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APPROVING BANK: Mazda Finance (Chase)
BUREAU PULLED: Equifax
CREDIT SCORE: 616/5XX joint app
CUSTOMER STATE OF RESIDENCE: NC
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: Mazda
MODEL: CX-5
MILEAGE: 20
RETAIL/LEASE: $25, 756
AMOUNT OF LOAN: $21,756
TERM CONTRACTED: 72
APR/LEASE RATE: 3.97
MONTHLY PAYMENT: $343
ANNUAL INCOME: ~$70k combined
DEBT TO INCOME RATIO: Not sure
MISCELLANEOUS COMMENTARY: 4 months out of Ch. 7 BK $25k OTD and added GAP for $750ish. $4k down made the loan happen.
APPROVING BANK: Carmax
BUREAU PULLED: Dont remember but I think EX
CREDIT SCORE: EQ 633/TU622/EX613
CUSTOMER STATE OF RESIDENCE: MD
NEW/USED: USED
YEAR OF VEHICLE: 2013
MAKE: Chevrolet
MODEL: Impala
MILEAGE: 46k
RETAIL/LEASE: $13, 600
AMOUNT OF LOAN: $11,000
TERM CONTRACTED: 60
APR/LEASE RATE: 7.45
MONTHLY PAYMENT: $215
ANNUAL INCOME: ~$33k
DEBT TO INCOME RATIO: under $1k of debt
MISCELLANEOUS COMMENTARY: 1 collection of $300(paid but hasn't been posted yet I guess). Didn't Actually purchase the car, got to the down payment and debit card wouldn't charge that much. ($4000 down) getting check in the morning and going back to finalize. didnt think I would get finance with my score and Im a Bartender so not all my income is reported. (side note: they did not require any proof of income, just my liscense) might look at other cars to see if I can get a "nicer" car.
APPROVING BANK: Bethpage FCU
BUREAU PULLED: Experian
CREDIT SCORE: 663
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: Used
YEAR OF VEHICLE: 2015
MAKE: Nissan
MODEL: Altima S
MILEAGE: 11,900
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $17,200
TERM CONTRACTED: 72
APR/LEASE RATE: 4.64
MONTHLY PAYMENT: $277
ANNUAL INCOME: $48k
DEBT TO INCOME RATIO: Not sure
MISCELLANEOUS COMMENTARY: Car sold for 16,999 & I had close to 4K negative equity rolled in. Put 3.5K down, bring the price back down to 17K, keeping the car under 90% LTV.
APPROVING BANK: JP Morgan Chase (Mazda Financing)
BUREAU PULLED: Experian (of course my worst one!)
CREDIT SCORE: 678 (mid) 701 (auto enhanced)
CUSTOMER STATE OF RESIDENCE: AZ
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Mazda
MODEL: Mazda 3 i Grand Touring
MILEAGE: 20
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $28133.38
TERM CONTRACTED: 63mo
APR/LEASE RATE: 0.90%
MONTHLY PAYMENT: $457.48
ANNUAL INCOME: $48k+
DEBT TO INCOME RATIO: 13%
MISCELLANEOUS COMMENTARY: I have been researching cars online for several months and recently switched from wanting a Nissan to a Mazda. Made the mistake of forgetting my contact info was configured into my Truecar app so of course I've been getting non-stop calls all day from different dealerships. Anyway, had my Truecar price locked in and the best they were going to do was like 2.99% apr for 60 months so me and my sister said we'd be back with what my credit union was offering me (which I then said was 1.39%). She doesn't even have her car started and of course the finance guy is running after us wanting to know how he could keep our business. They had to "do away" with the Truecar price to get me the 0.9% but the price it changed to was only $500 above the Truecar which was less than Edmunds' true market value so I figure I've saved that in interest payments.
***Edit to change financial info to reflect down payment
@grneydangl wrote:APPROVING BANK: JP Morgan & Chase (Mazda Financing)
BUREAU PULLED: Experian (of course my worst one!)
CREDIT SCORE: 678 (mid) 701 (auto enhanced)
CUSTOMER STATE OF RESIDENCE: AZ
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Mazda
MODEL: Mazda 3 i Grand Touring
MILEAGE: 20
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $30903.38
TERM CONTRACTED: 63mo
APR/LEASE RATE: 0.90%
MONTHLY PAYMENT: $502.52
ANNUAL INCOME: $48k+
DEBT TO INCOME RATIO: 13%
MISCELLANEOUS COMMENTARY: I have been researching cars online for several months and recently switched from wanting a Nissan to a Mazda. Made the mistake of forgetting my contact info was configured into my Truecar app so of course I've been getting non-stop calls all day from different dealerships. Anyway, had my Truecar price locked in and the best they were going to do was like 2.99% apr for 60 months so me and my sister said we'd be back with what my credit union was offering me (which I then said was 1.39%). She doesn't even have her car started and of course the finance guy is running after us wanting to know how he could keep our business. They had to "do away" with the Truecar price to get me the 0.9% but the price it changed to was only $500 above the Truecar which was less than Edmunds' true market value so I figure I've saved that in interest payments.
To the credit of the dealer they were honest and pretty straightforward in this transaction. I study the industry and subscribe to trade journals and have learned a lot this year. One thing that is really clear is that they make money on marking up interest which most customers don't know. In this case the tradeoff of raising the price 500 bucks and lowering the interest was fair. They also didnt tell you that by dumping that Truecar price meant they didnt have to pay Truecar either. You got a great APR and a great car and you will save more than 500 bucks versus the the 2.99 they were offering.
@EddieK wrote:APPROVING BANK: DCU
BUREAU PULLED: EQ04
CREDIT SCORE:
CUSTOMER STATE OF RESIDENCE: GA
NEW/USED: CPO
YEAR OF VEHICLE: 2014
MAKE: Mercedes
MODEL: E63S
MILEAGE: 19888
RETAIL/LEASE: PURCHASED
AMOUNT OF LOAN: $50,000
TERM CONTRACTED: 65 months
APR/LEASE RATE: 1.74%
MONTHLY PAYMENT: $806
ANNUAL INCOME: >100K
DEBT TO INCOME RATIO: With new auto loan ~25%
MISCELLANEOUS COMMENTARY: Been searching for over a year...finally found it last week. DCU was easy as it gets as usual with their auto loan process. Overnighted a check and that was it on their end. Put 30K down. Picture below:
Excellent choice, EddieK! beautiful car!
That must be a monster when you get to the on ramp for the Interstate!
Is this your first AMG model?
I am huge fan, but cant afford them right now.
I am the part of the Mercedes mantra that says 'The Best, or nothing at all'. I dont have the best, I got the nothing part,
Hope you dont draw the attention of the law enforcement too much.
GL
@Anonymous wrote:Excellent choice, EddieK! beautiful car!
That must be a monster when you get to the on ramp for the Interstate!
Is this your first AMG model?
I am huge fan, but cant afford them right now.
I am the part of the Mercedes mantra that says 'The Best, or nothing at all'. I dont have the best, I got the nothing part,
Hope you dont draw the attention of the law enforcement too much.
GL
Thank you for the compliment! Yes, this is my 1st AMG and sadly I haven't driven it hard yet. I kept my Honda Accord which I drive to/from work. The little I have driven it, it's a blast, hope to test the speed in the near future. Thanks again for the nice words and when the opportunity presents itself and you're deciding on whether or not to get an AMG, get it without hesitation.
APPROVING BANK: Georgia's Own CU
BUREAU: Experian and Equifax
CREDIT SCORE: 712 and 714
CUSTOMER STATE OF RESIDENCE: GA
NEW/USED: Used
YEAR OF VEHICLE: 2014
MAKE: Range Rover
MODEL: Sport
MILEAGE: 17,240
RETAIL/LEASE: retail
AMOUNT. OF LOAN: 50,950
TERM. CONTRACTED: 72
APR/LEASE RATE: 2.75%
MONTHLY PAYMENT: $768
MISC COMMENTARY: Put $12,500 down and paid taxes out of my pocket, sweet ride!
APPROVING BANK: DCU
BUREAU PULLED: EQ
CREDIT SCORE: 671 (the FICO version DCU pulls, not FICO 8.)
CUSTOMER STATE OF RESIDENCE: Indiana
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Jeep
MODEL: Wrangler (2 door Willys Wheeler edition). Tank green!
MILEAGE: 46
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 34,000
TERM CONTRACTED: 65 mo
APR/LEASE RATE: 3.49 (with .25 reduction up to a total 1.5 percent for each quarter of on time payments)
MONTHLY PAYMENT: 574.84
ANNUAL INCOME: 71,800
DEBT TO INCOME RATIO: 20.8
MISCELLANEOUS COMMENTARY: They actually approved me to where I didn't have to payoff/trade my other auto loan with them. They really approved it based on 26.5 debt to income, but I am paying off that other auto loan with the trade. I've been a member with them since June and have auto history. I aggressively have been paying the old auto loan, too.
APPROVING BANK: Audi Financial
BUREAU PULLED: TU
CREDIT SCORE: 715
CUSTOMER STATE OF RESIDENCE: Florida
NEW/USED: Used
YEAR OF VEHICLE: 2013
MAKE: Audi
MODEL: A6
MILEAGE: 39800
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 45700
TERM CONTRACTED: 72
APR/LEASE RATE: 3.9%
MONTHLY PAYMENT: 689.00
ANNUAL INCOME: 98900
DEBT TO INCOME RATIO:N/A
MISCELLANEOUS COMMENTARY: