Valued Member
beenjammin
Posts: 38
Registered: ‎08-17-2012
Re: Auto Loan Approvals!
[ Edited ]
APPROVING BANK: Cap One Auto
BUREAU PULLED: Experian
CREDIT SCORE: 625
CUSTOMER STATE OF RESIDENCE:
NEW/USED: Used
YEAR OF VEHICLE: 2008
MAKE: GMC
MODEL: Sierra 1500 SLT
MILEAGE: 50,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $24000
TERM CONTRACTED: 60 months
APR/LEASE RATE: 9.9%
MONTHLY PAYMENT:
ANNUAL INCOME:
MISCELLANEOUS COMMENTARY: Cap One's LTV was 110% - this makes shopping with a minimal down payment extremely difficult. I was approved through Cap One and shopped for a vehicle knowing that I would ask for better financing at the dealership, once I found the vehicle I wanted. I was approved with Ally through the GMC dealer and used their financing instead - see below. A week before applying with Cap One I pulled these Experian product scores: Quizzle:702, CreditInform:781, Experian Plus:667 (from Experian.com). Obviously there's something amiss with the different Experian products and their scoring models.
 
 
 
APPROVING BANK: Ally
BUREAU PULLED: Equifax
CREDIT SCORE: 675
CUSTOMER STATE OF RESIDENCE:
NEW/USED:Used
YEAR OF VEHICLE: 2008
MAKE: GMC
MODEL: Sierra 1500 SLT
MILEAGE: 50,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $21,000 (after $2,000 down)
TERM CONTRACTED: 60 months
APR/LEASE RATE: 6.5%
MONTHLY PAYMENT: $415
ANNUAL INCOME:
MISCELLANEOUS COMMENTARY: Ally approved me for a much better rate, and I will save close to $3,000 over the course of the loan. The dealer did apparently "shop" me around as I saw 3 new hard inquiries the next day. I am happy with both the vehicle and the rate. This is my first financed vehicle since 2002, a loan that was paid off in 2005. I pulled an Equifax Score from myfico.com 2 weeks prior and the score was 670.