New Member
Posts: 6
Registered: ‎05-21-2008
Re: Auto Loan Approvals!
[ Edited ]
Hey Schoolbuskid,
 
I was totally surprised that I got approved and I actually didn't believe the finance guy so I made him print me off something showing that I was approved.
 
Right now mazda is having special financing and rebates on a lot of their vehicles. I think the financing rates are 2.9 or 3.9 for tier 0-2 credit. On the approval I saw it said I was a tier 3 credit. Here are the comments the approval officer wrote to the dealer finance guy "Paul, good dti/pti, shorter term, cash down. Trading open auto, slightly higher payment. Thanks for the business. LVL 3 Fin, slightly higher payments. Thanks for the business LVL3 60x389x20660. Call if figs change.  Stipulations BUR Score 620-659. POI/4refers, 2k cc"
 
I didn't trust the dealer so like I said I made them print me off a copy of the approval. They use a company called RouteOne (routeone.com) which is an electronic system that allows dealers to get approvals within minutes. They printed me off the approval page from RouteOne that showed the Mazda American Credit Decision Details: Says I was approvaed for $20,6660, 60 months at 4.9%, $2k down payment and my payments are $389. I also got a $500 mazda 3 rebate. Check out their website and look for incentives in your area and you'll see the interest rates and rebates they're offering in your area.
 
I think they used an auto enhanced score because the salesman told me he saw my score and it was a 630 something. When I checked equifax it was 614. If it helps, my income is $35k a year base but I make around $40k after bonuses and overtime. I have a credit history that is about 8 years long because of student loans. I have a lot of student loans but they are all current, never been late. I have 3 open, current, never been late credit cards. Had two lines of credit with a furniture store that I just paid in full. I do have some collections on my credit but they aren't new collections. 

Car dealerships are having a rough time right now so the in house finance companies are probably a little bit more lenient than they normally would be. When the car salesman told me about the financing and that I could probably get the 4.9% I told him he was crazy. Apparently he wasn't lol. I was denied by capital one, buy a local credit union, and my e-loan/roadloans.com. So I was totally discouraged when I went into the dealer and not expecting a good rate.
 
I'm picking the car up on Friday. Didn't pick it up on Friday when I bought it because I didn't have my down payment. Going to give them the $2K on friday and will take delivery then.
 
Let me know if you have any questions.


Message Edited by financenewcar on 06-08-2008 10:57 AM

Message Edited by financenewcar on 06-08-2008 11:00 AM