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Valued Member
sjlcjl
Posts: 25
Registered: ‎02-12-2013
0

Re: Auto Loan Approvals!


Dustink wrote:

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?


Yes, I can..  I am however waiting till my refi closes before I do too much more as far as moving my credit around..  I also told the dealership I would keep it with them for their "required" 3 months because they treated me so well..  But after that, it will be moved to DCU..


Starting Score: EQ 665 (Jan 1, 2013)
Current Score: EQ 738 4/18/13, EX 715 Lender Pull 3/15/13, TU 718 Lender Pull 3/15/13 Suposedly over 750 now from what I was told when I did my auto loan, but not sure.
Goal Score: 740


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Valued Contributor
Dustink
Posts: 2,999
Registered: ‎10-02-2012
0

Re: Auto Loan Approvals!


sjlcjl wrote:

Dustink wrote:

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?


Yes, I can..  I am however waiting till my refi closes before I do too much more as far as moving my credit around..  I also told the dealership I would keep it with them for their "required" 3 months because they treated me so well..  But after that, it will be moved to DCU..


You bought a car while doing a refi? Living dangerously. 

 

Try to pay extra on this auto loan. You are going to be buried with negative equity and have issues getting a low rate refi. A few thousand extra will make up for the new car depreciation.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k          $8.5K          Closed          $19k         $6.5k           $24.2k        Closed          $5k         Closed       $8.5k        Closed      @2.49%
Valued Member
sjlcjl
Posts: 25
Registered: ‎02-12-2013
0

Re: Auto Loan Approvals!

[ Edited ]

Dustink wrote:

sjlcjl wrote:

Dustink wrote:

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?


Yes, I can..  I am however waiting till my refi closes before I do too much more as far as moving my credit around..  I also told the dealership I would keep it with them for their "required" 3 months because they treated me so well..  But after that, it will be moved to DCU..


You bought a car while doing a refi? Living dangerously. 

 

Try to pay extra on this auto loan. You are going to be buried with negative equity and have issues getting a low rate refi. A few thousand extra will make up for the new car depreciation.


Yeah, my loan officer said no problem with the truck purchase during my refi..  I close this coming Monday.  :smileyhappy:
Anyhow, I put down 20% on the truck when I purchased it..  The OTD price was $41k (sticker $48,945).  I put down almost $10k to make it $31,200 so I should be ok..

 


Starting Score: EQ 665 (Jan 1, 2013)
Current Score: EQ 738 4/18/13, EX 715 Lender Pull 3/15/13, TU 718 Lender Pull 3/15/13 Suposedly over 750 now from what I was told when I did my auto loan, but not sure.
Goal Score: 740


Take the myFICO Fitness Challenge

Valued Contributor
maiden_girl
Posts: 2,108
Registered: ‎12-29-2011
0

Re: Auto Loan Approvals!

Its nice to see so many success stories. We can really learn from each other! !!
The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






New Member
beephlat
Posts: 4
Registered: ‎04-21-2013
0

Re: Auto Loan Approvals!

APPROVING BANK: Capital One Auto Fin.
BUREAU PULLED: all 3??
CREDIT SCORE: 668 (other lender pull), 651 (dealer pull), 641 (MyFico)
CUSTOMER STATE OF RESIDENCE: OR
NEW/USED: New
YEAR OF VEHICLE: 2013
MAKE: 
MODEL: 
MILEAGE: 
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 31063
TERM CONTRACTED: 72mths
APR/LEASE RATE: 3.27
MONTHLY PAYMENT: 476
ANNUAL INCOME: 88,000
DEBT TO INCOME RATIO: <15% (not including this auto loan)
MISCELLANEOUS COMMENTARY: Decided to pull the trigger a few months early on getting a 2nd car in order to use my current car exclusively for work (current car has been paid off for almost 2 years).  Honestly couldn't believe that I got such a good rate. I was also approved from a local credit union (not a member) pending proof of income (4.49% @ 72 mo), and from Wells Fargo (~6% @ 72 mo), however neither could pull a rate as good as the one I got from Cap 1. The only thing about it: I initially, applied for a max 40k loan and they (Cap 1) adjusted it down to 31000, but at 3.2%. I'm looking at a car that is nearly 40K but I'll be putting 20% down so it should work out (I'm still trying to negotiate the final sale price though). All in all, I'm glad to have gotten such a good rate while simultaneously trying to continue to fix my credit. I still have some baddies to tend to on all 3 CRs, which is why the score is so low.  Happy trails car shoppers :smileyhappy:

New Visitor
Juanchol1117
Posts: 1
Registered: ‎04-27-2013
0

Re: Auto Loan Approvals!

APPROVING BANK:Ally
BUREAU PULLED:EX
CREDIT SCORE:681
CUSTOMER STATE OF RESIDENCE:FL
NEW/USED:New
YEAR OF VEHICLE:2013
MAKE:VW
MODEL:Touareg VR6 Sport Nav
MILEAGE:10
RETAIL/LEASE:retail
AMOUNT OF LOAN:51,XXX
TERM CONTRACTED:75
APR/LEASE RATE:5.39
MONTHLY PAYMENT:859
ANNUAL INCOME:90k
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: 0 down deal traded in a gas guzzling V8 2013 Grand Cherokee, very good deal and apr...anyone looking for a vw in central Florida should check out KUHN VW in tampa, they are great to deal with online, I did the whole deal online did the. Credit and just went and picked up the car
Valued Contributor
Dustink
Posts: 2,999
Registered: ‎10-02-2012
0

Re: Auto Loan Approvals!


beephlat wrote:

APPROVING BANK: Capital One Auto Fin.
BUREAU PULLED: all 3??
CREDIT SCORE: 668 (other lender pull), 651 (dealer pull), 641 (MyFico)
CUSTOMER STATE OF RESIDENCE: OR
NEW/USED: New
YEAR OF VEHICLE: 2013
MAKE: 
MODEL: 
MILEAGE: 
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 31063
TERM CONTRACTED: 72mths
APR/LEASE RATE: 3.27
MONTHLY PAYMENT: 476
ANNUAL INCOME: 88,000
DEBT TO INCOME RATIO: <15% (not including this auto loan)
MISCELLANEOUS COMMENTARY: Decided to pull the trigger a few months early on getting a 2nd car in order to use my current car exclusively for work (current car has been paid off for almost 2 years).  Honestly couldn't believe that I got such a good rate. I was also approved from a local credit union (not a member) pending proof of income (4.49% @ 72 mo), and from Wells Fargo (~6% @ 72 mo), however neither could pull a rate as good as the one I got from Cap 1. The only thing about it: I initially, applied for a max 40k loan and they (Cap 1) adjusted it down to 31000, but at 3.2%. I'm looking at a car that is nearly 40K but I'll be putting 20% down so it should work out (I'm still trying to negotiate the final sale price though). All in all, I'm glad to have gotten such a good rate while simultaneously trying to continue to fix my credit. I still have some baddies to tend to on all 3 CRs, which is why the score is so low.  Happy trails car shoppers :smileyhappy:


Give the dealer a shot to beat the rate.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k          $8.5K          Closed          $19k         $6.5k           $24.2k        Closed          $5k         Closed       $8.5k        Closed      @2.49%
Established Member
JackR1182
Posts: 12
Registered: ‎04-13-2013
0

Re: Auto Loan Approvals!

APPROVING BANK: Wells Fargo Dealer Svcs
BUREAU PULLED: experian
CREDIT SCORE: 649
CUSTOMER STATE OF RESIDENCE: Alabama
NEW/USED: used
YEAR OF VEHICLE: 2012
MAKE: jeep
MODEL: wrangler unlimited
MILEAGE: 23,000
RETAIL/LEASE: 33,000
AMOUNT OF LOAN: 34,000
TERM CONTRACTED: 72
APR/LEASE RATE: 9%
MONTHLY PAYMENT: 640
ANNUAL INCOME: 77,000
DEBT TO INCOME RATIO: 28% before loan
MISCELLANEOUS COMMENTARY: could've had a lower apr with capital one, but only wanted to put 1,000 down


Starting Score: 630 3/25/13
Current Score: 665
Goal Score: 750


Take the myFICO Fitness Challenge
Frequent Contributor
CreditJunkie917
Posts: 403
Registered: ‎01-08-2013
0

Re: Auto Loan Approvals!

[ Edited ]

APPROVING BANK:

NFCU BUREAU PULLED: TU

CREDIT SCORE: 637

CUSTOMER STATE OF RESIDENCE: WA

NEW/USED: USED

YEAR OF VEHICLE: 2003

MAKE: FORD

MODEL: RANGER XL 2 DR. REG CAB

MILEAGE:17800

RETAIL/LEASE:$5995

AMOUNT OF LOAN:$3700

TERM CONTRACTED:48MO A

PR/LEASE RATE:5.29%

MONTHLY PAYMENT:$95

ANNUAL INCOME:$54000

DEBT TO INCOME RATIO: 14%

MISCELLANEOUS COMMENTARY: Yes, the milage is correct. The dealer misquoted the price online, and as I was trolling, came across it. Currently deployed so email dealership that my wife would be coming up to look at it. didn't buy it outright as not to deplete all the savings from the deployment. Plus I can add this tradeline to my file for future auto loans. will pay it off in two years. She's also currently not working, so the loan was put in my name. I was suprised at the APR because of my scores, but after seeing all the success stories others have had with NFCU, it felt good. Also made me happy because back in 2006, my brother co-signed for me @20% through Americredit, and I ended up having 4 30-day lates, last one in 2008. She left the dealer 4hrs after getting there, and picking up the check. A very smooth transaction from what my wife said.

Amex Plat.(NPSL) Amex PRG(NPSL), Amex BCE($6K), Amex Hilton($1K), NavCheck ($15K), NFCU CR Siggy($16.6K), USAA Amex($7K), USAA World MC($7K), CSP($5K), Chase Marriott($5K), Care Credit($2.5K), Cap1 QS($3.5K), VS($500), Cap1 Secure($200)
Starting Scores(Jan 2013): FICO EQ: 643, TU: 552, EX: 567
Current Scores(October 8, 2014): FICO EQ: 679, TU: 703, EX: 696
In the Garden FOR-EV-ER!!!!! Cards and goals achieved! Let's grow and mature these babies!!!



Regular Contributor
jm00ser
Posts: 156
Registered: ‎07-11-2012
0

Re: Auto Loan Approvals!

Finally official!

 

APPROVING BANK: GTE Financial CU
BUREAU PULLED: Equifax
CREDIT SCORE: 750
CUSTOMER STATE OF RESIDENCE: Florida
NEW/USED: Used
YEAR OF VEHICLE: 2011
MAKE: Kia
MODEL: Optima SX
MILEAGE: 22,500
RETAIL/LEASE: 22,000 Vehicle price
AMOUNT OF LOAN: 24,500
TERM CONTRACTED: 72
APR/LEASE RATE: 2.74
MONTHLY PAYMENT: 369
ANNUAL INCOME: 51K
DEBT TO INCOME RATIO: around 50%
MISCELLANEOUS COMMENTARY: Had to roll in just a few hundred of a lease and put $600ish down at the CU to finance 24500. Happy to finally have my long term car!

In full gardening/ debt annihilation mode! (4/15/13)
Notre Dame FCU Visa 0/2k (8/04); CapOne Best Buy 800/1.5k (7\06)
Citi Thank You World MC 4800/9.7k (1/11); Amex Zync NPSL (9/11)
Chase Freedom Visa 1600/3.8k (9/11); Chase Southwest RR Premier Visa Signature 4300/10.7k (6/12); Discover It 0/3k (7/12)
EQ: 751 (4/1/13) EX: 742 (4/8/13) TU: 732 (4/8/13)

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