cancel
Showing results for 
Search instead for 
Did you mean: 

Auto Loan Approvals!

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Highlighted
Established Member

Re: Auto Loan Approvals!

October 2018
APPROVING BANK: Local Credit Union
BUREAU PULLED: TU
CREDIT SCORE: 622

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: Illinois
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Jeep
MODEL: Cherokee Trailhawk
MILEAGE: 10
FINANCE/LEASE: Fin

PURCHASE PRICE: $36,350
AMOUNT OF LOAN: $35000
TERM CONTRACTED: 72
APR/LEASE RATE: 7.85
MONTHLY PAYMENT: $611

Message 4001 of 4,196
Established Member

Re: Auto Loan Approvals!

APPROVING BANK: BMW Finacial
BUREAU PULLED: EX
CREDIT SCORE: 639

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: Illinois
NEW/USED: New
YEAR OF VEHICLE: 2018
MAKE: BMW
MODEL: X1 xdrive28i
MILEAGE: 45
FINANCE/LEASE: Lease

PURCHASE PRICE: $41,549

TERM CONTRACTED: 36

MONTHLY PAYMENT: $619

$500 down 15,000 m/y
Message 4002 of 4,196
Regular Contributor

Re: Auto Loan Approvals!

I'm curious how you purhcased a vehicle for 22500, put $10k down and still have a loan for $21k?? Where'd the other $8500 go? Dealers pocket? 

 


@KEITHER wrote:

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. 


 

Current: Gardening...


FICO 8: EX:TU:EQ:

As of June 2019. Total CL: $24,900; Goal: $50,000
Message 4003 of 4,196
Regular Contributor

Re: Auto Loan Approvals!


@MrPSS wrote:

I'm curious how you purhcased a vehicle for 22500, put $10k down and still have a loan for $21k?? Where'd the other $8500 go? Dealers pocket? 

 


@KEITHER wrote:

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. 


 


Upside down trade-in?

Message 4004 of 4,196
Regular Contributor

Re: Auto Loan Approvals!

Suncoast  Credit Unon

Experian  714

$20,0000

3.75%

With Gap

Previous loan approved did not use

Navy

Eq 707

$20,000

8.9%

My first card 5/2017

Nfcu 3 cards
Cash 500-$23.8/ Cash 2 $13.6k/Nfcu Amex $5k
Sync 9 Cards
ppal credit $3.8k/Marvel $10k/Tjx $4k/Lowes $3k-$30k/Rakuten $5.7k/CareC $8.2k-$20k/Sams Mc $2.4k/Ppal Mc $3.5k
Citi 5 CC
Home Depot $1k-$15k/Tire king $1.3-$3k/MacyAmx $2k-$10.5k/Citi simpli $2.2k
Other Banks
StateFarm $6.9k/Banco $2.2k/Bbva $4k/Target $1.7k/SCU $15k/Ikea-$8k-$13.3/Discover $10k/
Cloc
Nfcu $15k/Cap1-Walmart $10k
Closed by me
Amex/Deserve/ollo/Amazon/bloom/ebay/shellmc
Message 4005 of 4,196
Member

Re: Auto Loan Approvals!

APPROVING BANK: Honda Financial
BUREAU PULLED: Equifax 
CREDIT SCORE: 715 - FICO Auto 8 (they told me it would be 9 :/)

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: VA
NEW/USED: New
YEAR OF VEHICLE: 2018
MAKE: Honda
MODEL: Accord Sport 1.5T
MILEAGE: 10
FINANCE/LEASE: Lease

PURCHASE PRICE: 21,800
TERM CONTRACTED: 36 months
APR/LEASE RATE: .00072 (1.73%)
MONTHLY PAYMENT: 244
ANNUAL INCOME: 60k
MISCELLANEOUS COMMENTARY: Approved for Honda's Super Preferred. They initially told me they pulled FICO Auto 9 but they pulled 8. Still got approved but would have liked them to be more knowledgable on the subject.

FICO 8 - EX: 787 | EQ: 773 | TU: 788
AMEX BCP $12.3k | AMZN Store Card $10k | WF AMEX Propel $7k | AMZN Chase $5K | Citi Simplicity $4k | Citi BBY $3k | CapOne Plat. $1.9k | Lending Club $14k
Message 4006 of 4,196
Established Contributor

Re: Auto Loan Approvals!


@HardNougat wrote:

MISCELLANEOUS COMMENTARY: Approved for Honda's Super Preferred. They initially told me they pulled FICO Auto 9 but they pulled 8. Still got approved but would have liked them to be more knowledgable on the subject.


In my experience, dealerships aren't usually very well-informed about credit scoring models. Sales people are the worst; finance managers may know a little more. But even they sometimes don't know which CRA they pull much less which scoring model.

 

I financed two cars in December. I told both dealerships they were only allowed only one HP for each transaction. But in each case the dealer pulled my credit and then their finance company pulled it again the same day! Apparently this is typical in northern California because dealerships want to know up front whether customers are creditworthy and don't want to send ineligible people to their finance companies. Apparently the dealerships don't or can't share those scores with their finance companies! Both Mercedes Benz Financial Services and Ford Motor Credit pulled my credit reports again to secure financing. 

 

So I ended up with four HPs for two auto finance transactions, neither of which was "de-duplicated" at the end of the month. And in each case the dealership personnel had no clue this would happpen and when confronted, said "Oh, that's what always happens..."  Sheesh!

 

Message 4007 of 4,196
Regular Contributor

Re: Auto Loan Approvals!

APPROVING BANK: PenFed
BUREAU PULLED: EQ
CREDIT SCORE: 740-752

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: PR
NEW/USED: USED
YEAR OF VEHICLE: 2014
MAKE: Nissan
MODEL: Versa
MILEAGE: 23,989
FINANCE/LEASE: Finance

PURCHASE PRICE: ?
AMOUNT OF LOAN: $8,500
TERM CONTRACTED: 36
APR/LEASE RATE: 3.99% 
MONTHLY PAYMENT: $251
ANNUAL INCOME: $17,000
DEBT TO INCOME RATIO: ?
MISCELLANEOUS COMMENTARY:

- In Puerto Rico the rates are higher, minimun apr for 36 months is 3.99%, 5.49% for 48 months

- Im buying a account from another person, not directly form the dealer



Starting Score:EX: 713 EQ: 698
Message 4008 of 4,196
Valued Contributor

Re: Auto Loan Approvals!


@ridgebackpilot wrote:

@HardNougat wrote:

MISCELLANEOUS COMMENTARY: Approved for Honda's Super Preferred. They initially told me they pulled FICO Auto 9 but they pulled 8. Still got approved but would have liked them to be more knowledgable on the subject.


In my experience, dealerships aren't usually very well-informed about credit scoring models. Sales people are the worst; finance managers may know a little more. But even they sometimes don't know which CRA they pull much less which scoring model.

 

I financed two cars in December. I told both dealerships they were only allowed only one HP for each transaction. But in each case the dealer pulled my credit and then their finance company pulled it again the same day! Apparently this is typical in northern California because dealerships want to know up front whether customers are creditworthy and don't want to send ineligible people to their finance companies. Apparently the dealerships don't or can't share those scores with their finance companies! Both Mercedes Benz Financial Services and Ford Motor Credit pulled my credit reports again to secure financing. 

 

So I ended up with four HPs for two auto finance transactions, neither of which was "de-duplicated" at the end of the month. And in each case the dealership personnel had no clue this would happpen and when confronted, said "Oh, that's what always happens..."  Sheesh!

 


This is normal everywhere.  Only one time did I not have a dealer pull credit but that was because it was a buddy of mine and he just submitted straight to Toyota on a lease.  Every other time it has been a dealer pull and a finance company pull.

Ch 7 Discharge 3/12/2018
Cap One QS1 $3,500, Wayfair $5,000, Blaze MC $3,000, Kohls $1,000
Infiniti Financial lease

Message 4009 of 4,196
Established Contributor

Re: Auto Loan Approvals!


@sccredit wrote:


This is normal everywhere.  Only one time did I not have a dealer pull credit but that was because it was a buddy of mine and he just submitted straight to Toyota on a lease.  Every other time it has been a dealer pull and a finance company pull.


Is there any legitimate reason that a car dealer cannot share their HP with their finance company? You would think this would be relatively easy, espcially when it's a captive finance company (e.g., Ford dealer & Ford Motor Credit). I can't think of an compelling reason for two separate HPs for one auto transaction! 

Message 4010 of 4,196
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.