Auto Loan Approvals!

[Anonymous]

APPROVING BANK:  PenFed
BUREAU PULLED: Equifax
CREDIT SCORE: 680
CUSTOMER STATE OF RESIDENCE: NJ
NEW/USED: Used
YEAR OF VEHICLE: 2011
MAKE: Volkswagen 
MODEL: CC
MILEAGE: 102,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 8,200
TERM CONTRACTED:  36 months
APR/LEASE RATE: 2.99%
MONTHLY PAYMENT: 239
ANNUAL INCOME: 75,000
DEBT TO INCOME RATIO: Not sure
MISCELLANEOUS COMMENTARY: I refinanced my original loan after hearing about PenFed on this board. 2 years ago, with a much lower credit score and in a tight spot, I purchased my vehicle used (55k miles) at a 16% APR for 6 years. I still had 4 years left on the loan and was going to pay roughly 20k for a 13k loan. I knew my credit score had gone up (and Equifax actually had the highest score for me, major plus!) so I decided to try and refinance even though I was underwater by about $2500. I wound up taking $1000 out of my savings and getting an employee loan (0% interest) from my job for $1500 to cover that once I had begun working with PenFed and knew I was going to be approved. PenFed was SO easy to work with and my rate went from 16% to 3%! Though my new loan is for 36 months, I am going to continue making the same patyments I make now and it will be paid off (penalty free) in 27 months. Thats almost 2 years cut off from the life of this loan! Im thrilled! 

[disdreamin]

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@Anonymous wrote:

APPROVING BANK:  NFCU
BUREAU PULLED: Equifax
CREDIT SCORE: 725
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: NEW
YEAR OF VEHICLE: 2018
MAKE: Porsche
MODEL: Macan S
MILEAGE: 0
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 70,000
TERM CONTRACTED:  84 mos
APR/LEASE RATE: 5.34%
MONTHLY PAYMENT: 1,006
ANNUAL INCOME: 84000
DEBT TO INCOME RATIO: 8%
MISCELLANEOUS COMMENTARY: I'm still rate shopping with Penfed and other local CUs but this is my first approval. 

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Am I missing something here? When I calculated DTI, just using that auto loan payment and your stated income, I get 14%+ DTI if the auto loan is your only debt. Maybe you used personal income for the loan and are counting DTI from household income? Or maybe I ran the numbers wrong? Just curious!

[ls2016]

APPROVING BANK: NFCU

BUREAU PULLED: Transunion (I guess)

CREDIT SCORE: 768 (Fico 8) 

CUSTOMER STATE OF RESIDENCE: AL

NEW/USED: New (but used)

YEAR OF VEHICLE: 2017

MAKE: Ford

MODEL: Focus

MILEAGE: 5300

RETAIL/LEASE: Retail

AMOUNT OF LOAN: $12,400

TERM CONTRACTED: 60 months

APR/LEASE RATE: 3.14%

MONTHLY PAYMENT: $224.00

ANNUAL INCOME: $15,000

DEBT TO INCOME RATIO: 1% (estimate)

MISCELLANEOUS COMMENTARY: 20-year-old daughter was approved for financing with NFCU (1st car loan) to finance her car out of my name into her own name in an effort to decrease my DTI. Her AAoA is 1year, 1 month. 4 CCs and 3 student loans on her CRs (good standing/clean reports). No POI requested. All done online. Choose NFCU since they've been really good to work with over this past year. She's not thrilled at all about it, but I am.

[Miner]

APPROVING BANK: JP Morgan Chase
BUREAU PULLED: Experian
CREDIT SCORE: 690 (FICO Auto 2)
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: Used
YEAR OF VEHICLE: 2011
MAKE: GMC
MODEL: Yukon Denali AWD
MILEAGE: 43,307
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $30,917
TERM CONTRACTED: 48 months
APR/LEASE RATE: 5.99%
MONTHLY PAYMENT: $732.00
ANNUAL INCOME: $105,000
DEBT TO INCOME RATIO: 11.5%
MISCELLANEOUS COMMENTARY: Put $6k down (wasn't told I had to), but it was mostly eaten up by the high Sales Tax rate of Los Angeles and the 3yr/45k mile warranty I purchased from the GMC dealer for $2.9k. Had 4 experian, 1 TransUnion, and 1 Equifax hard pulls as the dealler shopped the loan. I was also offered 6.99% for a longer 60 month term loan, but I took the shorter term due to the lower interest rate. I was already planning on overpaying to pay off loan in 3 years anyway. Unlike when I tried getting a soft pull pre-qual with Capital 1 who for some reason wouldn't accept the several forms of proof of residency documentation I provided and insisted it be a utility bill (none in my name), Chase had no problem with my Cell Phone bill to get this loan. My own credit union (CU), Kinecta FCU, wouldn't give me a loan due to the chargeoffs (definitely need a new CU). As all my negatives, except a few 30 day lates, will fall of over the next 12 months, I'll likely refiance next year to something a little lower.

[Anonymous]

How much did you put down

[Anonymous]

APPROVING BANK:  VOLVO Financial Services

BUREAU PULLED: Transunion

CREDIT SCORE: 755

CUSTOMER STATE OF RESIDENCE: MD

NEW/USED: NEW

YEAR OF VEHICLE: 2018

MAKE: VOLVO

MODEL: XC90

MILEAGE: 0

RETAIL/LEASE: Retail

AMOUNT OF LOAN: 43,000

TERM CONTRACTED:  72 mos

APR/LEASE RATE: 2.75%

MONTHLY PAYMENT: 668

ANNUAL INCOME: 165000

DEBT TO INCOME RATIO: 22%

MISCELLANEOUS COMMENTARY:  

[Bulldogs72]

APPROVING BANK: Chrysler Capital

BUREAU PULLED: Transunion

CREDIT SCORE: 655

CUSTOMER STATE OF RESIDENCE: CA

NEW/USED: NEW

YEAR OF VEHICLE: 2018

MAKE: DODGE

MODEL: RAM 3500

MILEAGE: 0

RETAIL/LEASE: Retail

AMOUNT OF LOAN: 40000

TERM CONTRACTED:  72 mos

APR/LEASE RATE: 5.4

MONTHLY PAYMENT: 660

ANNUAL INCOME: 110000

DEBT TO INCOME RATIO: 

MISCELLANEOUS COMMENTARY:  I PUT 30K DOWN ON THE NEW TRUCK.

[Anonymous]

With PenFed if one is receives the blank draft approval how is the loan secured? Do they request the title from my me or the dealer when the draft is presented for payment? I can't imagine they are doing unsecured loans, but maybe they are. I searched but couldnt find anything on this. Much thanks all. 

[mavric]

Penfed  uses the vin number. It is not a blank check.   First you apply, I applied for 32K. was appproved . They know what the max they will loan by the VIN.   Made my deal with dealer for a out the door  cash price, in my case 31089.43 got a check with the VIN and what auto it is on the check. .Give it to dealer went home in new truck

Penfed has it down to a ART.

[Dragen]

APPROVING BANK: KIA Financial
BUREAU PULLED: Transunion/Equifax
CREDIT SCORE: 800/824
CUSTOMER STATE OF RESIDENCE: Tx
NEW/USED: NEW
YEAR OF VEHICLE: 2018
MAKE: Kia
MODEL: Stinger GT2
MILEAGE: 12
RETAIL/LEASE: Lease
AMOUNT OF LOAN: 47k
TERM CONTRACTED: 36 mos
APR/LEASE RATE: .00181
MONTHLY PAYMENT: 667
ANNUAL INCOME: 72k
DEBT TO INCOME RATIO: 9%
MISCELLANEOUS COMMENTARY: Been waiting for this car since it was unveiled in January at the Detroit show. It was the first Stinger off the truck, leased it sight unseen and with no test drive. The car is great but the leasing experience sucked because of the shady dealer. First, even though they don't even use Transunion, they pulled it, since they couldn't access my Equifax, which is locked due to the breach. Once I got to finance, they told me they needed to run Equifax too, since that's who Kia uses, so now I'm stuck with an extra, pointless inquiry.
Then once I'm in the office and signing the contract, I see extras that I specifically declined are still in the MSRP. I was ready to walk, since I'm not paying for BS nitrogen air or "paint protection" or theft guard; my salesman was called in and he fixed it at the last minute though.
As for the lease, I know I probably overpaid; that payment could lease a BMW or Audi. Kia is currently offering $6100 lease cash and 0.00181 for tier 1/2 buyers though, so that took some of the 'sting' out of it.