Auto Loan Approvals!

[fltireguy]

Almostthere78 wrote:
APPROVING BANK: American Honda Finance Company
BUREAU PULLED: Equifax
CREDIT SCORE: 673
CUSTOMER STATE OF RESIDENCE: Ok
NEW/USED: New
YEAR OF VEHICLE: 2017
MAKE: Honda
MODEL: Civic Touring
MILEAGE: 9
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 29361
TERM CONTRACTED: 60
APR/LEASE RATE: 0.9
MONTHLY PAYMENT: $500.81
ANNUAL INCOME: 64,000
DEBT TO INCOME RATIO: ?
MISCELLANEOUS COMMENTARY: Qualified for 3.4% but brought it down to 0.9% after I agreed to extended warranty and GPS theft recovery I wanted anyway.
Welcome to MyFICO

Congrats on your new car. It's good that you wanted those extra items but just so you and others know, none of that has any effect whatsoever on the rate for your loan. They're just trying to make people believe that they have to purchase add-ons to secure the best rate when that's complete b.s. I would advise people in similar circumstances that if an F&I person tells you that, tell them to pound sand and to give you the lower rate or you're walking out. Add-ons have their place for the right price but they should be sold and purchased on their value not under a lie.


I’ve called dealers out on that before. Then again, you could always cancel the warranty, etc... the day after you buy the car for a full refund AND it’ll get charged back to the wonderful F&I person that shoved it down your throat - you should have qualified for the .9 with or without the warranties etc.

CO_Native - t, I could easily see a Touring at $29k with extended warranty, gap, and a few other F&I department goodies

[fltireguy]

---

@NJ_Patriot wrote:

---

@padme wrote:

APPROVING BANK: ALLY
BUREAU PULLED: TU
CREDIT SCORE: 662
CUSTOMER STATE OF RESIDENCE: Indiana
NEW/USED: New
YEAR OF VEHICLE: 2017
MAKE: Honda
MODEL: Civic Type R 
MILEAGE: 10
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 25,000
TERM CONTRACTED: 60 M
APR/LEASE RATE: 3.95%
MONTHLY PAYMENT: 460
ANNUAL INCOME: 73k
DEBT TO INCOME RATIO:30%
MISCELLANEOUS COMMENTARY: 4 Years post BK7, no auto loans prior since BK, 108k in CL's across 15 cards, 10% CU.

---

How in the world did you get a Type R with a loan for $25k? Did you pay the other 8-10k out of pocket? It's a beautiful car and I really would like to get one next year when my current lease is up. You're payments are exactly what I'd be comfortable with lol

---

I want more info...lol

what was the price of the car? I was looking at one, but ALL of the dealers that have one are at $7-10k over sticker here in the Tampa area...  I settled for a SI...

[DaveInAZ]

APPROVING BANK:  DCU (Digital Credit Union)
BUREAU PULLED: EQ
CREDIT SCORE:  699 - I think this is EQ FICO 05 Auto, my EQ Fico 8 is 725
CUSTOMER STATE OF RESIDENCE:  AZ
NEW/USED:  USED
YEAR OF VEHICLE: 2016
MAKE: Mazda
MODEL: CX-3, Touring, All Wheel Drive
MILEAGE: 18,800
RETAIL/LEASE: Retail
AMOUNT OF LOAN:  $14,780 (refi)
TERM CONTRACTED:  65 months
APR/LEASE RATE:  2.99%
MONTHLY PAYMENT:  $246.58
ANNUAL INCOME:  Let's just say "modest", semi retired - early retirement Social Security + Part time job with local county government
DEBT TO INCOME RATIO: 40%
MISCELLANEOUS COMMENTARY: Purchased 9/1/2017 Was considering buying new but found this 1 owner low mileage 2016 model online at a Tucson Honda dealer at a nice discount over buyin new. Purchase price was $17,500, original loan amount was $15k, 60 mo. @3.45%. Decided to refi with DCU for lower rate & 65 month term. Plan to pay down early to get loan balance significantly down from original loan amount, but locking in a 2.99% rate for the maximum time seemed wiser thing to do.

[Anonymous]

Congrats @DaveInAZ

[Loquat]

---

@fltireguy wrote:

APPROVING BANK: PenFed CU
BUREAU PULLED: Equifax
CREDIT SCORE: 699 FICO9
CUSTOMER STATE OF RESIDENCE: Fl
NEW/USED: New
YEAR OF VEHICLE: 2017
MAKE: Honda
MODEL: Civic SI Coupe
MILEAGE: 12
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $21222
TERM CONTRACTED: 60
APR/LEASE RATE: 3.24
MONTHLY PAYMENT: $384
ANNUAL INCOME: $103K
DEBT TO INCOME RATIO:

Loquat, I’m sure you’ll appreciate this...lol.. I went the other route and got the SI. . Traded in my 16 Civic Touring for this - if the SI had been available in 2/2016 when I bought the Touring, I would’ve bought it then. I put a ton of miles on my cars, and generally trade in every 18 months or so
PenFed beat NFCU and DCU by almost 2%.

---

Congrats my friend!  I certainly looked long and hard at the Si and almost went in that direction (Honda wasn't willing to play with the numbers as much as Ford was).   I will have my eyes pointed towards the Type R or the Focus RS in about a year and a half or so. 

[keny01998]

APPROVING BANK: Honda
BUREAU PULLED: Equifax
CREDIT SCORE: 677
CUSTOMER STATE OF RESIDENCE: Arkansas
NEW/USED: New
YEAR OF VEHICLE: 2017
MAKE: Acura
MODEL: MDX AWD Tech 
MILEAGE: 25
RETAIL/LEASE: Leasel
AMOUNT OF LOAN: 46000
TERM CONTRACTED: 36 mo
APR/LEASE RATE: 
MONTHLY PAYMENT: 582
ANNUAL INCOME: 70k
DEBT TO INCOME RATIO:45%
MISCELLANEOUS COMMENTARY: 2 Years post BK7, always paid auto loan and mortgage

[Anonymous]

APPROVING BANK: American Honda Finance
BUREAU PULLED: EQ
CREDIT SCORE: 716 (wife's credit pulled, she does not have myfico account due to identity verify issues online with EQ)
CUSTOMER STATE OF RESIDENCE: KS
NEW/USED: NEW
YEAR OF VEHICLE: 2017
MAKE: HONDA
MODEL: HRV EX AWD
MILEAGE: 20
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: $22450 ( $3000 down payment, loan amount includes sales tax)
TERM CONTRACTED: 60 mos.
APR/LEASE RATE: 0.9
MONTHLY PAYMENT: $383.00
ANNUAL INCOME: Used combined household income on credit app: 134K
DEBT TO INCOME RATIO: 21%
MISCELLANEOUS COMMENTARY: Thanks to all advice on this forum, it helped us buy our second new car in 2 years. Some background on my wife's credit, she has relatively new credit (less than 2 yrs) with a job that is only 7 mos. old. Good thing, I had her on my credit cards with low usage as Authorized user. Her credit score is really good overall so we decided to just apply on her credit. We got pre approved offers with Cap One(soft enquiry) at 3.24% , DCU at 2.74% before we walked into dealership. Since Honda is running 0.9 promo offers, we wanted to give it a shot although reluctantly because I've heard they usually do not approve finance for people with H1B/H4 visas. But they did approve us with 0.9% with some visa/green card app documentation provided we put 3K down payment which was not a problem.  Did not buy any extended warranty/GAP etc. So everything went great and we brought our second Black beauty home .

[Anonymous]

APPROVING BANK: Wells Fargo
BUREAU PULLED: Equifax 
CREDIT SCORE: 686 (Dealer pull, it's actually showing lower on Myfico app) 
CUSTOMER STATE OF RESIDENCE: GA
NEW/USED: Used
YEAR OF VEHICLE: 2015
MAKE: Infiniti
MODEL: q50
MILEAGE: 32000
RETAIL/LEASE:
AMOUNT OF LOAN: 27080
TERM CONTRACTED: 72
APR/LEASE RATE: 6.99
MONTHLY PAYMENT: 462.63
ANNUAL INCOME: 71,000
DEBT TO INCOME RATIO: Front end is around 18%
MISCELLANEOUS COMMENTARY: I originally tried Cap One navigator was approved for 40k and the rates ranged from 5.66-7.73% APR. I then applied with NFCU and was approved for 36k but shocked to see that it was 10% APR!? Not sure why, and was expecting them to be lower than Cap One (I've been banking with them for 2 years and have a CC with them as well). I recently paid off some maxed out cards and I believe the reporting had not yet gone through for a couple of them when I ran my rates through NFCU as well. Planning on paying a large amount down and refinancing for a shorter term soon and lower interest rate as well with DCU.

[ohjoy]

APPROVING BANK:  Lexus Financial
BUREAU PULLED: TU
CREDIT SCORE: 764
CUSTOMER STATE OF RESIDENCE: GA
NEW/USED: NEW
YEAR OF VEHICLE: 2017
MAKE: LEXUS
MODEL: ES 350
MILEAGE: 6
RETAIL/LEASE: LEASE
AMOUNT OF LOAN: 46K
TERM CONTRACTED:  48 mos
APR/LEASE RATE: 2.2
MONTHLY PAYMENT: 489
ANNUAL INCOME: 78,600
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY: Used Navy Federal Auto Buying Program. Price $5k below invoice. Offer was $550 with zero down. I agreed to $489 with $1K down.

[Anonymous]

APPROVING BANK:  NFCU
BUREAU PULLED: Equifax
CREDIT SCORE: 725
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: NEW
YEAR OF VEHICLE: 2018
MAKE: Porsche
MODEL: Macan S
MILEAGE: 0
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 70,000
TERM CONTRACTED:  84 mos
APR/LEASE RATE: 5.34%
MONTHLY PAYMENT: 1,006
ANNUAL INCOME: 84000
DEBT TO INCOME RATIO: 8%
MISCELLANEOUS COMMENTARY: I'm still rate shopping with Penfed and other local CUs but this is my first approval.