Auto Loan Approvals!

[sccredit]

APPROVING BANK: Logix FCU

BUREAU PULLED: EX
CREDIT SCORE: 731
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: REFINANCE
YEAR OF VEHICLE: 2012
MAKE: Ford
MODEL: F150 FX2 SuperCrew
MILEAGE:19k
RETAIL/LEASE: RETAIL (Refinance)
AMOUNT OF LOAN: 32179
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 2.9
MONTHLY PAYMENT:571
ANNUAL INCOME: 120,000
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY:Bought the truck in November and financed through Wells Fargo.  Wanted a better rate and to build DW's installment history (she has 2 paid autos with multiple late payments from 2008-2009) and Logix was painless to deal with.  

[Ariadne1225]

APPROVING BANK: Honda Financial/Capital One

BUREAU PULLED: Experian/Transunion
CREDIT SCORE: 741/698 both auto enhanced
CUSTOMER STATE OF RESIDENCE: AZ
NEW/USED: NEW
YEAR OF VEHICLE: 2013
MAKE: Honda
MODEL: Fit
MILEAGE: 0
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: ~16700
TERM CONTRACTED: 60 Months
APR/LEASE RATE: AHF - 0.9/ Cap One - 2.33 (.25% discount w/ automatic payments)
MONTHLY PAYMENT: $288
ANNUAL INCOME: 32000
DEBT TO INCOME RATIO: 12-15% paid in full every month

MISCELLANEOUS COMMENTARY:

A little over a year ago, my credit scores were in the mid/upper 500's. I went through a divorce and brief period of unemployment in 2010 and it was a slow climb and struggle to get back on track. I was terrified to look at my credit, but once I did, I sent some GW letters, did some PFD's, and had all my ex-husband's deliquent accounts on which I was an authorized user removed from my credit reports. 

My last auto loan was at 8.25% through my credit union, and that was even before the divorce. I had a huge DTI problem!

My 2000 Honda Civic was about to give up the ghost, and I have to have a car for work, as I visit sites, schools, etc. I was tired of lying awake at night stressing about it, so I decided to apply -- boy did I have butterflies and a sense of impending doom!  I was crossing my fingers for ballpark 5% on a loan this time around. I had pulled my scores, but was unsure what my auto enhanced scores would be. I was stunned by the 741, but kept my poker face when the dealership showed me. I thought nothing could beat the 698 Captial One had pulled. I decided to put no money down, even though I was prepared to put down 15%. I negotiated down to $14,500 ($16,215 MSRP) then financed my taxes, fees, etc. As a female applying and negotiating my first new car, I feel that I was quite successful.

I felt such despair a year ago, and I can't believe I was able to be approved at such a great rate. I couldn't have made the improvement without help from these boards!

[FatBank]

APPROVING BANK: Grow Financial CU
BUREAU PULLED: EQ
CREDIT SCORE: 696
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Nissan
MODEL: Versa
MILEAGE: 4,600
RETAIL/LEASE: Refinance
AMOUNT OF LOAN: $16,807.44
TERM CONTRACTED: 48 Months
APR/LEASE RATE: 3.25%
MONTHLY PAYMENT: $374.51
ANNUAL INCOME: 40K
DEBT TO INCOME RATIO: 5%
MISCELLANEOUS COMMENTARY: Went from 72 months @ 16% when I bought the car in June '13 to 3.25% for 48 months in December '13. Saving me close to 9k in interest. Also got a 1k visa @ 7.99% APR with same pull. Loving this good credit game.

[USF813]

Good job fatbank. I have my mortgage with Grow. Not a huge fan of them but they work for now.

[martian]

APPROVING BANK: VW

BUREAU PULLED: EX, EQ, TU

CO APPLICANT CREDIT SCORE: 660, 679, 695 ALL AUTO ENHANCED

NEW/USED: NEW

YEAR OF VEHICLE: 2013

MAKE: VW

MODEL: JETTA 2.5 SE WITH CONVENIENCE PACKAGE

MILEAGE: 86

RETAIL/LEASE: LEASE

AMOUNT OF CONTARCT: 24163

DOWNPAYMENT: 2000

LEASE PAYMENTS + LICENCE+ FEES: 12915

TERM CONTRACTED: 36

LEASE RATE:

MONTHLY PAYMENT: 302 INCL TAX

PAYOFF: APPROX: 11248

COMBINED INCOMES: APPROX GROSS 59604

DEBT TO INCOME RATIO: APROX 13 - 17%

COMMENTS: Primary's credit was better than mine.  Don't know numbers off hand.

VW became competitive against our bank which originally offered us approx. $23,000 @ 3.35% for a used car. VW offered us a new car lease instead.

[RushXTC]

APPROVING BANK:  Hyundai Lease Titling Trust

BUREAU PULLED: Experian
CREDIT SCORE: 683
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Kia
MODEL: SXL Turbo
MILEAGE: 15
RETAIL/LEASE: Lease
AMOUNT OF LOAN: $41,312
TERM CONTRACTED: 48 Months
APR/LEASE RATE: 0%
MONTHLY PAYMENT: $699
ANNUAL INCOME: $30,000
DEBT TO INCOME RATIO: N/A
MISCELLANEOUS COMMENTARY: Not even sure what I was thinking, Lol. The good thing is I don't pay rent or anything, So other than my credit card payments, I'll be fine.

Edit: Disregard this post, They called me 2 weeks later, I was not approved!

[jonernan]

APPROVING BANK: Capital One
BUREAU PULLED: Experian Auto Enhanced
CREDIT SCORE: 669
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Nissan
MODEL: Altima 3.5 SL
MILEAGE: 25
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $27,350.00
TERM CONTRACTED: 60
APR/LEASE RATE: 1.93% (Discounted due to auto pay commitment)
MONTHLY PAYMENT: $478
ANNUAL INCOME: $91,000.00
DEBT TO INCOME RATIO: 8%
MISCELLANEOUS COMMENTARY:

Applied on the 23rd of Dec. and received e-mail the next day saying I was approved for up to $31K at 1.93% for 60 months. The rate was discounted based on my commitment to enroll in automatic payments once re-payment begins. I was somewhat surprised at the rate since my credit is not exceptional, but no negatives in the past 2 years, plus 8% DTI ratio, earning about $91K per year (which is really nothing here in the San Fran Bay Area). No issues in using the check at my local Nissan dealer. I was able to purchase a fully loaded '14 Altima (sticker $33K) at $500 below invoice. That along with my gas guzzling trade-in (paid off) and a $2000 manufaturing rebate made my total out the door at $27,350, which is about 97% LTV. I plan on paying about $200 to $300 more on top of the monthly payment to help pay off the car faster and continue to rebuild my credit. Based on my experience to date, I recommend using Capital One Auto Finance, especially if they offer the most competitve rate.  NMAC (Nissan) could only do 4.95%.

One thing to note: If purchasing a new car with Capital One, any rebates are taken into consideration when calculating the LTV. Ex. Invoice price of $30,000. If there is current rebate of $2,000, then the LTV calculation is based on a $28,000 value. Not sure if it applies to all makes but in my case, whether or not it did, did not make a difference since I was well below my 110% LTV limit.

[jasahj]

APPROVING BANK: Capital One Auto Blank Check

BUREAU PULLED: Equifax
CREDIT SCORE: Ex: 657 EQ 728 (auto score 678) TU 647  Scores our from USAA credit monitoring.  Auto score was delivered in the blank check packet.  
CUSTOMER STATE OF RESIDENCE: WI
NEW/USED: NEW
YEAR OF VEHICLE:  
MAKE:  
MODEL:  
MILEAGE:
RETAIL/LEASE: 
AMOUNT OF LOAN: 30,000
TERM CONTRACTED: 72 MO
APR/LEASE RATE: 7.19
MONTHLY PAYMENT:517
ANNUAL INCOME: 49,000 + spouse
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY:  Windshield on my husbands car cracked in this cold weather.  Needs 2k in work to the engine.  Decided to look around for cars.  I was nervous because I have 4 charge offs on my credit report from 5 years 3 months ago.  All happened after the birth of my son and unexpectedly could not return to work.  We had to make hard choices.  Kept paying my car payment because we both needed vehicles and house payment.  So decided to bite the bullet and apply for the capital one blank check.  I won't have to face anyone and all that can happen is be denied.  To my surpse, got approved instantly.  30,000 I had to provide a paycheck stub and drivers license and they fed ex a check to me.  We needed a minivan so we looked at 2014 Tayota Sienna.  We looked at new because of the better interest rate.  I did a live chat with the tayota dealer.  

2013 or Newer	7.19%	$514.21
2012 - 2012	9.36%	$546.14
2011 - 2010	9.49%	$548.09
2009 - 2007	10.49%	$563.22

Told him I wanted the Sienna LE, list price 31,400 and I needed it out the door tax, title and license under 30k.  He said that would be hard to do but he would check with his manager.  Called me back in 1 hour saying yep, we can do that.  My husband was suppose to go with me but he got sent out on a no heat call for work.  I called the sales person and told him that I was on my way.  Car had no gas in it on test drive.  We could only drive down the street and back.  Never asked for my ID or drivers license.  I asked about anti theft because my insurance company wanted to know if it had it for the quote.  He said it sure does.  Sticker on the car showed it did not.  Tried to show me auto lift gate but the card did not have one.  Only comes standard on XLE.  Started talking about his curent wife... and actedl like he was looking for another one.  I said I would check with my husband.  I got in my car and drove 20 minutes to the next Tayota dealer.  4:00 pm, nice sales person.  No pressure, said to feel to price around.  They match or beat any price.  Test drove one with anti theft device.  This vehicle was 220 more then the other dealer because of that.  I told him I am interested but only have 30k approved for already.  He brought his sales manager over who asked if they could see if they could get me into zero % interest during the tayotathon.  I said sure, he ran my credit, gave me the same score as capital one.  Said it is not a bad score 678, and that he was positive that he could get me 0% but would have to wait until Monday as it was already passed there closing time by then.  Monday morning 9:30, sales person called and said he could get me the loan at 0% for 60 months.  I had the quote from the other dealer 28,617 and asked if they would match that.  He asked questions about it and I advised that it did not have the anti theft device.  I e-mailed him the quote I received from the dealer and he called back in 10 minutes saying they would give me the same price but add on 220 for the anti thef.  I said sure, so I got the 2014 Sienna for 28837, I thought that was pretty good.  I decided to take the gap insurance and extra care maintance because I had no downpayment.  We fought over the extended warranty.  Tried to push 2980 for 8 yr 75,000.  I was like no way.  I am sure I could have gotten it lower, but I ended up paying gap+4 year 45,000 extra care + 8 years talked him upto 100,000 for total of all three 2440 extra.  I feel like I got a good deal.  I can't believe that I qualified for 0%, The promo did end yesterday when they got me approved.  It was honestly the best car buying experience I ever had.  

APPROVING BANK: Tayota Financial

BUREAU PULLED: Trans Union
CREDIT SCORE: Ex: 657 EQ 728  TU 647  Scores our from USAA credit monitoring.  Auto score sheet from banker said 678 from Transunion
CUSTOMER STATE OF RESIDENCE: WI
NEW/USED: NEW
YEAR OF VEHICLE:  2014
MAKE:  Toyota 
MODEL:  Sienna 
MILEAGE:14
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 33366.41
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 0%
MONTHLY PAYMENT:567
ANNUAL INCOME: 49,000 + spouse

[jasahj]

APPROVING BANK: Capital One Auto Blank Check

BUREAU PULLED: Equifax
CREDIT SCORE: Ex: 657 EQ 728 (auto score 678) TU 647  Scores our from USAA credit monitoring.  Auto score was delivered in the blank check packet.  
CUSTOMER STATE OF RESIDENCE: WI
NEW/USED: NEW
YEAR OF VEHICLE:  
MAKE:  
MODEL:  
MILEAGE:
RETAIL/LEASE: 
AMOUNT OF LOAN: 30,000
TERM CONTRACTED: 72 MO
APR/LEASE RATE: 7.19
MONTHLY PAYMENT:517
ANNUAL INCOME: 49,000 + spouse
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY:  Windshield on my husbands car cracked in this cold weather.  Needs 2k in work to the engine.  Decided to look around for cars.  I was nervous because I have 4 charge offs on my credit report from 5 years 3 months ago.  All happened after the birth of my son and unexpectedly could not return to work.  We had to make hard choices.  Kept paying my car payment because we both needed vehicles and house payment.  So decided to bite the bullet and apply for the capital one blank check.  I won't have to face anyone and all that can happen is be denied.  To my surpse, got approved instantly.  30,000 I had to provide a paycheck stub and drivers license and they fed ex a check to me.  We needed a minivan so we looked at 2014 Tayota Sienna.  We looked at new because of the better interest rate.  I did a live chat with the tayota dealer.  

2013 or Newer	7.19%	$514.21
2012 - 2012	9.36%	$546.14
2011 - 2010	9.49%	$548.09
2009 - 2007	10.49%	$563.22

Told him I wanted the Sienna LE, list price 31,400 and I needed it out the door tax, title and license under 30k.  He said that would be hard to do but he would check with his manager.  Called me back in 1 hour saying yep, we can do that.  My husband was suppose to go with me but he got sent out on a no heat call for work.  I called the sales person and told him that I was on my way.  Car had no gas in it on test drive.  We could only drive down the street and back.  Never asked for my ID or drivers license.  I asked about anti theft because my insurance company wanted to know if it had it for the quote.  He said it sure does.  Sticker on the car showed it did not.  Tried to show me auto lift gate but the card did not have one.  Only comes standard on XLE.  Started talking about his curent wife... and actedl like he was looking for another one.  I said I would check with my husband.  I got in my car and drove 20 minutes to the next Tayota dealer.  4:00 pm, nice sales person.  No pressure, said to feel to price around.  They match or beat any price.  Test drove one with anti theft device.  This vehicle was 220 more then the other dealer because of that.  I told him I am interested but only have 30k approved for already.  He brought his sales manager over who asked if they could see if they could get me into zero % interest during the tayotathon.  I said sure, he ran my credit, gave me the same score as capital one.  Said it is not a bad score 678, and that he was positive that he could get me 0% but would have to wait until Monday as it was already passed there closing time by then.  Monday morning 9:30, sales person called and said he could get me the loan at 0% for 60 months.  I had the quote from the other dealer 28,617 and asked if they would match that.  He asked questions about it and I advised that it did not have the anti theft device.  I e-mailed him the quote I received from the dealer and he called back in 10 minutes saying they would give me the same price but add on 220 for the anti thef.  I said sure, so I got the 2014 Sienna for 28837, I thought that was pretty good.  I decided to take the gap insurance and extra care maintance because I had no downpayment.  We fought over the extended warranty.  Tried to push 2980 for 8 yr 75,000.  I was like no way.  I am sure I could have gotten it lower, but I ended up paying gap+4 year 45,000 extra care + 8 years talked him upto 100,000 for total of all three 2440 extra.  I feel like I got a good deal.  I can't believe that I qualified for 0%, The promo did end yesterday when they got me approved.  It was honestly the best car buying experience I ever had.  

APPROVING BANK: Tayota Financial

BUREAU PULLED: Trans Union
CREDIT SCORE: Ex: 657 EQ 728  TU 647  Scores our from USAA credit monitoring.  Auto score sheet from banker said 678 from Transunion
CUSTOMER STATE OF RESIDENCE: WI
NEW/USED: NEW
YEAR OF VEHICLE:  2014
MAKE:  Toyota 
MODEL:  Sienna 
MILEAGE:14
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 33366.41
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 0%
MONTHLY PAYMENT:567
ANNUAL INCOME: 49,000 + spouse

[jasahj]

APPROVING BANK: Tayota Financial

BUREAU PULLED: Trans Union
CREDIT SCORE: Ex: 657 EQ 728  TU 647  Scores our from USAA credit monitoring.  Auto score sheet from banker said 678 from Transunion
CUSTOMER STATE OF RESIDENCE: WI
NEW/USED: NEW
YEAR OF VEHICLE:  2014
MAKE:  Toyota 
MODEL:  Sienna 
MILEAGE:14
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 33366.41
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 0%
MONTHLY PAYMENT:567
ANNUAL INCOME: 49,000 + spouse

[ldm]

APPROVING BANK: Bank of America
BUREAU PULLED: Equifax
CREDIT SCORE:744
CUSTOMER STATE OF RESIDENCE:FL
NEW/USED:NEW
YEAR OF VEHICLE:2014
MAKE:Jeep
MODEL:Grand Cherokee
MILEAGE:0
RETAIL/LEASE:Retail
AMOUNT OF LOAN:36500
TERM CONTRACTED:48 or 60
APR/LEASE RATE:2.44%
MONTHLY PAYMENT:645
ANNUAL INCOME:80K
DEBT TO INCOME RATIO: no credit card debt, student loan only and balance is below 17k
MISCELLANEOUS COMMENTARY: I special ordered my vehicle in November and it is close to arrival date.  I have started shopping for rates and got instant approval and a phone call from BOA within minutes to confirm.  The dealer I ordered the vehicle from is in their preferred netwok so they sent me a letter and said take it down when the vehicle arrives and it is all done.  Seems very efficient and easy.  I have not given the dealers F&I guy to try and beat the rate, I most likely will.  Bank of America  asked

that I confirm my identiy, and the VIN and Value of the new vehicle I was purchasing. There was no request to confirm income or finances.  I am a current BOA customer so that may be why.  MSRP of the vehicle was $49,185/Negotiated to below 45,000, and I am putting down 20% and paying all Tax/Tag/Title fees as well.  Bank of America does charge a Title Fee for Florida that is based on the value of the vehicle. 

[Anonymous]

APPROVING BANK: Bank of America
BUREAU PULLED: EQ
CREDIT SCORE: 653
CUSTOMER STATE OF RESIDENCE: OK
NEW/USED: USED - Refinance
YEAR OF VEHICLE: 2008
MAKE: BMW
MODEL: 335i(twin turbo )
MILEAGE: 61200
RETAIL/LEASE: Retail - Refinance
AMOUNT OF LOAN: $19,800.00
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 6.2
MONTHLY PAYMENT: $320.00
ANNUAL INCOME: $65,000.00
DEBT TO INCOME RATIO: 25%
MISCELLANEOUS COMMENTARY:

So I applied with Capital One and they pulled EQ too, but only showed a 608. Both were instant approvals online. Cap One offered 8%. Why such a big difference between banks on the score?