Auto Loan Approvals!

[Anonymous]

APPROVING BANK: Chrysler Capital
BUREAU PULLED: TU, EX
CREDIT SCORE: 668

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Michigan
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Ram
MODEL: 1500
MILEAGE: 5,000 (demo model)
FINANCE/LEASE: Finance 

PURCHASE PRICE: $58,380 (with tax, fees, warranties, protection packages, etc.)
AMOUNT OF LOAN: $55,380
TERM CONTRACTED: 60
APR/LEASE RATE: 0%
MONTHLY PAYMENT: $923
ANNUAL INCOME: $112,000 plus bonuses
DEBT TO INCOME RATIO: <10%
MISCELLANEOUS COMMENTARY: I am honestly VERY surprised I got approved at 0% financing. I looked at PenFed and they offered me 6.8% for 72 months. I handled the deal with the salesman all over the phone (mainly by text). He asked if I wanted 0% for 60 or 1.9% for 72, and I went with the 0%. I got a notification that they pulled my credit shortly thereafter and I was just waiting on the call saying they can't approve me for the 0%, but never heard anything. I went to the dealer later that afternoon to pick the truck up, and was still thinking they were going to tell me bad news about the financing. A short while later, the finance manager called me into his office to sign the paperwork, all with 0% financing! I'm still in disbelieve!

I had a bad credit score about 5 years ago (550ish), and have worked hard to get it up as much as possible. I have recently increased my income by 60%, so I have paid off all of my credit cards and working on paying off student loans. At the time they pulled my credit, I still had about $22,000 in CC debt showing that I had recently paid off that wasn't showing up on my credit report yet. 

I know a lot of people have problems with Chrysler Captial, but they are my absolute favorite bank right now!

[mb5]

APPROVING BANK:  Kia Financial
BUREAU PULLED:   Equifax Fico Auto 08 (685)
CREDIT SCOREOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE:  SC
NEW/USED: New
YEAR OF VEHICLE: 2020
MAKE:  Kia
MODEL:  Telluride EX
MILEAGE: 2100
FINANCE/LEASE: Finance

PURCHASE PRICE: 39500
AMOUNT OF LOAN:  42xxx can't remember exactly (had negative equity to roll over as well)
TERM CONTRACTED: 72
APR/LEASE RATE: 4.99
MONTHLY PAYMENT: 693
ANNUAL INCOME:  64853
DEBT TO INCOME RATIO: ? Alot
MISCELLANEOUS COMMENTARY: Anyone near Gastonia, NC looking for a Kia should go to Courage Kia. They are awesome! Laughed the whole time. Great group. Much Much Much better than any other Kia dealership I spoke with.

[Anonymous]

Hi -  Congrats on your new purchase!

Curious if you app'd with anyone else but Chrysler and how many HP's did you get hit with going through Chrysler and what kind of proof of income did they require?   I'm getting ready to purchase new Jeep and was persuaded to stay away from Chrysler Fin for my loan on $46k truck. Did they tell you how many INQ's they would have hit you with or where they pulled HP's from in advance? 

[Anonymous]

The only other place I applied was PenFed. 

For Chyrsler Capital, I first did their preapproval online and it was a HP on TU. Then the dealer did a hard pull on TU and EQ. I was glad to see the dealer didn't do a general credit inquiry where numerous banks do HPs. I think it was because the deal I was going for was specifically for 0% with Chrysler Capital, so that is the only HP that shows on my report. 

Chyrsler Capital did not require any proof of income. Overall the process was VERY simple. 

[Anonymous]

of course the sales team was laughing...they got you for full sticker and a high interest rate...not to attack you ,but on $5k per month before taxes, why would you want to take on a $700 payment for 6 years on a Kia...and you said you have a high DTI anyway...what did you roll?

[Anonymous]

---

@Anonymous wrote:

of course the sales team was laughing...they got you for full sticker and a high interest rate...not to attack you ,but on $5k per month before taxes, why would you want to take on a $700 payment for 6 years on a Kia...and you said you have a high DTI anyway...what did you roll?

---

Rude posts like this discourage DP sharing. 

[Anonymous]

APPROVING BANK: American Honda Financial
BUREAU PULLED: Experian
CREDIT SCORE: 806
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Michigan
NEW/USED: Used
YEAR OF VEHICLE: 2014
MAKE: Honda
MODEL: Odyssey
MILEAGE: 54,165
FINANCE/LEASE: Finance
PURCHASE PRICE: $23,053 (with tax, fees, gap coverage, etc.)
AMOUNT OF LOAN: $23,053
TERM CONTRACTED: 72
APR/LEASE RATE: 3.99%
MONTHLY PAYMENT: $356
ANNUAL INCOME: $70,000
DEBT TO INCOME RATIO: ~38%
MISCELLANEOUS COMMENTARY: Super easy approval through the dealer. No POI required. It’s certified pre-owned and was priced below market value based on my research. The Honda dealer also is cutting us a check for the last two lease payments on our Dodge Journey, so we didn’t have to roll in any negative equity by trading it in instead.

[SomewhereIn505]

APPROVING BANK: US Eagle CU
BUREAU PULLED: Qualifying @ dealership EX, CU pulled all. 🤬
CREDIT SCORE: 809

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: NM
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Chevy
MODEL: Silverado 
MILEAGE 2900
FINANCE/LEASE: Financed

PURCHASE PRICE: 48K
AMOUNT OF LOAN: 35K
TERM CONTRACTED: 72m
APR/LEASE RATE: quoted 4.59% signed at 4.09%
MONTHLY PAYMENT: $569
MISCELLANEOUS COMMENTARY: Schooled the dealership about FICO scores & models. But they actually respected my request that it be pulled once. A bit upset the CU pulled again, but it was a much different buying experience than last time (with 6 HP)

[ridgebackpilot]

APPROVING BANK: Ford Motor Credit
BUREAU PULLED: EX, TU
CREDIT SCORE: FICO Auto 8 TU (706) EX (675)

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Ford
MODEL: Edge SEL 
MILEAGE: 37
FINANCE/LEASE: Financed

PURCHASE PRICE: $37,741
AMOUNT OF LOAN: $40,263
TERM CONTRACTED: 60 months
APR/LEASE RATE: Zero (0) percent APR
MONTHLY PAYMENT: $671
MISCELLANEOUS COMMENTARY: Traded in my 2018 Ford F-150 which I had financed a year ago at zero (0) percent APR. Remaining negative equity largely covered by manufacturer incentives on new Edge. Ford is one of the few auto companies to offer both significant price incentives (rebates) and zero (0) percent financing at the same time.

[Anonymous]

With the Leasee option, did you have to make a down payment?