Frequent Contributor
Posts: 315
Registered: ‎05-28-2011
Re: Auto Loan Approvals!

APPROVING BANK: Affinity Federal Credit Union
BUREAU PULLED: Experian (Regular FICO)
CREDIT SCORE: 748
CUSTOMER STATE OF RESIDENCE: NJ
NEW/USED: New
YEAR OF VEHICLE: 2013

MAKE: Nissan

MODEL: Altima
MILEAGE:
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $30,000
TERM CONTRACTED: 48/60
APR/LEASE RATE: 1.99%/2.99%
MONTHLY PAYMENT:

ANNUAL INCOME: $70,000
MISCELLANEOUS COMMENTARY: Got preapproval for $30,000 from local CU for an auto loan which has 90 day validity period. I figured the car is not going to cross $30,000 mark even with all the fees/charges, Tax so put in that amount and was approved for that amount

 

 

 

 

 

APPROVING BANK: TD Auto Loan Finance
BUREAU PULLED: Transunion
CREDIT SCORE: 744 (Auto Enhanced)
CUSTOMER STATE OF RESIDENCE: NJ
NEW/USED: New
YEAR OF VEHICLE: 2013

MAKE: Nissan

MODEL: Altima
MILEAGE:
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 24919.50
TERM CONTRACTED: 48 months
APR/LEASE RATE: 1.99%
MONTHLY PAYMENT: 510.62

ANNUAL INCOME: $70,000
MISCELLANEOUS COMMENTARY: F&I guy squeezed in loan contract paper among other papers to sign and I asked him what was that and he said I was under impression that I was financing with them. I told him if he can match or beat that price than I will go with your finance else I am good just give me my purchase order. The rate on that was 2.74% was same from TD Auto Loans. He was so shocked/embraced that I figured out his mistake at a blink of an eye (thanks for this forum to educate us for auto loan process) that he did not try any gimmick or tactic to add-on anything else. I was in and out o dealer ship within an hour. Ultimately he requested to finance with them and he was able to match my CU’s rates so I went with his finance since I already have relation with my CU and might get my wife’s car with my CU.

TU Auto enhanced FICO (9/2012): 744
EX FICO (8/2012): 748
EX FICO (6/2010): 739