Which Company should I look at?

Anonymous · ‎05-19-2011

Okay I bought a new chevy truck last year in August Financed right at 32k, I now am having to drive 120 miles 3 times a week so Im looking for something that gets better MPG. Which banks/finance companies should I look into?

Looking at: Bmw, Acura, Lexus

facts:

I financed 32,000 with Ally at 6%, 72 months which is what they were offering at the time.

My Credit scores currently are 620's, credit cards are paid off with a zero balance, no late payments. Had a charge off 3 years ago- (shows up as paid). I am 21 so my credit is not completely established.

MarineVietVet · ‎05-19-2011

@Anonymous wrote:
Okay I bought a new chevy truck last year in August Financed right at 32k, I now am having to drive 120 miles 3 times a week so Im looking for something that gets better MPG. Which banks/finance companies should I look into?
Looking at: Bmw, Acura, Lexus

facts:
I financed 32,000 with Ally at 6%, 72 months which is what they were offering at the time.
My Credit scores currently are 620's, credit cards are paid off with a zero balance, no late payments. Had a charge off 3 years ago- (shows up as paid). I am 21 so my credit is not completely established.

Welcome to the Forums.

Is this the same truck you posted about here? http://ficoforums.myfico.com/t5/Auto-Loans/Auto-Loan-Approvals/m-p/924114#M15405

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Anonymous · ‎05-19-2011

Yes.

MarineVietVet · ‎05-19-2011

@Anonymous wrote:
Yes.

I asked only because some of the details are different in the 2 posts and it is confusing me. (Which is easy to do).

In your post here you say you bought the truck last August but in the other post you say you were just approved last Monday.

Also here you say your scores are in the 620"s but the other post says the score for approval was 588.

I apologize for my confusion.

Edited for a typo.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Anonymous · ‎05-19-2011

No, i think you might have over analyzed it, maybe I worded it wrong.

In august of last year not last monday, I looked at a truck on a saturday afternoon, I filled out a credit application at the dealer my score was 588 and it needed "further review" GMAC (which turned to Ally) had already closed for the day, monday morning Ally-GMAC called me for income verification and asked if I would put 1k down and I would be approved for 72 month at 6% or 60 months at 0%. The 72 month deal for me was a better deal because of the incentives.

My current score are 620's.

MarineVietVet · ‎05-19-2011

@Anonymous wrote:
No, i think you might have over analyzed it, maybe I worded it wrong.
In august of last year not last monday, I looked at a truck on a saturday afternoon, I filled out a credit application at the dealer my score was 588 and it needed "further review" GMAC (which turned to Ally) had already closed for the day, monday morning Ally-GMAC called me for income verification and asked if I would put 1k down and I would be approved for 72 month at 6% or 60 months at 0%. The 72 month deal for me was a better deal because of the incentives.

My current score are 620's.

Now I get it. I believe my confusion comes from the fact that the Auto Loan Approval thread has always had new and current approvals. No where on your post there does it say your approval was last August.

I guess I just misread it.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Anonymous · ‎05-19-2011

Im starting to read the Forums to see if I can get any hints about how to improve my score.

Rather than just using whogavemecredit.com

MissMia75 · ‎05-26-2011

@MarineVietVet wrote:
@Anonymous wrote:
Yes.
I asked only because some of the details are different in the 2 posts and it is confusing me. (Which is easy to do).

In your post here you say you bought the truck last August but in the other post you say you were just approved last Monday.

Also here you say your scores are in the 620"s but the other post says the score for approval was 588.

I apologize for my confusion.

Edited for a typo.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Oh, we were both confused because I comprehended the info the same way you did? lol

Starting Score: 06/2011 505 EX 523 Lender Pulled
Current Score: 08/2011 628 EX 575 Lender Pulled
11/14/2011 TU 584
Goal Score: 700

Take the FICO Fitness Challenge
***Closed on my home 05/18/2012***

Anonymous · ‎05-26-2011

@Anonymous wrote:
Okay I bought a new chevy truck last year in August Financed right at 32k, I now am having to drive 120 miles 3 times a week so Im looking for something that gets better MPG. Which banks/finance companies should I look into?
Looking at: Bmw, Acura, Lexus

facts:
I financed 32,000 with Ally at 6%, 72 months which is what they were offering at the time.
My Credit scores currently are 620's, credit cards are paid off with a zero balance, no late payments. Had a charge off 3 years ago- (shows up as paid). I am 21 so my credit is not completely established.

Ok, so we do know that the Auto Approval post was done about a past approval not a current approval.

to the OP: You are looking into the completley wrong areas for your loan and new car.

1- Unless you made a larger then reported downpayment on your truck, or have been paying in excess of your monthly payments, using a 72 month loan you probably have a strong probability for being in a large negative equity situation.

2- At your age, unless you are making in excess of $80K-$100K a year you are looking at the wrong makes of cars since they will be expensive to purchase, own, operate, insure, maintain, and keep.

You need to be looking towards Ford, Chevy, VW, Subaru, Mazda the smaller cars .

You are basically saying you will be putting 800+ miles a week on a car, unless you have the money to burn- which is what you are doing when putting big miles on a car, you are making a very poor decison to get a higher end car.

3- Before you even bother trying to refi/trade in you current vehicle you need to get an idea what your vehicle is worth vs what you owe. There is a high chance you cannot get out of your current loan unless you put a considerable amount down to deal with your negative equty.

trumpet-205 · ‎05-27-2011

For fuel efficient car, look at Honda Civic, Honda Fit, Ford Focus, Toyota Corolla, Chevy Cruze, and Hyundai Elentra. There are other small sedan but those five would be my list.

If I have to pick, I would pick Honda Civic.

If you want fuel efficient but also with the ability to carry cargo consider Subaru Forester and Subaru Outback.

Don't go for high-end car unless you have the money to burn. Since you want to save on gas I assume you are on a tight budget.

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As for loan consider taking a loan from bank or credit union as opposed to finance from dealer. What bank or credit union would do is send you a blank check if you are approved. That way you have more room to negotiate OTD price for your car.

Also look up how much your truck is worth right now, and how much it is depreciating each day.