Auto Loan Approvals!

[ridgebackpilot]

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@Anonymous wrote:
APPROVING BANK: Ford Motor Credit
BUREAU PULLED: Transunion
CREDIT SCORE: 646
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: VA
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: FORD
MODEL: Escape
MILEAGE: 8
FINANCE/LEASE: Finance
PURCHASE PRICE: $29,523
AMOUNT OF LOAN: $33282
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 1.9%
MONTHLY PAYMENT: $489
ANNUAL INCOME: $40,000
DEBT TO INCOME RATIO: 10%
MISCELLANEOUS COMMENTARY: kinda shocked at how easy the whole process was! Walked in on a Sunday on the last day of the month with a payment and vehicle in mind. I mentioned my trade in had a balance left on it and that I had some money to put down for a better rate. I was shocked when the payment and rate came in a lot lower than I was expecting. Going from a 2010 Yaris to this is a wonderful change. Thank you all for posting your deals on here and giving me the courage to try on my own!

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If you haven't purchased GAP Insurance, you should give it some serious thought. If you total your new car, insurance won't pay you anything close to what you owe on the car...

[Anonymous]

Did you mean 2017? Ow how could a 12 year old Hyundai still have $15k owed on it? That should have been paid off years ago if it is 12 years old and you’ve owned it that many years.

[Anonymous]

I know you have had the car for a while and congrats on the approval.  I would strongly reccomend you cancel all of those add ons like the warranty and maintence plan.  They always sound good but the chances of them paying off are very slim and they provide thousands of dollars of profit for the dealer.  The other reason to cancel them and reduce your loan balance is you will never be able to refinance this loan if you don't do so.  Your in the hole 10k plus the depreciation that all cars experience in the first year of ownership so no lender is going to refinacnce a loan with that amount of negative equity.  Over the life of the loan those add ons and the interest will make this a very expensive car.

Just advice.   

[Anonymous]

APPROVING BANK: BMW Financial
BUREAU PULLED:  3 Pull Auto Enhanced
CREDIT SCORE: EX 728, EQ 728, TU 729

SOFT PULL/HARD PULL: Hard Pull
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: CPO
YEAR OF VEHICLE: 2016
MAKE: BMW
MODEL: 340i M-Package
MILEAGE: 21,246
FINANCE/LEASE: Finance

PURCHASE PRICE: $34,500
AMOUNT OF LOAN: $35,394 ($3k down payment)
TERM CONTRACTED: 60 months
APR/LEASE RATE: 2.49%
MONTHLY PAYMENT: $628
ANNUAL INCOME: $170,000
DEBT TO INCOME RATIO: 14%
MISCELLANEOUS COMMENTARY: I had been rebuilding for the past 2+ years. I was searching this past month for the perfect 340i CPO with the goodies of M Package, M brakes, red leather interior on white. Finally found one and got to take advantage of the 60 months at 2.49%. Compared to others it beats it by a longshot including Penfed, DCU, and NFCU. I did get Tier 1 with a 729 Auto Enhanced score. The hard work and dedication has definitely paid off! I got lucky as the cars pictures were not posted of the car until the following day as it had just been though the CPO process. 

[Pworld]

Feels good to be back in this thread. I think, lol

But i hope this represents for the self-employed, or people needing some hope with no POI

APPROVING BANK:  BMW Financial
BUREAU PULLED: Experian Auto 
CREDIT SCORE:  671 (my fico 8 is 688 for Experian, surprised my auto was low being i have 4 previous perfect auto loans)

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: Used
YEAR OF VEHICLE: 2016
MAKE: BMW
MODEL: 535i M-Sport 
MILEAGE: 43,645
FINANCE/LEASE: Financed

PURCHASE PRICE: 28,197
AMOUNT OF LOAN: 31,960 (i bit on the gap insurance, )
TERM CONTRACTED: 72
APR/LEASE RATE: 5.99
MONTHLY PAYMENT: 529
ANNUAL INCOME: 70,000
DEBT TO INCOME RATIO: 35% 

Notes: No POI, VOI. Just DL and insurance needed. I let them know I would pass if that was needed. Capital one offered me 8.5% and not up to this amount. 

Vehicle: Immaculate example, and BMW Certified pre-owned. The first car purchased self-employed and I was nervous as heck (even though I haven't had to do a proof of income my last 3 new cars with Audi Financial. 

[Pworld]

APPROVING BANK:  BMW Financial
BUREAU PULLED: Experian Auto 
CREDIT SCORE:  671 (my fico 8 is 688 for Experian, surprised my auto was low being i have 4 previous perfect auto loans)

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: Used
YEAR OF VEHICLE: 2016
MAKE: BMW
MODEL: 535i M-Sport 
MILEAGE: 43,645
FINANCE/LEASE: Financed

PURCHASE PRICE: 28,197
AMOUNT OF LOAN: 31,960 (i bit on the gap insurance, )
TERM CONTRACTED: 72
APR/LEASE RATE: 5.99
MONTHLY PAYMENT: 529
ANNUAL INCOME: 70,000
DEBT TO INCOME RATIO: 35% 

Notes: No POI, VOI. Just DL and insurance needed. I let them know I would pass if that was needed. Capital one offered me 8.5% and not up to this amount. 

Vehicle: Immaculate example, and BMW Certified pre-owned. The first car purchased self-employed and I was nervous as heck (even though I haven't had to do a proof of income my last 3 new cars with Audi Financial. 

[Schoolbuskid]

APPROVING BANK: Capital One Auto
BUREAU PULLED: All 3
CREDIT SCORE: 570-583

SOFT PULL/HARD PULL: Hard Pull
CUSTOMER STATE OF RESIDENCE: NC
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Honda
MODEL: Accord Sport 2.0 T
MILEAGE: 6
FINANCE/LEASE: Finance

PURCHASE PRICE: 28K
AMOUNT OF LOAN: 34K
TERM CONTRACTED: 75
APR/LEASE RATE: 15%
MONTHLY PAYMENT: 713
ANNUAL INCOME: 43K
DEBT TO INCOME RATIO: I had about 5K in credit card debt before purchase
MISCELLANEOUS COMMENTARY: So before this purchase i had a Honda Financial Lease, that was set to expire in Aug 2019. I was over my mileage, and was looking at potentially paying thousands in fees. I decided to go ahead and purchase this vehicle as i did not have the immediate funds to pay in August. I plan to refinance within in 6 months to a year, once i pay down my credit cards. 

I bought the gap insurance,  since this was a high interest loan, original OTD was 31K. 

[chowdarygm]

APPROVING BANK: Citizens One
BUREAU PULLED: TransUnion
CREDIT SCORE: 749 (but only 3 years old)

SOFT PULL/HARD PULL: Hard Pull
CUSTOMER STATE OF RESIDENCE: IL
NEW/USED: CPO
YEAR OF VEHICLE: 2016
MAKE: Volvo
MODEL: XC90
MILEAGE: 39900
FINANCE/LEASE: Finance

PURCHASE PRICE: 38K
AMOUNT OF LOAN: 41.8K
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 5.6
MONTHLY PAYMENT: 685
ANNUAL INCOME: 65K
DEBT TO INCOME RATIO: 40% (inlcuding home mortgage)
MISCELLANEOUS COMMENTARY: Need Advise - The dealer I bought this car from has made big mess on the day of purchase. The car I traded in had negative equity of 4K and I was ready to pay 2.5k down to cover it. My local Credit Union gives 3.9% APR flat for 72 months and I wanted to go for it and the sales guy rushed me to submit information to them that they will match the rate. I locked all my credit files and asked him what Bureau they will check so that I can unlock it then and he said Transunion which I unlocked. After 30 mins, I started receiving 5-6 notifications from Transunion that there were credit pulls and couple of them from Experian that access is not provided due to lock in place and I immediately went to their Fincance manager to ask what is happening and he said all of the banks including Volvo financials (they pulled Experian but was denied access) have rejected the loan applications inspite very good scores and the reason is that most have checked Transunion and didn't find my previous auto loan which I traded in (to my surprise my credit union who I had the previous auto loan is not reporting to Transunion). Experian was very good, had my auto loan history and if someone had told me that they will check it, I would have unlocked that also but now they are not ready to resubmit it for banks checking Experian. Its already 8:30 PM and they just want to close it and I wanted to leave the car there only and get the loan from my credit union next day but suddenly Citizens one bank has approved the loan with 5.6% APR and the LO told that its better to go with them as in future I will have the same problem when I buy another car if my Credit union doesn't report this loan also to Transunion and at the moment I just want to get over with it and signed it. 

Later I called my Credit union and they said they will refinance this loan if needed for 3.9% but will not report to Transunion.

I don't understand what to do now. I am planning to keep this car for at least 4 years. Will I have similar problem after 4 years of getting rejections if I go with my credit union who doesn't report to Transunion. I feel like the dealership didnt communicate properly when forcing me to submit the loan application with them. 

[chowdarygm]

APPROVING BANK: Citizens One
BUREAU PULLED: TransUnion
CREDIT SCORE: 749 (but only 3 years old)

SOFT PULL/HARD PULL: Hard Pull
CUSTOMER STATE OF RESIDENCE: IL
NEW/USED: CPO
YEAR OF VEHICLE: 2016
MAKE: Volvo
MODEL: XC90
MILEAGE: 39900
FINANCE/LEASE: Finance

PURCHASE PRICE: 38K
AMOUNT OF LOAN: 41.8K
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 5.6
MONTHLY PAYMENT: 685
ANNUAL INCOME: 65K
DEBT TO INCOME RATIO: 40% (inlcuding home mortgage)
MISCELLANEOUS COMMENTARY: Need Advise - The dealer I bought this car from has made big mess on the day of purchase. The car I traded in had negative equity of 4K and I was ready to pay 2.5k down to cover it. My local Credit Union gives 3.9% APR flat for 72 months and I wanted to go for it and the sales guy rushed me to submit information to them that they will match the rate. I locked all my credit files and asked him what Bureau they will check so that I can unlock it then and he said Transunion which I unlocked. After 30 mins, I started receiving 5-6 notifications from Transunion that there were credit pulls and couple of them from Experian that access is not provided due to lock in place and I immediately went to their Fincance manager to ask what is happening and he said all of the banks including Volvo financials (they pulled Experian but was denied access) have rejected the loan applications inspite very good scores and the reason is that most have checked Transunion and didn't find my previous auto loan which I traded in (to my surprise my credit union who I had the previous auto loan is not reporting to Transunion). Experian was very good, had my auto loan history and if someone had told me that they will check it, I would have unlocked that also but now they are not ready to resubmit it for banks checking Experian. Its already 8:30 PM and they just want to close it and I wanted to leave the car there only and get the loan from my credit union next day but suddenly Citizens one bank has approved the loan with 5.6% APR and the LO told that its better to go with them as in future I will have the same problem when I buy another car if my Credit union doesn't report this loan also to Transunion and at the moment I just want to get over with it and signed it. 

Later I called my Credit union and they said they will refinance this loan if needed for 3.9% but will not report to Transunion.

I don't understand what to do now. I am planning to keep this car for at least 4 years. Will I have similar problem after 4 years of getting rejections if I go with my credit union who doesn't report to Transunion. I feel like the dealership didnt communicate properly when forcing me to submit the loan application with them. 

[Anonymous]

Bottom line is this. You can’t leave w their property ie spot delivery w out them knowing their $40k car can be paid for. Typically it’s an option contract. Just unlock all your reports and simplify your life.

[chowdarygm]

I didn't even plan to take it home that day. Once I said fine for the price, sales guy didn't even talk to me in detail and started running around, completing paperwork and even transferring my stuff from my trade in. I started slowing him down but he started saying 'yes, we will match everything', if not, I would have gone back and did everything properly. One time, I asked him specifically on what bureau will they be checking andd he said Transunion and walked away. 

At the end, the LO even said that simple interest works in a way that the total interest is equally distributed across 72 months, now after doing lot of reading, I just feel like they didn't do a very good job in this whole process.