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Auto Loan Approvals!

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Anonymous
Not applicable

Re: Auto Loan Approvals!

APPROVING BANK: Honda Finance
BUREAU PULLED: Experian
CREDIT SCORE: 689

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2018
MAKE: Honda
MODEL: Accord
MILEAGE: 7
FINANCE/LEASE: Finance

PURCHASE PRICE: 22500
AMOUNT OF LOAN: 21000
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 2.9
MONTHLY PAYMENT: 377
ANNUAL INCOME: 50,000
DEBT TO INCOME RATIO: 3%
MISCELLANEOUS COMMENTARY:   Filed bankruptcy 2016.  I am trying to rebuild my credit with secured credit card.  Down payment of 10,000.  Dealer said I have to get extended warranty and 3 year maintenance coverage in order to qualify for 2.9%.  It sounded by bogus but I was satisfied with 2.9%.  I was expecting ~10% APR. 

Message 3981 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!


@Anonymous wrote:


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

 


@I would have paid out over $41k on the 2017 Equinox had I stuck with it. The CapOne refinance had me at 11.06% paying out a total of $34,704 on the 2017. The new loan @ 4.79% has us paying out $40,759.92 on a 2019. Any of the above options to the normal person would be BAD, especially compounded by deprecation of a new car. We traded in the 2017 for $15.5k and it sold last week for $16,700.  My 2019 will depreciate tremendously. A "like new" 2018 that sold for $32k can be bought for $25k now. That is a fact for most new cars. Buying a new car is an investment in a depreciating asset. We could have purchased a used car but we would not have gotten the low APR and possibly not doable with the negative equity.

 

That being said I consider this a win on multiple fronts:

1) 4.79% on new/used auto loan < 1 year from a BK7 is a win no matter how you look at it.

2) I am out from under a 18% interest car note.

3) My payments are lower on the 2019 with the negative equity than they were on the 2017.

4) I am out from under the stigmata/damage of a sub prime lender. Google Prestige and see what kind of company I was under.

5) I bought a little bit of time on the vehicle depreciation with the 2019.

6) I do not have to worry about the 2017 mechanically as it was a fleet vehicle (Alamo car rental) with 16k miles when we purchased it. Yes, we were under warranty but we don't have to worry about how it was treated.

7) We actually plan on having the 2019 paid off within 48 months, driving down the 4.79% APR down even more.

8) This auto loan is an "in" with the credit union and will make refinancing our mortgage later on more accessible, especially with the bankruptcy on our records. We currently have over $130k in equity that we can't touch unless we sell outright. Not that we currently want/need to. 

 

In the end there was no way out of losing money with the previous loan. Every payment we made put us further in the hole. A lot further than most people. Yes, we know that the best option financially would have been to refinance the 2017 at 11.06% and then refinance again later on. But for reasons stated above and other reasons we chose to go with the 2019. In my eyes the numerous pros definately outweighed the obvious singular con.

Message 3982 of 4,736
pocketrockits
Member

Re: Auto Loan Approvals!

@LINYGirl I applied 08/23

Message 3983 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!

APPROVING BANK:  DCU
BUREAU PULLED: Equifax Mortgage
CREDIT SCORE: 649

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE:  NJ
NEW/USED: Used but same for new as I origionally asked for new
YEAR OF VEHICLE:m 2017
MAKE: Audi A3
MODEL: Quattro
MILEAGE: 12,800
FINANCE/LEASE: Finance

PURCHASE PRICE: $28,000 out the door after trade equity, taxes and fees
AMOUNT OF LOAN:$27,300
TERM CONTRACTED:84 months
APR/LEASE RATE: 7.99
MONTHLY PAYMENT:$425
ANNUAL INCOME: >$150,000
DEBT TO INCOME RATIO: Average
MISCELLANEOUS COMMENTARY: Includes DCU GAP Insurance for $295 one time fee.  Called DCU Loan Hotline Thursday 10:00 PM approved in minutes.  Friday sent order sheet around 3:00 PM Check received Saturday by 10:30 AM.  Picked up car Monday.  CH7 Bankruptcy filed 1/2016 discharged 6/2016.  4 Equifax Inquiries in last 6 Months plus an additional 6 in last year. Utilization 38% AAOA 2.8 Years, Time since negative 2.9 Years. 3 accounts less than 4 months old plus 6 accounts less than 1 year old.

I do bank with DCU and have the bulk of my paycheck direct deposited.  I have checking, savings, personal loan, prior car loan (being paid off) and Visa with them.

Message 3984 of 4,736
Revelate
Moderator Emeritus

Re: Auto Loan Approvals!

APPROVING BANK:  USBank - Tesla Financing
BUREAU PULLED: Experian
CREDIT SCORE: 750 EX FICO 8 (I believe they pulled a FICO 8 model, 755 EX FICO 8 AU for completeness)

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

PURCHASE PRICE: $69892 including taxes and stuff
AMOUNT OF LOAN: $55000
TERM CONTRACTED: 72 months
APR/LEASE RATE: 3.85%
MONTHLY PAYMENT: $869
ANNUAL INCOME: >$150,000
DEBT TO INCOME RATIO: 12.5% based on current credit report numbers.
MISCELLANEOUS COMMENTARY: No prior relationship with USBank; didn't have an option to use a third party loan seemingly anymore (used to in the Telsa application) but I'm not upset at all with the rate looking at some CU's, close enough.  Near as I could tell was basically instant approved, recentish (<6 months) 30D late, think this was their best rate on financing Teslas at 72 months, not positive on that, but I'm nearly 100% confident they used some FICO 8 (or maybe 9, haven't kept up at all with USBank) model as my HELOC is dragging down both FICO 2 and FICO 3 as far as EX goes.

 




        
Message 3985 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!

APPROVING BANK:  Mercedes Benz Financial
BUREAU PULLED: TU FICO Auto 8
CREDIT SCORE:  708

SOFT PULL/HARD PULL:  Hard Pull
CUSTOMER STATE OF RESIDENCE:  NY
NEW/USED:  Used
YEAR OF VEHICLE:  2016
MAKE:  Mercedes Benz
MODEL:  C300 Sport
MILEAGE:  19,956
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $38,027
AMOUNT OF LOAN:  $23,677
TERM CONTRACTED:  72 mos.
APR/LEASE RATE:  3.99%
MONTHLY PAYMENT:  $370.93
ANNUAL INCOME:  $144,500
DEBT TO INCOME RATIO:  30%
MISCELLANEOUS COMMENTARY:  Downpayment = $16,995.  Purchase price includes extras like extended warranty, road hazard and key replacement.  Car price without extras $30,926.  MB offers refund of any portion of extended warranty not used in case of trade-in early.  

Message 3986 of 4,736
DrZoidberg
Established Contributor

Re: Auto Loan Approvals!

APPROVING BANK:  Honda Financial
BUREAU PULLED: Not Sure
CREDIT SCORE: 805

SOFT PULL/HARD PULL:  Soft
CUSTOMER STATE OF RESIDENCE:  KS
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Acuraa
MODEL: TLX AWD V6
MILEAGE: 0
FINANCE/LEASE: Lease

PURCHASE PRICE: $33,500 adj cap cost.
AMOUNT OF LOAN: NA
TERM CONTRACTED: 36 months
APR/LEASE RATE: 0.00093 MF
MONTHLY PAYMENT: $415
ANNUAL INCOME:  >$350,000
DEBT TO INCOME RATIO: Low

Message 3987 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!

APPROVING BANK: US Bank
BUREAU PULLED: Transunion
CREDIT SCORE: 748
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Colorado
NEW/USED: Used
YEAR OF VEHICLE: 2018
MAKE: Land Rover
MODEL: Velar
MILEAGE: 5,082
FINANCE/LEASE: Finance
PURCHASE PRICE: $49,000
AMOUNT OF LOAN: $53,000
TERM CONTRACTED: 75 months
APR/LEASE RATE: 5.33%
MONTHLY PAYMENT: $829
ANNUAL INCOME: $72000
DEBT TO INCOME RATIO: 20%
MISCELLANEOUS: First car I’ve ever financed. I usually purchase outright. I believe that my interest rate is higher because of that.
Message 3988 of 4,736
Priory_Man
Valued Contributor

Re: Auto Loan Approvals!

APPROVING BANK: Carmax Auto Finc.
BUREAU PULLED: Not sure
CREDIT SCORE: 686
SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: SC
NEW/USED: USED
YEAR OF VEHICLE: 2009
MAKE: Dodge
MODEL: Ram 1500
MILEAGE: 51000
FINANCE/LEASE: FINANCE
PURCHASE PRICE: 23,500
AMOUNT OF LOAN: 16,000
TERM CONTRACTED: 60 months
APR/LEASE RATE: 6.0%
MONTHLY PAYMENT: $304







"Total revolving credit $286,000 Current UTIL >1%"
Message 3989 of 4,736
rohan0784
Valued Member

Re: Auto Loan Approvals!

APPROVING BANK: Capital One
BUREAU PULLED: Experian, Transunion, Equifax
CREDIT SCORE: 690, 679,681

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE: Fl
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: jeep
MODEL: compass
MILEAGE: 18
FINANCE/LEASE: Finance

PURCHASE PRICE: 33000
AMOUNT OF LOAN: 33000
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 7.17
MONTHLY PAYMENT: 570
ANNUAL INCOME: 40k
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY:   one unpaid c/o for 4k from 4 yrs ago,  30 day lates from 1 yr ago, 4 previous paid auto loans. went through cap 1 navigator. Went to dealership and gave them my preapproved reference number and received same rate and terms that i seen online when first applying




Starting Score: 03/2018 EQ 472 TU 467 EX 470
Current Score: 06/2019 EQ 703 TU 736 EX 731
Goal Score: 750 all around


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Message 3990 of 4,736
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