topic Re: Auto Loan Approvals in Auto Loans

Auto Loan Approvals

gdale6 — Mon, 01 Aug 2022 21:23:55 GMT

Credit to MarvBear for an excellent idea on another forum; this thread is to be used for your Auto Loan Approvals just copy and paste!

APPROVING BANK:
BUREAU PULLED:
CREDIT SCORE:

SOFT PULL/HARD PULL:
CUSTOMER STATE OF RESIDENCE:
NEW/USED:
YEAR OF VEHICLE:
MAKE:
MODEL:
MILEAGE:
FINANCE/LEASE:

PURCHASE PRICE:
AMOUNT OF LOAN:
TERM CONTRACTED:
APR/LEASE RATE:
MONTHLY PAYMENT:
ANNUAL INCOME:
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY:

Link back to original auto loan thread : https://ficoforums.myfico.com/t5/Auto-Loans/Auto-Loan-Approvals/td-p/252350

Re: Auto Loan Approvals

Gidgetmom — Fri, 05 Aug 2022 16:25:47 GMT

APPROVING BANK: Keys FCU
BUREAU PULLED: EQ
CREDIT SCORE: 803

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: Used
YEAR OF VEHICLE: 2020
MAKE: Ford
MODEL: Escape
MILEAGE: 51000
FINANCE/LEASE: Refinance

PURCHASE PRICE:
AMOUNT OF LOAN: 28959
TERM CONTRACTED: 72
APR/LEASE RATE: 3.05%
MONTHLY PAYMENT: $451
ANNUAL INCOME: 32,000
DEBT TO INCOME RATIO: not sure what it was calculated at
MISCELLANEOUS COMMENTARY. Was approved with TD Auto @ 8.49% when my utilization was still at 88% (approx $49,000). Keys FCU did the loan at 103% LTV

Re: Auto Loan Approvals

CreditCuriosity — Wed, 10 Aug 2022 11:56:10 GMT

APPROVING BANK: NFCU
BUREAU PULLED: TU
CREDIT SCORE: 800+

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: New
YEAR OF VEHICLE: 2022
MAKE: Mercedes
MODEL: CLA 45 AMG
MILEAGE: 5
FINANCE/LEASE: Finance

PURCHASE PRICE: 72kish(tire and wheel, gap, plates, etc all included)
AMOUNT OF LOAN: 65.5k (had some positive equity from trade in to offset above amt)
TERM CONTRACTED: 72
APR/LEASE RATE: 3.79%
MONTHLY PAYMENT: $1018ish
ANNUAL INCOME: 6 figures
DEBT TO INCOME RATIO: Decent
MISCELLANEOUS COMMENTARY. This was a weird one as bought car from MBFS two weeks ago had to get car right away before off lot as came on lot that day and would of been gone for this model same day basically put a CC to hold car till I got there on Sat 2 hour drive to dealership. Used MBFS (Mercedes benz financial) to get loan before car went poof as CU would of taken awhile ot cut check got instant approved with MBFS drove off in car. New their best rate at 6.99 was unacceptable so waited for loan to post and got 10 day payoff amt last night. Submitted loan application into NFCU over phone and explain was considered a refinance, but new loan due to year/model so same rate as new applied along with GAP insurance etc. Took about 2.5 hours to get approved not sure why went to review due to score and other factors, but did. Did that at around 8pm got text saying approved around 10:30 last night signed paperwork will have check fedex to me tomorrow and pay off MBFS.

Re: Auto Loan Approvals

DaWhole9 — Sun, 14 Aug 2022 13:35:37 GMT

APPROVING BANK: Orange Countys Credit Union
BUREAU PULLED:
CREDIT SCORE: 803

SOFT PULL/HARD PULL: Soft
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: Used
YEAR OF VEHICLE: 2016
MAKE: BMW
MODEL: 535i M Sport
MILEAGE: 60000
FINANCE/LEASE:Finance

PURCHASE PRICE: $25,800
AMOUNT OF LOAN: $ 28,401
TERM CONTRACTED: 60 months
APR/LEASE RATE: 2.9
MONTHLY PAYMENT: $500
ANNUAL INCOME: $110k
DEBT TO INCOME RATIO: 0%
MISCELLANEOUS COMMENTARY: Super Simple process. The CU had me preapproved already. Didnt have to apply. Found the car, the deale pulled up my preapproval and I e-signed the docs on my phone...they delivered the car to me detailed that day.

Re: Auto Loan Approvals

oorhett — Sun, 14 Aug 2022 18:17:06 GMT

APPROVING BANK: Granite Credit Union (Utah)
BUREAU PULLED: Experian
CREDIT SCORE: 701

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Utah
NEW/USED: Used
YEAR OF VEHICLE: 2008
MAKE: Porsche
MODEL: 911
MILEAGE: 150000
FINANCE/LEASE: Fin

PURCHASE PRICE: 38,000
AMOUNT OF LOAN: 24,800
TERM CONTRACTED: 84 mo
APR/LEASE RATE: 4.74
MONTHLY PAYMENT: 348
ANNUAL INCOME: 75000
DEBT TO INCOME RATIO: 15%
MISCELLANEOUS COMMENTARY: They also called and offered a $5,000 SL Visa card as part of the loan asked for $10,000 and was approved! Used the same credit pull.

Re: Auto Loan Approvals

theBeardedNerd — Wed, 17 Aug 2022 03:52:45 GMT

APPROVING BANK: GreenState Credit Union
BUREAU PULLED: TransUnion
CREDIT SCORE: 715

SOFT PULL/HARD PULL: Hard Pull
CUSTOMER STATE OF RESIDENCE: Iowa
NEW/USED: New
YEAR OF VEHICLE: 2022
MAKE: Audi
MODEL: A5 Sportback
MILEAGE: 12 miles
FINANCE/LEASE: Finance

PURCHASE PRICE: $55,084.75
AMOUNT OF LOAN: $55,084.75
TERM CONTRACTED: 75 months
APR/LEASE RATE: 4.59%
MONTHLY PAYMENT: $852.62
ANNUAL INCOME: $94,000
DEBT TO INCOME RATIO: 19%
MISCELLANEOUS COMMENTARY:

Re: Auto Loan Approvals

Junejer — Sun, 21 Aug 2022 23:58:25 GMT

APPROVING BANK: Genesis Finance
BUREAU PULLED: TU
CREDIT SCORE: 860/821

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: WI
NEW/USED: New
YEAR OF VEHICLE: 2023
MAKE: Genesis
MODEL: GV80 3.5T Prestige Signature
MILEAGE: 14
FINANCE/LEASE: Finance

PURCHASE PRICE: $86,392 (including warranty, tax, title license, etc.)
AMOUNT OF LOAN: $62,686
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 3.49%
MONTHLY PAYMENT: $1,141.74
ANNUAL INCOME: $475K
DEBT TO INCOME RATIO: 8%
MISCELLANEOUS COMMENTARY: Wanted to get back in with PenFed, so went to them first got approved for 60 months at 5.5% and some change, but obviously went with the lower rate.

Re: Auto Loan Approvals

finfree — Mon, 22 Aug 2022 00:22:11 GMT

APPROVING BANK: Subaru Motors Finance through Chase
BUREAU PULLED: TransUnion only
CREDIT SCORE: 824 - They used FICO Auto Score 9

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2023
MAKE: Subaru
MODEL: Crosstrek
MILEAGE: 7 miles
FINANCE/LEASE: Finance

PURCHASE PRICE: 26,428
AMOUNT OF LOAN:
TERM CONTRACTED: 48 months
APR/LEASE RATE: 2.9% (Subaru rate)
MONTHLY PAYMENT:
ANNUAL INCOME:
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY

Re: Auto Loan Approvals

maxchurn — Sat, 27 Aug 2022 19:16:13 GMT

APPROVING BANK: 1st Liberty FCU
BUREAU PULLED: TU
CREDIT SCORE: 731

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Montana
NEW/USED: USED
YEAR OF VEHICLE: 2015
MAKE: Lexus
MODEL: RC 350 F Sport
MILEAGE: 39000
FINANCE/LEASE: REFINANCE

PURCHASE PRICE: $27.5K PAYOFF
AMOUNT OF LOAN: $39K
TERM CONTRACTED: 72 MOS
APR/LEASE RATE: 3.79%
MONTHLY PAYMENT: $613.50
ANNUAL INCOME: Over 100K
DEBT TO INCOME RATIO: Low, only an auto loan
MISCELLANEOUS COMMENTARY: Qualified for their best rate at 3.54% for 60 months but going an extra year added .25% to the loan. They pay up to clean retail, which is ridiculous but an extra $12k cash at 3.79% with GAP and no pre payment penalties, it's too good of a rate to not take advantage IMO.

Re: Auto Loan Approvals

ds3 — Fri, 09 Sep 2022 12:22:10 GMT

APPROVING BANK: Chrysler Capital
BUREAU PULLED: Experian
CREDIT SCORE: 645

SOFT PULL/HARD PULL: Hard, maybe? I really can't tell yet.
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2022
MAKE: Ram
MODEL: 1500 Laramie Eco-Diesel
MILEAGE: 20
FINANCE/LEASE: Finance

PURCHASE PRICE: $62k +/-
AMOUNT OF LOAN: $59k
TERM CONTRACTED: 72
APR/LEASE RATE: 2.9
MONTHLY PAYMENT: $913
ANNUAL INCOME: $196000
DEBT TO INCOME RATIO: 35%
MISCELLANEOUS COMMENTARY: Had no intention of buying it, but the numbers just made sense. Kind of shocked at the tier 1 rate, but income got it over the top.

Re: Auto Loan Approvals

FLLGuy — Thu, 08 Sep 2022 00:19:57 GMT

@ds3 wrote:
APPROVING BANK: Chrysler Credit
BUREAU PULLED: Experian
CREDIT SCORE: 645
SOFT PULL/HARD PULL: Hard, maybe? I really can't tell yet.
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2022
MAKE: Ram
MODEL: 1500 Laramie Eco-Diesel
MILEAGE: 20
FINANCE/LEASE: Finance
PURCHASE PRICE: $62k +/-
AMOUNT OF LOAN: $59k
TERM CONTRACTED: 72
APR/LEASE RATE: 2.9
MONTHLY PAYMENT: $913
ANNUAL INCOME: $196000
DEBT TO INCOME RATIO: 35%
MISCELLANEOUS COMMENTARY: Had no intention of buying it, but the numbers just made sense. Kind of shocked at the tier 1 rate, but income got it over the top.

@ds3 - Well now, this is very encouraging and a great read you obtaining Tier1 level. Did you put a significant down? I've been preparing myself for a new RAM truck by end of next year after gardening a bit, waiting for BK13 to fall off my reports and some inquiries to vanish. I make about $50K less than you do. Do you mind if I ask, any baddies on your credit reports? Did you already have a an established relationship with the dealer prior to your latest aquisition?

Re: Auto Loan Approvals

BM1990 — Thu, 08 Sep 2022 08:02:51 GMT

APPROVING BANK: Wells Fargo
BUREAU PULLED: TU
CREDIT SCORE: 660's

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: New Jersey
NEW/USED: Certified Pre Owned
YEAR OF VEHICLE: 2020
MAKE: Ford
MODEL: Mustang Ecoboost
MILEAGE: 5k
FINANCE/LEASE: Finance

PURCHASE PRICE: $36,000
AMOUNT OF LOAN: $33,000
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 9%
MONTHLY PAYMENT: $730
ANNUAL INCOME: $100,000
DEBT TO INCOME RATIO: I honestly haven't checked. LOL, but it has to be relatively low.
MISCELLANEOUS COMMENTARY: Looking to refinance this in the next 6 months. I should be a 700 score by then. Can anyone recommend any good banks to refinance with ?

Re: Auto Loan Approvals

ds3 — Thu, 08 Sep 2022 12:42:45 GMT

@ds3 - Well now, this is very encouraging and a great read you obtaining Tier1 level. Did you put a significant down? I've been preparing myself for a new RAM truck by end of next year after gardening a bit, waiting for BK13 to fall off my reports and some inquiries to vanish. I make about $50K less than you do. Do you mind if I ask, any baddies on your credit reports? Did you already have a an established relationship with the dealer prior to your latest aquisition?

I didn't put any cash down, but they gave me $7200 for my trade(2013 Audi A4), and $3250 in incentives. I have no baddies, but I entered a Debt Management Plan earlier this year, which greatly reduced DTI...still not entirely clear how that worked out, but it's been awesome. No, never been to the dealer before. I honestly didn't go there to buy, just researching. They really wanted to sell it, and met every concession I came up with, and then some. I didn't even have the trade-in with me, I drove my other car to the dealer that day. The deal was completely done before they even saw it. I've purchased 13 new vehicles in my life, and this was the easiest one ever...in and out of the dealership in 2 hours.

Re: Auto Loan Approvals

FLLGuy — Thu, 08 Sep 2022 17:23:58 GMT

@ds3 wrote:
@ds3 - Well now, this is very encouraging and a great read you obtaining Tier1 level. Did you put a significant down? I've been preparing myself for a new RAM truck by end of next year after gardening a bit, waiting for BK13 to fall off my reports and some inquiries to vanish. I make about $50K less than you do. Do you mind if I ask, any baddies on your credit reports? Did you already have a an established relationship with the dealer prior to your latest aquisition?

I didn't put any cash down, but they gave me $7200 for my trade(2013 Audi A4), and $3250 in incentives. I have no baddies, but I entered a Debt Management Plan earlier this year, which greatly reduced DTI...still not entirely clear how that worked out, but it's been awesome. No, never been to the dealer before. I honestly didn't go there to buy, just researching. They really wanted to sell it, and met every concession I came up with, and then some. I didn't even have the trade-in with me, I drove my other car to the dealer that day. The deal was completely done before they even saw it. I've purchased 13 new vehicles in my life, and this was the easiest one ever...in and out of the dealership in 2 hours.

@ds3 - Thank you very much for the extra details this is very helpful. My hat goes off to you on working out a great deal on an incredible truck - enjoy it!

Re: Auto Loan Approvals

disdreamin — Thu, 15 Sep 2022 02:38:21 GMT

@FLLGuy wrote:
@ds3 - Well now, this is very encouraging and a great read you obtaining Tier1 level. Did you put a significant down? I've been preparing myself for a new RAM truck by end of next year after gardening a bit, waiting for BK13 to fall off my reports and some inquiries to vanish. I make about $50K less than you do. Do you mind if I ask, any baddies on your credit reports? Did you already have a an established relationship with the dealer prior to your latest aquisition?

@FLLGuyI would strongly encourage you to check out Mark CDJR in Lake Charles, LA if you plan on special ordering a new Ram truck. Also, if you're planning doing light-duty, check out the 5th Gen Ram forums, lots of good info there. If HD, there is a similar HD forum that links are provided to from the 5th Gen site. We went through Mark Dodge for our most recent Ram and couldn't have been happier with the process and price.

Re: Auto Loan Approvals

FLLGuy — Thu, 15 Sep 2022 03:33:33 GMT

@disdreamin - thank you for your response. Interestingly enough I've read through several posts where some have mentioned their positive experience @ Mark Dodge CDJR - Lake Charles. I've never purchased a vehicle outaide of FL but i'm open when the time comes. Besides FL is notorious for unregulated and outrageous dealer fees.

Re: Auto Loan Approvals

disdreamin — Thu, 15 Sep 2022 13:02:04 GMT

@FLLGuy wrote:
@disdreamin - thank you for your response. Interestingly enough I've read through several posts where some have mentioned their positive experience @ Mark Dodge CDJR - Lake Charles. I've never purchased a vehicle outaide of FL but i'm open when the time comes. Besides FL is notorious for unregulated and outrageous dealer fees.

It was our first time purchasing (WAY) out of state, but Mark Dodge did all the paperwork for us and all we had to do was either pick the truck up or let them know we wanted them to make arrangements for delivery. It was, by far, the easiest deal I've ever done for a vehicle and I wouldn't hesitate to buy from them again. I worked directly with Aaron on the order and it was all done in a few emails and a phone call.

Re: Auto Loan Approvals

Dongabi — Fri, 30 Sep 2022 03:23:35 GMT

APPROVING BANK: PNC Bank
BUREAU PULLED: Experian
CREDIT SCORE: 802 (814 FICO 8)

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: New
YEAR OF VEHICLE: 2023
MAKE: Porsche
MODEL: Cayenne Coupe Platinum Edition
MILEAGE: 0
FINANCE/LEASE: Finance

PURCHASE PRICE: 110000
AMOUNT OF LOAN: 100000
TERM CONTRACTED: 60 mos
APR/LEASE RATE: 5.54%
MONTHLY PAYMENT: $1912
ANNUAL INCOME: $277000
DEBT TO INCOME RATIO: Not sure, can range from 20~30%
MISCELLANEOUS COMMENTARY: Waiting on few other lenders, penfed/ ccu/ bofa (long time bofa customer, primarily for student loan payments though). Will app PFS and Chase (primary bank). Hoping to get lower rate. Exciting!

Re: Auto Loan Approvals

Junejer — Mon, 03 Oct 2022 22:32:43 GMT

APPROVING BANK: Bank of America
BUREAU PULLED: TU
CREDIT SCORE: 785

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: WI
NEW/USED: Used
YEAR OF VEHICLE: 2021
MAKE: Audi
MODEL: Q7 Premium Plus
MILEAGE: 8929
FINANCE/LEASE: Finance

PURCHASE PRICE: 62,231
AMOUNT OF LOAN: 57,231
TERM CONTRACTED: 60
APR/LEASE RATE: 6%
MONTHLY PAYMENT: 1030ish
ANNUAL INCOME:
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Vehicle was never sold. Dealership used it for test drives. I'm sure some employee must've driven it for a bit as well. Got a basically new vehicle (extremely loaded) without paying the new car price.

Re: Auto Loan Approvals

Dongabi — Tue, 04 Oct 2022 14:37:01 GMT

BofA offering 60 mo @ 4.29%. Pulled Experian. Looking good so far!

APPROVING BANK: PNC Bank
BUREAU PULLED: Experian
CREDIT SCORE: 802 (814 FICO 8)

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: New
YEAR OF VEHICLE: 2023
MAKE: Porsche
MODEL: Cayenne Coupe Platinum Edition
MILEAGE: 0
FINANCE/LEASE: Finance