Auto Loan Approvals!

[Anonymous]

APPROVING BANK: PenFed
BUREAU PULLED: ????
CREDIT SCORE:745
CUSTOMER STATE OF RESIDENCE: OH
NEW/USED: USED
YEAR OF VEHICLE: 2008

MAKE: Pontiac

MODEL: G6 GXP
MILEAGE: 23,355
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 18,000 +
TERM CONTRACTED: 60
APR/LEASE RATE: 3.99
MONTHLY PAYMENT: 336
MISCELLANEOUS COMMENTARY: Took a few attempts to get check/loan packet out the door but it's officially on it's way   Thanks to all who post here. My last car loan was 22.9% !!! Gulp!!!  Ive worked hard to build/repair my scores. Thanks to all!!!

[Anonymous]

APPROVING BANK: GMAC
BUREAU PULLED: ???
CREDIT SCORE: 560-570
CUSTOMER STATE OF RESIDENCE: Massachusetts
NEW/USED: New
YEAR OF VEHICLE: 2010

MAKE: Chevy

MODEL: Avalanche
MILEAGE: 26
RETAIL/LEASE: Retail
AMOUNT OF LOAN:
TERM CONTRACTED: Around 38,000

APR/LEASE RATE: 0%!!!!!!
MONTHLY PAYMENT: 525

MISCELLANEOUS COMMENTARY: Could not believe I got 0% from GMAC, did put 2000 down. I was very worried about getting financed/interest rate etc. The dealership said that my car payment history and mortgage payment history were excellent, the only thing that brings my score down is little stuff, that I just paid off.

If you're worried about getting financed through GMAC, trust me when I tell you, they want to sell trucks worse more than you want to buy!!!!

[eduardofabian1]

APPROVING BANK: Capital One
BUREAU PULLED: All 3
CREDIT SCORE: 619
CUSTOMER STATE OF RESIDENCE: Florida
NEW/USED: Used
YEAR OF VEHICLE: 2008

MAKE: Chrysler

MODEL: Sebring
MILEAGE: 50,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 9,600
TERM CONTRACTED: 52 months
APR/LEASE RATE: 7.00%
MONTHLY PAYMENT: 217.00
MISCELLANEOUS COMMENTARY: Refi from GMAC from a 9.00% and 60 month loan.

[Anonymous]

APPROVING BANK:  Toyota Financial Services
BUREAU PULLED:   TransUnion
CREDIT SCORE:   The dealer told me 780, when I pulled TransUnion a week ago, it was 744.
CUSTOMER STATE OF RESIDENCE:  Indiana
NEW/USED:  New
YEAR OF VEHICLE:  2010

MAKE:  Toyota

MODEL:  Yaris 2 door liftback
MILEAGE:  49
RETAIL/LEASE:  Loan
AMOUNT OF LOAN:  Approx. $14,800.00
TERM CONTRACTED:  60 months
APR/LEASE RATE:    0.0%
MONTHLY PAYMENT:  $247
MISCELLANEOUS COMMENTARY:  I didn't have much of a trade-in, it was a 13 year old Chevy Cavalier, rusted out along the bottom.  The trade-in value I got along with the dollars off the new Yaris were eaten up by 7% sales tax and the title fee, etc.  Still, I'm very thankful for the 0% financing.  I also intend to make double payments some months so I can get it paid off before 5 years.

[Anonymous]

APPROVING BANK: Cap One
BUREAU PULLED: All 3
CREDIT SCORE: EQ-757 TU-700 EX (faco) 710
CUSTOMER STATE OF RESIDENCE: IL
NEW/USED: New
YEAR OF VEHICLE: 2010

MAKE: Chevrolet

MODEL: Equinox
MILEAGE: 5
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 34800
TERM CONTRACTED: 72 Mo
APR/LEASE RATE: 5%
MONTHLY PAYMENT: $464.00
MISCELLANEOUS COMMENTARY:  I will be putting $6,000 down to put the financed total to $28,800, this will be my first auto loan longer then 3 years.  Really suprised to see Cap One shoot me a 5% rate as I havent heard them shooting that low for 72mo.  Car was ordered 2 months ago and should be here this week or next.

[Anonymous]

APPROVING BANK:  Mid-Atlantic Federal Credit Union

BUREAU PULLED:  Equifax

CREDIT SCORE:  EQ 674, TU 678

CUSTOMER STATE OF RESIDENCE:  Maryland

NEW/USED:  New

YEAR OF VEHICLE:  2010

MAKE:  Honda

MODEL:  Accord EX-L V6 Coupe with Automatic Transmission and Navigation

MILEAGE:  36

RETAIL/LEASE:  Retail

AMOUNT OF LOAN:  $25000

TERM CONTRACTED:  60

APR/LEASE RATE:  %5

MONTHLY PAYMENT:  $475

MISCELLANEOUS COMMENTARY:

MSRP, $32,055

Invoice:  $29,113

My deal:

Base:  $25,895

Trade-in:  -$2350

Subtotal:  $ 23,545.00

Taxes :  $1,412.70

Title, Tags:  $238

Total:  $25,195.70

I got that price using USAA’s buying service, which is actually Zag,com, available through USAA, CapOne, Overstock.com, Amex, something called Drive Your Dream, and probably elsewhere as well.

I arranged the deal by email.  I think that cut through all the freight and other "required" costs.  I got the $100 fee waived just by asking, through email, is that your best price?  At that point, they said, that's the best we can do. If it isn't good enough, thanks for the opportunity to win your business.  I knew then we had a good price.  I think it helped that had 4 of exactly my car in stock.

Via email, I asked 10 area dealers to beat it.  A few came close, and said, sounds like a great deal, we can't touch it, give us a call if it falls through.

My trade-in has a KBB of $2450 to my inexpert eye.  Carmax appraised it 5 days before the deal at $2500.  The dealership told me $1500.  I showed them my Carmax appraisal and told them I would go sell the car and come back tomorrow.  Or, since selling it to them would give me a break on the taxes, I'd take $2300 from them.  They offered me $2350.  I took it.

I paid $195 on a credit card and $25,000 with a CU auto draft.  The CU loan is 5% for 60 months.  I hate taking out a loan for that much, but I budgeted to include faster payoff and cushion in case something unexpected happens to our income stream.

The team at Criswell Honda in Germantown, Maryland was great to work with.  They were also great at explaining everything.  If there was anything that I was confused about, I just said, I don’t understand, and they’d explain it until I did.  They were honest, efficient, and very customer focused.  I wouldn’t want to walk in there unprepared, because clearly they aren't philanthropists.  But with preparation, I did great.

I owe a lot of thanks to all the great people here on the myFICO forums.  You guys are the best.

[Anonymous]

---

@Anonymous wrote:

APPROVING BANK:  Mid-Atlantic Federal Credit Union

BUREAU PULLED:  Equifax

CREDIT SCORE:  EQ 674, TU 678

CUSTOMER STATE OF RESIDENCE:  Maryland

NEW/USED:  New

YEAR OF VEHICLE:  2010

MAKE:  Honda

MODEL:  Accord EX-L V6 Coupe with Automatic Transmission and Navigation

MILEAGE:  36

RETAIL/LEASE:  Retail

AMOUNT OF LOAN:  $25000

TERM CONTRACTED:  60

APR/LEASE RATE:  %5

MONTHLY PAYMENT:  $475

MISCELLANEOUS COMMENTARY:

MSRP, $32,055

Invoice:  $29,113

My deal:

Base:  $25,895

Trade-in:  -$2350

Subtotal:  $ 23,545.00

Taxes :  $1,412.70

Title, Tags:  $238

Total:  $25,195.70

I got that price using USAA’s buying service, which is actually Zag,com, available through USAA, CapOne, Overstock.com, Amex, something called Drive Your Dream, and probably elsewhere as well.

I arranged the deal by email.  I think that cut through all the freight and other "required" costs.  I got the $100 fee waived just by asking, through email, is that your best price?  At that point, they said, that's the best we can do. If it isn't good enough, thanks for the opportunity to win your business.  I knew then we had a good price.  I think it helped that had 4 of exactly my car in stock.

Via email, I asked 10 area dealers to beat it.  A few came close, and said, sounds like a great deal, we can't touch it, give us a call if it falls through.

My trade-in has a KBB of $2450 to my inexpert eye.  Carmax appraised it 5 days before the deal at $2500.  The dealership told me $1500.  I showed them my Carmax appraisal and told them I would go sell the car and come back tomorrow.  Or, since selling it to them would give me a break on the taxes, I'd take $2300 from them.  They offered me $2350.  I took it.

I paid $195 on a credit card and $25,000 with a CU auto draft.  The CU loan is 5% for 60 months.  I hate taking out a loan for that much, but I budgeted to include faster payoff and cushion in case something unexpected happens to our income stream.

The team at Criswell Honda in Germantown, Maryland was great to work with.  They were also great at explaining everything.  If there was anything that I was confused about, I just said, I don’t understand, and they’d explain it until I did.  They were honest, efficient, and very customer focused.  I wouldn’t want to walk in there unprepared, because clearly they aren't philanthropists.  But with preparation, I did great.

I owe a lot of thanks to all the great people here on the myFICO forums.  You guys are the best.

---

Great synopsis!

Any comments on USAA Car Buyer's Service?  I'm thinking of using them on a possible purchase of a new car in a month or so.  Advantages?  Disadvantages?

[AyalaZero]

APPROVING BANK:  Wells Fargo

BUREAU PULLED:  Transunion

CREDIT SCORE:  596

CUSTOMER STATE OF RESIDENCE:  California

NEW/USED:  New

YEAR OF VEHICLE:  2010

MAKE:  Nissan

MODEL:  Altima 2.5S w/bose system (It is the model right below the leather)

MILEAGE:  23

RETAIL/LEASE:  Retail

AMOUNT OF LOAN:  $24,857

TERM CONTRACTED:  60

APR/LEASE RATE:  %6.99

MONTHLY PAYMENT:  $491.88

MISCELLANEOUS COMMENTARY:  My FICO score for Transunion on here was 626... I pulled it the same day.

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

APPROVING BANK:  Mid-Atlantic Federal Credit Union

BUREAU PULLED:  Equifax

CREDIT SCORE:  EQ 674, TU 678

CUSTOMER STATE OF RESIDENCE:  Maryland

NEW/USED:  New

YEAR OF VEHICLE:  2010

MAKE:  Honda

MODEL:  Accord EX-L V6 Coupe with Automatic Transmission and Navigation

MILEAGE:  36

RETAIL/LEASE:  Retail

AMOUNT OF LOAN:  $25000

TERM CONTRACTED:  60

APR/LEASE RATE:  %5

MONTHLY PAYMENT:  $475

MISCELLANEOUS COMMENTARY:

MSRP, $32,055

Invoice:  $29,113

My deal:

Base:  $25,895

Trade-in:  -$2350

Subtotal:  $ 23,545.00

Taxes :  $1,412.70

Title, Tags:  $238

Total:  $25,195.70

I got that price using USAA’s buying service, which is actually Zag,com, available through USAA, CapOne, Overstock.com, Amex, something called Drive Your Dream, and probably elsewhere as well.

I arranged the deal by email.  I think that cut through all the freight and other "required" costs.  I got the $100 fee waived just by asking, through email, is that your best price?  At that point, they said, that's the best we can do. If it isn't good enough, thanks for the opportunity to win your business.  I knew then we had a good price.  I think it helped that had 4 of exactly my car in stock.

Via email, I asked 10 area dealers to beat it.  A few came close, and said, sounds like a great deal, we can't touch it, give us a call if it falls through.

My trade-in has a KBB of $2450 to my inexpert eye.  Carmax appraised it 5 days before the deal at $2500.  The dealership told me $1500.  I showed them my Carmax appraisal and told them I would go sell the car and come back tomorrow.  Or, since selling it to them would give me a break on the taxes, I'd take $2300 from them.  They offered me $2350.  I took it.

I paid $195 on a credit card and $25,000 with a CU auto draft.  The CU loan is 5% for 60 months.  I hate taking out a loan for that much, but I budgeted to include faster payoff and cushion in case something unexpected happens to our income stream.

The team at Criswell Honda in Germantown, Maryland was great to work with.  They were also great at explaining everything.  If there was anything that I was confused about, I just said, I don’t understand, and they’d explain it until I did.  They were honest, efficient, and very customer focused.  I wouldn’t want to walk in there unprepared, because clearly they aren't philanthropists.  But with preparation, I did great.

I owe a lot of thanks to all the great people here on the myFICO forums.  You guys are the best.

---

Great synopsis!

Any comments on USAA Car Buyer's Service?  I'm thinking of using them on a possible purchase of a new car in a month or so.  Advantages?  Disadvantages?

---

The USAA car buying service is actually Zag (zag.com).  You can get a pretty good idea of what it is by visiting the web site.  Take a good look at all the tabs.  The one for dealers is especially interesting.

Zag is available through USAA, CapitalOne, overstock.com, American Express, and Drive Your Dream.  I'm not sure what Drive Your Dream is, but it appears to let you access the same interface that you get through USAA (and I would assume the other affliliates) through the Zag web site.  So anyone can play.

Anyway, my single experience with buying a new car taught me that you can convert time into money.  More upfront work on your part will save you money on your car.  Upfront work will save you money on deciding what car to get, the price on the new car, on your trade, and on financing.

That said, I think the USAA/Zag car buying service can be an excellent tool in getting a good price.  I ended up going with the dealing I was referred to through USAA/Zag.  However, I only knew that it was the best price in the area by competitively shopping the price through email.  And also the USAA/Zag service let me walk into the dealership with a  guaranteed price.

I think the only disadvantage is that you can be lulled into thinking that click, click, click and there's your new car deal of the year.  Doesn't work that way.  If you use USAA/Zag that way I think you'll be very disappointed.

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

---

@Anonymous wrote:

APPROVING BANK:  Mid-Atlantic Federal Credit Union

BUREAU PULLED:  Equifax

CREDIT SCORE:  EQ 674, TU 678

CUSTOMER STATE OF RESIDENCE:  Maryland

NEW/USED:  New

YEAR OF VEHICLE:  2010

MAKE:  Honda

MODEL:  Accord EX-L V6 Coupe with Automatic Transmission and Navigation

MILEAGE:  36

RETAIL/LEASE:  Retail

AMOUNT OF LOAN:  $25000

TERM CONTRACTED:  60

APR/LEASE RATE:  %5

MONTHLY PAYMENT:  $475

MISCELLANEOUS COMMENTARY:

MSRP, $32,055

Invoice:  $29,113

My deal:

Base:  $25,895

Trade-in:  -$2350

Subtotal:  $ 23,545.00

Taxes :  $1,412.70

Title, Tags:  $238

Total:  $25,195.70

I got that price using USAA’s buying service, which is actually Zag,com, available through USAA, CapOne, Overstock.com, Amex, something called Drive Your Dream, and probably elsewhere as well.

I arranged the deal by email.  I think that cut through all the freight and other "required" costs.  I got the $100 fee waived just by asking, through email, is that your best price?  At that point, they said, that's the best we can do. If it isn't good enough, thanks for the opportunity to win your business.  I knew then we had a good price.  I think it helped that had 4 of exactly my car in stock.

Via email, I asked 10 area dealers to beat it.  A few came close, and said, sounds like a great deal, we can't touch it, give us a call if it falls through.

My trade-in has a KBB of $2450 to my inexpert eye.  Carmax appraised it 5 days before the deal at $2500.  The dealership told me $1500.  I showed them my Carmax appraisal and told them I would go sell the car and come back tomorrow.  Or, since selling it to them would give me a break on the taxes, I'd take $2300 from them.  They offered me $2350.  I took it.

I paid $195 on a credit card and $25,000 with a CU auto draft.  The CU loan is 5% for 60 months.  I hate taking out a loan for that much, but I budgeted to include faster payoff and cushion in case something unexpected happens to our income stream.

The team at Criswell Honda in Germantown, Maryland was great to work with.  They were also great at explaining everything.  If there was anything that I was confused about, I just said, I don’t understand, and they’d explain it until I did.  They were honest, efficient, and very customer focused.  I wouldn’t want to walk in there unprepared, because clearly they aren't philanthropists.  But with preparation, I did great.

I owe a lot of thanks to all the great people here on the myFICO forums.  You guys are the best.

---

Great synopsis!

Any comments on USAA Car Buyer's Service?  I'm thinking of using them on a possible purchase of a new car in a month or so.  Advantages?  Disadvantages?

---

The USAA car buying service is actually Zag (zag.com).  You can get a pretty good idea of what it is by visiting the web site.  Take a good look at all the tabs.  The one for dealers is especially interesting.

Zag is available through USAA, CapitalOne, overstock.com, American Express, and Drive Your Dream.  I'm not sure what Drive Your Dream is, but it appears to let you access the same interface that you get through USAA (and I would assume the other affliliates) through the Zag web site.  So anyone can play.

Anyway, my single experience with buying a new car taught me that you can convert time into money.  More upfront work on your part will save you money on your car.  Upfront work will save you money on deciding what car to get, the price on the new car, on your trade, and on financing.

That said, I think the USAA/Zag car buying service can be an excellent tool in getting a good price.  I ended up going with the dealing I was referred to through USAA/Zag.  However, I only knew that it was the best price in the area by competitively shopping the price through email.  And also the USAA/Zag service let me walk into the dealership with a  guaranteed price.

I think the only disadvantage is that you can be lulled into thinking that click, click, click and there's your new car deal of the year.  Doesn't work that way.  If you use USAA/Zag that way I think you'll be very disappointed.

---

I don't understand what you mean.  What is the ideal way to use USAA/Zag?

Also, once you have your guaranteed price will the dealer honor that or try to sell you additional stuff?