Auto Loan Approvals!

[gatorlover]

APPROVING BANK: BMW Financial Services
BUREAU PULLED: Experian
CREDIT SCORE: 676
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: BMW
MODEL: 228i 
MILEAGE: < 10mi
RETAIL/LEASE: Retail
AMOUNT OF LOAN: ~$36,990 after TTL - $1000 down
TERM CONTRACTED: 60mo
APR/LEASE RATE: 1.9%
MONTHLY PAYMENT: 647.00
ANNUAL INCOME: 98,000
MISCELLANEOUS COMMENTARY: I thought 675 was the cutoff for BMW's Tier1, but guess not, as I think Tier1 is 0.9%. Still pretty happy overall with 1.9%!

[ctpmd]

APPROVING BANK: Acura Financial Services
BUREAU PULLED: Equifax
CREDIT SCORE: 740
CUSTOMER STATE OF RESIDENCE: AL
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Acura
MODEL: TLX V6 Base
MILEAGE: 14
RETAIL/LEASE: Lease
AMOUNT OF LOAN: ~$36,600
TERM CONTRACTED: 36 mos/15k miles yearly
APR/LEASE RATE: .0007 MF (1.68%)
MONTHLY PAYMENT: $560
ANNUAL INCOME: $53,500
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Traded in my 2013 TL that had some negative equity. Sale price of the new car was about $32K before an additional $2K in rebates. So, the discounted sale price and additional rebates "temporarily absorbed" the negative equity. Base monthly payments before adding negative equity were right at $400. After adding the negative equity, base monthly payments went to $524. Taxes bring it to a tick over $560. Honestly, this is still a win for me because I was paying $650 on my TL, and that deal was not so great.

[iced]

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@gatorlover wrote:

APPROVING BANK: BMW Financial Services
BUREAU PULLED: Experian
CREDIT SCORE: 676
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: BMW
MODEL: 228i 
MILEAGE: < 10mi
RETAIL/LEASE: Retail
AMOUNT OF LOAN: ~$36,990 after TTL - $1000 down
TERM CONTRACTED: 60mo
APR/LEASE RATE: 1.9%
MONTHLY PAYMENT: 647.00
ANNUAL INCOME: 98,000
MISCELLANEOUS COMMENTARY: I thought 675 was the cutoff for BMW's Tier1, but guess not, as I think Tier1 is 0.9%. Still pretty happy overall with 1.9%!

---

When I financed earlier this year, I was ony offered 1.49% and the score they pulled and showed me at the dealership was 775. They also had the 0.9 deal going on then. It may require more than just a score to get?

[Aduke1122]

APPROVING BANK: USAA BANK
BUREAU PULLED: Experian ( they use their own scoring model)
CREDIT SCORE: 618
CUSTOMER STATE OF RESIDENCE: KANSAS
NEW/USED: USED
YEAR OF VEHICLE: 2015
MAKE: TOYOTA
MODEL: COROLLA
MILEAGE: 14k
RETAIL/LEASE: 14,900
AMOUNT OF LOAN: 16,783
TERM CONTRACTED: 72 mths
APR/LEASE RATE: 9.9
MONTHLY PAYMENT: 321.00
ANNUAL INCOME: 60k
DEBT TO INCOME RATIO: VERY LOW ONLY HAVE RENT
MISCELLANEOUS COMMENTARY:
My fiancé and I have been building and repairing our credit all year just so we could get a new auto loan. When we started in Jan our scores and profiles were terrible like 400s bad . We had orginally planned to wait until our scores atleast hit 650s but our old car just is shot so we couldn't wait any longer . Anyway I didn't think I would even get approved , USAA was the first place I apped with , online app was very simple and it came back instantly approved and even better it gave us way more than we even asked for. I asked for 20k just to make sure we had plenty , I knew we wanted to stay around 15k and they came back with 25k preapproved.

Went down to our local Toyota Dealer and man is it a good feeling to already know you have the financing secured and don't have to hassle with all of that at the dealership. Anyways we picked out our car Tuesday and done all the paper work , I had to wait on the check from USAA to come overnight Fed Ex . Got the check this morning and will be picking the car up today! Overall USAA is wonderful the whole process was easy , we e-signed all the docs and it was done , they didn't request any POI . I would recommend them to anyone. Also like to add I know the rate is not perfect but for our scores it is fine with me for the time being , we will refinance later on . But even the dealers told me they couldn't beat USAA rates lol

[Anonymous]

APPROVING BANK: Volvo Fiancial Services
BUREAU PULLED: Experian Auto Score 8
CREDIT SCORE: 665
CUSTOMER STATE OF RESIDENCE: MA
NEW/USED: New
YEAR OF VEHICLE: 2017
MAKE: Volvo
MODEL: XC60
MILEAGE: 10
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 45,000
TERM CONTRACTED: 60 months
APR/LEASE RATE: 1.9%
MONTHLY PAYMENT: $798
ANNUAL INCOME: 135,000
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY: Volvo was also offering an incentive where they make the first 3 payments, so I saved another 2,400 in addition to the 4,800 off MSRP

Message Edited by Schoolbuskid on 05-31-2008 09:46 AM

[amytx1978]

APPROVING BANK: Suntrust Bank
BUREAU PULLED: Not sure
CREDIT SCORE: 750
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Dodge
MODEL: Charger
MILEAGE: 13
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 30000
TERM CONTRACTED: 72 months
APR/LEASE RATE: 3.99%
MONTHLY PAYMENT: $463.48
ANNUAL INCOME: 73000
DEBT TO INCOME RATIO: Around 69%
MISCELLANEOUS COMMENTARY: Also got pre-approved thru USAA for 3.99% and $45000. Dealer tried to offer 5.99 until I pulled out the USAA offer.

[Anonymous]

APPROVING BANK: Wells Fargo DS and PNC
BUREAU PULLED: WFDS EQ/ PNC EX
CREDIT SCORE: EQ 647 EX 689
CUSTOMER STATE OF RESIDENCE: MO
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Ram
MODEL: 1500
MILEAGE: 13
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 41000
TERM CONTRACTED: 75 months
APR/LEASE RATE: 2.94
MONTHLY PAYMENT: $607
ANNUAL INCOME: NA
DEBT TO INCOME RATIO: Around 15%
MISCELLANEOUS COMMENTARY: Applied with PNC ready check at 5 pm. 8am the next morning had an approval and by 10 next day had the check. Dealer was able to match interest rate with WFDS. Didn't really want to go 75 months but tax, title, gap(Matched what progressive was going to charge), and extended warranty all added into loan. Didn't put a penny down.

[Anonymous]

**REFINANCE***

APPROVING BANK: IH Mississippi Valley Credit Union 
BUREAU PULLED: Transunion 
CREDIT SCORE: 634
CUSTOMER STATE OF RESIDENCE: Illinois 
NEW/USED: Used
YEAR OF VEHICLE: 2013
MAKE: Dodge
MODEL: Charger SXT AWD
MILEAGE: 43,300
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 23,900
TERM CONTRACTED: 58 months (Down from 65 months remaining) 
APR/LEASE RATE: 5.75% (Down from 15.45%)
MONTHLY PAYMENT: $455.00 (Down from $545.00)
ANNUAL INCOME: $40,000
DEBT TO INCOME RATIO: Around 20%
MISCELLANEOUS COMMENTARY:Was originally financed through Ally Bank at 15.45% when my credit score was about 100 points lower than it is now. I'm pretty proud of myself for doing this all on my own without the help of my parents. 

[jeffm4688]

APPROVING BANK: Penfed 
BUREAU PULLED: EQ
CREDIT SCORE: 690 (unsure of penfed score)
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: NEW
YEAR OF VEHICLE: 2016 
MAKE: Chevrolet
MODEL: Camaro 2SS
MILEAGE: 47
RETAIL/LEASE: Balloon
AMOUNT OF LOAN: 47280
TERM CONTRACTED: 60
APR/LEASE RATE: 2.49
MONTHLY PAYMENT: $534 for 60 months, 19.9K due as final payment
ANNUAL INCOME: 182K
DEBT TO INCOME RATIO: no idea, low as no mortgage
MISCELLANEOUS COMMENTARY: 

Trading in my 2015 2SS with 20K miles on it, pulled all the mods off and returned to stock. 2 years ago before I joined the forum and knew was was possible i signed a 48K 84 month term at 7% for this car. two weeks into ownership all the extras were returned & applied to the loan and I refi'd through penfed for 2.74% at 72 months. Currently down to 34K but trade is only 23K leaving a large amount of negative equity.

5K down out of my pocket towards new car(and 13K off MSRP as it's a 2016 leftover) make this deal worth it, as I'm signing a loan for 47K on a car with a sticker of 50K.

Quite a big difference in vehicle only one year makes.