Auto Loan Approvals!

[rushingjr]

APPROVING BANK:  Citizens Bank
BUREAU PULLED: Transunion
CREDIT SCORE:  695 (Equifax is 725)

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE:  MD
NEW/USED:  Used
YEAR OF VEHICLE:  2018
MAKE:  Toyota
MODEL:  Highlander
MILEAGE:  8266
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $36,900
AMOUNT OF LOAN:  $40,413
TERM CONTRACTED:  6YRS
APR/LEASE RATE:  4.63
MONTHLY PAYMENT:  $643.90
ANNUAL INCOME:  $105K
DEBT TO INCOME RATIO:  It's Up There
MISCELLANEOUS COMMENTARY:  Capital One had approved me at 5.63%.  Dealer offered extended warranty for a 1% off the interest rate.  I keep cars a long time (I traded in a 2006 Armada) and I know things go crazy after the factory warranty, so I went for it.  Otherwise, I would not have bought the EW.

[Anonymous]

APPROVING BANK:  Capital One
BUREAU PULLED: Transunion and Experian
CREDIT SCORE:  664 (TU) and 666 (EX) FICO 08

                              665 AND 668 (AUTO 08 SCORES) NOT SURE WHICH ONES THEY USED BUT I BELIEVE JUST REGULAR FICO 08 WAS USED. 

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE:  FL
NEW/USED:  Used
YEAR OF VEHICLE:  2014
MAKE:  CHEVROLET
MODEL:  SILVERADO LTZ Z71 W/ 2LZ PACKAGE
MILEAGE:  94K
FINANCE/LEASE:  Finance

PURCHASE PRICE:  ~$29,000 (27K + TAX,TAG,TITLE,ETC)
AMOUNT OF LOAN:  $27,300
TERM CONTRACTED:  66 MONTHS (5.5 YEARS)
APR/LEASE RATE:  8.26
MONTHLY PAYMENT:  $519.36
ANNUAL INCOME:  $40K
DEBT TO INCOME RATIO:  45%
MISCELLANEOUS COMMENTARY:  APR  a little high. but i didnt have a good down payment at the time (only 1700). wasnt going to buy until my DTI/UTI was way down (2020), but the right truck came along and i could not pass it up. decided to give it a whirl. was pre qual using cap1 auto finance. dealer shotgunned my credit even though i specifically said not to! and they still didnt find me any better terms. might not be the best but still, cap1 approved with no hassle, no POI, nothing. so i cant complain. i will refinance with NFCU later if need be. did not ask NFCU for rates because was just there for a test drive and left with the truck. did not want to go through the hassle of showing POI, etc. at the time. cant complain about cap1 though. my UTI at the time was 56%!!!

[Anonymous]

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@Anonymous wrote:

APPROVING BANK:  Capital One
BUREAU PULLED: Transunion and Experian
CREDIT SCORE:  664 (TU) and 666 (EX) FICO 08

                              665 AND 668 (AUTO 08 SCORES) NOT SURE WHICH ONES THEY USED BUT I BELIEVE JUST REGULAR FICO 08 WAS USED. 

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE:  FL
NEW/USED:  Used
YEAR OF VEHICLE:  2014
MAKE:  CHEVROLET
MODEL:  SILVERADO LTZ Z71 W/ 2LZ PACKAGE
MILEAGE:  94K
FINANCE/LEASE:  Finance

PURCHASE PRICE:  ~$29,000 (27K + TAX,TAG,TITLE,ETC)
AMOUNT OF LOAN:  $27,300
TERM CONTRACTED:  66 MONTHS (5.5 YEARS)
APR/LEASE RATE:  8.26
MONTHLY PAYMENT:  $519.36
ANNUAL INCOME:  $40K
DEBT TO INCOME RATIO:  45%
MISCELLANEOUS COMMENTARY:  APR  a little high. but i didnt have a good down payment at the time (only 1700). wasnt going to buy until my DTI/UTI was way down (2020), but the right truck came along and i could not pass it up. decided to give it a whirl. was pre qual using cap1 auto finance. dealer shotgunned my credit even though i specifically said not to! and they still didnt find me any better terms. might not be the best but still, cap1 approved with no hassle, no POI, nothing. so i cant complain. i will refinance with NFCU later if need be. did not ask NFCU for rates because was just there for a test drive and left with the truck. did not want to go through the hassle of showing POI, etc. at the time. cant complain about cap1 though. my UTI at the time was 56%!!!

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Congrats on the truck.  I would suggest doing the refi with NFCU right now.  I am sure the APR will be significantly better and you already have the hard pulls so another won't hurt.    I cut my APR in half versus Cap One by doing a refi with NFCU the day after I bought my car. Not sure you would get as big of a savings but I think its worth a shot.  If the APR doesn't come back great you can decline the loan from Navy until your circumstances improve.

[FSUGAPEACH]

APPROVING BANK: BMW Financial
BUREAU PULLED: Transunio/Experian
CREDIT SCORE:  658/Experian 709/Transunion

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE:  GA
NEW/USED:  Used (CPO)
YEAR OF VEHICLE:  2016
MAKE:  BMW
MODEL:  328i X Drive
MILEAGE:  28,000
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $26,000
AMOUNT OF LOAN:  $23,000
TERM CONTRACTED:  7 YRS
APR/LEASE RATE:  2.99
MONTHLY PAYMENT:  $388
ANNUAL INCOME:  $620K
DEBT TO INCOME RATIO:  Not certain
MISCELLANEOUS COMMENTARY:  APR started out at 4.99- After being in the finance office he talked to us about maintainence program which im usally against totally- it covers everything for 2 years..brakes, rotors, wiper blades, etc. plus we got it CPO so an addtl 2 years on warranty. Told the finance manager I was adament on staying around $388 for payments. He lowered interest rate from 4.99 to 2.99% on the spot to make it work. Super stoked about that small win! lol  

[DollazSense]

APPROVING BANK: Ally 
BUREAU PULLED: The dealership pulled Transunion but the entire purchase process led to all three major bureau reports being pulled 
CREDIT SCORE: As of 8/1/2019: FICO 8 Experian: 697, FICO 8 Equifax 687: and FICO 8 TransUnion: 685. Experian FICO 2: 695. Experian FICO AUTO 8: 674. Experian FICO AUTO 2: 658

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: MI
NEW/USED: Used
YEAR OF VEHICLE: 2015
MAKE: Mazda3
MODEL: Mazda3 Grand Touring i Hatchback
MILEAGE: ~60,000
FINANCE/LEASE: Finance 

PURCHASE PRICE: $12,500
AMOUNT OF LOAN: 11,500 + taxes (I put down $1,000 in cash)

TERM CONTRACTED: 72 months (Shameful, I know. I will refinance next year, unless I sell it within the next year.)
APR/LEASE RATE: 9% (Meh?! Meh.)
MONTHLY PAYMENT: $235
ANNUAL INCOME: ~$53,000
DEBT TO INCOME RATIO: Higher than 30% and we'll leave it at that. 
MISCELLANEOUS COMMENTARY: Purchased last week with a down payment of $1,000. I knew I needed to buy a new car in late July so I started with Capital One's Auto Navigator and got a prequalification via a soft pull. Average APR for the car I wanted was 12%. Went out of town for a convention and didn't initiate the buying process until last week. The dealership found a better deal via Ally Bank. My local credit union denied me mainly due to my high Debt to Income Ratio, and secondarily, high utilization. My scores were/are in the "Good" range (high 600s) and I didn't and still don't have any "baddies" on my reports. This car buying process has resulted in at least four hard inquiries on my report, and only one was categorized as an auto-related inquiry, which makes me mad. The Capital One hard pull didn't come until the dealership called them with my prequalification reference number and started looking for better offers. Capital One ultimately pulled Equifax AND Experian. That Experian pull was the only one categorized as an "auto loan," everything else said "installment loan." Grrrr. I have yet to see any Ally-related inquiries on my credit monitoring report. I hope they make an inquiry within 14 days of my purchase date, if they plan on doing anything inquiry-related. Someone in my scenario could have found a cheaper car and lower payment, but I didn't want to go too cheap because it's a hard to find a reliable car that's affordable via a dealership. I did A LOT of research on cars and saw too many problems with newer cheaper cars and I didn't want a old car with low mileage due to deterioration/atrophy issues. I didn't have the cash for a reputable private sale and I don't mess with those "Billy Bob Used Auto Shack" type-of-places...

[nastalgia]

APPROVING BANK: Premier Fed. Credit Union
BUREAU PULLED: Equifax
CREDIT SCORE: 660 with short credit payment history

SOFT PULL/HARD PULL: Hard Pull
CUSTOMER STATE OF RESIDENCE: NC
NEW/USED: USED
YEAR OF VEHICLE: 2009
MAKE: Lexus
MODEL: GS 450h
MILEAGE: 112k
FINANCE/LEASE: Finance

PURCHASE PRICE: $12300
AMOUNT OF LOAN: 11500
TERM CONTRACTED: 42
APR/LEASE RATE: 7.00%
MONTHLY PAYMENT: $240
MISCELLANEOUS COMMENTARY: This was a refinance loan from Ally Financial after paying 18% for 9 months 

[Anonymous]

Wait you make over $50k per month and took a 6 year loan on $26k or something? Are you kidding?

[jamie123]

APPROVING BANK: Bank of America
BUREAU PULLED: Experian
CREDIT SCORE: Dealer pulled and used Experian Auto Score of 826. My Experian FICO 8 score is 802.

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Honda
MODEL: Civic 4dr Sedan EX
MILEAGE: 147
FINANCE/LEASE: Finance 

PURCHASE PRICE: $23,920 out the door with new plates
AMOUNT OF LOAN: $20,000

TERM CONTRACTED: 60 months
APR/LEASE RATE: 3.29%
MONTHLY PAYMENT: $362
ANNUAL INCOME: $100K
DEBT TO INCOME RATIO: ~30%
MISCELLANEOUS COMMENTARY: Negotiated the deal 100% over the Internet using email. Dealer sent me detailed quote that included all taxes, dealer fees, titling and plate costs with the out the door price.

Before leaving for the dealer I apped at Bank of America for a $20,000 loan @ 60 months and was approved for the loan at 3.44%. The dealer pulled my credit and and beat my approval with Bank of America with BANK OF AMERICA and my interest rate was lowered to 3.29%! (Not sure how that worked?) Yeah, the dealer beat my approved rate with BoA using BoA!

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[TheFIGuy]

APPROVING BANK: NFCU
BUREAU PULLED: EQ
CREDIT SCORE: EQ FICO 8 - 700

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: USA, CA
NEW/USED: NEW
YEAR OF VEHICLE: 2019
MAKE: TESLA
MODEL: MODEL 3
MILEAGE: N/A
FINANCE/LEASE: FINANCE

PURCHASE PRICE: 54k
AMOUNT OF LOAN: 45.5k
TERM CONTRACTED: 84/months
APR/LEASE RATE: 5.39%
MONTHLY PAYMENT: $585.68
ANNUAL INCOME: 100k +
DEBT TO INCOME RATIO: N/A—(Sorry I don't know this)
MISCELLANEOUS COMMENTARY: 

[CreditCuriosity]

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@TheFIGuy wrote:

APPROVING BANK: NFCU
BUREAU PULLED: EQ
CREDIT SCORE: EQ FICO 8 - 700

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: USA, CA
NEW/USED: NEW
YEAR OF VEHICLE: 2019
MAKE: TESLA
MODEL: MODEL 3
MILEAGE: N/A
FINANCE/LEASE: FINANCE

PURCHASE PRICE: 54k
AMOUNT OF LOAN: 45.5k
TERM CONTRACTED: 84/months
APR/LEASE RATE: 5.39%
MONTHLY PAYMENT: $585.68
ANNUAL INCOME: 100k +
DEBT TO INCOME RATIO: N/A—(Sorry I don't know this)
MISCELLANEOUS COMMENTARY: 

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ouch 84 months...  Just gotta sak why as would never consider something over 60 months..  Cognrats none-the-less of the majority of the approval