Established Member
tryintorebuild
Posts: 12
Registered: ‎07-17-2008
Re: Auto Loan Approvals!
[ Edited ]
APPROVING BANK: Capital One Auto
BUREAU PULLED:All 3
CREDIT SCORE:Eq-617/TU-655/EX-675
CUSTOMER STATE OF RESIDENCE:GA
NEW/USED:Used
YEAR OF VEHICLE:2006
MAKE:Mercedes
MODEL:E350
MILEAGE:32000
RETAIL/LEASE:Retail
AMOUNT OF LOAN:27000
TERM CONTRACTED:72 mo.
APR/LEASE RATE:15.5%
MONTHLY PAYMENT:$578
MISCELLANEOUS COMMENTARY:I already had a 4 month old loan on 2005 Nissan Altima(EQ was 521) that was thru COAF( got thru dealership when I was 1 yr discharged from Chapter 7 BK. At the time was desperate for vehicle and just found FICO forum so reports needed lots of cleanup and no rebuilt credit at all. Cap 1 was only bank to finance me but get this at 26.5% . I originally planned to refinance when scores and report cleaned up but everyday I drove the car I was becoming more upside down with over $4000 of negative equity after only 4 months and my CU says can only refinance 100% LTV of trade in and I certainly did not have 4K to drop on a refinance and Cap 1 says they do not refinance there own loans, but I can apply for a new loan which is what I did then found a great deal on the MB from a family friend and will roll 4k negative equity into new loan but not upside down since price of car was about $4300 less that NADA retail. Plus I plan to refinance at my CU in 6 months when my scores will be in the 700's range. So excited about my new MB- this has been my dream car for about 4 years now and now it is a reality.
Message Edited by tryintorebuild on 10-28-2008 01:48 PM
Current credit score goal: Join 700 club by January 1st, 2009