A 614 got you that kind of loan, with american mazda credit? Wow i was looking at the mazda 3's too! Do you have a long history? I mean thats a pretty low score to be financed at such a great rate! Pleast tell me more!
APPROVING BANK:GMAC BUREAU PULLED:EX CREDIT SCORE:607 CUSTOMER STATE OF RESIDENCE:AR
NEW/USED:New YEAR OF VEHICLE:2008
MODELuburban MILEAGE:15 RETAIL/LEASE:retail AMOUNT OF LOAN:$47,000 TERM CONTRACTED:72 APR/LEASE RATE:7.25 MONTHLY PAYMENT:797 MISCELLANEOUS COMMENTARYidn't get vehicle yet. Suprised that I got approved since have various closed, paid collection accounts on CR. Everything current. Trying to build score back up. Got mtg., credit line, and 2 credit cards low balances. CU said they could only do 5.9% at best.
I was totally surprised that I got approved and I actually didn't believe the finance guy so I made him print me off something showing that I was approved.
Right now mazda is having special financing and rebates on a lot of their vehicles. I think the financing rates are 2.9 or 3.9 for tier 0-2 credit. On the approval I saw it said I was a tier 3 credit. Here are the comments the approval officer wrote to the dealer finance guy "Paul, good dti/pti, shorter term, cash down. Trading open auto, slightly higher payment. Thanks for the business. LVL 3 Fin, slightly higher payments. Thanks for the business LVL3 60x389x20660. Call if figs change. Stipulations BUR Score 620-659. POI/4refers, 2k cc"
I didn't trust the dealer so like I said I made them print me off a copy of the approval. They use a company called RouteOne (routeone.com) which is an electronic system that allows dealers to get approvals within minutes. They printed me off the approval page from RouteOne that showed the Mazda American Credit Decision Details: Says I was approvaed for $20,6660, 60 months at 4.9%, $2k down payment and my payments are $389. I also got a $500 mazda 3 rebate. Check out their website and look for incentives in your area and you'll see the interest rates and rebates they're offering in your area.
I think they used an auto enhanced score because the salesman told me he saw my score and it was a 630 something. When I checked equifax it was 614. If it helps, my income is $35k a year base but I make around $40k after bonuses and overtime. I have a credit history that is about 8 years long because of student loans. I have a lot of student loans but they are all current, never been late. I have 3 open, current, never been late credit cards. Had two lines of credit with a furniture store that I just paid in full. I do have some collections on my credit but they aren't new collections.
Car dealerships are having a rough time right now so the in house finance companies are probably a little bit more lenient than they normally would be. When the car salesman told me about the financing and that I could probably get the 4.9% I told him he was crazy. Apparently he wasn't lol. I was denied by capital one, buy a local credit union, and my e-loan/roadloans.com. So I was totally discouraged when I went into the dealer and not expecting a good rate.
I'm picking the car up on Friday. Didn't pick it up on Friday when I bought it because I didn't have my down payment. Going to give them the $2K on friday and will take delivery then.
Let me know if you have any questions.
Message Edited by financenewcar on 06-08-200810:57 AM
Message Edited by financenewcar on 06-08-200811:00 AM
Thats awesome to hear, yea i was reading something on credit boards about it being the best time to buy a car, since so many dealerships are kinda struggling. I am super excited for you and hope you enjoy your car. I guess i need to pay off my current loan first because i kinda want to keep my vehicle, and then get a small car to drive back and forth to work! I dont know how they would be with my a credit history of two years and average is 8 months!
Thanks for all the info...it makes me put mazda higher up on the list! Enjoy you new car!
APPROVING BANK: GMAC BUREAU PULLED: TU CREDIT SCORE: 660 CUSTOMER STATE OF RESIDENCE: TN NEW/USED: NEW YEAR OF VEHICLE: 2008
MODEL:TRIBECA MILEAGE:59 RETAIL/LEASE:RETAIL AMOUNT OF LOAN:32500 TERM CONTRACTED: 60 APR/LEASE RATE: 9.99 MONTHLY PAYMENT: 687(?) MISCELLANEOUS COMMENTARY: No money down. Told dealership to only pull TU and they did. A month later refied with USAA
APPROVING BANK:USAA BUREAU PULLED: EQ CREDIT SCORE: 635 CUSTOMER STATE OF RESIDENCE:TN NEW/USED: REFI YEAR OF VEHICLE: 2008
MODEL:TRIBECA MILEAGE:1300 RETAIL/LEASE:RETAIL AMOUNT OF LOAN:32500 TERM CONTRACTED:60 APR/LEASE RATE:6.125 MONTHLY PAYMENT:667(?) MISCELLANEOUS COMMENTARY Only 20 dollars less than before I refied but wanted a lower APR and more accounts with USAA
Starting Score: 690 Current Score: 747 Goal Score: 750
BUREAU PULLED: not sure what they pulled- I pulled TU before I went - usually is the middle score for me CREDIT SCORE:717 CUSTOMER STATE OF RESIDENCE:Texas NEW/USED:New YEAR OF VEHICLE:2009
MODEL:Versa MILEAGE:23 RETAIL/LEASE:Retail AMOUNT OF LOAN:16000 TERM CONTRACTED:63 APR/LEASE RATE:6.99 MONTHLY PAYMENT:319 MISCELLANEOUS COMMENTARY: First time financing a vehicle - it was an interesting situation but I've come away happy with my purchase. Also on a side note I was denied by Roadloans and several others completely - a CU was interested in giving me some financing- however had several stipulations that wouldn't have worked for us - feel like I got lucky in NMAC.
I'm gonna post mine even though the interest rate is through the roof, i just came out of a bankruptcy and im just glad that anybody approved me:
APPROVING BANK: MarkOne Financial BUREAU PULLED:all 3 CREDIT SCORE:EX 550, EQ, 563, TU 557 CUSTOMER STATE OF RESIDENCE: GA NEW/USED: USED YEAR OF VEHICLE 2005
RETAIL/LEASE:RETAIL AMOUNT OF LOAN:12,200 TERM CONTRACTED:48 MONTHS APR/LEASE RATE:25% MONTHLY PAYMENT:411.01 MISCELLANEOUS COMMENTARY: i was denied by everyone, this is the only company that would finance me i put 2000 down. I knew the interest rate was gonna be a killer plus i can refinance once my credit scores are back on track.
Message Edited by wynona01 on 07-10-200805:58 AM
hr>Starting Score: EQ 677 TU 712 Current Score: 2/6 TU 715 2/6 EQ 677 EX 718 (lender pulled) Goal Score: TU EQ 750+