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apple64
Posts: 1
Registered: ‎02-14-2011
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Re: Auto Loan Approvals!

APPROVING BANK:Ally

CREDIT SCORE: EQ: 653 (three scoresavailable to me are 702,703 and 712)

CUSTOMER STATE OF RESIDENCE: al

NEW/USED: used

YEAR OF VEHICLE: 2010

MAKE: Chevy

MODEL: Suburban

RETAIL/LEASE: Retail

AMOUNT OF LOAN: 32000

TERM CONTRACTED: 48 months

APR/LEASE RATE:5.99% ($658/MO)

INCOME: $>200k

MISCELLANEOUS COMMENTARY: WHY is my auto enhanced score so low?  NEVER a late car payment, 2nd ally loan, 6th car loan, available credit low and 2 30 day late department store  payments in last 2 years.  Is this for real?  Acceptable rate, but expected better!

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MarineVietVet
Posts: 14,252
Registered: ‎07-14-2009
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Re: Auto Loan Approvals!


apple64 wrote:

APPROVING BANK:Ally

CREDIT SCORE: EQ: 653 (three scoresavailable to me are 702,703 and 712)

CUSTOMER STATE OF RESIDENCE: al

NEW/USED: used

YEAR OF VEHICLE: 2010

MAKE: Chevy

MODEL: Suburban

RETAIL/LEASE: Retail

AMOUNT OF LOAN: 32000

TERM CONTRACTED: 48 months

APR/LEASE RATE:5.99% ($658/MO)

INCOME: $>200k

MISCELLANEOUS COMMENTARY: WHY is my auto enhanced score so low?  NEVER a late car payment, 2nd ally loan, 6th car loan, available credit low and 2 30 day late department store  payments in last 2 years.  Is this for real?  Acceptable rate, but expected better!


Hello and welcome.

 

One thing I will ask is where did you get your scores? They might not even be FICO scores. That might be why your EQ Auto Enhanced score is so much lower. No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. I suggest you do an internet search for "myfico discount codes" to save a little money.

You can also purchase your Transunion score at www.transunioncs.com. At www.equifax.com EQ will still sell you an EQ FICO score but you they make it very hard to find.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Established Member
rayzah
Posts: 17
Registered: ‎12-04-2010
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Re: Auto Loan Approvals!

APPROVING BANK: Americredit
BUREAU PULLED: Equifax
CREDIT SCORE: 595
CUSTOMER STATE OF RESIDENCE: Virginia
NEW/USED: used
YEAR OF VEHICLE: 2004
MAKE: Infiniti
MODEL: G35 sedan
MILEAGE: 52000
RETAIL/LEASE: retail
AMOUNT OF LOAN: $12274
TERM CONTRACTED: 60 Months
APR/LEASE RATE:20.9
MONTHLY PAYMENT:$338.65

INCOME: $62,000Annually
MISCELLANEOUS COMMENTARY:I've been looking foward to the day I could finally post in this thread. The car was 13,700 and i had to put down 3K, but the finance manager let me give him a post dated check. I plan on refinancing in 6 to 12 months so I can get a decent rate, but for now it dont get no better. There was a "small" dent on the rear bumper but i got them to agree to fix it for 10% off. Thanks you Americredit and to all the extremly knowedgable people on myfico


Starting Score: 502
Current Score: 581
Goal Score: 700


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New Member
pink72384
Posts: 2
Registered: ‎02-18-2011
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Re: Auto Loan Approvals!

APPROVING BANK:Capital One Auto Finance
BUREAU PULLED: Equifax
CREDIT SCORE: 588 (auto enhanced)
CUSTOMER STATE OF RESIDENCE: Georgia
NEW/USED: New
YEAR OF VEHICLE: 2011
MAKE: Nissan
MODEL: Rogue SV FWD
MILEAGE: 9
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 25826 (28076.29 - $2250 Down)
TERM CONTRACTED: 72 months
APR/LEASE RATE: 14.33%
MONTHLY PAYMENT: 539.95
MISCELLANEOUS COMMENTARY:  I was really stressed out about getting a car, I was scared that my credit score was way too low, but i was surprised that i got the rate that i did with having a 588 score.  I was also approved for NMAC but their interest rate was too high (17%) so the dealer got me approved with Capital with the lower rate.  I am extremely happy with my purchase, I even got the exact color that i wanted.  & best of all my first payment is not due until 4/4/11!!!

 


Starting Score: TU 619 EQ 588 EX FAKO 591
Current Score: TU 619 EQ 588 EX FAKO 591
Goal Score: All Above 690


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Frequent Contributor
cassembler
Posts: 470
Registered: ‎02-07-2011
0

Re: Auto Loan Approvals!

APPROVING BANK: NMAC (Nissan)
BUREAU PULLED: All three, used Transunion
CREDIT SCORE: 683 Beacon, 707 Auto-Adjusted (Wouldn't show me the report, but gave me a copy of the score and chart)
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: New
YEAR OF VEHICLE: 2011
MAKE: Nissan
MODEL: Sentra
MILEAGE: 5
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 19,500
TERM CONTRACTED: 48
APR/LEASE RATE: 3.49%
MONTHLY PAYMENT: 435.93
LTV RATIO: 90%
MISCELLANEOUS COMMENTARY:
I was pre-approved for 8.9% Cap 1, 3.8% with Chase, and NMAC was able to beat it (the 90% LTV ratio was a .5% bump). I got the feeling I could have beat them up for 2.9% maybe, but it was already a fair offer.
Have an open Drive Time note (rediculous loan, but bumped up the credit a lot after a year of on-times), and an old Ford note that had a few 30's and one 60 late (will fall off next year). Minor closed-bad collections ($280 and $560, five years old or so). OK credit to debt (30%), but not a lot of total revolving credit ($750, Cap 1).
With the above, financing took all of about 20 minutes... Quite pleased at how trouble-free it was.
"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."
New Contributor
LS1
Posts: 60
Registered: ‎07-03-2007
0

Re: Auto Loan Approvals!

APPROVING BANK: PSECU
BUREAU PULLED: Experian
CREDIT SCORE: 648 (due to a bit higher util reporting at the time, generally its mid 660's).
CUSTOMER STATE OF RESIDENCE: North Carolina
NEW/USED: used
YEAR OF VEHICLE: 2002
MAKE: Jeep
MODEL: Grand Cherokee Overland
MILEAGE: 163,000
RETAIL/LEASE: retail
AMOUNT OF LOAN: $6119
TERM CONTRACTED: 48 Months
APR/LEASE RATE: 3.99%
MONTHLY PAYMENT:$135

INCOME: $60,000 annual
MISCELLANEOUS COMMENTARY:  I really liked their used car rates so I applied and requested just $6500... it was approved instantly on-line.  I have two paid CO's from 2006 with 22% util and I was denied for their famous '20/20K Visa Combo' a month before due to too many new accounts and inquires.  The process was very quick and simple, everyone at PSECU has been great when I contact them.  It took just two days for the AutoDraft to arrive and buying from the dealer was a breeze.  Just negotiated a price, calculated tax/tags/title, filled out the blank check, and I was on my way out the door within 15 minutes.


Starting Score: TU 652- EQ 658 - EX 668
Current Score: TU 679 - EQ 681 - EX 681 as of 3.13.11
Goal Score: 700 with all 3


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Contributor
rebuildingaftercollege
Posts: 94
Registered: ‎07-21-2010
0

Re: Auto Loan Approvals!

APPROVING BANK: Chase
BUREAU PULLED: Transunion
CREDIT SCORE: 663
CUSTOMER STATE OF RESIDENCE: California
NEW/USED:New
YEAR OF VEHICLE: 2011
MAKE: VW
MODEL: Jetta SE 2.5
MILEAGE: 118
RETAIL/LEASE: retail
AMOUNT OF LOAN: $14492.48
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 6.84%
MONTHLY PAYMENT:$286

INCOME: $60,000 annual
MISCELLANEOUS COMMENTARY: The experience at the dealer was great. VW uses VW credit, Wellsfargo and Chase. I asked for Chase since I bank with them and got it. 


Starting Scores (January 2010): TU: 501, EQ: 517, EX: ?

Current Scores: TU: 695 (3/4/11), EQ: 653 (4/17/11), EX: 658 (2/19/11 via US Bank pull for loan)

Goal: 700
Established Member
Jyllie63
Posts: 26
Registered: ‎08-06-2009
0

Re: Auto Loan Approvals!

[ Edited ]

 LS1...Thanks for posting this! I  just joined PSECU and was hoping for an auto loan through them. I have ALOT of auto inquiries and new account inquiries so I wasn't sure if I should wait a few months. I know not to try and get the  visa, but maybe I'll go ahead and try for the auto loan. We seem to have around the same Fico's . I'm just waiting on my first set of scores from PSECU and then I'll try it out :smileyhappy:

Contributor
introvert
Posts: 107
Registered: ‎09-18-2009
0

Re: Auto Loan Approvals!

[ Edited ]

Well, it's been a tough, long and trying journey.. But thanks to the forums I was able to get the car I've been wanting for years!

 

APPROVING BANK: SafeAmerica CU (Local)

CREDIT SCORE: Experian Auto Enhanced 680 (myfico TU: 654, EQ: 656)

CUSTOMER STATE OF RESIDENCE: CA

NEW/USED: Used

YEAR OF VEHICLE: 2009

MAKE: Subaru

MODEL: WRX STI

MILEAGE: 11500

RETAIL/LEASE: Retail

AMOUNT OF LOAN: 31000

TERM CONTRACTED: 60 months

APR/LEASE RATE: 6.45%

INCOME: $>100k

MISCELLANEOUS COMMENTARY: Trade-in equity of $2500 plus $3500 cash down. Gap coverage and extended warranty was included in the loan. Dealer did an awesome job, didn't really plan on getting the car that day but they gave me a deal I couldn't refuse. They shotgunned my CR but it was because a few of the local CUs wouldn't approve the amount financed due to lack of history. Had two derogs on EX, one paid the other with a $1500 balance/6yr age that I was in the process of disputing.

Valued Member
cldavis04
Posts: 36
Registered: ‎06-23-2007
0

Re: Auto Loan Approvals!

APPROVING BANK: Wells Fargo
BUREAU PULLED: Equifax
CREDIT SCORE: 660
CUSTOMER STATE OF RESIDENCE: Alabama
NEW/USED:Used
YEAR OF VEHICLE: 2009
MAKE: Ford
MODEL: Fusion (Fully Loaded)
MILEAGE: 21,000
RETAIL/LEASE: retail
AMOUNT OF LOAN: $19207.00
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 8.49%
MONTHLY PAYMENT:$342.59

INCOME: $35,000 annual
MISCELLANEOUS COMMENTARY: $1,000 down payment.  I had a great experience with the sales person and financial manager.  I told them up front what my credit score was and they worked to make sure that I got a deal that was within the same range as my previous car payment.  Also, they cut the price of the car by $3,400 to put me in the right price range for the car that I really wanted.  I told them up front that I was concerned about financing and when they put the paperwork through, they told me that I was being financed by Bank of America.  However, when they came in with the paperwork they had a last minute offer from Wells Fargo wanting to know what they had to do in order to get my loan, which caused my interest rate to be dropped by .5%.  It really felt great to know that people were trying to get my business instead of trying to find one that would just take it.  This is the greatest car that I have had to date and I got it all on my own with no help from anyone or a co-signer, with the best interest rate that I have ever had.  The finance manager told me that next time I came in all I would need to do is pick out the color of whatever vehicle I wanted.  Amazing experience and very excited! 


Starting Score: 624
Current Score: 691
Goal Score: 750+


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