Guidance-Sought-Auto Loan

[Anonymous]

i remain very confused between applying with Captive Lenders like GM Financial & Nissan/toyota financial services and Banks/CU, How do i know what to ask all these captive lenders/banks/CU/Subprime lenders about my chances of approval without having lots of inquiries on my CRA. It would be a seriously awesome win for me if i have barely 2 inquiries total on my CRA's and have Auto Loan Approval. Should i sign up for credit monitoring with FICO, Experian &/or USAA now before applying

I need help deciding the best route to take. I have reached boiling point  in researching what i want and have to make a decision on applying before Memorial Day. (25th May 2015). or should i wait to get the best deal on 30th may, 2015. This is soooooooooo nerve wrecking to me. Really want wife listed and reported to CRA's on Auto Loan.

This is where i m on or before 25th May. 25th May is reporting for Cap1 to CRA's ;

Cap1 cc i have balance/utilization of 87%.on $1500 limit. Other 2 cards are zero balances. AAoA 21 yrs; One Charge off DOFD; dec2010; $1600 ; One Med collection: DOFD 4/2013; $1125; One Student loan deferred; payment begin July 2015.; bal $5692

TU: 644 Fico 8 score 1 inq from 2014 July; 1 inq from June 2013 (auto)
EX: 627 Fico 8 score 1 inq from 2014 July; 1 inq from July 2013 (Utility)

EQ: Frozen; 1 inq from July 2014; 1 inq from June 2013.

Wife; Avg 89% utilization across 6 revolving accounts. AAoA -1.5 yrs; No baddies on EX & TU ; 2 med collection on EQ.

 TU: 587 Fico 08
EX: 572 Fico 08

EQ: Frozen

Today its 20th ; i m at Dealerships picking out my car (2014 chevy cruze LS Auto); $20,000 loan amount request.
Should i allow them to finance me or is Cap1 a better choice? It would be a joint app with Cap1 or dealership. 

If both deny/approve at high % i m in real trouble. 

[Creditaddict]

Chevy is goin gto be your best bet all the way!!

you can push them and they can push for lower rates than initial approval more than likely.

My friend bought an SUV like a year out of BK and got down to 6%!

[Anonymous]

Chevy GM is Ally Financial. they have different tiers with scores? 

Anyone know their tiers. 

[Anonymous]

Chevy uses GM Financial (Americredit) and Ally as captives. Ally uses TU Auto 04 (will pull alternate if instructed) here and GMF uses TU Auto 08 (no bureau surfing) Their scoring systems are both like the formula for Coke, we just know the ingredients.  Ally separates by score, 619 and less goes to sub-prime analysts and have harsher rates and more stips. Have them pull alternate bureau if you know it's better.

DTI, PTI, LTV, especially with less than prime. From what I recall DTI should be less than 40%, PTI 14% or less and LTV under 110 of invoice. GMfinancial is verify verify verify so be prepared to have paystubs and do an employment check. They will also call you and do a customer interview to verify info when they get the contract. They both have Special APR deals giving up all or most of the rebate.

Also, it's not easy to get declined by Gm Financial on a new GM car. So don't worry to much.

[Anonymous]

---

@Anonymous wrote:

Chevy uses GM Financial (Americredit) and Ally as captives. Ally uses TU Auto 04 (will pull alternate if instructed) here and GMF uses TU Auto 08 (no bureau surfing) Their scoring systems are both like the formula for Coke, we just know the ingredients.  Ally separates by score, 619 and less goes to sub-prime analysts and have harsher rates and more stips. Have them pull alternate bureau if you know it's better.

DTI, PTI, LTV, especially with less than prime. From what I recall DTI should be less than 40%, PTI 14% or less and LTV under 110 of invoice. GMfinancial is verify verify verify so be prepared to have paystubs and do an employment check. They will also call you and do a customer interview to verify info when they get the contract. They both have Special APR deals giving up all or most of the rebate.

Also, it's not easy to get declined by Gm Financial on a new GM car. So don't worry to much.

---

That is awesome info. So in conclusion

Very Very hard to be declined by GM Financial. that is really good to know.

Verify verify verify : have paystubs phone interview looks at everything before granting. Self employed BEWARE>..lol

my TU FICO 08 is 649 via Merrick Bank ;DTI is < 5%; PTI :????? TU is the bureau of choice for GM Financial / Ally / AmeriCredit

I m guessing AmeriCredit is their sub-prime lender.

So no real Tiers on GM Financial ; just formulas; 

{Mod cut. I'm sorry but this tactic is not allowed to be discussed}

what else can be done? H

[Anonymous]

Yup, and a self-employed required signed 4506-T in case you were wondering. And they use line 32 or whatever that one at the bottom is that makes you look low-income.

Gm Financial has a "funding" department to process your contract and pay the dealer but it's really an audit dept. That's why I say verify verify verify. And yes they do send deals back sometimes if things really don't line up to the credit app. So don't be surprised if the dealer hold off taking delivery until the contract is processed and funded (should take 1-2 business days)

Usually the FICO auto 4 is higher than the 8 (in my experience) so you should be fine. With equity Ally might even throw you an A tier. And if you have a well paid auto your enhanced score will be better. There are definitley tiers but not completey score determined like a credit union for example. Ally won't look at anything below 520.

GM bought Americredit in 2010 and added the GM Financial division to Americredit. When you go to a GM dealer Americredit calls themselves GM Financial. When you go to non GM they call themselves Americredit. What they really want to do (hear say, not hard fact) is put you out at special rate, keep the rebate and sell the money on the market all while collecting a nice bonus from GM. They will love you at 5% DTI. PTI is payment to income, that is just the contract payment on your new car divided by monthly income.

GMF has guidelines to waive income but I assume I can't discuss on this forum. 649 FICO is in range though as long as other requirements are met. And let me add that I am in the northeast. I can't confirm they pull TU (although I believe they will) where you are if it's not the northeast. You may get a different bureau pull in California or Texas or any other region.