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Auto Loan Approvals!

RASULL12
Contributor

Re: Auto Loan Approvals!

APPROVING BANK: Chrysler Capital
BUREAU PULLED: all 3
CREDIT SCORE: Fico 8 scores are 590-600.  Auto enhanced 8 scores are 597 for Exp, 624 Eq and 633 TU
CUSTOMER STATE OF RESIDENCE: MA
NEW/USED: NEW
YEAR OF VEHICLE: 2015
MAKE: Dodge
MODEL: Durango Citadel AWD w/Hemi (MSRP S51k)
MILEAGE: 270
RETAIL/LEASE: Purchase
AMOUNT OF LOAN: $58,000 (including $10k neg equity and tax and fees plus Lifetime service contract through Mopar, GAP, and Road Hazard Tire and wheel protection)
TERM CONTRACTED: 72
APR/LEASE RATE: 3.9%
MONTHLY PAYMENT: $918
ANNUAL INCOME: 90,000
DEBT TO INCOME RATIO: Unknown many old debts, charge offs, collections, etc. 
MISCELLANEOUS COMMENTARY: I had 36 payments on time on my last vehicle (which was my first car loan I'm 25). Due to my poor credit from some mistakes I made my rate was 20.9% and I did not put any money down. Since I drive a lot (80k miles in 3 years) my car was $10k upside down and I wasnt able to refinance since loan to value was always too high.  With some good rebates I was able to lower my payment and get into a new car and put $1250 down. 

 

F&I guy was originally going to finance at 9.9% throught Americredit but then got on phone with Chrysler Capital and said if I put $1250 down they will finance me at 3.9% which I still cant believe. 

Message 3341 of 4,736
jpkuzma
New Visitor

Re: Auto Loan Approvals!

APPROVING BANK: CreditOne
BUREAU PULLED: Equifax & Experian (as far as I know so far, based upon the alerts I received)
CREDIT SCORE: Fico8: Equifax - 582, Experian - 560, Transunion - 561
CUSTOMER STATE OF RESIDENCE: Florida
NEW/USED: New
YEAR OF VEHICLE:2016
MAKE:Honda
MODEL:Accord Touring V6
MILEAGE:12 miles
RETAIL/LEASE:retail
AMOUNT OF LOAN:$29,401.55
TERM CONTRACTED:72 months
APR/LEASE RATE:9.58%
MONTHLY PAYMENT:$540.63
ANNUAL INCOME:$185K
DEBT TO INCOME RATIO:$12K debits
MISCELLANEOUS COMMENTARY:When I first started my car search, I got pre-approved at Roadloans for $24K at something like 12% interest, if memory serves me right.  I knew the car I wanted was going to be more than that - and decided I should give the dealer a shot at it.  I initially went with no-trade, and no-money-down - but no one would finance me with those terms, and was told I needed $5k down payment to get an approval.  So I gave $2,000 down and my trade at $3,000 - for a total of $5k down.  I didn't go any further with the rate shopping, as with my credit as it is - I was happy.   I do have an old repo on my account too, but it maybe right at 6-years old.  

 

I have to say, the waiting game was excruciatingly painful, but ultimately the dealership did an excellent job at it and made it as painless as possible.

 

My trade was worth maybe $1K to be genereous - but since it was the end-of-the-month they stretched and gave me an excellent deal on my trade.  There is def some validity towards buying at the end of the month.

Message 3342 of 4,736
workingfor850
Valued Contributor

Re: Auto Loan Approvals!


@jpkuzma wrote:

APPROVING BANK: CreditOne
BUREAU PULLED: Equifax & Experian (as far as I know so far, based upon the alerts I received)
CREDIT SCORE: Fico8: Equifax - 582, Experian - 560, Transunion - 561
CUSTOMER STATE OF RESIDENCE: Florida
NEW/USED: New
YEAR OF VEHICLE:2016
MAKE:Honda
MODEL:Accord Touring V6
MILEAGE:12 miles
RETAIL/LEASE:retail
AMOUNT OF LOAN:$29,401.55
TERM CONTRACTED:72 months
APR/LEASE RATE:9.58%
MONTHLY PAYMENT:$540.63
ANNUAL INCOME:$185K
DEBT TO INCOME RATIO:$12K debits
MISCELLANEOUS COMMENTARY:When I first started my car search, I got pre-approved at Roadloans for $24K at something like 12% interest, if memory serves me right.  I knew the car I wanted was going to be more than that - and decided I should give the dealer a shot at it.  I initially went with no-trade, and no-money-down - but no one would finance me with those terms, and was told I needed $5k down payment to get an approval.  So I gave $2,000 down and my trade at $3,000 - for a total of $5k down.  I didn't go any further with the rate shopping, as with my credit as it is - I was happy.   I do have an old repo on my account too, but it maybe right at 6-years old.  

 

I have to say, the waiting game was excruciatingly painful, but ultimately the dealership did an excellent job at it and made it as painless as possible.

 

My trade was worth maybe $1K to be genereous - but since it was the end-of-the-month they stretched and gave me an excellent deal on my trade.  There is def some validity towards buying at the end of the month.


Congratulations on the new car.  I was pretty much in the same position 2 years ago.  Had plenty of income but some crappy credit from past mistakes.   After that terrible experience I buckled down and started to rebuild my scores and within about 9 months was able to refinance for 4.29%.  Your rate isnt terrible but will still involve alot of interest you can avoid if you can refinance in a few months so you might want to give it a shot.  The work I did to be able refinance my car has resulted in a much easier life with all of my credit related activities.  Happy the next time I buy a car (later this year) I won't have to sit on pins and needles while praying to get approved.

Message 3343 of 4,736
bman007fl
New Contributor

Re: Auto Loan Approvals!

APPROVING BANK: VW Credit
BUREAU PULLED: Transunion
CREDIT SCORE: 708
CUSTOMER STATE OF RESIDENCE: Florida 
NEW/USED: Used
YEAR OF VEHICLE: 2015
MAKE: Volkswagen
MODEL: Passat TDI Limited
MILEAGE: 4890
RETAIL/LEASE: Purchased
AMOUNT OF LOAN: 17,950
TERM CONTRACTED: 72
APR/LEASE RATE: 2.15
MONTHLY PAYMENT: 334
ANNUAL INCOME: 41000
DEBT TO INCOME RATIO: 14
MISCELLANEOUS COMMENTARY: 

 

 


Message 3344 of 4,736
EddieK
Established Contributor

Re: Auto Loan Approvals!


@bman007fl wrote:

APPROVING BANK: VW Credit
BUREAU PULLED: Transunion
CREDIT SCORE: 708
CUSTOMER STATE OF RESIDENCE: Florida 
NEW/USED: Used
YEAR OF VEHICLE: 2015
MAKE: Volkswagen
MODEL: Passat TDI Limited
MILEAGE: 4890
RETAIL/LEASE: Purchased
AMOUNT OF LOAN: 17,950
TERM CONTRACTED: 72
APR/LEASE RATE: 2.15
MONTHLY PAYMENT: 334
ANNUAL INCOME: 41000
DEBT TO INCOME RATIO: 14
MISCELLANEOUS COMMENTARY: 

 

 


Interesting...looks like you got a good deal.  Are they letting dealers sell the TDIs now?

Starting Scores:
1/19/14:

1/28/14:
2/12/14:
Current Scores:
7/10/19:
12/17/16:
9/05/17:
Message 3345 of 4,736
Dunner
New Member

Re: Auto Loan Approvals!

APPROVING BANK:Community Choice Credit Union (Michigan)
BUREAU PULLED: Experian
CREDIT SCORE: 640
CUSTOMER STATE OF RESIDENCE: MI
NEW/USED: Used
YEAR OF VEHICLE: 2013
MAKE:Mercedes
MODEL: E350 4matic
 MILEAGE:  35k
RETAIL/LEASE: retail
AMOUNT OF LOAN:  37500
TERM CONTRACTED: 84
APR/LEASE RATE:  6.24
MONTHLY PAYMENT:  546
ANNUAL INCOME: 65k
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY:  Negative equity rolled in from a 09 VW CC ($3500).  I put $500 down.  This Credit Union used Experian, which is my lowest score by 40-60 points.  I'm in the 700s in the other two CB's.  The dealer told me my score was a 640 but I couldnt find any info on MyFico on which score matrix would call for a 640.  No other scores are that low.

Message 3346 of 4,736
Sarge717
Valued Member

Re: Auto Loan Approvals!

APPROVING BANK: Wright-Patt Credit Union
BUREAU PULLED: TransUnion
CREDIT SCORE: 755 (Used Fico 8 Auto)
CUSTOMER STATE OF RESIDENCE: Ohio
NEW/USED: Used
YEAR OF VEHICLE: 2010
MAKE: Chevy
MODEL: Impala LT
MILEAGE: 59,738
RETAIL/LEASE: $10,800
AMOUNT OF LOAN: $6,014
TERM CONTRACTED: 48 Months
APR/LEASE RATE: 3.69 %
MONTHLY PAYMENT: $134.00
ANNUAL INCOME: $37,000
DEBT TO INCOME RATIO: 17 %
MISCELLANEOUS COMMENTARY: Original Loan had a Co-Signer at 9.65 APR with Wright-Patt and was opened in June of 2015.  I was able to Refinance in May 2016 without the Co-Signer.  According to the rep Wright-Patt can refinance their own loans after 24 months, but because I was dropping the Co-Signer they were able to do it earlier.  


INQ - EQ 3 TU 4 EX 3 --- Auto Loan - Wright Patt CU - 9.5% - $6K --- Student Loans - Great Lakes $34,500 - Nelnet $1,800
Message 3347 of 4,736
gurusexy
Regular Contributor

Re: Auto Loan Approvals!


@RASULL12 wrote:

APPROVING BANK: Chrysler Capital
BUREAU PULLED: all 3
CREDIT SCORE: Fico 8 scores are 590-600.  Auto enhanced 8 scores are 597 for Exp, 624 Eq and 633 TU
CUSTOMER STATE OF RESIDENCE: MA
NEW/USED: NEW
YEAR OF VEHICLE: 2015
MAKE: Dodge
MODEL: Durango Citadel AWD w/Hemi (MSRP S51k)
MILEAGE: 270
RETAIL/LEASE: Purchase
AMOUNT OF LOAN: $58,000 (including $10k neg equity and tax and fees plus Lifetime service contract through Mopar, GAP, and Road Hazard Tire and wheel protection)
TERM CONTRACTED: 72
APR/LEASE RATE: 3.9%
MONTHLY PAYMENT: $918
ANNUAL INCOME: 90,000
DEBT TO INCOME RATIO: Unknown many old debts, charge offs, collections, etc. 
MISCELLANEOUS COMMENTARY: I had 36 payments on time on my last vehicle (which was my first car loan I'm 25). Due to my poor credit from some mistakes I made my rate was 20.9% and I did not put any money down. Since I drive a lot (80k miles in 3 years) my car was $10k upside down and I wasnt able to refinance since loan to value was always too high.  With some good rebates I was able to lower my payment and get into a new car and put $1250 down. 

 

F&I guy was originally going to finance at 9.9% throught Americredit but then got on phone with Chrysler Capital and said if I put $1250 down they will finance me at 3.9% which I still cant believe. 



Can you please confirm which bureau they pulled and which specific score they pulled?

 

I just got approved for 2.99 on a new auto rate for a chrysler pacifica from my local CU. Hoping to use that so Chrysler can compete..

 

if i use Chrysler Financing, I can get up tp 2500 in incentives, and for that, I will galdly take an extra pull from Chrysler Capital

400K+ in open revolvers. 8% UTIL,
Inquiries- TU:2, EQ:2, EX: 3
Starting Scores: 6/12 EX: 613 11/13 TU:614
06/18: F08EX: 781; F08EQ: 787; F08TU:769 Short term goal: 800+ across all 3 Bureaus. Last app 07/19 (BBVA Personal Loan - Approved with Hard pull).
Message 3348 of 4,736
RASULL12
Contributor

Re: Auto Loan Approvals!

Auto fico was TU 633 EQ 626 EX 597 all 3 were pulled. 

Message 3349 of 4,736
gurusexy
Regular Contributor

Re: Auto Loan Approvals!


@RASULL12 wrote:

Auto fico was TU 633 EQ 626 EX 597 all 3 were pulled. 


You are one lucky dude..... that rate for that score.... LOL

 

All my Auto FICO *s are in excess of 700, all the other Auto Ficos are in excess of 680. I should be able to get 0% APR no? :-)

 

Waiitng for my loan check, and when i go in, will get to bargaining for that 0% or at least sub 1% rate... Thanks for the update

400K+ in open revolvers. 8% UTIL,
Inquiries- TU:2, EQ:2, EX: 3
Starting Scores: 6/12 EX: 613 11/13 TU:614
06/18: F08EX: 781; F08EQ: 787; F08TU:769 Short term goal: 800+ across all 3 Bureaus. Last app 07/19 (BBVA Personal Loan - Approved with Hard pull).
Message 3350 of 4,736
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