Auto Loan Approvals!

[slyguy]

MONTHLY PAYMENT: 582

ANNUAL INCOME: 65k

APPROVING BANK: Capital One Auto Finance Blank Check
BUREAU PULLED: Trans Union (me) Experian (spouse)
CREDIT SCORE: 565/535
CUSTOMER STATE OF RESIDENCE: Texas
NEW/USED: used
YEAR OF VEHICLE:2008

MAKE: Chevy

MODEL: Malibu LTZ
MILEAGE: 18,700
RETAIL/LEASE: CarMax $20,998
AMOUNT OF LOAN: $22,537 including TTL (Approved to $30,000)

DOWN PAYMENT: None - $0.00
TERM CONTRACTED: 48
APR/LEASE RATE: 11.02%

Remarks: This is the loan that shouldn't have been if you look at what is considered reasonable credit approval criteria. My credit, as well as my wife's, is terrible. I said terrible! That's a story in itself, but the short version is that our BK judge dismissed our bankruptcy five years ago and we treated it as discharged on advice of legal counsel. (Unusual circumstances lending itself to strategic default) Outstanding collections that add up to tens of thousands including a couple thousand on a Capital One Mastercard. The only rational reasons for our approval is that all our income is military retirement and Social Security income so it is stable and dependable and can't be garnished. We have very little debt other than our outstanding collections. We have no judgments but the dismissed BK does appear on our credit report. (Five more years on that.) We have three  current $500 limit credit cards and one store account. No car loans for five years but the old car died. All obligations have been handled properly for the last five years. Also, all the collections are now beyond the statute of limitations and will fall off our credit report in early 2013. Capital One did not discuss the outstanding collections with me.

Not the best deal for a car loan, but for us it was heaven sent.  When I applied I never  imagined I would be approved for $30,000 and then be able to buy a car with no down. CarMax worked some magic with the down payment and 110% LTV requirement.

[Anonymous]

Oh wow, that is some good news.  I have been thinking of going to a Capital One branch here in the DFW area about a car loan as I have a checking account and high credit limit card back from '07 with them, at a zero balance and never late.  Did you do it online or in a branch?  I hate having a computer decide my fate, over talking to someone face to face.  My scores are in the mid 600's on here with TU being the highest closer to 670 and waiting for the last of 3 credit cards to report with a $0 balance to increase my score hopefully.  I was thinking though it might be impossible to get a loan given score and lates on my file that are about a year old now, but never late since on those couple of accounts.  That is weird they pulled TU for you and Experian for your wife.  All my previous car loans were with a Credit Union who only reported to Experian, so banking on usage of that report as the FICO has to be higher than the other two because I also have a Credit Card with them in addition to the former auto loans and a personal loan that is PIF never late.

[slyguy]

I applied online and received an email to contact Capital One Auto Finance by phone. I talked to a couple people, including a supervisor, primarily validating myself . Since I had not applied for credit for five years, my address and contact information on the application did not agree with my credit reports. They were very careful. If you're in the 600s and have adequate income I can't image why you wouldn't be approved, hopefully for a much better rate. 

I applied online on Friday morning, talked to Cap One by phone an hour or so later, got the conditional approval that afternoon about 4:00 pm by email, and received my blank check on Monday. Since I'm retired it took a couple days to get my income verified, but I received my approval to shop on Wednesday morning. Carmax transferred my Malibu in from Ft Worth while I was waiting my income verification so I was able to buy and take delivery of the car Wednesday evening.

It's important to note that the "blank check" is conditional on verification of address, employment, income, and personal references. Some items submitted by fax, others online.

[Anonymous]

Did you have any Cap One accounts on your BK?

[slyguy]

At least one for about $2000.00. Can't remember, but maybe there was another in a smaller amount in my wife's name also. 

[Jerseybound]

This thread is to be used for your Auto Loan Approvals just copy and paste!

APPROVING BANK: ALLY
BUREAU PULLED: Transunion, Experian
CREDIT SCORE: 768
CUSTOMER STATE OF RESIDENCE: NJ
NEW/USED: New
YEAR OF VEHICLE: 2011

MAKE: Dodge Ram

MODEL: Ram 1500 Laramie
MILEAGE: 11
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 35,000
TERM CONTRACTED: 72
APR/LEASE RATE: 4.9%
MONTHLY PAYMENT: 570ish

ANNUAL INCOME: 71,000
MISCELLANEOUS COMMENTARY: Only finanaced with Ally to get the additional $1000 cash down.  Refinanced with Navy Federal using the Senior Enlisted Program and got 2.49% for 72 months.  Payment dropped to $530.00/mo

[justdonating]

APPROVING BANK: MERCEDES BENZ FINANCIAL

BUREAU PULLED: Transunion

CREDIT SCORE: 630

CUSTOMER STATE OF RESIDENCE: OK

NEW/USED: New

YEAR OF VEHICLE: 2011

MAKE: MERCEDES

MODEL: E350 4MATIC

MILEAGE: 15

RETAIL/LEASE: Retail

AMOUNT OF LOAN: 33,921

TERM CONTRACTED: 60

APR/LEASE RATE: 13.9%

MONTHLY PAYMENT: 793

ANNUAL INCOME: 150K

MISCELLANEOUS COMMENTARY: USAA membership got me a $4k rebate which I combined with cash & trade to put down $25k. Loan from USAA was denied. Capital One approved the loan at $30k and 15.9%. MBF online application was denied, but after speaking with the finance guy at the MB dealership & MBF via phone they approved in large part due to the large down payment. Interest rate isn't the greatest, but given my score I'm surprised MBF approved it. 1-2 years from now I can refinance.

[clhchewy81]

APR/LEASE RATE: 0.00

MONTHLY PAYMENT: 515

ANNUAL INCOME: 44K

APPROVING BANK: Nissan Motor Acceptance Corp
BUREAU PULLED: Trans Union (me) Experian (me)
CREDIT SCORE: 662/663
CUSTOMER STATE OF RESIDENCE: Maryland
NEW/USED: New
YEAR OF VEHICLE:2011

MAKE: Nissan

MODEL: Altima
MILEAGE: 1
RETAIL/LEASE: Retail (Carmax)
AMOUNT OF LOAN: $30,900

DOWN PAYMENT: $1223.45
TERM CONTRACTED: 60

Purchased 2011 Nissan Altima 3.5 SR.  Traded in 2001 Ford Expedition Eddie Bauer with 189K in mileage.  Negative equity from Expedition $3286.53.  NMAC required down payment of $1223.45.

Now the debacle I faced at Carmax.  Good info for anyone considering purchasing a NEW car from Carmax, not just a Nissan:

While waiting for the Expedition to be appraised they ran my credit and we waited for the loan offers to come back on their computer.  For those not familiar with Carmax, they claim to have hassle/haggle free, straight forward financing.  The sales person and I stared at the computer screen waiting for all of the offers to come in.  3  offers came back.  I don’t have the specifics, but the offers came from Capital One Auto Finance, Wells Fargo Dealer Services and Carmax auto finance.  Down payment requirements ranged from 2.5K to 11K and had interest rates ranging from 10.5% APR to 12.75% APR.  I balked at these results and informed the sales person that I was convinced that a better rate could be had with my credit score.  I then realized that they had not run my credit with NMAC (Nissan's finance company).  I asked why it had not.  The sales person replied that they first run credit with their "preferred lenders".  If those results come back "favorable" then they may run the customer’s credit with NMAC.  I then asked if he considered my results from the "preferred lenders" as favorable.  He said no.  I then politely insisted that he run my credit with NMAC as I felt they had a vested interest in approving my loan (moving a unit).  The sales person huffed and puffed and then called for a manager.  The "manager: came over, collected some paperwork from the sales person and then disappeared.  A few moments later an offer from NMAC came through.  0.0% APR for 60/mo, loan not to exceed $33,000.  With those terms I purchased and took delivery of the vehicle that day.

Clearly Carmax gets some sort of considerable kickback for selling loans that are severely inflated.  In my opinion, there is no explanation as to why 3 lenders would come back with no less than 10.5% APR and larger down payments and then NMAC comes back at 0.00% APR with HALF the down payment requirement!  Also, doesn’t it seem suspect that running credit with Nissan financing seems to be an "exception" or out of the norm process requiring "management" involvement?  Why aren’t they one of the "preferred lenders".?  I would have never accepted those finance offers and they would have absolutely lost the sale.

I suggest that everyone who is considering purchasing a NEW car from Carmax, regardless of brand make sure that their credit application also be submitted to the manufactures finance division.  Hopefully my experience helps those in the same scenario in the future.

[tsu1112]

APPROVING BANK:First Community CU
BUREAU PULLED:?
CREDIT SCORE:691
CUSTOMER STATE OF RESIDENCE:TX
NEW/USED:New
YEAR OF VEHICLE:2011

MAKE:Honda

MODEL:Hybrid Insight
MILEAGE:42
RETAIL/LEASE:retail
AMOUNT OF LOAN:16000
TERM CONTRACTED:60 mos
APR/LEASE RATE:3.59
MONTHLY PAYMENT:325

ANNUAL INCOME:63K
MISCELLANEOUS COMMENTARY:

[Anonymous]

APPROVING BANK:Credit Union of Texas
BUREAU PULLED:Experian
CREDIT SCORE:575
CUSTOMER STATE OF RESIDENCE:TX
NEW/USED:Used
YEAR OF VEHICLE:2007

MAKE:Toyota

MODELienna
MILEAGE:63850
RETAIL/LEASE:Retail/Refinance
AMOUNT OF LOAN:16235
TERM CONTRACTED:48 mos
APR/LEASE RATE:7.44
MONTHLY PAYMENT:393

ANNUAL INCOME:57K
MISCELLANEOUS COMMENTARY:  We refinanced our Sienna with a credit union.  We actually bank at a different credit union but they wouldn't consider it.  Our original loan when we purchased this van in April was with Santandar and the rate was over 20% with a 60 month term and a payment of $489.  The original principle was $18,200.  We wanted to get it refinanced so after getting turned down by our own credit union I called this other credit union and told the customer service rep our story and why my score is as low as it is and told her we are working on our credit.  The loan officer approved us even though the DTI was over their limit (single income family since the wife is a stay at home mom) stating that he wanted to help us get out of the high interest rate loan.  This credit union really impressed us and we are considering moving our account over to them.

[Anonymous]

APPROVING BANK:Credit Union of Texas
BUREAU PULLED:Experian
CREDIT SCORE:575
CUSTOMER STATE OF RESIDENCE:TX
NEW/USED:Used
YEAR OF VEHICLE:2007

MAKE:Toyota

MODELienna
MILEAGE:63850
RETAIL/LEASE:Retail/Refinance
AMOUNT OF LOAN:16235
TERM CONTRACTED:48 mos
APR/LEASE RATE:7.44
MONTHLY PAYMENT:393

ANNUAL INCOME:57K
MISCELLANEOUS COMMENTARY:  We refinanced our Sienna with a credit union.  We actually bank at a different credit union but they wouldn't consider it.  Our original loan when we purchased this van in April was with Santandar and the rate was over 20% with a 60 month term and a payment of $489.  The original principle was $18,200.  We wanted to get it refinanced so after getting turned down by our own credit union I called this other credit union and told the customer service rep our story and why my score is as low as it is and told her we are working on our credit.  The loan officer approved us even though the DTI was over their limit (single income family since the wife is a stay at home mom) stating that he wanted to help us get out of the high interest rate loan.  This credit union really impressed us and we are considering moving our account over to them.