Auto Loan Approvals!

[Nesch18]

---

@Harvey26 wrote:

@Nesch18  Nice approval. FFS sounds like they have pretty strict approval guidlines to not report at all. But I am sure your mortgage lender may still count that since they will see it coming out of your bank account or I would at least I would ask someone to verify and make sure. Out of curosity who is your credit union I have never seen an CU approvals that high. 

---

Andrews Federal Credit Union. I had a previous 110K loan with them. No paystubs needed with either of them.

[Anonymous]

APPROVING BANK: NFCU
BUREAU PULLED: TU
CREDIT SCORE: 658

SOFT PULL/HARD PULL: Hard 
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: New
YEAR OF VEHICLE: 2021
MAKE: Tesla
MODEL: Model Y
MILEAGE: 0 
FINANCE/LEASE: FInance

PURCHASE PRICE: $44,290 
AMOUNT OF LOAN: $47,484 (Purchase price + tax, registration, doc, etc.) 
TERM CONTRACTED: 72
APR/LEASE RATE: 4.29%
MONTHLY PAYMENT: $749
MISCELLANEOUS COMMENTARY: I'm still in rebuild mode and applied for a refinance of a Capital One auto loan (Early 2020 for $26K) that was over 10% APR and was declined to be refinanced but was approved for $50K on a new car (**bleep**?). I'm going to sell that car (Shift gave the best offer out of Carvana, Vroom, Shift and Carmax) and keep the positive equity I have in it. I have 2 credit cards with NFCU that are over a year old. Also, buying from Tesla is crazy. I ordered my car online today with a 2-6 week delivery window and it was updated to be delivered within 4 days. 

[Anonymous]

What did you do to remove the collections?

[Way]

APPROVING BANK:  Cap 1 Auto
BUREAU PULLED:  Everybody
CREDIT SCORE:  674-690

SOFT PULL/HARD PULL:  Auto Nav Pre - 3 x HP at dealer
CUSTOMER STATE OF RESIDENCE:  FL
NEW/USED:  Used
YEAR OF VEHICLE:  2019
MAKE:  Ford
MODEL:  F-250
MILEAGE:  37001
FINANCE/LEASE:  Finance

PURCHASE PRICE:  
AMOUNT OF LOAN:  48700
TERM CONTRACTED:  72
APR/LEASE RATE:  5.03
MONTHLY PAYMENT:  786.61
ANNUAL INCOME:  144k
DEBT TO INCOME RATIO:  Healthy
MISCELLANEOUS COMMENTARY:

I brought ~5K in negative equity to the table after purchasing the previous vehicle brand new, but I bought on the last day of the month and it worked out better than I expected.

[Anonymous]

APPROVING BANK:  BB&T Dealer Finance (Regional Acceptance) 
BUREAU PULLED:  TU
CREDIT SCORE:  665 (Auto Enhanced 08)

SOFT PULL/HARD PULL:  Hard Pull
CUSTOMER STATE OF RESIDENCE:  OH
NEW/USED:  New
YEAR OF VEHICLE:  2021
MAKE:  Chrysler
MODEL:  Pacifica
MILEAGE:  50
FINANCE/LEASE:  Finance

PURCHASE PRICE: 43600  
AMOUNT OF LOAN:  $39999.83

TERM CONTRACTED:  75
APR/LEASE RATE:  6.95
MONTHLY PAYMENT:  $659.04
ANNUAL INCOME:  107K
DEBT TO INCOME RATIO:  Healthy
MISCELLANEOUS COMMENTARY: BK7 was just discharged in December. Re-Affirmed on a FMCC Lease that is due. Switching to a purchase due to miles. My Credit Union (BFG Federal CU) has a cut your rate in half promo on refinances. If they approve my rate will go down to 3.475% and the payment will decrease to $594. Will update with another post if BFG approves. Do not think the Regional is bad at all for just discharging in December. Americredit was at 9%, Ally was at 19%, and Chrysler was at 12%.

[Anonymous]

APPROVING BANK: DCU
BUREAU PULLED: EQ Mortgage 5
CREDIT SCORE: 763

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: OR
NEW/USED: NEW
YEAR OF VEHICLE: 2021
MAKE: Ford
MODEL: Explorer ST AWD
MILEAGE: 2
FINANCE/LEASE: Finance

PURCHASE PRICE: $52,700
AMOUNT OF LOAN: $52,700
TERM CONTRACTED: 72
APR/LEASE RATE: 2.99
MONTHLY PAYMENT: $800
ANNUAL INCOME: $130k
DEBT TO INCOME RATIO: 33% (but that's with factoring the mortgage, my truck, and all our dunes toys into my own income above. With my wife's income it's like half that.) 
MISCELLANEOUS COMMENTARY: new SUV for the wife, for Valentine's Day! Pulled my own credit, and used my own income and got the best rate possible at DCU. Yes DTI is high but the wife makes 6 figures also so DTI isn't an issue. 

absolutely loved the DCU process! So glad I found this forum and got recommended that CU. 

[Anonymous]

APPROVING BANK: Navy Federal
BUREAU PULLED: TU F8
CREDIT SCORE: 803

SOFT PULL/HARD PULL: Hard 
CUSTOMER STATE OF RESIDENCE: OH
NEW/USED: Used
YEAR OF VEHICLE: 2018
MAKE: Toyota
MODEL: RAV4
MILEAGE: 31,029
FINANCE/LEASE: Finance

PURCHASE PRICE: $20,299 // $22,199 after taxes and state fees.
AMOUNT OF LOAN: $10,149.50
TERM CONTRACTED: 60 months
APR/LEASE RATE: 5.49%
MONTHLY PAYMENT: $212
ANNUAL INCOME: $125,000
DEBT TO INCOME RATIO: No idea, own home free & clear with no other credit or loan debt
MISCELLANEOUS COMMENTARY: For my first car purchase, i'm impressed. I feel like I did good. Decided to put down half of the vehicle cost because i've been saving for this for a while, might as well just secure my loan while i'm in a position to drop extra money. 

[Anonymous]

APPROVING BANK: DCU
BUREAU PULLED: TU 
CREDIT SCORE: 703

SOFT PULL/HARD PULL: Hard 
CUSTOMER STATE OF RESIDENCE: VA
NEW/USED: Used
YEAR OF VEHICLE: 2017
MAKE: Audi
MODEL: A4 Premiuim Plus
MILEAGE: 36,572
FINANCE/LEASE: Finance

PURCHASE PRICE: $26800
AMOUNT OF LOAN: $25,213
TERM CONTRACTED: 65 months
APR/LEASE RATE: 2.74%
MONTHLY PAYMENT: $410
ANNUAL INCOME: $73,000
DEBT TO INCOME RATIO: 20%
MISCELLANEOUS COMMENTARY: still have 4 months of AUDI factory warranty...gotta push some miles on the car to get a free 40,000 service. This is my first 'real' car buying experience, and it was a nightmare having 50 tabs open, searching for the same types of car over and over. I'm excited to drive it once it's delivered this week. 

[Anonymous]

APPROVING BANK: JP Morgan Chase
BUREAU PULLED: Transunion
CREDIT SCORE: 683

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2021
MAKE: Tesla
MODEL: Y
MILEAGE: <50
FINANCE/LEASE: Finance

PURCHASE PRICE: $63,136.10 (Taxes, etc)
AMOUNT OF LOAN: $27,196.00
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 5.04%
MONTHLY PAYMENT: $439.41
ANNUAL INCOME: 80K
DEBT TO INCOME RATIO: 54%
MISCELLANEOUS COMMENTARY: Current customer with Chase.  Approved 7 months ago for a (Tesla Model 3) traded in for:

(Tesla Model Y "7 Seater.")

My payment decreased $108.00 a month but APR increased from 4.57 to 5.04%

[Chad3304]

5.49% with a 803 score seems high.