Auto Loan Approvals!

[Anonymous]

APPROVING BANK: Capital One (CARMAX)
BUREAU PULLED: Experian
CREDIT SCORE: 621
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: Used
YEAR OF VEHICLE: 2008

MAKE: Saab

MODEL: 9-3 2.0T SportCombi Wagon
MILEAGE: 12744
RETAIL/LEASE: 25100 (20998 before TTL, extended warranty, & GAP insurance)
AMOUNT OF LOAN: $ 21100
TERM CONTRACTED: 72 months
APR/LEASE RATE: 13.75%
MONTHLY PAYMENT: $391
MISCELLANEOUS COMMENTARY: I wanted to wait until my score went up but I needed a car now.  This is my first car purchased through a dealership.  The buying process was easy at Carmax.  I think I got a better rate that expected; when I checked my credit my Exp score was 585 so I was surprised they pulled 621.  I was expecting a 18% APR.  I know 13.75% is a still a bit high but better than expected.  The monthly payments are still affordable and will be able to pay on time to improve credit. 

Does anyone have any feedback on my APR with COAF?  Is it a decent rate for score pulled and being first time car buyer?

I love my car - only 12k miles for a 2008!

[billy3110]

APPROVING BANK: UKFCU - University of Kentucky Federal Credit Union
BUREAU PULLED: transunion
CREDIT SCORE: 630
CUSTOMER STATE OF RESIDENCE: Kentucky
NEW/USED: new
YEAR OF VEHICLE: 2010

MAKE: Dodge

MODEL: Ram
MILEAGE: 4 miles
RETAIL/LEASE: retail
AMOUNT OF LOAN: 32146.00
TERM CONTRACTED: 72
APR/LEASE RATE: 7.49
MONTHLY PAYMENT: 555
MISCELLANEOUS COMMENTARY: I didnt think i could get a loan for a vehicle (any vehicle worth having). After reading everything here, i went and joined a credit union. Applied for a loan and thought what hell i will apply for $30,000 for 72 month.........all they could say is no. they said yes and then yes to a little more. This truck stickered for $40 grand, got all the discounts and good loan too. All i can say is what are you waiting for? Dont go to capital one..............go to your local credit union and get approved before you even go look at the car you want. Thanks everyone for your post, i would still be sitting on the fence waiting.

By the way i do have a forclosure (5 years old) and some collections (they are the one that wouldnt work with me so screw em, i never paid them back) and plenty of late payments (2 to 3 years old)

Good luck to everyone

[thrasher865]

Why is income not a field?  Is that too personal?

That plays a bigger role than any of the other factors, I'd say, other than credit score to a point.

[moreFICOplease]

APPROVING BANK: TOYOTA MOTOR CREDIT CO
BUREAU PULLED: Transunion, Equifax, Experian
CREDIT SCORE: 696 TU, 694 EQ, 696 EX (Auto Enhanced, dealer let me see scores). Regular FICO scores pulled the same day were 666 TU and 670 EQ.
CUSTOMER STATE OF RESIDENCE: AZ
NEW/USED: Used
YEAR OF VEHICLE: 2006

MAKE: Honda

MODEL: Civic LX Sedan
MILEAGE: 55,200 approximate miles
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $14,226.00

DOWN PAYMENT:  $500
TERM CONTRACTED: 60
APR/LEASE RATE: 8.99

MONTHLY PAYMENT: $294.63 (includes GAP insurance)
MISCELLANEOUS COMMENTARY: This is a second vehicle purchased. (My other vehicle is listed on this thread also.) I was happily surprised that I qualified for a second vehicle without a co-signer. The dealer started wheeling and dealing with a 12.15% rate, then 9.99%, and finally I agreed on 8.99%. I'm not sure if that's high interest for a used 2006 vehicle with my scores, but I am okay with the payment. Going to try and pay it off in three years.

[mudda]

APPROVING BANK: GMAC

BUREAU PULLED: Exquifax
CREDIT SCORE: 655 beacon Score
CUSTOMER STATE OF RESIDENCE: fl
NEW/USED: new
YEAR OF VEHICLE: 2010

MAKE: Buick

MODEL: Enclave CXL-2 loaded!
MILEAGE: 1310 (was used by the golfers in the Players..I got over 6k  off the price for that!)
RETAIL/LEASE: 41500

AMOUNT OF LOAN: $ 41000
TERM CONTRACTED: 72 months
APR/LEASE RATE: 3.9%
MONTHLY PAYMENT: $659 with gap coverage warranty on interior leather etc
MISCELLANEOUS COMMENTARY: I am IN LOVE with my ridiculous new car!

[billy3110]

My income is $107,000 a year. Im sure it helped me get a loan

[Anonymous]

APPROVING BANK:BBVA Compass
BUREAU PULLED: Not sure
CREDIT SCORE: Exp:728, Equi:691, Trans:770
CUSTOMER STATE OF RESIDENCE: TEXAS
NEW/USED: New
YEAR OF VEHICLE:2010

MAKE:Mazda

MODELpeed3
MILEAGE:19
RETAIL/LEASE:Retail
AMOUNT OF LOAN:27380.12
TERM CONTRACTED:72
APR/LEASE RATE:5.99
MONTHLY PAYMENT:453.63
MISCELLANEOUS COMMENTARY:Memorial Day Weekend Sale. Maxed out Speed3 25260 sale. sticker was 27650. I also put 2200 down and purchased 60/100k full coverage.

Just 3 years ago after a bad divorce, my credit score was at or about 464.  I have with help from girlfriend worked hard on getting credit up to 770 respectively I love my fico.com ,   I am also on zendough.com for transunion..

[theo78]

APPROVING BANK: USAA
BUREAU PULLED: Equifax
CREDIT SCORE: 686
CUSTOMER STATE OF RESIDENCE: RI
NEW/USED: NEW
YEAR OF VEHICLE: 2010

MAKE: Infiniti

MODEL: G37XS Sedan
MILEAGE: 
RETAIL/LEASE: laon
AMOUNT OF LOAN: $ Approved up to $47,000 and 120% Purchase price has not been determined  
TERM CONTRACTED: 72 months
APR/LEASE RATE: 5.99
MONTHLY PAYMENT: to be determined
MISCELLANEOUS : Also Received a USAA AMEX to go with the loan. I will also apply through Infiniti finance and see if I can get the 1.9% for 66 months they are offering 

[thrasher865]

If this thread is meant to be informative, I think we should add fields for income, pre loan DTI and DTI with the auto payment.  If it is just meant as congratulatory, thats fine, I just think these three fields would help other forum users get a better understanding for what lenders are looking for.

[Mark_in_Pasadena]

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@thrasher865 wrote:

Why is income not a field?  Is that too personal?

That plays a bigger role than any of the other factors, I'd say, other than credit score to a point.

---

I think income isn't that important if your credit score is above a certain threshold.  I've had an 800+ FICO score and have never had to show any proof of income.  I just state it and my occupation.  This was true in 1999 and 2009 which is when I got my last and current loan.  It's not like a mortgage where stated income loans are no longer available and an IRS transcript is required along with your W-2.  I could've easily doubled my income if necessary in order to meet some DTI ratio.

Plainly stated, nobody gets an 760+ credit score without being experts at managing their finances and meeting their debt obligations spotlessly.  I would have no apprehension lending $10,000 with 5% interest to a friend with a 760+ FICO and 25k yearly income.  I wouldn't even lend $1,000 at 30% interest to a friend who had a sub-680 credit score and a $100k yearly income, because if they failed to meet their debt obligations in the past, they'll most likely fail again with me.  I think most car lenders probably feel the same when they lend out money.

I do agree with you that the Income and DTI ratio should be included going forward to give a better picture of what's expected for those with less than a 760 FICO.