Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012
Re: Auto Loan Approvals!

woogidyboogidy wrote:
APPROVING BANK: TD Bank
BUREAU PULLED: Equifax
CREDIT SCORE: 593
CUSTOMER STATE OF RESIDENCE: GA - Vehicle purchased in Tennessee
NEW/USED: New
YEAR OF VEHICLE: 2012
MAKE: Ford
MODEL: F150 - XLT
MILEAGE: 3
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 28,600
TERM CONTRACTED: 75 months
APR/LEASE RATE: 5.34% (!)
MONTHLY PAYMENT: 450.18
ANNUAL INCOME: 68,000
MISCELLANEOUS COMMENTARY: Shocked I got approved at such a low interest rate. Hell, shocked I got approved at all, with just my trade in, as I now have 2 vehicle loans, and a mortgage. I was hesitant to apply, as I closed on my house in May, and my credit score took a hit when I bit the bullet to go out and apply for about 5-6 credit cards and financed some furniture, but all in all, can't beat that interest rate. I read an article where TD Bank CEO was saying in September that the future of his company depended on the subprime market. Good news for those of us trying to rebuild credit history that have the means to do so.

How did this happen?  After I read this I decided to stop by my local TD Bank (I have checking, savings, and an unsecured loan 3 years old with them) and talked with one of their account service reps.  Both the reps in the branch at the time told me they require around a 680, and they had even heard it was trending towards 700 recently.  They didn't do the under writing in house, they basically submitted the app and that was it.  Kind of disheartening.  Did you do anything differently?  TD has been an awesome bank so far, so i was excited for the chance to possibly furter the relationship.  I was considering even making them my primary checking account (Currently my checking account only serves as a direct deposit, auto bill pay account)

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  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
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