Auto Loan Approvals!

[Anonymous]

First if you took spot delivery, they have to pull your credit as they dont know if the check is good or not...second you signed the credit app..so they didn’t break policies..would you let someone leave w your car without being sure it’s a good draft.

[Anonymous]

Obviously I would expect a credit check from them before they let me leave with the car.  And they did one with Lexus and BofA.  They did not need to do additional ones after my financing was in place. Especially with Ally, which is not coded as an auto loan inquiry.  When a finance guy tells you they won't shotgun your app and then they shotgun your app, there is a reason to be a little miffed.

Admittedly, it was very naive of me to assume a finance guy wouldn't lie to my face.

[Anonymous]

APPROVING BANK: NFCU
BUREAU PULLED: EQUIFAX
CREDIT SCORE: 660

SOFT PULL/HARD PULL: HARD PULL
CUSTOMER STATE OF RESIDENCE: NC
NEW/USED: USED 
YEAR OF VEHICLE: NA PRE APPROVAL
MAKE: NA PRE APPROVAL
MODEL: NA PRE APPROVAL
MILEAGE: NA PRE APPROVAL
FINANCE/LEASE: FINANCE

PURCHASE PRICE: NA PRE APPROVAL
AMOUNT OF LOAN: 30K
TERM CONTRACTED: 72MONTHS
APR/LEASE RATE: 11%
MONTHLY PAYMENT: EST $540
ANNUAL INCOME: 57000
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY: WORKING ON FIX MY CREDIT AND WENT OUT AND CHECK IF I WOULD QUAL I DID BUT NOT WITH THE BEST RATE SO IM NOT GOING TO USE IT.

FICO SCORE 8 

EQUIFAX - 660 TRANUNION - 610 EXPERIAN - 587

[Anonymous]

Hi, were you already a member with this credit union or did you cold apply? Also how long did it take for them to approve you?

[Anonymous]

I was a checking account/Credit Card member for about two months. They approved it instantly as in the same day and sent the email out to pick up the check which i still havnt done. 

[igot10toes]

APPROVING BANK: NFCU
BUREAU PULLED: Equifax
CREDIT SCORE:  Not sure which one they used: FICO Auto Score 8 - 830, FICO Auto Score 5 - 790

SOFT PULL/HARD PULL:  HARD
CUSTOMER STATE OF RESIDENCE: AR
NEW/USED: USED
YEAR OF VEHICLE: 2017
MAKE: Chevrolet
MODEL: Corvette
MILEAGE: 3,000
FINANCE/LEASE: Finance

PURCHASE PRICE: $51,900
AMOUNT OF LOAN: $45,000
TERM CONTRACTED: 72
APR/LEASE RATE: 5.29%
MONTHLY PAYMENT: $730.79
ANNUAL INCOME: $145k
DEBT TO INCOME RATIO: 30%
MISCELLANEOUS COMMENTARY:  Easiest loan app I've ever done.  Honestly, their website is awesome.  They are mailing me the check tomorrow.

[pgtackle2003]

APPROVING BANK:  Toyota Financial Services
BUREAU PULLED: Experian
CREDIT SCORE:  Fico 8 695

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE:  TN
NEW/USED:  New
YEAR OF VEHICLE:  2019
MAKE:  Toyota
MODEL:  Tacoma
MILEAGE:  21
FINANCE/LEASE:  Lease

PURCHASE PRICE:  $35,802
AMOUNT OF LOAN:  N/A
TERM CONTRACTED:  3 Yr
APR/LEASE RATE:  N/A
MONTHLY PAYMENT:  $374.00
ANNUAL INCOME:  $90k
DEBT TO INCOME RATIO:  32%
MISCELLANEOUS COMMENTARY:  Negotiated the entire price and lease deal via email and phone. Showed up at the dealer and got the exact pricing and terms I was told.

[dnj4eva]

APPROVING BANK: American Honda Financial
BUREAU PULLED: Equifax
CREDIT SCORE: Fico 8 641

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE:
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Honda
MODEL: Accord
MILEAGE: 15
FINANCE/LEASE: Finance

PURCHASE PRICE: $26,120
AMOUNT OF LOAN: $33,500
TERM CONTRACTED: 72 months
APR/LEASE RATE: 3.9
MONTHLY PAYMENT: $466
ANNUAL INCOME: $60,000
DEBT TO INCOME RATIO: 8%
MISCELLANEOUS COMMENTARY:

[SGT_Major]

APPROVING BANK:Mercedes Benz Financial Service
BUREAU PULLED:TU
CREDIT SCORE:742
CUSTOMER STATE OF RESIDENCE:NC
NEW/USED:CPO
YEAR OF VEHICLE:2017

MAKE:Mercedes Benz 

MODEL:GLC300 4Matic
MILEAGE:27k
RETAIL/LEASE:Buy
AMOUNT OF LOAN:$32800
TERM CONTRACTED:72 months
APR/LEASE RATE:4.99
MONTHLY PAYMENT: $570 with Gap Insurance 
MISCELLANEOUS COMMENTARY: MBFS pulls TU.  My Experian FICO 8 score is 713 and TU score is 742?  MB is also paying my first 2 payments.  1st payment due 23 Jan 20

[Anonymous]

APPROVING BANK: Acura Financial
BUREAU PULLED: EQUIFAX Auto 8
CREDIT SCORE: 699

SOFT PULL/HARD PULL: HARD PULL
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: NEW
YEAR OF VEHICLE: 2020
MAKE: Acura
MODEL: MDX with Technology Package
MILEAGE: 15
FINANCE/LEASE: FINANCE

PURCHASE PRICE: 43399
AMOUNT OF LOAN: 38.5K
TERM CONTRACTED: 66MONTHS
APR/LEASE RATE: 4.0%
MONTHLY PAYMENT: $655
ANNUAL INCOME: $161000
DEBT TO INCOME RATIO: 30%
MISCELLANEOUS COMMENTARY: I added extended warranty ($1980).  My Equifax scores are lowest and based on the 699 EQ Auto 8, my rate should have been closer to 6%.  The finance manager was able to bump me a couple of levels to the 4.4%.  I was preapproved through AutoNavigator for a slightly lower rate, but I got some big incentives for going with Acura financial.  

Editing 11/14- I received a revised loan disclosure in the mail yesterday that shows my APR was reduced from 4.4% to 4.0%, so my payment lowered slightly.  Numbers above the updated numbers.