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Auto Loan Approvals!

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Raw_Oyster
Valued Member

Re: Auto Loan Approvals!

APPROVING BANK: Infiniti Lease
BUREAU PULLED: Transunion
CREDIT SCORE: 676
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Infiniti
MODEL: Q50 Premium
MILEAGE: 18
RETAIL/LEASE: Lease
AMOUNT OF LOAN: $39849
TERM CONTRACTED:39
APR/LEASE RATE: TIER 2
MONTHLY PAYMENT: 489
ANNUAL INCOME: $92,000
DEBT TO INCOME RATIO: 19%
MISCELLANEOUS COMMENTARY: Took advantage of the Nissan/Infiniti Vehicle Purchase Program (VPP) because of military affiliation. It saved me almost $4,000 under MSRP. Its my first ever lease. Really sweet ride, I decided to go with 15,000 miles per year.

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Message 2021 of 4,736
tonyjones
Valued Contributor

Re: Auto Loan Approvals!


@Meridion wrote:

APPROVING BANK: Alaska Federal Credit Union
BUREAU PULLED: Experian
CREDIT SCORE: 645
CUSTOMER STATE OF RESIDENCE: WA
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Dodge
MODEL: Journey
MILEAGE: 20
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $23,484
TERM CONTRACTED: 72
APR/LEASE RATE: 15.19%
MONTHLY PAYMENT: 499.00
ANNUAL INCOME: $35,600
DEBT TO INCOME RATIO: 3%
MISCELLANEOUS COMMENTARY: Bankruptcy discharged in August 2013. Had 16.12% on hand through RoadLoans.com but the dealer got me a little better. 


That APR is brutal. At 72 months by the time your done paying for it the interest you've had paid on the car will be $12,443.70.

 

Definitely try to get it refinanced after 12 months.

Current Fico Scores: (December 2023)
Message 2022 of 4,736
Revelate
Moderator Emeritus

Re: Auto Loan Approvals!


@tonyjones wrote:

@Meridion wrote:

APPROVING BANK: Alaska Federal Credit Union
BUREAU PULLED: Experian
CREDIT SCORE: 645
CUSTOMER STATE OF RESIDENCE: WA
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Dodge
MODEL: Journey
MILEAGE: 20
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $23,484
TERM CONTRACTED: 72
APR/LEASE RATE: 15.19%
MONTHLY PAYMENT: 499.00
ANNUAL INCOME: $35,600
DEBT TO INCOME RATIO: 3%
MISCELLANEOUS COMMENTARY: Bankruptcy discharged in August 2013. Had 16.12% on hand through RoadLoans.com but the dealer got me a little better. 


That APR is brutal. At 72 months by the time your done paying for it the interest you've had paid on the car will be $12,443.70.

 

Definitely try to get it refinanced after 12 months.


While I agree with your assertion, we're talking 2 months post BK discharge: I don't view that as a shoddy rate personally for that scenario.




        
Message 2023 of 4,736
Revelate
Moderator Emeritus

Re: Auto Loan Approvals!


@tonyjones wrote:

@Meridion wrote:

APPROVING BANK: Alaska Federal Credit Union
BUREAU PULLED: Experian
CREDIT SCORE: 645
CUSTOMER STATE OF RESIDENCE: WA
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Dodge
MODEL: Journey
MILEAGE: 20
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $23,484
TERM CONTRACTED: 72
APR/LEASE RATE: 15.19%
MONTHLY PAYMENT: 499.00
ANNUAL INCOME: $35,600
DEBT TO INCOME RATIO: 3%
MISCELLANEOUS COMMENTARY: Bankruptcy discharged in August 2013. Had 16.12% on hand through RoadLoans.com but the dealer got me a little better. 


That APR is brutal. At 72 months by the time your done paying for it the interest you've had paid on the car will be $12,443.70.

 

Definitely try to get it refinanced after 12 months.


While I agree with your assertion, we're talking 2 months post BK discharge: I don't view that as a shoddy rate personally for that scenario.




        
Message 2024 of 4,736
traveler2005
Established Contributor

Re: Auto Loan Approvals!

APPROVING BANK: Med 5 Federal Credit Union
BUREAU PULLED: Transunion
CREDIT SCORE:668
CUSTOMER STATE OF RESIDENCESmiley FrustratedD
NEW/USED:New
YEAR OF VEHICLE:2014
MAKE:Kia
MODELSmiley Frustratedorento
MILEAGE:400
RETAIL/LEASE:Retail
AMOUNT OF LOAN:30,000
TERM CONTRACTED:72 months
APR/LEASE RATE:3.2%
MONTHLY PAYMENT:461
ANNUAL INCOME:104000
DEBT TO INCOME RATIO:?
MISCELLANEOUS COMMENTARY:Loan pre approved, went to dealer, picked out car, asked for best deal possible, to purchase agreement back to credit union, went back to dealer, car gased up and ready to go, drove car home, whole process to less than 3 hours. Great Experience!!!!!





Starting Score: TU 573 Exp 523 Lender Pull, Eq 583
Current Score: TU 673, Exp 664.,Eq 672 04/17/2015 TU 741 Equifax 682 Experian 678

Goal Score: 700 across the board


Take the FICO Fitness Challenge

Last HP 6/10/2015
Message 2025 of 4,736
jhb
New Contributor

Re: Auto Loan Approvals!

This thread is to be used for your Auto Loan Approvals just copy and paste!
 
APPROVING BANK: Mercedes Benz Financial
BUREAU PULLED:Transunion
CREDIT SCORE:671
CUSTOMER STATE OF RESIDENCE:California
NEW/USED:New
YEAR OF VEHICLE:2014
MAKE:Mercedes Benz
MODEL:CLA 250
MILEAGE:18
RETAIL/LEASE:Retail
AMOUNT OF LOAN:$42000
TERM CONTRACTED:60
APR/LEASE RATE:3.3%
MONTHLY PAYMENT:$390
ANNUAL INCOME:$97625
DEBT TO INCOME RATIO:I'm not sure. 48% utilization on revolving credit.
MISCELLANEOUS COMMENTARY-Down payment of $9000
Message 2026 of 4,736
Ditovera
New Contributor

Re: Auto Loan Approvals!


@jhb wrote:
This thread is to be used for your Auto Loan Approvals just copy and paste!
 
APPROVING BANK: Mercedes Benz Financial
BUREAU PULLED:Transunion
CREDIT SCORE:671
CUSTOMER STATE OF RESIDENCE:California
NEW/USED:New
YEAR OF VEHICLE:2014
MAKE:Mercedes Benz
MODEL:CLA 250
MILEAGE:18
RETAIL/LEASE:Retail
AMOUNT OF LOAN:$42000
TERM CONTRACTED:60
APR/LEASE RATE:3.3%
MONTHLY PAYMENT:$390
ANNUAL INCOME:$97625
DEBT TO INCOME RATIO:I'm not sure. 48% utilization on revolving credit.
MISCELLANEOUS COMMENTARY-Down payment of $9000

Payment you posted ($390) is way low if you financed $33,000 after down payment for 60 months. Am I missing something?

Message 2027 of 4,736
Kratos-TM
Frequent Contributor

Re: Auto Loan Approvals!


@Ditovera wrote:

@jhb wrote:
This thread is to be used for your Auto Loan Approvals just copy and paste!
 
APPROVING BANK: Mercedes Benz Financial
BUREAU PULLED:Transunion
CREDIT SCORE:671
CUSTOMER STATE OF RESIDENCE:California
NEW/USED:New
YEAR OF VEHICLE:2014
MAKE:Mercedes Benz
MODEL:CLA 250
MILEAGE:18
RETAIL/LEASE:Retail
AMOUNT OF LOAN:$42000
TERM CONTRACTED:60
APR/LEASE RATE:3.3%
MONTHLY PAYMENT:$390
ANNUAL INCOME:$97625
DEBT TO INCOME RATIO:I'm not sure. 48% utilization on revolving credit.
MISCELLANEOUS COMMENTARY-Down payment of $9000

Payment you posted ($390) is way low if you financed $33,000 after down payment for 60 months. Am I missing something?


 

Yeah same thing I said...... I do like that he/she got a 3.3% rate with a 671 though from MBF. That's great!

Myfico scores.....
EX... 805 (11-10-13)
EQ... 810 (12-02-13)
TU... 810 (12-02-13)
Message 2028 of 4,736
KoolDev
Regular Contributor

Re: Auto Loan Approvals!

Could it have been about 19k down ?

My Sock Drawer: Care Credit $4200-0, JCP 2100-0, Chase 3000-0, Chase Freedom $4500.00-0, WF $1000.00-0.00
In Use: NFCU Visa Sig $17.5k- 0.00k
I still have too MANY CARDS
Starting Score 538
Current Score Oct 30-14 701 fico Eq-- 745 Fico Tu-- 713 Fico Ex
Message 2029 of 4,736
Mikey41
Established Member

Re: Auto Loan Approvals!

APPROVING BANK: TFS
BUREAU PULLED: N/A
CREDIT SCORE: 690
CUSTOMER STATE OF RESIDENCE: NJ
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Toyota
MODEL: Corolla
MILEAGE: 8
RETAIL/LEASE: retail
AMOUNT OF LOAN: 19200
TERM CONTRACTED: 72 months
APR/LEASE RATE: 5.5
MONTHLY PAYMENT: $367
ANNUAL INCOME: below $30 000
DEBT TO INCOME RATIO: N/A
MISCELLANEOUS COMMENTARY: $3000 down with $1300 balance owed after trade in.
Message 2030 of 4,736
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