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Auto Loan Approvals!

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kunjaqueen
Established Member

Re: Auto Loan Approvals!

APPROVING BANK: BMW Financial Services
BUREAU PULLED: Equifax 
CREDIT SCORE: 740 and 720 (joint owners)
CUSTOMER STATE OF RESIDENCE: WA
NEW/USED: New
YEAR OF VEHICLE: 2017
MAKE: BMW
MODEL: 440i and X5 - yes we bought 2 :-)
MILEAGE: 0
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $69,000 and $75,000
TERM CONTRACTED: 72mo
APR/LEASE RATE: 2.99
MONTHLY PAYMENT: Too much
ANNUAL INCOME: $181,000
DEBT TO INCOME RATIO: ~0% prior to loan
MISCELLANEOUS COMMENTARY: We bought 2 cars within a week from the same dealership - I think they love us right now!  Both easy approvals and both loaded cars.  BMW Financed both at 2.99 which beat any other place we could find. We're happy, we'll drive them into the ground then do this all over again in a few years!

Message 3661 of 4,736
anx1300c
New Member

Re: Auto Loan Approvals!

^^

 

I'm hoping BMW brings back .9% up to 72 months April 1st. They had it last fall. If they do, I'll skip the CU and finance through BMWFS.

Message 3662 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!

APPROVING BANK: Hyundai Motor Finance
BUREAU PULLED: Transunion
CREDIT SCORE:635
CUSTOMER STATE OF RESIDENCE: CT
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Hyundai
MODEL: Tuscon
MILEAGE:17
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $33,425.58
TERM CONTRACTED: 75
APR/LEASE RATE: 7.79
MONTHLY PAYMENT: 566.19
ANNUAL INCOME: $65,000
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: 9 months after chapter 7
Message 3663 of 4,736
medicgrrl
Valued Contributor

Re: Auto Loan Approvals!

APPROVING BANK:  NFCU
BUREAU PULLED:  TU
CREDIT SCORE:  666
CUSTOMER STATE OF RESIDENCE:  NC
NEW/USED: USED/REFI
YEAR OF VEHICLE:  2017
MAKE: NISSAN
MODEL: ROGUE
MILEAGE:  17,000
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: 25,250
TERM CONTRACTED: 5 yrs
APR/LEASE RATE:  4.69
MONTHLY PAYMENT: 477
ANNUAL INCOME: 60,000
DEBT TO INCOME RATIO: 23%
MISCELLANEOUS COMMENTARY:  Ch. 13 discharged 9/16.  Refinance to move account to NFCU since this is my only installment loan and my current CU only reports to Eq.  $200 bonus after 61 days of on time payments.  I think the rate was increased 1% because I exceeded the 125% LTV by $400



EQ 778 EXP 782 TU 729
Message 3664 of 4,736
Knight302
New Contributor

Re: Auto Loan Approvals!

APPROVING BANK: CDC FCU
BUREAU PULLED: Experian
CREDIT SCORE: 656
CUSTOMER STATE OF RESIDENCE: GA
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Dodge 
MODEL: Challenger Scat Pack
MILEAGE: 8
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $40,000
TERM CONTRACTED: 84 mo
APR/LEASE RATE: 3.45
MONTHLY PAYMENT: $537
ANNUAL INCOME: $97,000
DEBT TO INCOME RATIO: I dunno, fairly high
MISCELLANEOUS COMMENTARY: Had a 2015 Dodge Challenger Scat Pack for 2 years. Was shopping for a new one with the Shaker Package and an automatic instead of a 6 speed. Drove a Shaker Package, didn't like it. Drove an automatic, didn't like the hard shifts. Saw the Maximum Steel Metallic Clear Coat Scat Pack for $46,000. Drove it and fell in love with the sunroof, Harmon Kardan surround sound stereo and a few other bels and whistles I didn't have. Was a little bit upside down on my other loan but was able to negotiate a deal with the dealership with $0 down, my trade and total out the door price after tax, tag, title, and everything else for $40,000 even. Owed $33,858 on my trade but still got my car at a dream price.  Yes, 84 months is a long term but I am able to pay $650 per month to knock that and interest down.

Message 3665 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!



APPROVING BANK: PENFED
BUREAU PULLED: EQ
APPROVING BANK: PenFed
BUREAU PULLED: EQ (score below is Fico 08/not sure PenFeds internal scoring)
CREDIT SCORE: 667
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: Used
YEAR OF VEHICLE: 2014
MAKE: Volvo
MODEL: XC90
MILEAGE: 35k
RETAIL/LEASE: retail
AMOUNT OF LOAN: 30k
TERM CONTRACTED: 72
APR/LEASE RATE: 4%
MONTHLY PAYMENT: $477
ANNUAL INCOME: $60k
DEBT TO INCOME RATIO: 5%
MISCELLANEOUS COMMENTARY: included 5 yr/100k warranty and GAP through PenFed
Also, BK7 discharged 9/2016.
Message 3666 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!



APPROVING BANK: First Investors Financial
BUREAU PULLED: TU
CREDIT SCORE:564
CUSTOMER STATE OF RESIDENCE: Ohio
NEW/USED: Used
YEAR OF VEHICLE: 2014
MAKE: Ford
MODEL: F-150 XLT
MILEAGE: 44000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 25675
TERM CONTRACTED: 72
APR/LEASE RATE: 12.6%
MONTHLY PAYMENT: 544
ANNUAL INCOME: 36000
DEBT TO INCOME RATIO: 10%
MISCELLANEOUS COMMENTARY: Discharged from Chapter 7 on 3/27/17. Loan includes a 4 year extended warranty. Didn't think I'd get a rate that low. Planning to refi after around a year. After reading reviews First Investors wasn't my first choice but they were able to give me such a low rate with bankruptcy just behind me.
Message 3667 of 4,736
darkknight59
Regular Contributor

Re: Auto Loan Approvals!

APPROVING BANK: InTouch CU
BUREAU PULLED: TU
CREDIT SCORE: 832
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: Used
YEAR OF VEHICLE: 2013
MAKE: Porsche
MODEL: Boxster
MILEAGE: 15,500
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $39,678
TERM CONTRACTED: 72mo
APR/LEASE RATE: 2.99
MONTHLY PAYMENT: 603
ANNUAL INCOME: $175,000
DEBT TO INCOME RATIO: ~
MISCELLANEOUS COMMENTARY: Had best rates available/approved from NFCU and Penfed; but could noty beat Intouch who had previously financed with.


NASA FCU 25000 NASA FCU LOC 25000 NFCU Flagship 70,000, CITI Prestige 22000, CITI Premier 7400, Chase Freedom 15000, Amex Green Card, Amex Gold, Amex Every Day 15000, Amex Costco 15000,Amex BCE 15,000, NFCU LOC 15000, Tobyhanna Visa 10,000, Chase Slate 9500, Discover IT Miles 11,000, BOA Travel Rewards 25,000, Barkclay Apple 6000, Zales 5,200 ,Amazon Store 5,000, Paypal SC 5000, Capt 1 Venture 7,250, Cap 1 Plat Pret 5400, Conns' 5,000, NFM 3500, Care Credit 3300,, Barclay Rewards 1500 BML 2,900,
Message 3668 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!

APPROVING BANK: Bank of America/PenFed
BUREAU PULLED: EQ
CREDIT SCORE: 755/Unknown
CUSTOMER STATE OF RESIDENCE: MT
NEW/USED: New
YEAR OF VEHICLE: 2017
MAKE: Chevrolet
MODEL: Corvette Grand Sport
MILEAGE: 0
RETAIL/LEASE: retail
AMOUNT OF LOAN: $58,000/$62000
TERM CONTRACTED: 72/60m Balloon
APR/LEASE RATE: 3.64%/2.49%
MONTHLY PAYMENT: $900/$675
ANNUAL INCOME: $145k Joint
DEBT TO INCOME RATIO: 39% with Corvette (mostly student/flight school loans)/36%
MISCELLANEOUS COMMENTARY:   Also applying to PenFed and DCU, will post those results if approved.  DTI is high due to my student loans and wife's flight school loans. Asked for $62,000, only approved for $58,000.  Happy with APR given the DTI, but will see what/if PenFed or DCU offer.  Update: Penfed Approved their payment saver loan (Balloon), detailed given above in red.  Before I get some flak for considering a balloon loan, this actually saves me more money in long run as it allows me to pay off higher interest student loans first. Additonally, the corvette is destined to be completely paid off just prior to 60m (after higher interest loans are gone) with my current budget plan. These loans can be useful in certain circumstances.     

Message 3669 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!


@Anonymous wrote:

APPROVING BANK: Bank of America/PenFed
BUREAU PULLED: EQ
CREDIT SCORE: 755/Unknown
CUSTOMER STATE OF RESIDENCE: MT
NEW/USED: New
YEAR OF VEHICLE: 2017
MAKE: Chevrolet
MODEL: Corvette Grand Sport
MILEAGE: 0
RETAIL/LEASE: retail
AMOUNT OF LOAN: $58,000/$62000
TERM CONTRACTED: 72/60m Balloon
APR/LEASE RATE: 3.64%/2.49%
MONTHLY PAYMENT: $900/$675
ANNUAL INCOME: $145k Joint
DEBT TO INCOME RATIO: 39% with Corvette (mostly student/flight school loans)/36%
MISCELLANEOUS COMMENTARY:   Also applying to PenFed and DCU, will post those results if approved.  DTI is high due to my student loans and wife's flight school loans. Asked for $62,000, only approved for $58,000.  Happy with APR given the DTI, but will see what/if PenFed or DCU offer.  Update: Penfed Approved their payment saver loan (Balloon), detailed given above in red.  Before I get some flak for considering a balloon loan, this actually saves me more money in long run as it allows me to pay off higher interest student loans first. Additonally, the corvette is destined to be completely paid off just prior to 60m (after higher interest loans are gone) with my current budget plan. These loans can be useful in certain circumstances.     


No Flalk from me on the payment saver loan,i think it can be an excellent tool whem used properly and it seems you are doing so, enjoy new new car.  ALmost whet this route on my M2 but dediced to put more down and conventially finananec the rest.  Have had secdonthooughts about why i did that but i will leave well enough alone for now

Message 3670 of 4,736
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