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Auto Loan Approvals!

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EddieK
Established Contributor

Re: Auto Loan Approvals!


@tonyjones wrote:

APPROVING BANK: DCU
BUREAU PULLED: EQ
CREDIT SCORE: 687
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: TBA
YEAR OF VEHICLE: TBA
MAKE: TBA
MODEL: TBA
MILEAGE: TBA
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $50,000
TERM CONTRACTED: 60 mo
APR/LEASE RATE: 2.24
MONTHLY PAYMENT: 384.24
ANNUAL INCOME: 110K
DEBT TO INCOME RATIO: 10%
MISCELLANEOUS COMMENTARY: Not sure what car I'm going to buy, they used the same report a month ago so no hard pull Smiley Happy


Congrats on the approval, but the monthly payment seems to be $500/month lower than it should be according to the info you provided.  Good luck on your search...I had a DCU approval back in January, but didn't find the exact car I wanted.

Starting Scores:
1/19/14:

1/28/14:
2/12/14:
Current Scores:
7/10/19:
12/17/16:
9/05/17:
Message 2891 of 4,736
tonyjones
Valued Contributor

Re: Auto Loan Approvals!


@EddieK wrote:

@tonyjones wrote:

APPROVING BANK: DCU
BUREAU PULLED: EQ
CREDIT SCORE: 687
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: TBA
YEAR OF VEHICLE: TBA
MAKE: TBA
MODEL: TBA
MILEAGE: TBA
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $50,000
TERM CONTRACTED: 60 mo
APR/LEASE RATE: 2.24
MONTHLY PAYMENT: 384.24
ANNUAL INCOME: 110K
DEBT TO INCOME RATIO: 10%
MISCELLANEOUS COMMENTARY: Not sure what car I'm going to buy, they used the same report a month ago so no hard pull Smiley Happy


Congrats on the approval, but the monthly payment seems to be $500/month lower than it should be according to the info you provided.  Good luck on your search...I had a DCU approval back in January, but didn't find the exact car I wanted.


i meant to put $881 lol my bad

Current Fico Scores: (December 2023)
Message 2892 of 4,736
bb1248
Established Member

Re: Auto Loan Approvals!


@tonyjones wrote:

@bb1248 wrote:

APPROVING BANK: DCU
BUREAU PULLED: Eq
CREDIT SCORE: 709 (suprised I thought I was in the 670s according to myFico pulls)
CUSTOMER STATE OF RESIDENCE: MI
NEW/USED: USED
YEAR OF VEHICLE: 2012
MAKE: JEEP
MODEL: Grand Cherokee Overland Summit (CPO)
MILEAGE: 66,888
RETAIL/LEASE: Retail
AMOUNT OF LOAN: Requested and was approved for $25,000 - Used $23,499.99
TERM CONTRACTED: 65 mo
APR/LEASE RATE: 2.24
MONTHLY PAYMENT: 384.24
ANNUAL INCOME: 60k
DEBT TO INCOME RATIO: 10%
MISCELLANEOUS COMMENTARY: DCU was great to work with. Almost everything was taken care of online, how I prefer it.  All the stress and headache came from the dealerships. I ended up working on deals with several and eventually got the exact Jeep I wanted for the price I wanted and even got a couple extras added on but it took a couple days of negotiaing. Ended up being worth it. Can't wait to pickup my new car Tuesday.


Congrats man! yeah I plan on getting a auto loan from them in a future. Did they just mail you a blank check?


Thanks tony!  They are sending me a check for the exact amount of my loan $23,999.99. Still waiting on the check though. Not DCU's fault but FedEx is what's keeping me from picking up my new car. I paid for next day shipping ($15). I called in and closed on my loan on Saturday so FedEx didn't pickup the envelope until Monday. Anyway..... yesterday (Tuesday rolls by and no FedEx). So much for next day. Overall though I've been happy with how things have gone with DCU so far. I also called in and applied for their Visa using the same pull for the auto loan and was approved for $7,500.

Entered GC: 6/5/15
Starting Scores: Eq 499 1/12/12, Tu 517 1/12/12
Current Scores: Eq8 682 6/4/15, EqDCU 709 5/25/15, Tu8 680 6/5/15, Ex8 704 6/3/15
Message 2893 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!

APPROVING BANK: Capital One
BUREAU PULLED:
CREDIT SCORE: 650 Auto 8
CUSTOMER STATE OF RESIDENCE: MD
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: Chevy
MODEL: Silverado 2500 Crew Cab 4x4
MILEAGE: 3
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 40k
TERM CONTRACTED: 72
APR/LEASE RATE: 2.93
MONTHLY PAYMENT: 607
ANNUAL INCOME: 58k
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Capital one beat the GM lenders, Applied online through the cap1 auto navigator quick and easy

Message 2894 of 4,736
stagefoursurvivor
Established Contributor

Re: Auto Loan Approvals!

2.93 for 72 months is extraordinary!

Congrats

11/14/14 Total CL $1,100; 6/30/15 Total CL $180K
Message 2895 of 4,736
sdbizexec
New Member

Re: Auto Loan Approvals!

APPROVING BANK: Americredit / GM Financial
BUREAU PULLED: Equifax
CREDIT SCORE: Me 505 / Wife 545
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: Ford
MODEL: Fusion SE
MILEAGE: 12
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 28k
TERM CONTRACTED: 72
APR/LEASE RATE: 13.70
MONTHLY PAYMENT: 578
ANNUAL INCOME: 100k
DEBT TO INCOME RATIO: 16%
MISCELLANEOUS COMMENTARY: Have had cjhallenged credit due to serious medical issues / bills back to back with both myself and my wife so credit has taken some hits. Rebuilding now and was very happy with the rate and payment considering our ficos and previous issues. Hoping to refi or trade in within a couple years.

Message 2896 of 4,736
tonyjones
Valued Contributor

Re: Auto Loan Approvals!


@sdbizexec wrote:

APPROVING BANK: Americredit / GM Financial
BUREAU PULLED: Equifax
CREDIT SCORE: Me 505 / Wife 545
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: Ford
MODEL: Fusion SE
MILEAGE: 12
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 28k
TERM CONTRACTED: 72
APR/LEASE RATE: 13.70
MONTHLY PAYMENT: 578
ANNUAL INCOME: 100k
DEBT TO INCOME RATIO: 16%
MISCELLANEOUS COMMENTARY: Have had cjhallenged credit due to serious medical issues / bills back to back with both myself and my wife so credit has taken some hits. Rebuilding now and was very happy with the rate and payment considering our ficos and previous issues. Hoping to refi or trade in within a couple years.


That APR is really high, I'd try to refinance after a year with DCU/PenFed

Current Fico Scores: (December 2023)
Message 2897 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!


@sdbizexec wrote:

APPROVING BANK: Americredit / GM Financial
BUREAU PULLED: Equifax
CREDIT SCORE: Me 505 / Wife 545
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: Ford
MODEL: Fusion SE
MILEAGE: 12
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 28k
TERM CONTRACTED: 72
APR/LEASE RATE: 13.70
MONTHLY PAYMENT: 578
ANNUAL INCOME: 100k
DEBT TO INCOME RATIO: 16%
MISCELLANEOUS COMMENTARY: Have had cjhallenged credit due to serious medical issues / bills back to back with both myself and my wife so credit has taken some hits. Rebuilding now and was very happy with the rate and payment considering our ficos and previous issues. Hoping to refi or trade in within a couple years.


  Congrats, I had almost the exact suituation last year,. I took the higher APR made about 7 payments also made additional prinicilpal payments to make sure i brought down the priniple a bit.  At the end of 7 months I refinanced with Capital One of 8.49 % then a week later i joined NFCU and they preapproved me for 4,29% in seconds which we have taken.  My scores continue to grow and are in the lower mid 600's at this time and hope for 700s at the end of the year.  I guess my point it keep working on geting a better refinance because it doesnt cost you anything but a little bit of time.  I suggest everyone get with a credit union for this kind of stuff. NFCU is fantastic if you can become a member.  even gave me 250.00 to refi my car.

Message 2898 of 4,736
sdbizexec
New Member

Re: Auto Loan Approvals!

Agree but it was better than the 19.99% I was quoted everywhere else and the 29.99% Carmax approved me for! Going to hopefully refi with NFCU
Message 2899 of 4,736
sdbizexec
New Member

Re: Auto Loan Approvals!

Thanks workingfor850! That's good to hear and I am a NFCU member so going to open up a secured card with them asap then hopefully refi ar a great rate. Appreciate the info 😄
Message 2900 of 4,736
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