Auto Loan Approvals!

[disdreamin]

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@Anonymous wrote:

Congrats on the CX-5! In the process of buying a used 2016 Grand Touring myself right now! Those leather seats are niceeeeeee

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I am SO tempted to trade my 2017 - I looked up kbb value on it recently and just about keeled over. The leather seats are okay, but those perforations catch all the things. It's a little frustrating at times tbh.

[sccredit]

APPROVING BANK: Wells Fargo Dealer Services
BUREAU PULLED: TransUnion
CREDIT SCORE: 726/822 (Joint)

SOFT PULL/HARD PULL: Hard Pull
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: Used
YEAR OF VEHICLE: 2018
MAKE: Volkswagen
MODEL: Tiguan SEL Premium 4Matic
MILEAGE: 54k
FINANCE/LEASE: Finance

PURCHASE PRICE: $26,575
AMOUNT OF LOAN: $24,075
TERM CONTRACTED: 72
APR/LEASE RATE: 4.51%
MONTHLY PAYMENT: $381
ANNUAL INCOME: $135k
DEBT TO INCOME RATIO: Somehwre around 20%
MISCELLANEOUS COMMENTARY: Took forever to find the exact car DW wanted as a replacement to her Infiniti lease. We weren't planning on financing but they offered a $2k discount if we financed so we took their 4.51% rate and 72 month term. We will pay it off in a few months and figured the $2k discount was worth it.

[jrmalvarez]

I am extremely late to posting but want to share too as this was the first car I ever financed on my own and the most expensive thing I have purchased. 

APPROVING BANK: Mercedes Financial Services
BUREAU PULLED: Experian
CREDIT SCORE: 754

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: Used (Lease Return)
YEAR OF VEHICLE: 2017
MAKE: Mercedes Benz
MODEL: C300 Sport Sedan 
MILEAGE: 31k
FINANCE/LEASE: Finance

PURCHASE PRICE: 26k
AMOUNT OF LOAN: 32k
TERM CONTRACTED: 72 months
APR/LEASE RATE: 0.99%
MONTHLY PAYMENT: 498$
ANNUAL INCOME: 65k 
MISCELLANEOUS COMMENTARY Extended warranty was added. I traded in my 2006 Acura TSX for 500$. Yes, I know I could have sold it some where else for much more but I was desperate to get rid of the thing! Also, I bought my car at just the right time in July of 2020 before the chip shortage and inflation of (used) car prices. 

[hairluver]

APPROVING BANK:MBFS

BUREAU PULLED:Transunion

CREDIT SCORE:722

SOFT PULL/HARD PULL: Hard

CUSTOMER STATE OF RESIDENCE:CA

NEW/USED:Used

YEAR OF VEHICLE:2019

MAKE:Mercedes 

MODEL:C300 Sport Amg w/ night package

MILEAGE:

FINANCE/LEASE:Finance

PURCHASE PRICE:43k

AMOUNT OF LOAN:39k

TERM CONTRACTED:72 months

APR/LEASE RATE:3.99

MONTHLY PAYMENT:640

ANNUAL INCOME:.over 70k

DEBT TO INCOME RATIO:

MISCELLANEOUS COMMENTARY:

I added the extended Warranty, the prepay  Mantience package and Gap Insurance.

[Anonymous]

APPROVING BANK:  Veridian Credit Union
BUREAU PULLED:  TU
CREDIT SCORE: 713

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: MN
NEW/USED: Used
YEAR OF VEHICLE: 2018
MAKE: Jeep
MODEL: Grand Cherokee
MILEAGE: 26,000
FINANCE/LEASE: Finance

PURCHASE PRICE: $42,800
AMOUNT OF LOAN: 48,849
TERM CONTRACTED: 84 months
APR/LEASE RATE: 4.04
MONTHLY PAYMENT: $669
ANNUAL INCOME: $173,000
DEBT TO INCOME RATIO: No idea
MISCELLANEOUS COMMENTARY:  Also had approvals from US Bank (lower rate but shorter term), Spire Credit Union, PenFed.  Veridian just made it easier as the vehicle we were trading was already financed by the,

[Dadof31978]

Why would your loan be $6k over purchase price and if you make $170k plus why $0 down and 84 months on a used car? Recipe for disaster especially w a Chrysler product. 

[Anonymous]

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@Dadof31978 wrote:

Why would your loan be $6k over purchase price and if you make $170k plus why $0 down and 84 months on a used car? Recipe for disaster especially w a Chrysler product. 

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We had 3k of negative equity to carry over. Plus purchased a extended warranty (because it's a Jeep lol). 

0 down allows us to use cash for other investments. 

Also, why be so negative?  It's my money not yours. Geez...

[barca]

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@Anonymous wrote:

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@Dadof31978 wrote:

Why would your loan be $6k over purchase price and if you make $170k plus why $0 down and 84 months on a used car? Recipe for disaster especially w a Chrysler product. 

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We had 3k of negative equity to carry over. Plus purchased a extended warranty (because it's a Jeep lol). 

0 down allows us to use cash for other investments. 

Also, why be so negative?  It's my money not yours. Geez...

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Don't let people discourge you or get on your nerves.

This car issue is all about how you treat it and some element of luck.

I have been using Jeep Grand  Cherokee for the past 5 years almost 80K miles on it.

Not a single repair (yes, not a single repair on the SUV).

I only changed the 4 tires once because the thread are getting worn after like 50K miles . I use the all terrain tires.

It is stupid comments like this I see on you tube - like saying Range Rover is unrealible, whereas I see many of my friends using Range Rover for years without any major issue.

The irony of these kind of comments are guys who usually buy the cheapest cars on the market and try to justify thier purchase.

[disdreamin]

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@barca wrote:

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The irony of these kind of comments are guys who usually buy the cheapest cars on the market and try to justify thier purchase.

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Why single anyone out like this? What was said about the purchase was out of bounds, but so is this.

What anyone purchases for a vehicle is ultimately up to them. Do I usually buy the cheapest car on the market that will suit my purposes? Yeah, I kinda do. Has it worked out for me? Yes, yes it has. Did we opt to finance pretty much 100% of the truck we bought recently, including the associated taxes and fees? Yep, because 0% interest and why the heck not.

Basically, you do you boo - but don't judge if others want to make different decisions. That's not what these boards are about.

[southernblueeyes]

APPROVING BANK: Chase
BUREAU PULLED: Equifax
CREDIT SCORE: 690

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: North Carolina
NEW/USED: New
YEAR OF VEHICLE: 2022
MAKE: Acura
MODEL: RDX SH-AWD with A-Spec and Advance Package
MILEAGE: 50
FINANCE/LEASE: Finance

PURCHASE PRICE: $60,000
AMOUNT OF LOAN: $50,000
TERM CONTRACTED: 72 months
APR/LEASE RATE: 3.8%
MONTHLY PAYMENT: $751
ANNUAL INCOME: $58,000
DEBT TO INCOME RATIO: 29%
MISCELLANEOUS COMMENTARY:  21 months post BK7 discharge