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Auto Loan Approvals!

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Anonymous
Not applicable

Re: Auto Loan Approvals!

CongratsSmiley Happy

Message 3381 of 4,736
exCYter
Valued Member

Re: Auto Loan Approvals!

APPROVING BANK: Jaguar Financial (Chase)

BUREAU PULLED: Experian Auto 2

CREDIT SCORE: 684

CUSTOMER STATE OF RESIDENCE: CA

NEW/USED: New

YEAR OF VEHICLE: 2017

MAKE: Jaguar

MODEL: F-Pace S

MILEAGE: 11

RETAIL/LEASE: retail

AMOUNT OF LOAN: $54512.50

TERM CONTRACTED: 72 months

APR/LEASE RATE: 6.44%

MONTHLY PAYMENT: $914.77

ANNUAL INCOME: $210k

DEBT TO INCOME RATIO:

MISCELLANEOUS COMMENTARY: MSRP of car is 57895, I currently have another car loan with CarFinance from a car I cant sell right this moment(part of VW TDI scandal), dealer told me that raised my rate a decent amount.

Scores as of 5/18/16: EQ 674, TU 653, EX 635
Message 3382 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!

Congrats, Jaquar is making some great cars these days, it is really nice to see the engineering they are putting in their cars.  I am pretty sure your dealer added a couple of points to the APR, in fact I am 100% sure of that.  I would suggest you try PenFed or DCU to finance this, you can still finance it as a new car and can cut that APR in half and save a fortune in interest.  Both Penfed and DCU have ways of joining associations for $10-15 donations that qualifiy you to join, I am sure they would save you a ton.  If you can get into NFCU they are great also.  That whole TDI scandal really sucks for the customer, I am pretty sure they will make that right eventually but it will be a pain for a while.

 

 

Message 3383 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!

PPROVING BANK: Capital One
BUREAU PULLED: Experian Auto 2 But got hp on all 3
CREDIT SCORE: 725
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: Used
YEAR OF VEHICLE: 2015
MAKE: Mitsubishi
MODEL: Mirage
MILEAGE: 32, XXX
RETAIL/LEASE: Bought
AMOUNT OF LOAN: $6,607.88
TERM CONTRACTED: 61 months
APR/LEASE RATE: 2.49%
MONTHLY PAYMENT: 117.36
ANNUAL INCOME: $18,000
DEBT TO INCOME RATIO: ?
MISCELLANEOUS COMMENTARY: I was preapproved through the navigator for $14,000 with an APR of 2.49% - 6.44%.  The rate shown for this loan was around 4% on the navigator website, so I was shocked to see 2.49% after my credit was pulled.  This is my first auto loan, and they used my worst score.  There was no proof of income

Message 3384 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!


@Anonymous wrote:

PPROVING BANK: Capital One
BUREAU PULLED: Experian Auto 2
CREDIT SCORE: 725
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: Used
YEAR OF VEHICLE: 2015
MAKE: Mitsubishi
MODEL: Mirage
MILEAGE: 32, XXX
RETAIL/LEASE: Bought
AMOUNT OF LOAN: 9,266
TERM CONTRACTED: 60 months
APR/LEASE RATE: 2.49%
MONTHLY PAYMENT: 119
ANNUAL INCOME: $18,000
DEBT TO INCOME RATIO: ?
MISCELLANEOUS COMMENTARY: I was preapproved through the navigator for $14,000 with an APR of 2.49% - 6.44%.  The rate shown for this loan was around 4% on the navigator website, so I was shocked to see 2.49% after my credit was pulled.  This is my first auto loan, and they used my worst score.  There was no proof of income


How is your payment only 119?119*60= 7,140.  Do you like the car? ES or DE? CVT or 5speed? Been checking those out for myself. Thanks.

 

Message 3385 of 4,736
GalaxyStars
Regular Contributor

Re: Auto Loan Approvals!

 
Message 3386 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!

APPROVING BANK: DCU

BUREAU PULLED: Equifax (soft pull only)

CREDIT SCORE: 735 (they caught in a bad month, but still excellent according to them)

CUSTOMER STATE OF RESIDENCE: IA

NEW/USED: New

YEAR OF VEHICLE: 2016

MAKE: Lexus

MODEL: ES 350

MILEAGE: 12

RETAIL/LEASE: retail

AMOUNT OF LOAN: $38200

TERM CONTRACTED: 65 months

APR/LEASE RATE: 1.74%

MONTHLY PAYMENT: $617

ANNUAL INCOME: $63K

DEBT TO INCOME RATIO:

MISCELLANEOUS COMMENTARY: Originally approved for only 34K back in Nov, but after adding direct deposit of just my PT job I got soft pulled for more. Also offered 10K Visa with soft pull. It was 5K in Nov. Dealer said he can never beat DCU.

Message 3387 of 4,736
exCYter
Valued Member

Re: Auto Loan Approvals!


@Anonymous wrote:

Congrats, Jaquar is making some great cars these days, it is really nice to see the engineering they are putting in their cars.  I am pretty sure your dealer added a couple of points to the APR, in fact I am 100% sure of that.  I would suggest you try PenFed or DCU to finance this, you can still finance it as a new car and can cut that APR in half and save a fortune in interest.  Both Penfed and DCU have ways of joining associations for $10-15 donations that qualifiy you to join, I am sure they would save you a ton.  If you can get into NFCU they are great also.  That whole TDI scandal really sucks for the customer, I am pretty sure they will make that right eventually but it will be a pain for a while.

 

 


Oh, without a doubt they did.  However, Jaguar had a program where they will give you an extra $500 off MSRP and make your first payment for you up to $800 if you finance through them.  So as soon as that is done and I'm able to refinance, I plan on doing that--even the car dealer originally offered me a lower rate through Cap1.   I'm also going to cancel teh stupid $799 GAP insurance I bought--not sure what I was thinking on that one.  

Scores as of 5/18/16: EQ 674, TU 653, EX 635
Message 3388 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!


@exCYter wrote:

@Anonymous wrote:

Congrats, Jaquar is making some great cars these days, it is really nice to see the engineering they are putting in their cars.  I am pretty sure your dealer added a couple of points to the APR, in fact I am 100% sure of that.  I would suggest you try PenFed or DCU to finance this, you can still finance it as a new car and can cut that APR in half and save a fortune in interest.  Both Penfed and DCU have ways of joining associations for $10-15 donations that qualifiy you to join, I am sure they would save you a ton.  If you can get into NFCU they are great also.  That whole TDI scandal really sucks for the customer, I am pretty sure they will make that right eventually but it will be a pain for a while.

 

 


Oh, without a doubt they did.  However, Jaguar had a program where they will give you an extra $500 off MSRP and make your first payment for you up to $800 if you finance through them.  So as soon as that is done and I'm able to refinance, I plan on doing that--even the car dealer originally offered me a lower rate through Cap1.   I'm also going to cancel teh stupid $799 GAP insurance I bought--not sure what I was thinking on that one.  


Well done.  That's exactly what I would have done.  Did that to a dealer a few years ago when I bought an F150, when I brought in the title for my trade a week later and the dealer found out that I refinanced the truck 2 days after the deal the finance guy was so pissed I thought it was going to get physical.  I just told him he should have given me a fair APR and I would have had no reason to shop for a better deal.

Message 3389 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!


@Anonymous wrote:
Well done.  That's exactly what I would have done.  Did that to a dealer a few years ago when I bought an F150, when I brought in the title for my trade a week later and the dealer found out that I refinanced the truck 2 days after the deal the finance guy was so pissed I thought it was going to get physical.  I just told him he should have given me a fair APR and I would have had no reason to shop for a better deal.

How does it affect the finance person if you refi right away? I'm assuming it means they don't get their commission, but I didn't realize that.

Message 3390 of 4,736
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