Auto Loan Approvals!

[Anonymous]

APPROVING BANK: Capital One Auto
BUREAU PULLED: Equifax
CREDIT SCORE: 621 (rebuilding)
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: New
YEAR OF VEHICLE: 2017
MAKE: Honda
MODEL: CRV Touring AWD
MILEAGE: 5
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 22,150 after $12,500 trade
TERM CONTRACTED: 72 months
APR/LEASE RATE: 4.65%
MONTHLY PAYMENT: $444
ANNUAL INCOME: $69,712
DEBT TO INCOME RATIO: 0%
MISCELLANEOUS COMMENTARY: My payments would have been lower, but I took out gap insurance and the 100m extended warranty. My insurance premium decreased . I've owned Accords, but this is my first CR-V and love it!!

[Princess9483]

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@Anonymous wrote:
APPROVING BANK: Capital One Auto
BUREAU PULLED: Equifax
CREDIT SCORE: 621 (rebuilding)
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: New
YEAR OF VEHICLE: 2017
MAKE: Honda
MODEL: CRV Touring AWD
MILEAGE: 5
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 22,150 after $12,500 trade
TERM CONTRACTED: 72 months
APR/LEASE RATE: 4.65%
MONTHLY PAYMENT: $444
ANNUAL INCOME: $69,712
DEBT TO INCOME RATIO: 0%
MISCELLANEOUS COMMENTARY: My payments would have been lower, but I took out gap insurance and the 100m extended warranty. My insurance premium decreased . I've owned Accords, but this is my first CR-V and love it!!

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Wow, that's a nice rate for your score. Congrats!

[Anonymous]

Yes. I was surprised. I went through the Cap one auto navigator.

[Erusidhion]

APPROVING BANK: Suncoast Credit Union - 2.5 Years As Customer, $5000 Credit Card Through Them
BUREAU PULLED: Experian
CREDIT SCORE: 677
CUSTOMER STATE OF RESIDENCE: Florida
NEW/USED: New
YEAR OF VEHICLE: 2017
MAKE: Toyota
MODEL: Corolla L
MILEAGE: 10
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $20,600
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 2.5%
MONTHLY PAYMENT: $366
ANNUAL INCOME: $33,228
DEBT TO INCOME RATIO: 20%
MISCELLANEOUS COMMENTARY: After discounts, the car was priced at $13,999. But it came with some Protection Package (ToyoGuard) and I got the extended 7 year/100k service warranty. Both of these were about $4,000. As much as I wanted to fight to get these off/get them cheaper, I did get $7000 in discounts. So for $20,600 out the door knowing they made money off of me with both those packages... I'm okay with it. The warranty is through Fidelity Warranty Services which is owned by Toyota. But if someone is interested in getting something Toyota; you don't need the protection package or the warranty really. Don't walk out the door until they take them off or stop offering it altogether. Just don't be surprised if they don't give you the deep discount they may have been offering. I pick her up tomorrow so I'm pretty excited and happy with my purchase.

[Anonymous]

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@Erusidhion wrote:

APPROVING BANK: Suncoast Credit Union - 2.5 Years As Customer, $5000 Credit Card Through Them
BUREAU PULLED: Experian
CREDIT SCORE: 677
CUSTOMER STATE OF RESIDENCE: Florida
NEW/USED: New
YEAR OF VEHICLE: 2017
MAKE: Toyota
MODEL: Corolla L
MILEAGE: 10
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $20,600
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 2.5%
MONTHLY PAYMENT: $366
ANNUAL INCOME: $33,228
DEBT TO INCOME RATIO: 20%
MISCELLANEOUS COMMENTARY: After discounts, the car was priced at $13,999. But it came with some Protection Package (ToyoGuard) and I got the extended 7 year/100k service warranty. Both of these were about $4,000. As much as I wanted to fight to get these off/get them cheaper, I did get $7000 in discounts. So for $20,600 out the door knowing they made money off of me with both those packages... I'm okay with it. The warranty is through Fidelity Warranty Services which is owned by Toyota. But if someone is interested in getting something Toyota; you don't need the protection package or the warranty really. Don't walk out the door until they take them off or stop offering it altogether. Just don't be surprised if they don't give you the deep discount they may have been offering. I pick her up tomorrow so I'm pretty excited and happy with my purchase.

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Congrats on the car, 4k worth of warranty is a lot for that car.  The likelihood of 4k worth of repairs between the end of the factory warranty and 100,000 miles is just about zero.  Your call but just so you know you can cancel these warranties at any time and reduce the principle owed.  Modern cars, especially Toyotas and Hondas are so reliable these days these warranties end up being total profit for the dealer and for the warranty company.  

[CreditCuriosity]

Had a seperate post on my approval last week, but will add to the data points

APPROVING BANK: PenFed
BUREAU PULLED: Equifax 
CREDIT SCORE: 706 EQ NextGen2
CUSTOMER STATE OF RESIDENCE: TN
NEW/USED: New
YEAR OF VEHICLE: 2017
MAKE: Mercedes 
MODEL: AMG C43 Coupe
MILEAGE: 0
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $66k and some change(include purchase price+tax and misc fees)
TERM CONTRACTED: 60mo
APR/LEASE RATE: 2.49
MONTHLY PAYMENT: $1,160 approx(gap included, but not part of interest charge which is nice)
ANNUAL INCOME: Six figures

DTI: 28% approx including car(this car)/rent(1700)/student loans(more $) and CC debt...  Made me think when I actually had a hefty car payment to figure out my approx DTI.  Might need to find a cheaper aparment to live in as between car payment and a huge rent payment ! . Still enough play money, but just a bit of a shocker for sure actually doing the math!  Also after 5 days with car in love with it, so that won't be going anywhere.  72 months wouldnt of been alot nicer car payment, but ya extra interest and what not, no thanks.. just after thoughts.

Traded in vehicle and they just paid off what I owed.. Didn't put anything down as it was cheap money to borrow overall and believe I can do better with the cash other places being return > 2.49% return.

[Anonymous]

Just curious...did they offer you 0% apr for 60 months? I just applied through website and got preapproved for 68,000 but no details about apr or other offers.

[Anonymous]

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@Anonymous wrote:

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@Erusidhion wrote:

APPROVING BANK: Suncoast Credit Union - 2.5 Years As Customer, $5000 Credit Card Through Them
BUREAU PULLED: Experian
CREDIT SCORE: 677
CUSTOMER STATE OF RESIDENCE: Florida
NEW/USED: New
YEAR OF VEHICLE: 2017
MAKE: Toyota
MODEL: Corolla L
MILEAGE: 10
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $20,600
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 2.5%
MONTHLY PAYMENT: $366
ANNUAL INCOME: $33,228
DEBT TO INCOME RATIO: 20%
MISCELLANEOUS COMMENTARY: After discounts, the car was priced at $13,999. But it came with some Protection Package (ToyoGuard) and I got the extended 7 year/100k service warranty. Both of these were about $4,000. As much as I wanted to fight to get these off/get them cheaper, I did get $7000 in discounts. So for $20,600 out the door knowing they made money off of me with both those packages... I'm okay with it. The warranty is through Fidelity Warranty Services which is owned by Toyota. But if someone is interested in getting something Toyota; you don't need the protection package or the warranty really. Don't walk out the door until they take them off or stop offering it altogether. Just don't be surprised if they don't give you the deep discount they may have been offering. I pick her up tomorrow so I'm pretty excited and happy with my purchase.

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Congrats on the car, 4k worth of warranty is a lot for that car.  The likelihood of 4k worth of repairs between the end of the factory warranty and 100,000 miles is just about zero.  Your call but just so you know you can cancel these warranties at any time and reduce the principle owed.  Modern cars, especially Toyotas and Hondas are so reliable these days these warranties end up being total profit for the dealer and for the warranty company.  

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+1 definetly echo these words. I would strongly consider cancelling the warranty and taking a vacation or saving that extra dough. 

[CreditCuriosity]

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@Anonymous wrote:
Just curious...did they offer you 0% apr for 60 months? I just applied through website and got preapproved for 68,000 but no details about apr or other offers.

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Referring to my post?  PenFed nor MB neither offer 0% APR.

[ashjt2011]

APPROVING BANK: Hyundai Motor Finance
BUREAU PULLED: Equifax
CREDIT SCORE: 692
CUSTOMER STATE OF RESIDENCE: MN
NEW/USED: NEW
YEAR OF VEHICLE: 2017
MAKE: Genesis
MODEL:G80 AWD
MILEAGE:11
RETAIL/LEASE:LEASE
AMOUNT OF LOAN: 47k with Incentives + 7,500 negative equity + Taxes - 1300 cancelling old GAP and extended contract - 1k down payment. I think it ended up being about 56k
TERM CONTRACTED: 3 years/36k miles
APR/LEASE RATE: I am not sure on this one. I have never leased before
MONTHLY PAYMENT: $786 ($43 of this was add on packages that will fix any dings/imperfections over the life of the car, replace the tires if they blow out or need replacing for any reason, it covers anything over additional wear and tear for the interior. It also gave me an additional 300 miles a year on my lease. I don't have to worry about anything when I return the car.)
ANNUAL INCOME: 114k
DEBT TO INCOME RATIO: With my new higher payment, right around 36%
MISCELLANEOUS COMMENTARY: I know I had a lot of negative equity. I have kept rolling it over from car to car and it hasn't gone anywhere. I wasn't planning on buying a new car yet but the dealership offered me over the market trade-in value because my previous car was bought and serviced through them, allowing them to certify it. I was honest with them when I went in for my appointment that my credit score was 692. He let me know Hyundai's financing tiers 1,2 and 3 were all the same and 700 was the score that would qualify me. He said that I was so close that he would call Hyundai Motor Finance to get the approval, which he did call and got the approval from them.   The lease is going to allow me to keep getting new cars every few years, and get rid of all my negative equity, so going forward when I lease, my payments will be much cheaper.

On a side note, the Genesis side of my dealership is much better then that of buying a regular Hyundai Sonata. I wasnt impressed particularily by the dealership before my Genesis purchase, but I have nothing but good things to say about them after this last purchase. Not only that, the car itself is AWESOME! I am very impressed for it not being your typical BMW/Audi/Mercedes, etc.