Auto Loan Approvals!

[xvassagox]

APPROVING BANK: Lightstream
BUREAU PULLED: Experian
CREDIT SCORE: 800+
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: New
YEAR OF VEHICLE: 2016

MAKE: Toyota

MODEL: Highlander
MILEAGE: 21
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 40000
TERM CONTRACTED: 60 months
APR/LEASE RATE: 2.24
MONTHLY PAYMENT: 705.32

[Aduke1122]

Hey guys I have a question wasn't sure where else to post it, so my fiancé and I have been repairing our credit files , got some positive accts reporting , and our scores are finally climbing into mid 600s .
We went to try to get an auto loan in Jan of this year and realized our credit scores and files needed lots of work due to identity theft on my fiancé by a family member. Anyway that is what prompted us to repair and walk away from the dealers who would only offer us them crazy sub prime 25 % interest loans .
So in about two mths we will be ready to go try again , our old car is barely making it and we desperately need a new one. If he has never had an auto loan bf how will the Auto enhanced fico scores effect this . I had several car loans but this was years ago and they have all fallen off of my reports. And I only uses cashed for everything for many many years until this year so basically it's like I'm a first time buyer too right ?
I would appreciate any and all advice , we planned to try with our CUs first, we don't want to deal with the dealerships at all this time if possible . They messed us up pretty bad last time with inquiries, 20 in total for them trying to get us financed . Thanks

[Anonymous]

I believe the auto enhanced score will focus more on any installment loan in your credit file. Student loan, personal loans, etc. Myfico gives you the auto enhances scores when you subscribe for the credit monitoring, but doesn't update as your score increase or decrease unless you pull a new report. So I would get it right before you go car shopping if you want to know. You can also search the boards to see what bureau and score version the captive lender pulls for the car you're interested or research the credit union.

[Aduke1122]

Thank you Berto2381 for the reply , I have student loans and he has had a personal loan, this is good to know . Thanks for the info , I will be sure to pull our reports from Myfico bf going .

[Anonymous]

APPROVING BANK: VW Credit
BUREAU PULLED: Transunion (Equifax as well cause my previous auto loan from CU only reported there)
CREDIT SCORE: 653
CUSTOMER STATE OF RESIDENCE: Florida
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Volkswagen
MODEL: Passat S
MILEAGE: 27
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 25031
TERM CONTRACTED: 72
APR/LEASE RATE: 2.65%
MONTHLY PAYMENT: 379
ANNUAL INCOME: 35000
DEBT TO INCOME RATIO: 27%
MISCELLANEOUS COMMENTARY: Spoke to mulitple dealers, but settled on one that had my color combo that  i wanted (black). I was armed with my Fico score and when negotiating with dealers told them i would not buy their vehicle unless i was B-Tier or above on interest rate. Drove 2 1/2 hrs down there to meet my sales person id been emailing for a few days and he was a great guy. They gave me full NADA for my trade (i rolled 4k in negative equity, but 1700 is from an extended warranty on my trade in that will be refunded and go straight to the principal) told my sales person to axe the dealer fee as well, they left the fee as a line item since they charge customers it has to be on every contract (regulatory thing, you do it on one loan it has to be on every loan) but cut 799 from the vehicle selling price. Originally qualified a C tier, but got my B-tier per my negotiations so im happy at the end of the day! 

From what i read on here helped me a lot knowing the tiers and their scoring system helped me nail down the interest rate i wanted, so thank you MyFico and everyone who contributes here, and maybe I can pass along a little knowledge to anyone who gets a VW!  

In case anyone wants to know tiers, these are some tiers (sorry i dont know everything, but this came from the finance manager), things like money down and car payment history are mitigating factors that can either get you bumped up or down. If youre close with credit you can make it a stipulation that the car stays on the lot if you cant get the rate you want like i did

700+ A Tier (advertised lowest rate) 

660-699 B Tier (advertised rate + 1.25%)

659-??? C Tier (advertised rate + 3.75%)

???-??? D Tier (advertised rate + 8.75%)

[Aduke1122]

Great job that's awesome , thanks for the extra data pts . It's very helpful !

[Anonymous]

In the market for a new car! I got approved!!

[Aduke1122]

Congrats Mlcardenas1973 can you provide any other stats?

[Anonymous]

Here are my Fico scores. My income is $53,000/yr and utl is at 9%

 

[Aduke1122]

Thank you for sharing , which Cb did Usaa pull for you. And have you ever had an auto loan with them bf this? Been a member for over 10 years with just insurance and checking and savings and my secured card that was opened in Jan. We have been repairing and building credit since the beginning of this year bc we desperately need a new car , so we are now very close to being ready to apply .