Auto Loan Approvals!

[Anonymous]

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@Anonymous 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.  

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Thank You! Yes I am in the process of a major rebuild right now. I am in the middle of rehabiliting my student loans and implementing AZEO on my 3 credit cards. I wish I had waited a couple of months to get the car because I just checked my FICO8 Equifax score a few days ago and it's a 694. I guess that AZEO trick really helps. But yes, the goal is definitely to refinance, probably early next year. My student loans will have been rehabbed by then and I would have a year of solid payment history on this car. 

[Noctilum]

APPROVING BANK: Chrysler Capital
BUREAU PULLED: Experian
CREDIT SCORE: 820

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: AZ
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Chrysler
MODEL: Pacifica Touring Plus
MILEAGE: 22
FINANCE/LEASE: Finance

PURCHASE PRICE: $28,515
AMOUNT OF LOAN: $31,958
TERM CONTRACTED: 60 mo
APR/LEASE RATE: 0%
MONTHLY PAYMENT: $532
ANNUAL INCOME: $60,000
DEBT TO INCOME RATIO: 0%
MISCELLANEOUS COMMENTARY: 0 down payment

[SoundoftheSuburbs]

APPROVING BANK: Audi Financial Services/VW Credit, Inc.
BUREAU PULLED: TransUnion
CREDIT SCORE: 745 (FICO Auto 8)

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: IL
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Audi
MODEL: Q8 Premium Plus
MILEAGE: 10
FINANCE/LEASE: Lease

PURCHASE PRICE: $77,500

GROSS CAPITALIZED COST: $90,464

TOTAL OF PAYMENTS: $55,063
TERM CONTRACTED: 36 mo
APR/LEASE RATE: .00217 (this was the base prime rate for May 2019)
MONTHLY PAYMENT: $1473
ANNUAL INCOME: LOL
DEBT TO INCOME RATIO: IDK
MISCELLANEOUS COMMENTARY: $0 down, all fees and first month's payment paid with Audi conquest cash ($3,000)

[Schoolbuskid]

Hey all you new car owners, be sure to post your pics here: https://ficoforums.myfico.com/t5/SmorgasBoard/Post-a-pic-of-your-new-ride-here/td-p/5590968

Thanks and congrats on your new purchases! 

[Anonymous]

APPROVING BANK: Carmax Finance
BUREAU PULLED: Trans
CREDIT SCORE:639

SOFT PULL/HARD PULL: H
CUSTOMER STATE OF RESIDENCE:TX
NEW/USED:U
YEAR OF VEHICLE:2016
MAKE:BMW
MODEL:M4
MILEAGE:26,000
FINANCE/LEASE:Finance

PURCHASE PRICE:44,998
AMOUNT OF LOAN:47,500
TERM CONTRACTED:72
APR/LEASE RATE:8.35
MONTHLY PAYMENT:840
ANNUAL INCOME:115,000
DEBT TO INCOME RATIO:10
MISCELLANEOUS COMMENTARY:

[Anonymous]

Congrats on the M4, really fun car.  I suspect if you can increase your score by about 15-20 points you can cut that interest in half doing a refi with good credit union.  Probably can cut 2 points off it now in fact.   

Food for thought

[Anonymous]

APPROVING BANK: Toyota Financial Services
BUREAU PULLED: EQ
CREDIT SCORE: 644 Auto 8

SOFT PULL/HARD PULL: Hard Pull
CUSTOMER STATE OF RESIDENCE: OHIO
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Toyota
MODEL: Tacoma Offroad
MILEAGE: 9 miles
FINANCE/LEASE: Finance

PURCHASE PRICE: $35,000
AMOUNT OF LOAN: $37,845
TERM CONTRACTED: 72 months
APR/LEASE RATE: 4.9%
MONTHLY PAYMENT: $609
ANNUAL INCOME: $113,000
DEBT TO INCOME RATIO: 12%
MISCELLANEOUS COMMENTARY: Dealer paid all but $3k owed on trade (good deal, it was worth even less). 

[toddbeck]

APPROVING BANK: American Honda Finance
BUREAU PULLED: EX
CREDIT SCORE: ?? 500’s

SOFT PULL/HARD PULL: Hard Pull
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Honda

MODEL: Pilot EX
MILEAGE: 4 miles
FINANCE/LEASE: Lease

PURCHASE PRICE: $31,000
AMOUNT OF LOAN: $31,000
TERM CONTRACTED: 36 months
APR/LEASE RATE: .00195 money factor (4.68%)
MONTHLY PAYMENT: $463
ANNUAL INCOME: $148,000
DEBT TO INCOME RATIO: no debt outside other Honda lease and student loan.
MISCELLANEOUS COMMENTARY:  3 weeks post chapter 7 discharge. Separate AHF lease reaffirmed in BK

[Anonymous]

Score in the 500 and got a good mf. How? Did you put anything down?

[bigpoppa09]

APPROVING Bank  Penfed
BUREAU PULLED: EQ
CREDIT SCORE: ?? 790

SOFT PULL/HARD PULL: Hard Pull
CUSTOMER STATE OF RESIDENCE: UT
NEW/USED: Used
YEAR OF VEHICLE: 2018
MAKE: Dodge

MODEL: Charger ScatPack
MILEAGE: 2000
FINANCE/LEASE: Fiance

PURCHASE PRICE: $31,000
AMOUNT OF LOAN: $25000
TERM CONTRACTED: 60 months
APR/LEASE RATE: .3.99
MONTHLY PAYMENT: $460
ANNUAL INCOME: $175000
DEBT TO INCOME RATIO: 5%
MISCELLANEOUS COMMENTARY:  I leased this car in July of 2018 I am having to much fun with the car i decided to buy out my lease. It was easy peasy process applied online with Pened instant approval had them overnight check. If anyone is interested in the details Penfed issues u a 2 party check u sign and send to your original lender i asked for 25K sent a personal check to my original lender for 6K my DP lol. Super easy this was my first loan with them only other product i have with them is a CC.