Auto Loan Approvals!

[ldkcivilservant]

APPROVING BANK: TD Bank
BUREAU PULLED: All 3
CREDIT SCORE: 750 Middle Score (Auto 8)

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: GA 
NEW/USED Used
YEAR OF VEHICLE: 2015
MAKE: Ford 
MODEL: F-150 Supercab

Trim: XLT
MILEAGE: 20,000
FINANCE/LEASE: F

PURCHASE PRICE: 18,000
AMOUNT OF LOAN: 18,000
TERM CONTRACTED: 72
APR/LEASE RATE: 5.79
MONTHLY PAYMENT: 297
ANNUAL INCOME: $82,000
DEBT TO INCOME RATIO: 28%
MISCELLANEOUS COMMENTARY: Wife and I signed together as her Auto 8 is slightly higher than mine. I would not normally finance something 5 years old but with that mileage (it was an older man who just never drive it much other than a trip to the store and kept it in a garage) and at that price, plus the fact it is literally in mint condition, I thought I would be stupid not to avoid the depreceation on something that still has another 15 years left in it. We paid for a 2 year/24,000 mile warrenty out of pocket with the Ford Dealership just to cover us.

[FAMUGrad2001]

3/12/2020

Refi - Charlotte Metro FCU

7.8 to 2.47% 60mths

2019 Nissan Armada Platinum

[Failingupwards]

APPROVING BANK: Honda Finance
BUREAU PULLED: Equifax 
CREDIT SCORE: 683 me, 812 dh

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: AL
NEW/USED New
YEAR OF VEHICLE: 2019
MAKE: Honda
MODEL: CR-V

Trim: EXL
MILEAGE: 2
FINANCE/LEASE: F

PURCHASE PRICE: 28,000
AMOUNT OF LOAN: 25500
TERM CONTRACTED: 60
APR/LEASE RATE: 2.9
MONTHLY PAYMENT: 453
ANNUAL INCOME: $99,000 Combined
DEBT TO INCOME RATIO: unknown 
MISCELLANEOUS COMMENTARY: We just paid off our  HELOC from a necessary kitchen renovation. We were not in the position to absolutely have to buy a new car, but a little bit of research turned into a deal that we couldn't pass up.  We were given $2500 on our trade,  which was $500+ over KBB. 

[DebtJoe]

APPROVING BANK: Capital One

BUREAU PULLED: All 3

CREDIT SCORE: 670-680

SOFT PULL/HARD PULL: HP

CUSTOMER STATE OF RESIDENCE: NJ

NEW/USED: Used

YEAR OF VEHICLE: 2017

MAKE: Kia

MODEL: Sorento

MILEAGE: 41500

FINANCE/LEASE: Finance

PURCHASE PRICE: $17270

AMOUNT OF LOAN: $18033

TERM CONTRACTED: 48 Months

APR/LEASE RATE: 4.42%

MONTHLY PAYMENT: $393

ANNUAL INCOME: $72k

DEBT TO INCOME RATIO: 25%

MISCELLANEOUS COMMENTARY: Car was purchased through Carvana (great experience for anyone curious, and will most likely never buy new or go to a dealership again) and financed through Capital One. I don't have the best scores since there are still two charge offs on my Credit Report that are due to fall off in a few months, but I have excellent recent (~2+ years) payment history since starting my rebuild. I carry virtually no CC debt and figured would give it a shot at a loan. Chose Cap 1 first because they helped me start my rebuild, and was pretty surprised at the rate they offered, so I jumped on it.

[Anonymous]

APPROVING BANK: Ford Motor Credit
BUREAU PULLED: Experian, Equifax
CREDIT SCORE: 622, 625

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: AL
NEW/USED New
YEAR OF VEHICLE: 2020
MAKE: Ford 
MODEL: F-150 Supercab

Trim: XLT
MILEAGE: 27
FINANCE/LEASE: F

PURCHASE PRICE: 45,190
AMOUNT OF LOAN: 52,297
TERM CONTRACTED: 72
APR/LEASE RATE: 2.9
MONTHLY PAYMENT: 763
ANNUAL INCOME: $83,500
MISCELLANEOUS COMMENTARY: Filed Chapter 7 in August 2019 due to enormous medical bills. Purchased 2019 Nissan Altima in October 2019 prior to discharge in November 2019 with 20.83% APR. My scores prior to discharge were TU - 472, EQ - 485, EX - 492. Payments were $733/monthly.

After making 5 payments and paying more than the note and getting nowhere on the loan, I read on here that Ford Credit was bk friendly. Having nothing to lose, I called my local Ford dealer, was able to strike a deal, and get out from under the high interest of that car. Even though I was upside down, they were able to make it work. While I know my score will take a hit in the short term, I'm looking at long term strategy plus I've repeatedly heard that if you do right by Ford, they'll buy you forever. 

[Mv350]

APPROVING BANK: Ford Motor Credit
BUREAU PULLED: TU Auto8
CREDIT SCORE: 731
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2020
MAKE: Ford
MODEL: Fusion SE
MILEAGE: 9
FINANCE/LEASE: Finance
PURCHASE PRICE: $ 24,995
AMOUNT OF LOAN: $32,009 incl gap, service, and negative equity from old car.
TERM CONTRACTED: 72
APR/LEASE RATE: 0%
MONTHLY PAYMENT: $444
ANNUAL INCOME: $42,500
DEBT TO INCOME RATIO: ~33%
MISCELLANEOUS COMMENTARY: I was able to roll some of negative equity from my old car into this. Along with some incentives, including retail cash and recent student graduation money from Ford. I was completely surprised that I qualified for the 0% financing. 

[Anonymous]

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@Schoolbuskid wrote:

Credit to MarvBear for an excellent idea on another forum; this thread is to be used for your Auto Loan Approvals just copy and paste!

APPROVING BANK: Desert Financial (Arizona)
BUREAU PULLED: EX
CREDIT SCORE: 740

SOFT PULL/HARD PULL:  HP
CUSTOMER STATE OF RESIDENCE: Arizona
NEW/USED: Used
YEAR OF VEHICLE: 2016
MAKE: Cadi
MODEL: 
MILEAGE: 37K
FINANCE/LEASE: Refi

PURCHASE PRICE: 25,500
AMOUNT OF LOAN: 25,500
TERM CONTRACTED: 60
APR/LEASE RATE: 3.79
MONTHLY PAYMENT: 425
ANNUAL INCOME: 100K
DEBT TO INCOME RATIO: 30%
MISCELLANEOUS COMMENTARY: Easy process however, they reported to CB's very fast (10 Days) even before my old loan was paid off but it finally reported Pd/O.. ...all Good.  my old loan was upside down and I thought no one would touch me but they  did and gave me a heg of a good rate. Very Cool. I'm happy with the rate reduction and payment.



Message Edited by Schoolbuskid on 05-31-2008 09:46 AM

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[Anonymous]

If it was upside down it wouldn't matter since you obviously put the cash down since your loan amount was same as purchase price and there's no rebates on used cars. 

[dannymac44]

APPROVING BANK: Chrysler Capital
BUREAU PULLED: Ex/Tu
CREDIT SCORE: 775

SOFT PULL/HARD PULL:  HP
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: Nee
YEAR OF VEHICLE: 2020
MAKE: Ram
MODEL: 1500 Limited
MILEAGE: 2
FINANCE/LEASE: F

PURCHASE PRICE: 68,450
AMOUNT OF LOAN: 78,000
TERM CONTRACTED: 84
APR/LEASE RATE: 0%
MONTHLY PAYMENT: 928
ANNUAL INCOME: 145000
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: had some negative equity in my Silverado from a previous mess and what better way to handle negative equity than to make the bank hold it at 0%? 👍🏻

[dannymac44]

APPROVING BANK: Digital Credit Union
BUREAU PULLED: TU/EX
CREDIT SCORE: 772

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: new/refi
YEAR OF VEHICLE: 2019
MAKE: Nissan
MODEL: altima SL
MILEAGE: 3000
FINANCE/LEASE: F

PURCHASE PRICE: 28500
AMOUNT OF LOAN:28500
TERM CONTRACTED: 60
APR/LEASE RATE: 2.49%
MONTHLY PAYMENT: 475
ANNUAL INCOME: 145000
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: financed with Dealer at 4% to negotiate better price, refinanced 3 months later  - DCU is great!