Auto Loans

[texaspete2012]

I didnt have to send them any docs or verfication. Just had to fill out the app. My scores low 700s. Income 125k.

[JRomulus]

Hi, 

Thanks for posting this.  OP if you are still monitoring this, did USAA do a hard pull on one or more CB's for this pre-approved deal?

Thanks.

John

[Dustink]

---

JRomulus wrote:

Hi, 

Thanks for posting this.  OP if you are still monitoring this, did USAA do a hard pull on one or more CB's for this pre-approved deal?

Thanks.

John

---

I accepted a similiar offer and they hard pulled me (EQ). They also offered a rate discount for a new car and a rate discount for a dealer that is part of their network (most new car dealers are). I ended up financing through the dealer instead, because they offer me 0%. It would be hard for USAA to beat that...haha

[JRomulus]

Thanks Dustink, great info.

For just one pull with EQ, it would be a good thing to have in my back pocket before  walking in to the dealership.

The last time I bought an Audi from this dealer they came to me at the last minute and said "Sorry, you aren't Tier A credit, we need another $25/month".  Which ticked me off, because I already had a monthly lease number agreed upon.  TU FICO at the time was only 697, so it might have been true, but still.

And, Audi Finance pulled all 3 credit bureaus and the dealer themselves one.  So 4 hard pulls for one car deal.  Ticked me off as well.

[Student_Loans_Kill]

Where does your pre approval show up. I fine mine looking at auto circle, it shows preapproval then says to apply for a loan

[JRomulus]

My was listed under "Offers" at the top right after you log in.

[Dustink]

I wasn't tier 1, but since I had the USAA approval. They wanted to finance me and made me tier 1...haha

Always a good negotiation tool. USAA car buying service will give you a good guideline for purchase price.

[Bangledesh]

Sorry for posting relatively off-topic:

Weird. And possibly concerning.

I'm searching for a new car, and USAA approved me for about 110% of my yearly income. Any idea why I was approved (not pre-approved) for so much? It seems to me as though USAA and reputable auto-dealers in general aren't exactly out to completely fleece you and steal all of your credit, so now I'm wondering how I was approved for such a number. Particularly since you said they generally approve for 75% income.

I haven't yet purchased, I'm still looking and not certain that I can afford the car that I want given my past lifestyle, even at 2.9%. And now I'm a bit more hesitant, since that seems peculiar.

I only make about 25k a year, and my FICO EQ is 788.

[Dustink]

---

Bangledesh wrote:

Sorry for posting relatively off-topic:

Weird. And possibly concerning.

I'm searching for a new car, and USAA approved me for about 110% of my yearly income. Any idea why I was approved (not pre-approved) for so much? It seems to me as though USAA and reputable auto-dealers in general aren't exactly out to completely fleece you and steal all of your credit, so now I'm wondering how I was approved for such a number. Particularly since you said they generally approve for 75% income.

I haven't yet purchased, I'm still looking and not certain that I can afford the car that I want given my past lifestyle, even at 2.9%. And now I'm a bit more hesitant, since that seems peculiar.

I only make about 25k a year, and my FICO EQ is 788.

---

USAA trusts you to repay your debt.

Seems like it would yield a manageable payment as long as your other obligations are low.

For more people the point of a car loan is to buy something they usually couldn't afford. 

It doesn't seem to crazy to me. Now, if they offered you a $100k loan. It would be a little odd. Although, then it would be up to you the consumer to only get what you can afford. That is still the case, don't spend more than you can afford. If you think you can afford the payments on a $25k car. Then by all means, buy the car. Otherwise, stick to a more affordable vehicle.