.99
MONTHLY PAYMENT: 240
ANNUAL INCOME: 60000
DEBT TO INCOME RATIO:
I finally refinanced for a lower rate. Was at 20% with Santander and I just refinanced with telco at 9.99. Was also approved at DCU at 6.24 but couldn't qualify for membership due to chexsystems. I'm happy it's a lot better then what I was paying.😊

[Anonymous]

APPROVING BANK: Ford Motor Credit
BUREAU PULLED: Ex
CREDIT SCORE: 723
CUSTOMER STATE OF RESIDENCE: GA
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Ford
MODEL: Explorer XLT
MILEAGE: 52
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $50,200
TERM CONTRACTED: 72
APR/LEASE RATE: 1.9%
MONTHLY PAYMENT: $745
ANNUAL INCOME: $70,000
DEBT TO INCOME RATIO: 23%
MISCELLANEOUS COMMENTARY: upside down trade in ($9000). Walked in with 5.99% bank pre-approval, left with 1.9% dealer approval. 72 month or 100,000 mile warranty, GAP insurance, tax/title/tag with no down payment.