Reply
New Member
Fmrsailor
Posts: 1
Registered: ‎05-12-2013

Re: Auto Loan Approvals!

APPROVING BANK: Ford Motor Credit (was aproved through Cap One at 10.45%)
BUREAU PULLED: Equifax/Transunion
CREDIT SCORE: 549/567
CUSTOMER STATE OF RESIDENCE: Maryland
NEW/USED: New
YEAR OF VEHICLE: 2013
MAKE: Ford
MODEL: Focus SE
MILEAGE: 4
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 24,970
TERM CONTRACTED: 60
APR/LEASE RATE: 0% !!
MONTHLY PAYMENT: 416.17
ANNUAL INCOME: 102,000
DEBT TO INCOME RATIO: 20%
MISCELLANEOUS COMMENTARY: Originally had blank check from Cap One at a rate of 10.45%. After looking at car dealer said they could beat it. So once back in F&I the guy said that I could get 0% with the extended warranty and service contract or 7.7 without. Also, they required $1,000 down which I could not pay for another 4 days. So, I signed contract that was contingent upon financing within 30 days due to the fact that I still had to pay down payment. Took the car home and that's when I started reading about spot delivery scams and so forth. When I went back to dealer to pay the down payment I spoke to F&I guy about the fact that I was nervous about financing and would like to see something saying approved. He showed me a paper that said I was approved (I think it was some computer system where they talk to FMC) I paid the down payment and waited to hear from FMC. I checked their phone line with my social security number a few days after making down payment and it showed that I was in their system as owing 24,970 with first payment in June. It also just showed up on my credit report, so I am approved at that rate.

 Now I am in the process of cancelling the extended warranty and service contract. I was charged almost $3,000 for the extended warranty alone! I know I signed the papers and saw it on there and was a fool for signing it. Quite frankly I was in shock due to the 0% financing and lost track of the bottom line. A little research showed that I can get that same warranty for $900 bucks from another dealer online. So, those will be getting cancelled dropping the amount owed to 20,000. Probably paid to much for the car, but I chalk it up to live and learn for next time.

Established Contributor
electra
Posts: 573
Registered: ‎10-21-2012

Re: Auto Loan Approvals!

APPROVING BANK: NFCU
BUREAU PULLED:  EQ
CREDIT SCORE: 720
CUSTOMER STATE OF RESIDENCE:  CA
NEW/USED:  New
YEAR OF VEHICLE:  2013
MAKE:   Audi
MODEL:  Q5 (2.0 Premium Plus)
MILEAGE:  0
RETAIL/LEASE:  Cost before taxes/DMV Charge:  $45,683  --- Cost including tax and DMV:  $50,427
AMOUNT OF LOAN:  Approved for $40,000 but not sure how much I'll put down
TERM CONTRACTED:  60 months
APR/LEASE RATE:  1.79%
MONTHLY PAYMENT:   TBD based on amount down
ANNUAL INCOME:  $211k
DEBT TO INCOME RATIO:  1%
MISCELLANEOUS COMMENTARY:   I applied over the phone because I have a Fraud Alert on my account so I knew they'd need to ask me VERID questions.  I got conditional approval but they wanted me to fax in my last 2 paystubs.  (This surprised me because when I signed up for membership they pulled my salary info from The Work Report.)  

This is the first new car I've had in about 16 years and definitely the nicest!  I got the 2.0 Premium version and then got almost every upgrade except for bigger wheels, Sport seats, rearside airbags and rear seat entertainment system (who needs it...all the kids have iPads.)

They didn't have the one I wanted anywhere in Northern California (apparently the Q5s are selling as fast as they get them on the lot) so I had to order one that's on a boat.  Should be here around the 22nd,  Can't wait!!



Starting Score: TU:584 | EQ 584
Current Score: TU FICO: 711 | EQ FICO 713 | EX (USAA FAKO) 779
Goal Score: 780 across the board


Take the FICO Fitness Challenge
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Auto Loan Approvals!


Fmrsailor wrote:

APPROVING BANK: Ford Motor Credit (was aproved through Cap One at 10.45%)
BUREAU PULLED: Equifax/Transunion
CREDIT SCORE: 549/567
CUSTOMER STATE OF RESIDENCE: Maryland
NEW/USED: New
YEAR OF VEHICLE: 2013
MAKE: Ford
MODEL: Focus SE
MILEAGE: 4
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 24,970
TERM CONTRACTED: 60
APR/LEASE RATE: 0% !!
MONTHLY PAYMENT: 416.17
ANNUAL INCOME: 102,000
DEBT TO INCOME RATIO: 20%
MISCELLANEOUS COMMENTARY: Originally had blank check from Cap One at a rate of 10.45%. After looking at car dealer said they could beat it. So once back in F&I the guy said that I could get 0% with the extended warranty and service contract or 7.7 without. Also, they required $1,000 down which I could not pay for another 4 days. So, I signed contract that was contingent upon financing within 30 days due to the fact that I still had to pay down payment. Took the car home and that's when I started reading about spot delivery scams and so forth. When I went back to dealer to pay the down payment I spoke to F&I guy about the fact that I was nervous about financing and would like to see something saying approved. He showed me a paper that said I was approved (I think it was some computer system where they talk to FMC) I paid the down payment and waited to hear from FMC. I checked their phone line with my social security number a few days after making down payment and it showed that I was in their system as owing 24,970 with first payment in June. It also just showed up on my credit report, so I am approved at that rate.

 Now I am in the process of cancelling the extended warranty and service contract. I was charged almost $3,000 for the extended warranty alone! I know I signed the papers and saw it on there and was a fool for signing it. Quite frankly I was in shock due to the 0% financing and lost track of the bottom line. A little research showed that I can get that same warranty for $900 bucks from another dealer online. So, those will be getting cancelled dropping the amount owed to 20,000. Probably paid to much for the car, but I chalk it up to live and learn for next time.


0% with those scores is excellent if you can get out of the extras.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
New Member
SC31
Posts: 2
Registered: ‎04-23-2011

Re: Auto Loan Approvals!

APPROVING BANK: Honda Financial Services
BUREAU PULLED: Experian
CREDIT SCORE: 654
CUSTOMER STATE OF RESIDENCE: MA
NEW/USED: New
YEAR OF VEHICLE: 2013
MAKE: Honda
MODEL: Accord
MILEAGE: 134
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $30040.52 (includes tax, title fees, and extended warranty)
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 5.69%
MONTHLY PAYMENT: $494.64
ANNUAL INCOME: 55k
DEBT TO INCOME RATIO: 45% (including rent)
MISCELLANEOUS COMMENTARY: In 2010, I had bought a used 2009 Altima financed under Santander and my APR was 19.1% due to my credit score; I had just started to build my credit. My payment was $485.89 a month. Never had any issues with them and I was actually three months ahead in my payments. I got to into a car accident last summer and the car has never been the same. I recently had a spur of the moment and decided to trade it in for a new one with no down payment. With the mileage I had put on the Altima and the accident, I was only expecting $4,000 for it. The dealer offered $6000 for it and I had a remaining balance on the loan of $6055 with Santander. After going back and forth with the Sales Person, I was only willing to put down $500 because I wanted my car payment to either be $500 or less. I had originally signed the contract for an APR of 9.18% (I was fine with because it was better than 19.1%) and my payment was calculated a little over $500. After talking for a half hour with the finance director, he stated he is waiting on a response from another bank for the rate. Transferred my plates and took the car home. He called me the next day and Honda Financial Services lowered my rate to 5.69% which dropped my payments. I was happy and managed to stay within my budget. :smileyhappy:
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Auto Loan Approvals!


SC31 wrote:
APPROVING BANK: Honda Financial Services
BUREAU PULLED: Experian
CREDIT SCORE: 654
CUSTOMER STATE OF RESIDENCE: MA
NEW/USED: New
YEAR OF VEHICLE: 2013
MAKE: Honda
MODEL: Accord
MILEAGE: 134
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $30040.52 (includes tax, title fees, and extended warranty)
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 5.69%
MONTHLY PAYMENT: $494.64
ANNUAL INCOME: 55k
DEBT TO INCOME RATIO: 45% (including rent)
MISCELLANEOUS COMMENTARY: In 2010, I had bought a used 2009 Altima financed under Santander and my APR was 19.1% due to my credit score; I had just started to build my credit. My payment was $485.89 a month. Never had any issues with them and I was actually three months ahead in my payments. I got to into a car accident last summer and the car has never been the same. I recently had a spur of the moment and decided to trade it in for a new one with no down payment. With the mileage I had put on the Altima and the accident, I was only expecting $4,000 for it. The dealer offered $6000 for it and I had a remaining balance on the loan of $6055 with Santander. After going back and forth with the Sales Person, I was only willing to put down $500 because I wanted my car payment to either be $500 or less. I had originally signed the contract for an APR of 9.18% (I was fine with because it was better than 19.1%) and my payment was calculated a little over $500. After talking for a half hour with the finance director, he stated he is waiting on a response from another bank for the rate. Transferred my plates and took the car home. He called me the next day and Honda Financial Services lowered my rate to 5.69% which dropped my payments. I was happy and managed to stay within my budget. :smileyhappy:

Pay extra each month and carry good insurance. Don't get into that bad situation again.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Member
Markus2287
Posts: 7
Registered: ‎05-16-2013

Re: Auto Loan Approvals!

APPROVING BANK: CHASE
BUREAU PULLED: TU
CREDIT SCORE: 685
CUSTOMER STATE OF RESIDENCE: PA
NEW/USED: USED
YEAR OF VEHICLE: 2012
MAKE: SUBARU
MODEL: IMPREZA
MILEAGE: 9500
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: $20,850
TERM CONTRACTED: 60 MONTHS
APR/LEASE RATE: 1.59%
MONTHLY PAYMENT: $385
ANNUAL INCOME: $82,500
DEBT TO INCOME RATIO: 15%
MISCELLANEOUS COMMENTARY: I AM THE FINANCE DIRECTOR AT A DEALERSHIP.  JUST BOUGHT THE SUBARU HERE THROUGH CHASE.  NICE TO DO YOUR OWN PAPERWORK.  I ACTUALLY PURCHASED A WRAP WARRANTY TOO.


Starting Score: 640
Current Score: 640
Goal Score: 750


Take the myFICO Fitness Challenge
Established Member
Razor_Poke
Posts: 14
Registered: ‎04-05-2011

Re: Auto Loan Approvals!

APPROVING BANK: Bank of America

BUREAU PULLED: TU

CREDIT SCORE: 652

CUSTOMER STATE OF RESIDENCE: OK

NEW/USED: New

YEAR OF VEHICLE: 2013

MAKE: Honda MODEL: Pilot EX-L

MILEAGE: 0

RETAIL/LEASE: Retail

AMOUNT OF LOAN: 30,000

TERM CONTRACTED: 72 months

APR/LEASE RATE: 4.39%

MONTHLY PAYMENT: $475

ANNUAL INCOME: $112K

DEBT TO INCOME RATIO: 41% with this loan

MISCELLANEOUS COMMENTARY: Pleased but a little suprprised by our scores. Came back about 40 pts lower than Credit Karma and MyFico, not sure why the big difference. Nevertheless, I'm ok with this rate and will give the dealer a chance to beat once we actually buy. My credit union has an online app also, but so far it is in "processing" mode.

New Member
AZ_Motorist
Posts: 4
Registered: ‎05-17-2013

Re: Auto Loan Approvals!

APPROVING BANK: Alphera
BUREAU PULLED: TU
CREDIT SCORE: 646
CUSTOMER STATE OF RESIDENCE: Arizona
NEW/USED: Used
YEAR OF VEHICLE: 2008
MAKE: Porsche
MODEL: 911 Carrera S
MILEAGE: 27,xxx
RETAIL/LEASE: Retail
AMOUNT OF LOAN: ~$70,000
TERM CONTRACTED:66 mo
APR/LEASE RATE: 10.69%
MONTHLY PAYMENT: $1,414
ANNUAL INCOME: $85k
DEBT TO INCOME RATIO: 43%
MISCELLANEOUS COMMENTARY: Got my 911. Dream come true.
Regular Contributor
ImprovingYouth
Posts: 154
Registered: ‎09-21-2012

Re: Auto Loan Approvals!


AZ_Motorist wrote:
APPROVING BANK: Alphera
BUREAU PULLED: TU
CREDIT SCORE: 646
CUSTOMER STATE OF RESIDENCE: Arizona
NEW/USED: Used
YEAR OF VEHICLE: 2008
MAKE: Porsche
MODEL: 911 Carrera S
MILEAGE: 27,xxx
RETAIL/LEASE: Retail
AMOUNT OF LOAN: ~$70,000
TERM CONTRACTED:66 mo
APR/LEASE RATE: 10.69%
MONTHLY PAYMENT: $1,414
ANNUAL INCOME: $85k
DEBT TO INCOME RATIO: 43%
MISCELLANEOUS COMMENTARY: Got my 911. Dream come true.

With that score, unless you are first time buyer I dont see why it isn't in the 6-8% range....def refi SOOOON!
Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly :smileytongue:) //CK:692, Sesame:656
New Member
AZ_Motorist
Posts: 4
Registered: ‎05-17-2013

Re: Auto Loan Approvals!



With that score, unless you are first time buyer I dont see why it isn't in the 6-8% range....def refi SOOOON!

Yeah, I don't know either, it's my 2nd auto loan and it's the same rate I had on the car I traded in for it, so I didn't complain too much. I bank with NFCU and may see about a refi before too long. 


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+