Auto Loan Approvals!

[Anonymous]

Congrats on the approvals.  I suspect if you wanted to you could finance these cars at substantially lower rates with a good credit union.  

Something to consider.

[Anonymous]

I actually work as a Finance Director at a car dealership and I’ve looked through rate sheets throroughly. 

On a side note, I’m trying to avoid additional inquiries at this time because I have like 54, haha. 

The Mercedes, yes, I would definitely qualify for a lower rate. I just like building the relationship with US Bank because they’re my main and I don’t know if a credit union would let me have a fourth.

The Ally loan I co-signed on, they actually bought down the rate for me. After 6 months when my sister’s score goes up I’ll let her refi on her own.

Acura’s a lease... kinda stuff there.

The Lexus I could’ve got a lower rate through a local bank called Central Bank just because I have a good relationship through the VP of Indirect Lending, BUT it would’ve required the dealership wholesale me the vehicle because they were not signed on with them... and believe it or not, I got turned down direct through Central Bank, but indirect was more than willing to buy my loan.

[Anonymous]

I think my timing was a little off as my Fico Scores were on the low side but here is the result.....

APPROVING BANK: Ally Financial
BUREAU PULLED: Transunion
CREDIT SCORE: 693
SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: OH
NEW/USED: NEW
YEAR OF VEHICLE: 2019
MAKE: JEEP
MODEL: Jeep Grand Cherokee High Altitude
MILEAGE: 35
FINANCE/LEASE: F
PURCHASE PRICE: $51000
AMOUNT OF LOAN: 46000
TERM CONTRACTED: 84
APR/LEASE RATE: 5.64
MONTHLY PAYMENT: 665
ANNUAL INCOME: 89000

[Spider07]

APPROVING BANK: Kia Financial
BUREAU PULLED: Transunion
CREDIT SCORE: 700
SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: NEW
YEAR OF VEHICLE: 2020
MAKE: KIA
MODEL: Telluride
MILEAGE: 14
FINANCE/LEASE: F
PURCHASE PRICE: $33055
AMOUNT OF LOAN: 37000
TERM CONTRACTED: 72
APR/LEASE RATE: 4.9
MONTHLY PAYMENT: 595
ANNUAL INCOME: 145000

Had negative equity in trade.  

[chowdarygm]

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@Anonymous wrote:

Wow, this is pretty typical stuff from dealers. I would refinance with the credit union.  Don't worry about what credit bureau they report to, it really doesn't matter as most lenders will pull from two bureaus.  Never trust what the sales guy or the dealers finance guys tell you, they all lie, hate to say that but it is really true.  They get paid to move metal and to finance deals where they can mark up interest and sell mostly worthless protection plans.  They turn what should be a fun and transparent process into a bunch of games.  

Anyway congrats on the car, do the refi with your credit union so the dealer doesn't get their kickback for marking up the interest on the loan they arranged.  If they rolled any protection plans in cancel them all.

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I refinanced it with my local CU and got 3.9 APR and closed the one with dealer with 5.6 APR. Now they won't get their cut for all the trouble they are still causing me by not doing some stuff they promised in written that they would and sold the car based on that.

[Anonymous]

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@chowdarygm wrote:

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@Anonymous wrote:

Wow, this is pretty typical stuff from dealers. I would refinance with the credit union.  Don't worry about what credit bureau they report to, it really doesn't matter as most lenders will pull from two bureaus.  Never trust what the sales guy or the dealers finance guys tell you, they all lie, hate to say that but it is really true.  They get paid to move metal and to finance deals where they can mark up interest and sell mostly worthless protection plans.  They turn what should be a fun and transparent process into a bunch of games.  

Anyway congrats on the car, do the refi with your credit union so the dealer doesn't get their kickback for marking up the interest on the loan they arranged.  If they rolled any protection plans in cancel them all.

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I refinanced it with my local CU and got 3.9 APR and closed the one with dealer with 5.6 APR. Now they won't get their cut for all the trouble they are still causing me by not doing some stuff they promised in written that they would and sold the car based on that.

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Congrats.  Happy to hear that you got a solid rate.  Saves you a lot of money over the life of the loan.

[Anonymous]

NICE!   You got the new Telluride!   

[Spider07]

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@Anonymous wrote:

NICE!   You got the new Telluride!   

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Yep! And it's Awesome. 

[Anonymous]

APPROVING BANK: Ally Financial
BUREAU PULLED: Equifax
CREDIT SCORE: 585

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: Used
YEAR OF VEHICLE: 2016
MAKE: Toyota
MODEL: Corolla S Plus
MILEAGE: 29K
FINANCE/LEASE: Finance

PURCHASE PRICE: $16,100
AMOUNT OF LOAN: $10,600
TERM CONTRACTED: 48 Months
APR/LEASE RATE: 10.99%
MONTHLY PAYMENT: $275
ANNUAL INCOME: $46K
DEBT TO INCOME RATIO: 29%
MISCELLANEOUS COMMENTARY: Had 2 revolvers (1 was 7 mos old and the other 4), 80% utilization on both, have defaulted SL's too. Had a co-signer prepared but Ally approved me on my own. 7 years employed with my current company, 6 years at my current residence. I'm still shocked and clueless as to how I got this loan honestly....

[Anonymous]

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@Anonymous wrote:

APPROVING BANK: Ally Financial
BUREAU PULLED: Equifax
CREDIT SCORE: 585

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: Used
YEAR OF VEHICLE: 2016
MAKE: Toyota
MODEL: Corolla S Plus
MILEAGE: 29K
FINANCE/LEASE: Finance

PURCHASE PRICE: $16,100
AMOUNT OF LOAN: $10,600
TERM CONTRACTED: 48 Months
APR/LEASE RATE: 10.99%
MONTHLY PAYMENT: $275
ANNUAL INCOME: $46K
DEBT TO INCOME RATIO: 29%
MISCELLANEOUS COMMENTARY: Had 2 revolvers (1 was 7 mos old and the other 4), 80% utilization on both, have defaulted SL's too. Had a co-signer prepared but Ally approved me on my own. 7 years employed with my current company, 6 years at my current residence. I'm still shocked and clueless as to how I got this loan honestly....

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Congrats on the car and approval.  You got approved because you borrowed less than 100 percent of the sales price.  Most sub-prime borrowers don't have the cash to put down and they really struggle but in your case your a pretty safe bet because if you don't pay they can take the car back and sell it and likely get all of their money back.  Seems like your a perfect candidate to rebuild a bit and refinance with a credit union in 6 months at half the interest rate.