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@Anonymous wrote:
APPROVING BANK: PenFed
BUREAU PULLED: EQ
CREDIT SCORE: 716
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: new
YEAR OF VEHICLE: 2017
MAKE: BMW
MODEL: M2
MILEAGE: 0
RETAIL/LEASE: retail
AMOUNT OF LOAN: $56,000
TERM CONTRACTED: 60mo
APR/LEASE RATE: 2.49 %
MONTHLY PAYMENT: ~$705
ANNUAL INCOME: 118,000
DEBT TO INCOME RATIO: 27%
balloon ? what's buyout out of curiosity?
Sounds like the penfed payment saver loan. Considering that myself for an expensive car I want. Some cars are awesome to buy with this.
@Anonymous wrote:Sounds like the penfed payment saver loan. Considering that myself for an expensive car I want. Some cars are awesome to buy with this.
Yes sorry penfed calls it a payment saver loan but the technical term is balloon loan. I was just curious as residual (18K) is probably way under the mark on this M2. A buddy of mine bought a 435 gran coupe on a balloon and his residual is 19.5K. ALG sure picks some wacky numbers.
& I bought my truck on a balloon because it allows me to pay for it with my business & write it off (as it's paying solely depreciation). It works well on either expensive vehicles which high residuals, or high end vehicles regardless of residual as you'll likely have equity at the end.
APPROVING BANK: hyundai finance
BUREAU PULLED: eq
CREDIT SCORE: 701
CUSTOMER STATE OF RESIDENCE: mn
NEW/USED: used
YEAR OF VEHICLE: 2013
MAKE: hyundai
MODEL: veloster
MILEAGE: 49k
RETAIL/LEASE: retail
AMOUNT OF LOAN: 12,073 (he got $700 trade for his '97 bonneville plus he put 1k down, sales tax was 6.5 (ouch) and extras like title/etc were $112)
TERM CONTRACTED: 72 months (my dad wanted to only put $1000 down instread of $2,000 so he had to go w/72 instead of 60 like he had preferred)
APR/LEASE RATE: 6.89 (got lower offer from his local bank but they only would do 48 months) also he is semi-retired & on a fixed budget otherwise they said the rate would have been lower, he plans to refinance in about 6 months & also pay extra each month)
MONTHLY PAYMENT: $205 approx
ANNUAL INCOME: only around 19k
DEBT TO INCOME RATIO: not sure
MISCELLANEOUS COMMENTARY: overall we had a very pleasant experience. no pressure and he got a sport edition veloster so it came with some great extras. plus they're putting on 4 new tires, it's CPO certified and we're pushing to get an auto start included in the deal as well!
The only annoying thing was the finance guy who really pressured us into the "add-ons" which we had to politely and continuously turn down.
APPROVING BANK: Capital One
BUREAU PULLED: EQ
CREDIT SCORE: 518 Auto enhanced
CUSTOMER STATE OF RESIDENCE: NC
NEW/USED: Used
YEAR OF VEHICLE: 2013
MAKE: Hyundai
MODEL: Sonata Limited
MILEAGE: 42,000
AMOUNT OF LOAN: $11,500
TERM CONTRACTED: 72 mo
APR/LEASE RATE: 11.33%
MONTHLY PAYMENT: $225
Note: Not entirely sure how I secured that rate with that score. I'm blacklisted by capital one credit cards. I used Capital Ones online pre approval and navigator. Would have been a better rate at 60 months but I've learned from past mistakes and would prefer to do it this way to be safe with smaller payments and overpay.
APPROVING BANK: PenFed
BUREAU PULLED: EQ
CREDIT SCORE: 687 per PenFed; MyFico auto score was 716
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: new
YEAR OF VEHICLE: 2017
MAKE: Mercedes Benz
MODEL: GLS450
MILEAGE: 0
RETAIL/LEASE: retail
AMOUNT OF LOAN: $63,000
TERM CONTRACTED: 84mo
APR/LEASE RATE: 3.44 %
MONTHLY PAYMENT: ~$839.00
ANNUAL INCOME: 170,000
DEBT TO INCOME RATIO: <30%
What I don't understand is why the difference between FICO Auto score and what PenFed pulled.. anyone?
Penfed uses nex gen scores.
APPROVING BANK: Lightstream
BUREAU PULLED: EQ
CREDIT SCORE: 788
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: Used
YEAR OF VEHICLE: 2015
MAKE: BMW
MODEL: X4 35i
MILEAGE: 6400
RETAIL/LEASE: retail
AMOUNT OF LOAN: $40,000
TERM CONTRACTED: 60mo
APR/LEASE RATE: 1.99 %
MONTHLY PAYMENT: ~$700.00
ANNUAL INCOME: 195,000
DEBT TO INCOME RATIO: <10%
MISCELLANEOUS COMMENTARY: Great experience. Lightstream is awesome to work with (will explain in a stand alone post). Got a great deal on the car, most X4's with that few miles are going for 48-55k. Got the car down to 36,700. The dealer didn't pressure me and even picked me up from the airport! great experience.
Edit: took the car to Carmax right after I bought it. I always do this, it's a free inspection of the vehicle, it also lets me see if I got a good deal. I was offered 38,000 for it (which mean's they'd probably sale it for 47-49K).
APPROVING BANK: BoA
BUREAU PULLED: TU
CREDIT SCORE: 762
CUSTOMER STATE OF RESIDENCE: IL
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Chevrolet
MODEL: Camaro 2LT/RS/NPP
MILEAGE: 12
RETAIL/LEASE: retail
AMOUNT OF LOAN: $27,800
TERM CONTRACTED: 72mo
APR/LEASE RATE: 2.4%
MONTHLY PAYMENT: ~$415
DEBT TO INCOME RATIO: <10%