Auto Loan Approvals!

[curlylox777]

I'm also planning to get a Jeep Wrangler Rubicon in a couple months, please post when you make your final choice and pick up your new Jeep! Congrats! I cant wait to be in one myself, im on a countdown till I order mine Smiley Happy Would love to hear how you made out.

[olivegirl]

Greetings everyone, 

My dream car for more years than I can remember was a MB. I would pass the MB dealership regulary and dream. Then last year, I test drove a BMW. and I started to dream about that car...so it was a toss up between the two cars. Last Monday, out of the blue, I called my CU and applied for the auto loan and was immediately approved. I was advised to go out and select a car and that they would do the rest. I began researching and looking at cars. Finally, I found one at the MB dealership, the same one that I would pass by on a regular basis. I sent an e-mail inquiring about an e-price for a car that I had seen online. I was contacted the next day and an appointment was made. 

Next thing I recall is test driving the car that I eventually brought home...this past Tuesday...it is beautiful, has all ofthe bells and whistles...I still can't believe

APPROVING BANK: Mecedes Benz Finacial Services- Could not believe this
BUREAU PULLED: MBFS -TU and CU EQ
CREDIT SCORE: MBFS 664  and CU 667
CUSTOMER STATE OF RESIDENCE: MD
NEW/USED: Used
YEAR OF VEHICLE: 2013
MAKE: Mercedes Benz
MODEL: C300
MILEAGE: 35,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 26,900.00 out the door
TERM CONTRACTED: 72
APR/LEASE RATE: 3.99
MONTHLY PAYMENT: 423.00/ 1st payment paid by dealer
ANNUAL INCOME: 100K combined
DEBT TO INCOME RATIO: 10% "debt" to income ratio 

MISCELLANEOUS COMMENTARY: My CU approved me for $25,000 auto loan financed at 6.50%. I had to call  and declline the offer, The CU loan rep said that it was a MBFS  gave me an awesome deal and that if I hadn't taken it, she would have...LOL...MBFS took pretty good care of me.  I plan to pay it off in 4 years. Hope to buy a brand new MB in the future...PS- My salesperson was super awesome..sending her a thank you note and a coffe card this weekend! 

[Anonymous]

APPROVING BANK: Horizon Bank 
BUREAU PULLED: TU 
CREDIT SCORE: 748
CUSTOMER STATE OF RESIDENCE: IN
NEW/USED: Used
YEAR OF VEHICLE: 2013
MAKE: Dodge
MODEL: Dart SE
MILEAGE: 36,152
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 10,890.15 Out the Door
TERM CONTRACTED: 72
APR/LEASE RATE: 4.05
MONTHLY PAYMENT: 172
ANNUAL INCOME: $19,200
DEBT TO INCOME RATIO: Not sure they didn't tell me. 

MISCELLANEOUS COMMENTARY: I was going to go with DCU as they had approved me for 2.72%. But decided on Horizon, because DCU wouldn't go any higher than a max of half my income or $9600. This really frustrated me because I didn't want to put $1300 down plus plates. In the end it all worked out though because I still opened a savings with DCU and also Penfed (denied me). I almost gave up at one point though because I had gotten turned down by like 7-8 banks in a row. If i remember correctly it was PenFed, Chase, BOFA, Nasa, Wells Fargo, and another bank or two that turned me down. I'm quite shocked I got this rate and loan because I have another car under my name still financed, but I plan on selling that one in a week or so to my girlfriends brother. I am also going to install a new touchscreen radio next Friday and also a remote starter. All in all though I am quite happy with this vehicle and am going to enjoy it for the next 7 years  

[Anonymous]

APPROVING BANK: Ford Motor Credit

BUREAU PULLED: TransUnion, Equifax

CREDIT SCORE: My Fico: 620, Auto enhanced: 579

CUSTOMER STATE OF RESIDENCE: VA NEW/USED: New               

YEAR OF VEHICLE: 2016 MAKE: Ford

MODEL: Fusion  

MILEAGE: 26

RETAIL/LEASE: Retail

AMOUNT OF LOAN: 24,000

TERM CONTRACTED: 60 Months

APR/LEASE RATE: 3.9

MONTHLY PAYMENT: 450

ANNUAL INCOME: 44,000

DEBT TO INCOME RATIO: 9%

MISCELLANEOUS COMMENTARY: Previously had a loan with FMC that I was upside down on… Paid late 11 times over two years ago. One collection account under 1k. I have two credit cards. In the process of repairing my credit.

[Anonymous]

APPROVING BANK: Mazda Capital Services from Chase
BUREAU PULLED: TU EQ
CREDIT SCORE:  TU - 725  / EQ - 729
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: NEW
YEAR OF VEHICLE: 2016
MAKE: Mazda
MODEL: CX 5 Grand Touring
MILEAGE: NEW
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: 27000
TERM CONTRACTED: 60
APR/LEASE RATE: 0.9%
MONTHLY PAYMENT: 471
ANNUAL INCOME: 40k
DEBT TO INCOME RATIO: Did not ask
MISCELLANEOUS COMMENTARY: I had gotten pre approved from Cap 1 with a fairly decent rate prior to going to the dealership. I knew about the Mazda special financing before, but I wanted to have a backup in case I dont get approved.

[coreyb80]

APPROVING BANK: Nissan Motor Acceptance
BUREAU PULLED: TU
CREDIT SCORE: 534
CUSTOMER STATE OF RESIDENCE: IL
NEW/USED: Demo
YEAR OF VEHICLE: 2015
MAKE: Nissan
MODEL: Altima

MILEAGE: 6900
RETAIL/LEASE: Retail
AMOUNT OF LOAN: I have to double check my paperwork again to be sure
TERM CONTRACTED: 72 mo
APR/LEASE RATE: 9 %
MONTHLY PAYMENT: $489
ANNUAL INCOME: 60K
MISCELLANEOUS COMMENTARY: The person that I'm currently dating cousin is the GM of the dealership.  He called me Saturday and asked me how much I could put down and I told him that at the time I didn't have any funds available to put $ for a new car.  He told me he would see what he would do about that.  He called me back 30 minutes later with my payment amount and to tell to come sign the papers and take the car.  I went in Saturday and signed the papers and drove off the lot w/ the car.  I was at the dealership for about 2 hours total and most of that was just shooting the breeze w/ the GM and my daughter.

[Anonymous]

APPROVING BANK: Redwood Credit Union (local bank in Sonoma County)
BUREAU PULLED: Equifax
CREDIT SCORE: 750 (per MyFico) I believe the dealership said it was 717 but couldn't tell me which score version they pulled.
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Subaru
MODEL: Forester 2.5i (base model with manual transmission)
MILEAGE: 80
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 21529
TERM CONTRACTED: 72 months
APR/LEASE RATE: 2.69%
MONTHLY PAYMENT: $292
ANNUAL INCOME: $50,000
DEBT TO INCOME RATIO: 11% 
MISCELLANEOUS COMMENTARY: It was a totally smooth process. Did all of the negotiating via email before going into the dealership. Got a great deal (at least I feel like I did) and I'm beyond thrilled. Without the help of the forums over the last year and a half there is zero chance I would have gotten anywhere near top tier financing.

[Anonymous]

APPROVING BANK: DCU
BUREAU PULLED: EQ
CREDIT SCORE: 598
CUSTOMER STATE OF RESIDENCE: DE
NEW/USED: Used
YEAR OF VEHICLE: 2013
MAKE: BMW
MODEL: X1
MILEAGE: 31,750
RETAIL/LEASE: Loan
AMOUNT OF LOAN: $28k
TERM CONTRACTED:65
APR/LEASE RATE: 5.74
MONTHLY PAYMENT: $498
ANNUAL INCOME: $100k+
DEBT TO INCOME RATIO: 31%
MISCELLANEOUS COMMENTARY: LOVE DCU!!!

[CHICKIE71]

APPROVING BANK: SECU ( State Employee credit union)
BUREAU PULLED:Equfax
CREDIT SCORE:578
CUSTOMER STATE OF RESIDENCE:NC
NEW/USED:Used
YEAR OF VEHICLE:2015
MAKE:Toyota
MODEL:Rav4 Limited
MILEAGE:4768
RETAIL/LEASE:Retail
AMOUNT OF LOAN:30000
TERM CONTRACTED:72 Months
APR/LEASE RATE:3.75
MONTHLY PAYMENT:438
ANNUAL INCOME:65000
DEBT TO INCOME RATIO:ALOT- my credit cards are to the max
MISCELLANEOUS COMMENTARY: I skidded this one by my teeth! I had to put 6000 down because I was so upside down on my trade. My credit union, who I LOVE, gave me 30,000 to go with any car under 10,000 miles.  I traded in a 14% interest on a misubishi outlander.  This is my 2nd car loan with them.  Now to pay off my credit card debt.

The car is fully loaded, and so worth it.  I will drive it until the wheels fall off!

[Anonymous]

Wow! Good for you! My Equifax is also 578, I'm in NC and also with a credit union (CMCU). I went in today to apply for an auto loan and was told I would qualify for up to only 10K and a 16.49% APR!