Auto Loan Approvals!

[Epcot]

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sccredit wrote:
Its a lease.  Menas there is probably going to be $25k or so due at the end of the lease

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A balloon payment is not due at the end of a lease unless they decide to buy the car for the residual value. The vehicle can just be returned to the dealership and the only fees due would be a disposition fee or any excess wear/tear/mileage charges.

[compassion101]

APPROVING BANK: toyota motor credit corp
BUREAU PULLED: ex
CREDIT SCORE:736 FICO auto enhanced v2
CUSTOMER STATE OF RESIDENCE: Pennsylvania
NEW/USED: used
YEAR OF VEHICLE: 2010

MAKE:toyota

MODELriusV
MILEAGE:41k
RETAIL/LEASE:22000
AMOUNT OF LOAN:23538
TERM CONTRACTED:60
APR/LEASE RATE:1.9
MONTHLY PAYMENT: 412

ANNUAL INCOME:65k
MISCELLANEOUS COMMENTARY: 1.9% offered on all certified preowned

[dabrian]

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@TrishN wrote:

APPROVING BANK: NFCU
BUREAU PULLED: EQ+TU
CREDIT SCORE:623-660
CUSTOMER STATE OF RESIDENCE: South Carolina
NEW/USED: refinance
YEAR OF VEHICLE: 2009

MAKE:Honda

MODEL:Acc4D
MILEAGE:45000
RETAIL/LEASE:18500
AMOUNT OF LOAN:18500
TERM CONTRACTED:60
APR/LEASE RATE:5.99
MONTHLY PAYMENT:under 400

ANNUAL INCOME:60000
MISCELLANEOUS COMMENTARY:God financed from SANTANDER 20.99 paid 1 month then Refinance though NFCU. i tell you NFCU is Amazing.i Luv NFCU

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That's awesome.  Saved you a ton of money.  My brother is coming home for Christmas (Officer in the Army) I'm gonna make him sign up for NFCU so I can get in. 

[BeeCredibleNYC]

APPROVING BANK: Capital One
BUREAU PULLED: all 3
CREDIT SCORE: EQ 638 EX 583 TU ??
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: NEW
YEAR OF VEHICLE: 2013
MAKE: Nissan
MODEL: Altima
MILEAGE: ??
RETAIL/LEASE: ??
AMOUNT OF LOAN: up to $30k (blank check)
TERM CONTRACTED: 72 months
APR/LEASE RATE: 8.42%
MONTHLY PAYMENT: $532 if 30k used
ANNUAL INCOME: $92k
MISCELLANEOUS COMMENTARY:
Existing relationship with CapOne for what it's worth. Was expecting higher APR given the terms on the pre-approved notices I have been getting in the mail. On the journey to better credit and hope to refinance when scores go up significantly. Quietly hoping the dealer will beat the APR.

[Jutz]

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@BeeCredibleNYC wrote:
APPROVING BANK: Capital One
BUREAU PULLED: all 3
CREDIT SCORE: EQ 638 EX 583 TU ??
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: NEW
YEAR OF VEHICLE: 2013
MAKE: Nissan
MODEL: Altima
MILEAGE: ??
RETAIL/LEASE: ??
AMOUNT OF LOAN: up to $30k (blank check)
TERM CONTRACTED: 72 months
APR/LEASE RATE: 8.42%
MONTHLY PAYMENT: $532 if 30k used
ANNUAL INCOME: $92k
MISCELLANEOUS COMMENTARY:
Existing relationship with CapOne for what it's worth. Was expecting higher APR given the terms on the pre-approved notices I have been getting in the mail. On the journey to better credit and hope to refinance when scores go up significantly. Quietly hoping the dealer will beat the APR.

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I assume they pulled all three bureaus, correct?

Congrats on the APR, i think that gives you a great starting point for negotiations.  As many have mentioned, dealers hate filling out the paperwork on Cap1 and would rather work in house.

[BeeCredibleNYC]

Ohhh, thanks! I hope to use that to my advantage. It's been 24 he's since approval and I received notifications from TU and EX. I'm assuming EQ is coming.

[Jutz]

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@BeeCredibleNYC wrote:
Ohhh, thanks! I hope to use that to my advantage. It's been 24 he's since approval and I received notifications from TU and EX. I'm assuming EQ is coming.

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Makes sense.  I've seen some pretty agressive APRs coming from Cap1 recently, and I know I'm pre approved with them, but I really don't want to waste 3 inquiries with 1 bank, especially knowing at least one more will come from the dealer.

[BeeCredibleNYC]

From what I understand, all hard inquiries of same type, i.e., auto loan or mortgage, within 30 days get grouped together and FICO considers them as a single inquiry.  

[CreditMuppet]

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@BeeCredibleNYC wrote:

From what I understand, all hard inquiries of same type, i.e., auto loan or mortgage, within 30 days get grouped together and FICO considers them as a single inquiry.  

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While that is true for FICO.  Any financial institution who use automatic underwriting for credit and other types of loan, will see the single inquiries and you may have to recon their decision if you get denied because of it.

[BeeCredibleNYC]

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@CreditMuppet wrote:

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@BeeCredibleNYC wrote:

From what I understand, all hard inquiries of same type, i.e., auto loan or mortgage, within 30 days get grouped together and FICO considers them as a single inquiry.  

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While that is true for FICO.  Any financial institution who use automatic underwriting for credit and other types of loan, will see the single inquiries and you may have to recon their decision if you get denied because of it.

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HA!   Good to know!  Thanks for the info.