Auto Loan Approvals!

[Anonymous]

APPROVING BANK: Capital One
BUREAU PULLED: EX
CREDIT SCORE: 691

SOFT PULL/HARD PULL: SP for PreQual through COne's Auto Navigator, then HP at the dealer
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: Used
YEAR OF VEHICLE: 2018
MAKE: Nissan
MODEL: Frontier
MILEAGE: 13000
FINANCE/LEASE: Finance

PURCHASE PRICE: 20k
AMOUNT OF LOAN: 23k
TERM CONTRACTED: 72 mths
APR/LEASE RATE: Final Rate 8.06% (I was actually approved for 6.22% on certain price:value ratios, I couldve bought down the rate with a Down Payment, but chose not to)
MONTHLY PAYMENT: $418
ANNUAL INCOME: 59k
DEBT TO INCOME RATIO: <10%
MISCELLANEOUS COMMENTARY: I have just begun the trek of credit repair.  I have been a cash consumer for 20 years.  I received my first credit card, an AMEX, in 2 decades only 14 days ago.  There are a few derogs in my history, but with no active tradelines those derogs destroy my scores.  I settled for this rate because Capital One was the ONLY lender that made a decent offer (rightfully so) as my EQ and TU scores are in the toilet at 555 and <500 respectively.  I was ecstatic at the prospect of 6.22%, and 8.06% seems very fair for my specific situation.

[Anonymous]

APPROVING BANK: Amplify Credit Union fka IBM Texas Employees Federal Credit Union
BUREAU PULLED: All 3 Bureaus pulled from 9 different lenders (5 pulled TU)
CREDIT SCORE: F8- Exp 657, F9 Exp 695, F9-EQ 662, F8-TU 628 (scores taken over a few months) 

SOFT PULL/HARD PULL: Soft Pull by CapOne Auto Navigator/Hard Pull by 9 lenders at dealership
CUSTOMER STATE OF RESIDENCE: Texas
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Chevy
MODEL: Equinox LT LT2
MILEAGE: 4
FINANCE/LEASE: Finance

PURCHASE PRICE: $26,099.83 (just over 7k in discounts in rebates)
AMOUNT OF LOAN: $35.944.99
TERM CONTRACTED: 72
APR/LEASE RATE: 4.79%
MONTHLY PAYMENT: $561.11
ANNUAL INCOME: $106k (combined)
DEBT TO INCOME RATIO: prior to new loan 21.9%
MISCELLANEOUS COMMENTARY: Originally went to either refinance (CapOne 11.06%) a Prestige auto loan obtained after a Dec 2017 BK7 filing. Prestige loan was at 17.95% reduced down to 16.95%. Was approved for 8% CapOne Auto Navigator auto loan. Detoured to another Chevy dealerhip when original dealership called to tell me they sold our SUV we originally inteded to purchase. We went to purchase new SUV and roll in negative equity with zero down. Was surprised when finance guy asked us if we could put down $600, I said yes but we won't because we were going with CapOne - He said trust me and disappeared for 1 hour. Came back and said I got you approved for 4% but you have to put down the $600.00, We gratefully accepted the offer.  - Battled intensely with dealership over trade in value as well as pricing on vehicle options. Had Ford dealership work out a purchase order and give me $2k over trade in offer from Chevy dealership. We prevailed in the end.  Traded in upside down 2017 Equinox LT for $15,500 owed $24,623, net trade was -$9,123.

[cartwrna]

APPROVING BANK: Collins CCU
BUREAU PULLED: Equifax
CREDIT SCORE: 578
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: IA
NEW/USED: Used
YEAR OF VEHICLE: 2016
MAKE: Explorer
MODEL: XLT
MILEAGE: 49,000
FINANCE/LEASE: Finance
PURCHASE PRICE: $26,950
AMOUNT OF LOAN: 25,000
TERM CONTRACTED: 84
APR/LEASE RATE: 9.53
MONTHLY PAYMENT: 420ish
ANNUAL INCOME: 74k
DEBT TO INCOME RATIO: 14% before, 22% after
MISCELLANEOUS COMMENTARY: Just filed bankruptcy in August, was discharged 10/30/18. Traded a vehicle we had $2,500 equity in. Was surprised we even got a rate of 9.5%. Yes it’s high, but I got much worse when I started out with credit in 2013! The car we just traded started at 18.99%, and was at 1.49% currently. Will refinance in 6-12 months once we rebuild some :-) Didn’t expect much more with a score in the upper 500s, got the 1.49% prior to bankruptcy when my score was just above a 700. There’s light at the end of the tunnel!

[KLEXH25]

APPROVING BANK: Toyota Financial Services (TFS)
BUREAU PULLED: Experian
CREDIT SCORE: 737

SOFT PULL/HARD PULL: Hard Pull
CUSTOMER STATE OF RESIDENCE: NJ
NEW/USED: New
YEAR OF VEHICLE: 2018
MAKE: Mazda
MODEL: Mazda3 Touring Sedan
MILEAGE: 8
FINANCE/LEASE: Finance

PURCHASE PRICE: $20,885 (+$2,150 extended warranty)
DEPOSIT: $4,000
AMOUNT OF LOAN: $19,035
TERM CONTRACTED: 60 months
APR: 5.99%
MONTHLY PAYMENT: $369 ($326 before warranty)
ANNUAL INCOME: $66k
DEBT TO INCOME RATIO: < 15% (at time of application)

MISCELLANEOUS COMMENTARY:
This was a few weeks ago in October. I have a limited credit history (< 6 months) and only 2 credit cards at the time of application. I also only had Experian reporting a credit score (but none with TU or EQ). Before purchasing my car, I prequalified on CapitalOne Auto (8.5 - 10%) and DCU approved up to $25k @ 7.49% for 65 months. Went to Mazda dealership and had them also run my credit to see what they could get me. Was denied by multiple banks (Wells Fargo, Keybank, Chase, Ally Financial, TD Auto, M&T bank) for limited credit history, no previous instalment loans, and/or no credit score, however Toyota Financial Services* approved me for 60 months @ 5.99%, so I took it (I plan to refinance later). Since I plan to keep the car for a long time, I decided to extend the bumper-to-bumper warranty (3yrs/36k vs 7yrs/100k), especially since I'm not familar with Mazdas or their reliability (I've only had Hondas).

*Note - the Mazda dealership I went to had access to TFS through their other fleet of dealerships.

[pocketrockits]

APPROVING BANK: DCU
BUREAU PULLED: Transunion
CREDIT SCORE: 745

SOFT PULL/HARD PULL: Hard Pull
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2018
MAKE: Tesla
MODEL: Model 3
MILEAGE: 3
FINANCE/LEASE: Finance

PURCHASE PRICE: $77500 
DEPOSIT: 7500
AMOUNT OF LOAN: $70000
TERM CONTRACTED: 65 months
APR: 2.99%
MONTHLY PAYMENT: $1173
ANNUAL INCOME: $300k
DEBT TO INCOME RATIO: < 15% (at time of application)

[Anonymous]

APPROVING BANK: Liberty First Credit Union
BUREAU PULLED: Experian
CREDIT SCORE: 599

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE: NE
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Subaru
MODEL: Ascent
MILEAGE: 70
FINANCE/LEASE: Finance

PURCHASE PRICE: 30613
AMOUNT OF LOAN: 32,167
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 7.09
MONTHLY PAYMENT: 638
ANNUAL INCOME: 160,000
DEBT TO INCOME RATIO: 24%
MISCELLANEOUS COMMENTARY: 15 years ago my wife and I had about 10 credit cards with a CL of over 100K. We took a hard look at what were doing and spending just on monthly payments. Most of the cards were like yo-yo's. Pay if off, take a vacation, pay it off, max it out again. So we went cash only and paid off almost 80K in CC's in two years and canceled them all. Our credit scores at that time were in the high 700's. The only debts we have had after are cars and a mortgage. Anyway two months ago my wife's Armada started having issues with the rear axle and the transfer case. Several thousand to fix. So I figured we would buy something new and checked our credit scores prior to looking for financing.  TU and EQ had us at 506.  Found a few errors with our mortgage  and an old account that was falsely reporting a charge off. Got those taken care of and our scores went up to around 600. Applied with our credit union and was told 17%. Prequalified with Capital One on the Subaru at 7.09%. Credit union said they would match it. Went to the dealership and worked out a deal, called our loan guy and told him the amount. He put the money in our checking account and I wrote them a check. In and out in two hours.  By the way I called Capital One and they said that their Prequalification is actually a Preapproval but they are required to call it a PreQual.  

[wit2bees]

APPROVING BANK: GM Financial/ Wells Fargo
BUREAU PULLED: TU Fico 9 Auto Enhanced 
CREDIT SCORE: 707

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: MI 
NEW/USED:New 
YEAR OF VEHICLE:2019
MAKE:Cadillac 
MODEL: Xt5 
MILEAGE: 2
FINANCE/LEASE: Lease

PURCHASE PRICE: 51858.54
AMOUNT OF LOAN: 18555.94
TERM CONTRACTED:36
APR/LEASE RATE: ?
MONTHLY PAYMENT:540.00
ANNUAL INCOME:108000
DEBT TO INCOME RATIO: 22%
MISCELLANEOUS COMMENTARY: 2000.00 cash back, purchased the rim coverage and routine service plan for 1241.00 total.  Tier 1 approval.  GM Employee Friends and Family.  Out of pocket $1000

[Anonymous]

NFCU
Experian
745
Hard pull
NY
2015
Nissan Rogue
20,000 miles
Financed
19,000 asking price
Paid 16,000 tax n title included
16,000 loan
60mos
3.9%APR
320 monthly
80,000 income
8% debt to income ratio

[Anonymous]

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@Anonymous wrote:

APPROVING BANK: Amplify Credit Union fka IBM Texas Employees Federal Credit Union
BUREAU PULLED: All 3 Bureaus pulled from 9 different lenders (5 pulled TU)
CREDIT SCORE: F8- Exp 657, F9 Exp 695, F9-EQ 662, F8-TU 628 (scores taken over a few months) 

SOFT PULL/HARD PULL: Soft Pull by CapOne Auto Navigator/Hard Pull by 9 lenders at dealership
CUSTOMER STATE OF RESIDENCE: Texas
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Chevy
MODEL: Equinox LT LT2
MILEAGE: 4
FINANCE/LEASE: Finance

PURCHASE PRICE: $26,099.83 (just over 7k in discounts in rebates)
AMOUNT OF LOAN: $35.944.99
TERM CONTRACTED: 72
APR/LEASE RATE: 4.79%
MONTHLY PAYMENT: $561.11
ANNUAL INCOME: $106k (combined)
DEBT TO INCOME RATIO: prior to new loan 21.9%
MISCELLANEOUS COMMENTARY: Originally went to either refinance (CapOne 11.06%) a Prestige auto loan obtained after a Dec 2017 BK7 filing. Prestige loan was at 17.95% reduced down to 16.95%. Was approved for 8% CapOne Auto Navigator auto loan. Detoured to another Chevy dealerhip when original dealership called to tell me they sold our SUV we originally inteded to purchase. We went to purchase new SUV and roll in negative equity with zero down. Was surprised when finance guy asked us if we could put down $600, I said yes but we won't because we were going with CapOne - He said trust me and disappeared for 1 hour. Came back and said I got you approved for 4% but you have to put down the $600.00, We gratefully accepted the offer.  - Battled intensely with dealership over trade in value as well as pricing on vehicle options. Had Ford dealership work out a purchase order and give me $2k over trade in offer from Chevy dealership. We prevailed in the end.  Traded in upside down 2017 Equinox LT for $15,500 owed $24,623, net trade was -$9,123.

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if you rolled over $9k you absolutely didn't prevail..you lost BIG TIME...

[Anonymous]

@pocketrockits how long ago was this? Is DCU now pulling TU? Thought they were strictly fico mortgage EQ 5.