Yes, it looks as good as it seems on here also. I was excited to be approved, especially as Tier B, the lender said that I am not far away from Tier A. That was very nice to hear as well. The down side though...my plans were to get a "newer" car in about a year or so from now, more like 18 mos - 24 mos. Get this one paid way down or off in that time. Now, this makes me want a new truck instead. However, the new car may now have to turn into a newer truck instead. At least the newer trucks get better mileage. One thing I don't have to worry about much though is the mileage, I only have a 26 mi round trip for work.
The main thing, I GOT APPROVED without any problems. It was like old times!! WOO HOO
Thanks 
K
@Erinkkelly wrote:APPROVING BANK: GM Financial
BUREAU PULLED: Equifax
CREDIT SCORE: MyFico said it was 624 but the dealer pulled a FICO from Equifax and it said my score was 592?!
CUSTOMER STATE OF RESIDENCE: Ohio
NEW/USED: New
YEAR OF VEHICLE: 2013
MAKE: Chevy
MODEL: Cruze Eco
MILEAGE: 30
RETAIL/LEASE:
AMOUNT OF LOAN: 26,045
TERM CONTRACTED: 72
APR/LEASE RATE: 11.9
MONTHLY PAYMENT: $510.33
ANNUAL INCOME: 50,000
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Had negative equity of $2500 due to my previous car loan being at a 24% rate with Credit Acceptace...glads thats gone. I got a dealer $500 incentive. Only put down $365, payment not due until June 1st. Love my car, its a loaded model and got a good price because it has been sitting on the lot for 6 months. Been working really hard on my credit the past year. Going to plant myself in the garden and in one year from now try to refinance this loan with a lower rate. Gotta pay up to fix your credit!!
You will have to make large payments (at least $1,000 per month) to be able to refi in a year. If you only make the minimum payment, you will have a huge amount of negative equity and be unable to refi. Bringing in negative equity, putting a small amount down, getting a high rate and long term is a recipe for a large amount of negative equity down the line. Congrats on the vehicle, and good luck on the refi down the road. Glad to see you get out of that 24% loan.
Thanks for the advice. I plan on making higher payments when I can. I did get a loaded model and got some money knocked off of it...not that will help much in the long run. But what will help me is the miles will stay very low on the car since I work from home. I'm in a much better financial state then I was a few years ago so even if I can't refi right away the payments will be affordable to me. I just look at paying higher payments due to the rate my own fault for having bad credit...I messed up and now these higher payments is just another bill to repair credit. I'm actually really excited to see what my credit looks like in 1-2 years!
APPROVING BANK: Ford Motor Credit
BUREAU PULLED: Experian (I think)
CREDIT SCORE: Over 750 I was told by both local credit union and Ford
CUSTOMER STATE OF RESIDENCE: Virginia
NEW/USED: New
YEAR OF VEHICLE: 2013
MAKE: Ford
MODEL: F-150
MILEAGE: 50
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 31200
TERM CONTRACTED: 72mths
APR/LEASE RATE: 5.89
MONTHLY PAYMENT: 516
ANNUAL INCOME: 63,000
DEBT TO INCOME RATIO: With this loan 38%
MISCELLANEOUS COMMENTARY: The most I was allowed to put down was 20%, which I did.. I went through Ford for available incentives. Was also approved through my local credit union for 2.49 for 60mths and 2.99 for 72 mths. DCU approved me for 1.99 up to 65 mths and 2.49 up to 72 mths. By the way, my score went up 26 points when the loan hit my credit report this past week. Very odd..
Starting Score: EQ 665 (Jan 1, 2013)
@sjlcjl wrote:APPROVING BANK: Ford Motor Credit
BUREAU PULLED: Experian (I think)
CREDIT SCORE: Over 750 I was told by both local credit union and Ford
CUSTOMER STATE OF RESIDENCE: Virginia
NEW/USED: New
YEAR OF VEHICLE: 2013
MAKE: Ford
MODEL: F-150
MILEAGE: 50
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 31200
TERM CONTRACTED: 72mths
APR/LEASE RATE: 5.89
MONTHLY PAYMENT: 516
ANNUAL INCOME: 63,000
DEBT TO INCOME RATIO: With this loan 38%
MISCELLANEOUS COMMENTARY: The most I was allowed to put down was 20%, which I did.. I went through Ford for available incentives. Was also approved through my local credit union for 2.49 for 60mths and 2.99 for 72 mths. DCU approved me for 1.99 up to 65 mths and 2.49 up to 72 mths. By the way, my score went up 26 points when the loan hit my credit report this past week. Very odd..
Now that you have gotten the incentives, can you refi to a decent rate?
@hurley_21_07 wrote:APPROVING BANK: BMO Harris Bank
BUREAU PULLED: TransUnion
CREDIT SCORE: 709
CUSTOMER STATE OF RESIDENCE: Wisconsin
NEW/USED: Used
YEAR OF VEHICLE: 2011
MAKE: Hyundai
MODEL: Sonata Limited 2.0T
MILEAGE: 23009
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 26,500
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 3.24
MONTHLY PAYMENT: 409.95
ANNUAL INCOME: 45,000
MISCELLANEOUS COMMENTARY: Instant Approval......Also, I work at the dealership, so I know the buy rate was actually 1.99, but they still beat an outside approval I had of 4.34. No money down. Final amount includes GAP insurance and a 5yr/100k extended warranty. Very good deal.
Edit: Added more info about trim level of car.
If you work there, why didn't they give you the loan at the buy rate?
@ StartingOver87 Congrats! Your story gives me hope...lol
@jkdaddy wrote:APPROVING BANK: Toyota
BUREAU PULLED: All three
CREDIT SCORE: TU-624; EQ-660; EX-690 (no idea how I was a 690. My PLUS score is 665)
CUSTOMER STATE OF RESIDENCE: Ohio
NEW/USED: New
YEAR OF VEHICLE: 2013
MAKE: Toyota
MODEL: Camry
MILEAGE: 72
RETAIL/LEASE: Buy
AMOUNT OF LOAN: $27,200 (included tax and fees, GAP insurance and $3000 in neg equity) MSRP was 25,000
TERM CONTRACTED: 60 months
APR/LEASE RATE: 0...yay!
MONTHLY PAYMENT: $460
ANNUAL INCOME: $70,000
DEBT TO INCOME RATIO: not sure. credit cards are usng about 20% of limit
MISCELLANEOUS COMMENTARY: I went through a divorce a few years ago and was forced to buy a used 2006 Accord through Santander back in 2009 at 21%. My payment was $400 per month! My score was around 540 at the time, so I was in a bad spot. Needed a car. I drive A LOT, so the Accord had 145,000 miles as of today and was starting to show signs of problems. I'm a single dad, so I don't have much extra at the end of every month, but needs a new, reliable car. The dealer sold me the Camry for 2500 off MSRP and gave me 4500 for my accord (blue book value for trade in for good condition). So, I ended up paying about 1000 over MSRP before tax and gap. I will use my tax refund next year to cancel out the over pay and pay back the loan the the dicounted price. The dealer said Toyot's cut off for zero percent financing is a 670 FICO, fyi. Im happy to be driving a brand new car that gets better gas mileage for only 60 bucks a month more than I was paying for a 7.5 year old accord with almost 150,000 miles
Congrats! If you can pay any extra each month, that would be good. You will get in equity quicker, although 0% helps a lot