topic Re: Approved For Lexus!!! in Auto Loans

Approved For Lexus!!!

silverk123 — Wed, 11 Jan 2012 00:33:03 GMT

APPROVING BANK: Toyota Financial
BUREAU PULLED: EXP, TRANS, EQUIFAX
CREDIT SCORE: FAKO 734, TRANS 589, EQUIFAX 634
CUSTOMER STATE OF RESIDENCE:MA
NEW/USED: Used
YEAR OF VEHICLE: 2008

MAKE: LEXUS

MODEL:GX470
MILEAGE: 30,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 34,000 incl. interest, extra warranty
TERM CONTRACTED: 72 months
APR/LEASE RATE: 5.5%
MONTHLY PAYMENT: $567

ANNUAL INCOME: 80k
MISCELLANEOUS COMMENTARY: I have not been able to get an approval for even a credit card in years. I went to 3 dealers and they all turned me down. I traded in my 2003 GMC Envoy and received $6000, it was really work maybe $2000 that car was crap. Anyhow I purchased a GX470 which has a Lexus certified vehicle warranty (like a new car warranty) up to 100K miles or 3 years. I added on an additional 3 years for roughly $2000. If I don't use it they will refund my money. I also rolled in my sales tax and registration fees into the loan, so I paid NOTHING out of pocket. I have tried like hell to repair my credit, it started in the low 500's. I have 1 newly acquired secure credit card, and 1 collateral loan, no other established positive credit to report. I was informed if I make my payments on time, I will be considered tier 1 credit for life with Toyota financial. Thanks Fico Forum, although this is my 1st post I am constantly reading them all for support.

Now only if I could qualify for a real credit card (I think the 10 inquiries in the past year are hurting me a bit). I was recently denied credit from Capitol 1 (3 times), Bloomingdales, QVC, Ally bank, sovereign bank, and I am sure a few others.

Its my understanding Toyota is a bit lenient but it helps to have the right finance manager going to bat for you.

Re: Approved For Lexus!!!

pizzadude — Wed, 11 Jan 2012 01:04:30 GMT

Wow !! Congrats on the approval !! That's a really good interest rate given the situation you are in.

Do you know if they pulled an auto enhanced FICO score for your approval, and is that what is listed in your post ??

Re: Approved For Lexus!!!

Revelate — Wed, 11 Jan 2012 01:43:32 GMT

@silverk123 wrote:
Its my understanding Toyota is a bit lenient but it helps to have the right finance manager going to bat for you.

Indeed. TFS has a loan product for just about everyone unlike Honda. Enjoy the car

Re: Approved For Lexus!!!

silverk123 — Wed, 11 Jan 2012 03:13:54 GMT

Hello
Thanks for the congrats! I'm so happy. Yes they pulled auto enhanced which presented a score much lower than those I posted.
I am so grateful as my envoy was mechanically on its last leg.

Any advice on obtaining a real credit card?

Thanks again!

Re: Approved For Lexus!!!

pizzadude — Wed, 11 Jan 2012 04:15:32 GMT

silverk123 wrote:
Hello
Thanks for the congrats! I'm so happy. Yes they pulled auto enhanced which presented a score much lower than those I posted.
I am so grateful as my envoy was mechanically on its last leg.

Any advice on obtaining a real credit card?

Thanks again!

It's great that they were willing to work with you ~the LexusGX is a great car, I'm sure you will enjoy it !

You mentioned that you have a secured CC open ~ you might try opening another secured card. Have you tried HSBC/Orchard, they might approve you....

Re: Approved For Lexus!!!

Anonymous — Wed, 11 Jan 2012 14:29:07 GMT

Perhaps give it some time first.

Let those inqs age a bit, let the car loan and secured card with on-time payments report a bit. Let your AAOA increase. Watch your scores for a bit, and let them go up.

Then I would try some card prequalifier sites until I found something good. Only then would I hit a trigger. There's not much else you can do to get a "real" credit card.

But that's jmo. Congrats on your new car!

Re: Approved For Lexus!!!

Revelate — Wed, 11 Jan 2012 14:50:13 GMT

Go get another card now while the inquiries are fresh.

A second revolver will increase your score faster over time than waiting to apply for another one later. Orchard might approve you outright for an unsecured card, though it'll be a tiny CL so you might be better with a higher deposit secured.

The advice to wait between credit inquiries only applys (sometimes) to prime people, not folks like me (or the OP) where spreading out the inquiries just prolongs our period of being subprime. Get them all from the start and let time help you immediately on that second card and the inquiry aging rather than delaying by some arbitrary amount of time to hope for a slightly better card then.

Re: Approved For Lexus!!!

Anonymous — Wed, 11 Jan 2012 18:31:55 GMT

@silverk123 wrote:
APPROVING BANK: Toyota Financial
BUREAU PULLED: EXP, TRANS, EQUIFAX
CREDIT SCORE: FAKO 734, TRANS 589, EQUIFAX 634
CUSTOMER STATE OF RESIDENCE:MA
NEW/USED: Used
YEAR OF VEHICLE: 2008
MAKE: LEXUS
MODEL:GX470
MILEAGE: 30,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 34,000 incl. interest, extra warranty
TERM CONTRACTED: 72 months
APR/LEASE RATE: 5.5%
MONTHLY PAYMENT: $567
ANNUAL INCOME: 80k
MISCELLANEOUS COMMENTARY: I have not been able to get an approval for even a credit card in years. I went to 3 dealers and they all turned me down. I traded in my 2003 GMC Envoy and received $6000, it was really work maybe $2000 that car was crap. Anyhow I purchased a GX470 which has a Lexus certified vehicle warranty (like a new car warranty) up to 100K miles or 3 years. I added on an additional 3 years for roughly $2000. If I don't use it they will refund my money. I also rolled in my sales tax and registration fees into the loan, so I paid NOTHING out of pocket. I have tried like hell to repair my credit, it started in the low 500's. I have 1 newly acquired secure credit card, and 1 collateral loan, no other established positive credit to report. I was informed if I make my payments on time, I will be considered tier 1 credit for life with Toyota financial. Thanks Fico Forum, although this is my 1st post I am constantly reading them all for support.
Now only if I could qualify for a real credit card (I think the 10 inquiries in the past year are hurting me a bit). I was recently denied credit from Capitol 1 (3 times), Bloomingdales, QVC, Ally bank, sovereign bank, and I am sure a few others.
Its my understanding Toyota is a bit lenient but it helps to have the right finance manager going to bat for you.

Congrats and Enjoy.

can you also post this info on autoloan approval

Re: Approved For Lexus!!!

Anonymous — Wed, 11 Jan 2012 20:52:24 GMT

@Revelate wrote:
The advice to wait between credit inquiries only applys (sometimes) to prime people, not folks like me (or the OP) where spreading out the inquiries just prolongs our period of being subprime. Get them all from the start and let time help you immediately on that second card and the inquiry aging rather than delaying by some arbitrary amount of time to hope for a slightly better card then.

OP asked how to get a "real" or prime card. Sure, OP can get a second (or third or fifth) secured or toy card, maybe it will speed it up a bit (or they can see if they can up existing secured card too or be added as an AU on a clean prime acct, which doesn't even add inqs or fees or toys on your CR. And then there's the fact this isn't the start-OP also said the 10 inq are over the last yr, so some might soon stop scoring completely.) but to get a prime, OP will still have to wait and garden carefully at some point. And again, use those prequalifier sites first if you can.

Timing this isn't arbitrary, necessarily. Actually, it's pretty specific when it comes to how inqs score, fade and drop. How accounts age, how scores jump at certain intervals of aging...

You and the OP aren't the only ones who've been subprime, either. DH and I got 1 Cap 1 ea, loans, and then moved to store cards, a better Cap 1 and then prime. It took some waiting and patience, regardless. There's several routes to prime, after all. Some faster, some slower. But they all seem to involve patience. *sigh*

Re: Approved For Lexus!!!

Revelate — Thu, 12 Jan 2012 04:36:22 GMT

@Anonymous wrote:
@Revelate wrote:
The advice to wait between credit inquiries only applys (sometimes) to prime people, not folks like me (or the OP) where spreading out the inquiries just prolongs our period of being subprime. Get them all from the start and let time help you immediately on that second card and the inquiry aging rather than delaying by some arbitrary amount of time to hope for a slightly better card then.

OP asked how to get a "real" or prime card. Sure, OP can get a second (or third or fifth) secured or toy card, maybe it will speed it up a bit (or they can see if they can up existing secured card too or be added as an AU on a clean prime acct, which doesn't even add inqs or fees or toys on your CR. And then there's the fact this isn't the start-OP also said the 10 inq are over the last yr, so some might soon stop scoring completely.) but to get a prime, OP will still have to wait and garden carefully at some point. And again, use those prequalifier sites first if you can.

Timing this isn't arbitrary, necessarily. Actually, it's pretty specific when it comes to how inqs score, fade and drop. How accounts age, how scores jump at certain intervals of aging...

You and the OP aren't the only ones who've been subprime, either. DH and I got 1 Cap 1 ea, loans, and then moved to store cards, a better Cap 1 and then prime. It took some waiting and patience, regardless. There's several routes to prime, after all. Some faster, some slower. But they all seem to involve patience. *sigh*

580-640 doesn't go to prime in a year on one good history credit card and one good history auto loan I know that the aging of inquiries isn't arbirary, it's rooted in specific time cateogories: therefore, go eat the inquiry right now and let it age off with the rest of them.

Even at a thinfile before that, which most of us aren't, that'd be a challenge, but with any sort of derogs, there's a step or so before the mainline prime cards.

Just about everyone will agree that at two cards are a minimum for building or rebuilding, or even quality FICO scoring in general without a mortgage. People wind up looking a lot better at 6 months with a full 18 payments from three trade lines, than 12, nearly guarunteed. At a year, even better, and it also gives you more options for not mauling your AAoA quite as badly over the 3-6 month time period as a rebuilder when you trade one of the starter cards up to a prime card later.

There's absolutely no downsides unless you're trying to qualify for a mortgage in under six months. except your score will be a little lower for the next 1-2 months with the new trade line, when it doesn't even matter anyway as you're not going to be applying for anything new after that second card for a while... so take the hit right up front, rather than later, and you get to a prime card faster on the whole.

Re: Approved For Lexus!!!

Anonymous — Fri, 13 Jan 2012 20:58:24 GMT

There's different routes to prime. Some faster, some slower. And a lot depends on where you're starting from.

OP asked how to get to prime. OP is getting good suggestions.

We purposely avoided toys and secured. We still got to prime fairly quickly after a BK. So, given I've no clue what's on OP's CRs (where he's starting from) and why his scores are low, his utilization, or when these inqs were or for what, I'm suggesting OP could wait. OP could also add to secured card. get added as an AU if inqs are a concern, etc. You suggest having at least two subprime and app'ing now.

OP is getting the req'd good advice, , hopefully others will pop in w even more, and will have to filter, weigh, and decide what, if any, they want to take in.

And again, OP, congrats on the new car!

Re: Approved For Lexus!!!

webhopper — Tue, 17 Jan 2012 16:38:29 GMT

Congrats... That's a great rate!!

Re: Approved For Lexus!!!

Watchmann — Tue, 17 Jan 2012 17:21:42 GMT

That's a good interest rate with Lexus Financial. But take with a grain of salt the promise that you will be Tier 1 forever if you make payments on time. No creditor can guarantee future credit terms based on your situation today, you may pay off the loan with no issues and then fall into problems a few years later and those facts will determine the interest rate you'll get in the future. I would suggest you accelerate repayment of the loan because a six year loan on a four year old vehicle means it will be 10 years old when you finally own it free and clear. Lexus' will certainly go longer than that but that is a lot to be paying on a monthly basis once the vehicle gets up there in age. Good luck..

Re: Approved For Lexus!!!

CS800 — Wed, 18 Jan 2012 01:48:35 GMT

@silverk123 wrote:
APPROVING BANK: Toyota Financial
BUREAU PULLED: EXP, TRANS, EQUIFAX
CREDIT SCORE: FAKO 734, TRANS 589, EQUIFAX 634
CUSTOMER STATE OF RESIDENCE:MA
NEW/USED: Used
YEAR OF VEHICLE: 2008
MAKE: LEXUS
MODEL:GX470
MILEAGE: 30,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 34,000 incl. interest, extra warranty
TERM CONTRACTED: 72 months
APR/LEASE RATE: 5.5%
MONTHLY PAYMENT: $567
ANNUAL INCOME: 80k
MISCELLANEOUS COMMENTARY: I have not been able to get an approval for even a credit card in years. I went to 3 dealers and they all turned me down. I traded in my 2003 GMC Envoy and received $6000, it was really work maybe $2000 that car was crap. Anyhow I purchased a GX470 which has a Lexus certified vehicle warranty (like a new car warranty) up to 100K miles or 3 years. I added on an additional 3 years for roughly $2000. If I don't use it they will refund my money. I also rolled in my sales tax and registration fees into the loan, so I paid NOTHING out of pocket. I have tried like hell to repair my credit, it started in the low 500's. I have 1 newly acquired secure credit card, and 1 collateral loan, no other established positive credit to report. I was informed if I make my payments on time, I will be considered tier 1 credit for life with Toyota financial. Thanks Fico Forum, although this is my 1st post I am constantly reading them all for support.
Now only if I could qualify for a real credit card (I think the 10 inquiries in the past year are hurting me a bit). I was recently denied credit from Capitol 1 (3 times), Bloomingdales, QVC, Ally bank, sovereign bank, and I am sure a few others.
Its my understanding Toyota is a bit lenient but it helps to have the right finance manager going to bat for you.

Nice car !!

Re: Approved For Lexus!!!

silverk123 — Sun, 05 Feb 2012 22:04:35 GMT

Hello Everyone,

I love this forum!

So here is my update. I applied for I have counted 6 times in the last 12 months for a capital one card (of course I was persuaded by the capital one sharks), they have denied me every single time so I have decided I am done with them.

But the good news is I also applied for Bloomingdales, Macys, Nordstrom, and US Alliance visa. Initially I was denied by all 4 but once after receiving the disappointing denial letters I decided I needed to take action. I called into all of those companies and after speaking with a representative I was approved by all 4. It took 5 minutes of just schmoozing with the company reps in order to convince them I was credit worthy. Now my limits are not incredibly high, but I have not been able to qualify for anything for the last 10 years, so I am ecstatic to the fact that I know have Bloomingdales (limit $800), Macys (limit $300), Nordstrom (limit $500), and US Alliance (limit $2000). As well as a low rate on my new preowned car (5.5%).

I could not have done any of this with out the support of my buds here at myfico community. Thank you so much for all of your guidance, even if the posts were not meant for me directly. You have so improved the quality of the lives of me and my daughter.

Thank You Thank You Thank You!

If I can ever be of any assistance to anyone feel free to message me directly.

Starting CREDIT SCORE: FAKO 734, TRANS 589, EQUIFAX 634

Now CREDIT SCORE: FAKO 721, TRANS 655, EQUIFAX ???

Re: Approved For Lexus!!!

silverk123 — Sun, 05 Feb 2012 22:05:41 GMT

Yes they did pull auto enhanced. Shocking because I had a terrible car payment history 6 years ago.