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Auto Loan Approvals!

Super Contributor

Re: Auto Loan Approvals!


Jlgab345 wrote:
@ Marty - haven’t actually been in a branch yet....but that’s on the other side of town from us. Bought @ MB of Boerne, they can pull your approval directly from RBFCU and do all paperwork so you can avoid a trip to the branch...it was great! We got the dark Grey & Black Napa leather with Cream insets in seats. She’s a beauty! My E550 was nice, but this one is far superior.

Thank you for the tip.  I will do that when I am ready to buy.

01/13/2018: FICO 829 EQ 823 TU 831 EX
Message 3831 of 3,837
New Contributor

Re: Auto Loan Approvals!

APPROVING BANK: Ally 
BUREAU PULLED: TU Auto 8, Equifax and Experian
CREDIT SCORE: 686 TU/ 679 Experian/ Equifax 675
CUSTOMER STATE OF RESIDENCE: Missouri
NEW/USED: Used 
YEAR OF VEHICLE: 2017
MAKE: KIA
MODEL: Sorento LX
MILEAGE:14,390
RETAIL/LEASE:Retail

AMOUNT OF LOAN: $19480
TERM CONTRACTED:63
APR/LEASE RATE:3.99
MONTHLY PAYMENT:$ 343.79
ANNUAL INCOME:80k
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Worked hard to raise Credit scores. I did not buy GAP ..Can I buy GAP as a stand alone product?

Starting FICO scores 5/2017--- 580 EQ/ 531 TU/535 EXperian

As of 12/29/17 Curent FICO ----691 EQ/ 666 TU/ 686 Experian
Message 3832 of 3,837
Regular Contributor

Re: Auto Loan Approvals!

Tigremalo2001, You can check with your insurance company to see if they offer GAP protection. Many insurance companies do, such as State Farm, and I think Progressive/Geico do as well.

AMEX BCE ($39,500) CITI AAdvantage ($18,500) Region's Platinum Card ($14,400) Discover IT ($13,000) Macy's ($7,500) Chase FU ($10,000) TU:768 EX: 767
Message 3833 of 3,837
Regular Contributor

Re: Auto Loan Approvals!

Geico does not offer GAP, the others may.
Message 3834 of 3,837
New Member

Re: Auto Loan Approvals!

APPROVING BANK: Chrysler Capital
BUREAU PULLED: All Three- Auto 8 I beileve
CREDIT SCORE: 610 Mine 658 Wife
CUSTOMER STATE OF RESIDENCE: Nevada
NEW/USED: New 
YEAR OF VEHICLE: 2017
MAKE: Ram
MODEL: 1500 Crew Cab Big Horn
MILEAGE: 22
RETAIL/LEASE:Retail Sticker $51k

AMOUNT OF LOAN: $37k Out the door
TERM CONTRACTED:75
APR/LEASE RATE: 8.6
MONTHLY PAYMENT:$ 651
ANNUAL INCOME:78k
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY:  Previous auto repo with CH7 BK (unforseen financial hardship)  Filed Oct 2016 Discharged Feb 2017, rebuilding since then including small joint auto loan on wifes car. Had trade with positive equitity plus cash down

Message 3835 of 3,837
Established Member

Re: Auto Loan Approvals!


Dragen wrote:
APPROVING BANK: KIA Financial
BUREAU PULLED: Transunion/Equifax
CREDIT SCORE: 800/824
CUSTOMER STATE OF RESIDENCE: Tx
NEW/USED: NEW
YEAR OF VEHICLE: 2018
MAKE: Kia
MODEL: Stinger GT2
MILEAGE: 12
RETAIL/LEASE: Lease
AMOUNT OF LOAN: 47k
TERM CONTRACTED: 36 mos
APR/LEASE RATE: .00181
MONTHLY PAYMENT: 667
ANNUAL INCOME: 72k
DEBT TO INCOME RATIO: 9%
MISCELLANEOUS COMMENTARY: Been waiting for this car since it was unveiled in January at the Detroit show. It was the first Stinger off the truck, leased it sight unseen and with no test drive. The car is great but the leasing experience sucked because of the shady dealer. First, even though they don't even use Transunion, they pulled it, since they couldn't access my Equifax, which is locked due to the breach. Once I got to finance, they told me they needed to run Equifax too, since that's who Kia uses, so now I'm stuck with an extra, pointless inquiry.
Then once I'm in the office and signing the contract, I see extras that I specifically declined are still in the MSRP. I was ready to walk, since I'm not paying for BS nitrogen air or "paint protection" or theft guard; my salesman was called in and he fixed it at the last minute though.
As for the lease, I know I probably overpaid; that payment could lease a BMW or Audi. Kia is currently offering $6100 lease cash and 0.00181 for tier 1/2 buyers though, so that took some of the 'sting' out of it.

UPDATING MY POST; LEASE HAS BEEN BOUGHT OUT:
APPROVING BANK: PENFED
BUREAU PULLED: EQUIFAX
CREDIT SCORE: NOT SURE WHICH VERSION OF EQ THEY PULLED, BUT SCORE WOULD HAVE BEEN 800+
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: NEW
YEAR OF VEHICLE: 2018
MAKE: Kia
MODEL: Stinger GT2
MILEAGE: 500
RETAIL/LEASE: RETAIL (PAYMENT SAVER PLAN)
AMOUNT OF LOAN: ~45K
TERM CONTRACTED: 60 mos
APR/LEASE RATE: 2.49
MONTHLY PAYMENT: 529
ANNUAL INCOME: 72k
DEBT TO INCOME RATIO: 9%

MISCELLANEOUS COMMENTARY: TRYING TO CUT MONTHLY COSTS DUE TO CHANGES COMING NEXT YEAR, SO I DECIDED TO BUYOUT MY LEASE TO LOWER PAYMENTS; SWITCHING TO PENFED'S PAYMENT SAVER (BALLOON NOTE) PLAN WILL SAVE ME ALMOST $140 MONTHLY. 

Message 3836 of 3,837
Regular Contributor

Re: Auto Loan Approvals!

APPROVING BANK: JP Morgan Chase Bank
BUREAU PULLED: TU Auto 8, Equifax and Experian
CREDIT SCORE: 708 TU/ 688 Experian/ Equifax 679
CUSTOMER STATE OF RESIDENCE: Virginia
NEW/USED: New
YEAR OF VEHICLE: 2018
MAKE: Honda
MODEL: Odyssey
MILEAGE:23
RETAIL/LEASE:Retail

AMOUNT OF LOAN: $50000
TERM CONTRACTED: 72
APR/LEASE RATE: 3.5
MONTHLY PAYMENT:$ 698
ANNUAL INCOME:65k
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: was quite the interesting experience. Dont think I have had so many inquiries at one time. Good news is it paid off in the end. First time i sat down with the honda financing guy I am told best rate possible is 5%. On a new car, and a loan this size I was not thrilled so decided to hold off pulling the trigger. Cross shop Chrysler because they have incentive financing available, get approved, go back to dealership and test drive a Pacifica with my Wife. We both decide we prefer the honda enough to suck up the higher rate. We go back today to close the deal and sign everything. Imagine my surprise when the final paperwork reflects a new interest rate of 3.5%. I make no comment of the change through the whole signing process, just sitting there silently celebrating the win. The lower rate made getting gap and extended warranty easy choice as it was still less than the prior days offer. This van is awesome, glad we got it.
Message 3837 of 3,837