Auto Loan Approvals!

[TRC_WA]

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@JFox418 wrote:

I was checking dealerships in a 2 hour radius to see if I could catch something in transit since my daily was getting pretty bad. After a week of looking I found a dealership 2 hours away that just got this package 22 (moonroof and nav) in and wasn't allocated to anyone. Took a road trip and made it happen. Bonus was the factory installed hitch. That was something I had on my order too, seeing one come to the dealer like that is pretty crazy. Guess I got lucky! 

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Congrats!  My story is similar (Challenger posted above yours) in that I was going to special order as well and had sent the sales guy my build sheet... until I got a call from the dealership telling me they had one come in that was close to what I was planning on ordering.  The dealership was 45 mins away but I drove down there and liked it enough that I pulled the trigger.  It was only missing a couple minor options that I wanted and even had a couple better ones not on my build sheet...  and that was good enough for me.

Enjoy the new ride!

[ladeda8971]

APPROVING BANK:  1st Tech Federal CU
BUREAU PULLED:  Experian
CREDIT SCORE:  747 - Me, 673 (spouse/co-owner)

SOFT PULL/HARD PULL:  Hard Pull
CUSTOMER STATE OF RESIDENCE:  Oregon
NEW/USED:  Used
YEAR OF VEHICLE:  2018
MAKE:  Land Rover
MODEL:  Discovery
MILEAGE:  17,362
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $58,993
AMOUNT OF LOAN:  $47,493
TERM CONTRACTED:  84 Months
APR/LEASE RATE:  4.17%
MONTHLY PAYMENT:  $652.90
ANNUAL INCOME:  $211,000
DEBT TO INCOME RATIO:  27%
MISCELLANEOUS COMMENTARY:  My first new (to me) car in over 10 years!  After 3 years of a rebuild and recently paying off all of my spouse's CC & personal loan debts, this is amazing!  

[Anonymous]

APPROVING BANK:  Capital One Auto
BUREAU PULLED:  All
CREDIT SCORE:  550

SOFT PULL/HARD PULL:  Hard Pull
CUSTOMER STATE OF RESIDENCE:  California
NEW/USED:  Used
YEAR OF VEHICLE:  2014
MAKE:  Honda
MODEL:  Odyssey
MILEAGE:  103,000
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $16,000
AMOUNT OF LOAN:  $14,236.38
TERM CONTRACTED:  55 Months
APR/LEASE RATE:  20.16%
MONTHLY PAYMENT:  $406.51
ANNUAL INCOME:  $58,000
DEBT TO INCOME RATIO:  100%
MISCELLANEOUS COMMENTARY:  Bankruptcy 7 in 2017, several collections (after BK), charged off credit cards (after BK). Everyone else declined me (with good reason) with the exception of Capital One Auto. Going to try to figure out how fix my credit and debt situation and hopefully refinance sooner rather than later.

[disdreamin]

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@Anonymous wrote:

MAKE:  Honda
MODEL:  Odyssey
MILEAGE:  103,000

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Congrats on your new-to-you vehicle! I've had a couple Ody and have two things I'd like to mention, just as words of caution since you're in this vehicle for the long haul.

First, it would be wise to confirm that the timing belt has been replaced on the vehicle if you have not aready done so (most likely done with the water pump around 100k miles). You may already be aware of this, and it was probably already done, but for those who might not be familiar -  the motor in the Ody is an interference engine, and if the timing chain hasn't been changed it will eventually go and pretty much take the engine with it. 0 out of 10, do not recommend.

Second, if possible I'd recommend trying to look into the service history to see if the vehicle has had any engine misfire codes diagnosed or if it has had engine work done. While the 2014 is just outside the range that Honda has been forced to acknowledge are impacted by VCM ring issues (class action lawsuit ftw), I am finding lots online about failures in 2014 vehicles once they reach high mileage. I had a 2012 and experienced the issue twice, at ~35k (software fix attempted, lowering cylinder compression to minimize blow-by) and again around 60k. The second time a hardware fix was required and Honda covered a ring job for my vehicle, which ran around $3k.The class action lawsuit does not cover a 2014+ from what I can tell, as apparently they changed the ring material in 2014+ but eventually the rings do wear and those vehicles can be prone to misfire due to that.

If your vehicle has any history of misfire issues, possibly due to blow-by, but was repaired and is currently running fine, look into a VCM disabler, ie: Tuner/Muzzle. Honda does not disable VCM on their engines, I think due to the vehicles not meeting stated fuel economy standards if this is done. However, it's possible to buy a bit of wiring with resistors in it that trick the vehicle into thinking it is operating below the engine temp at which VCM engages (that's my understanding at least). This is something to do before the vehicle exhibits a problem. Once the rings are gone, the only cure is a ring job which is $$$$. I'd rather spend a little more on fuel and have the engine last longer.

Good luck and I hope the vehicle serves you well for many years to come!

[NyaBuksh]

APPROVING BANK:  Atlantic Financial Federal Credit Union (Maryland)
BUREAU PULLED:  Equifax
CREDIT SCORE:  656

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE:  MD
NEW/USED:  Used
YEAR OF VEHICLE:  2018
MAKE:   Land Rover
MODEL:  Discovery Sport HSE Lux
MILEAGE:  24,000
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $39,950
AMOUNT OF LOAN:   $47,200
TERM CONTRACTED:   84 months
APR/LEASE RATE:   4.24%
MONTHLY PAYMENT:   $656
ANNUAL INCOME:   $175,000
DEBT TO INCOME RATIO:   17%
MISCELLANEOUS COMMENTARY:  This is the second auto loan with AFFCU. The first one was for 2018 Land Rover Range Rover Evo 

[chela62678]

APPROVING BANK: Amoco Credit Union
BUREAU PULLED: experian
CREDIT SCORE: 815

SOFT PULL/HARD PULL: hard pull
CUSTOMER STATE OF RESIDENCE: Tx
NEW/USED: new
YEAR OF VEHICLE: 2022
MAKE: Chevrolet 
MODEL: 1500 LTD RST
MILEAGE: 24
FINANCE/LEASE: finance

PURCHASE PRICE: 53,xxx (with tax)
AMOUNT OF LOAN: 38,xxx
TERM CONTRACTED: 60
APR/LEASE RATE: 2.89% 
MONTHLY PAYMENT: 6xx
ANNUAL INCOME: 
DEBT TO INCOME RATIO: 21%
MISCELLANEOUS COMMENTARY:

This is just under hubby name. I raised his scores with mine over the years. We have excellent car credit too. I didn't want to hassle with shopping around for rates though. Based on current economic rates this was a pretty good rate.  Also no markup no added dealer add on fees. Just truck!

[CaribbeanBlues]

APPROVING BANK:  CHASE
BUREAU PULLED:  
CREDIT SCORE:  801

SOFT PULL/HARD PULL:  Hard Pull
CUSTOMER STATE OF RESIDENCE:  Texas
NEW/USED:  New
YEAR OF VEHICLE:  2022
MAKE:   Hyundai
MODEL:   Palisade SEL
MILEAGE:  
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $43, 015, plus tax and title
AMOUNT OF LOAN:  $31000
TERM CONTRACTED:   72 Months
APR/LEASE RATE:  3.39%
MONTHLY PAYMENT:  $476.44
ANNUAL INCOME:  $120,000
DEBT TO INCOME RATIO:  %
MISCELLANEOUS COMMENTARY: I had a total loss on my vehicle this month and the lien on it was through Chase. I submitted the app using the sticker price and insurance settlement numbers for the loss. I will let the dealer see if they can beat it when it comes time to sit down and do the paperwork.

[ncogngro]

APPROVING BANK:  State Dept FCU
BUREAU PULLED:  Experian
CREDIT SCORE:  677

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE:  GA
NEW/USED:  New
YEAR OF VEHICLE:  2022
MAKE:   Nissan
MODEL:  Altima SR VR-T
MILEAGE:  8
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $36,700
AMOUNT OF LOAN:   $36,000
TERM CONTRACTED:   72 months
APR/LEASE RATE:   3.99%
MONTHLY PAYMENT:   $596
ANNUAL INCOME:   $42,245
DEBT TO INCOME RATIO:   8%
MISCELLANEOUS COMMENTARY:

Discharged Ch7 BK in 11/20.  Was able to rebuild credit profile during that time.  Initially approved through Navy Fed but for only 32,000 with 6.79% apr.  PenFed preapproved me for that amount with a SP but declined after HP.

[disdreamin]

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@ncogngro wrote:

MONTHLY PAYMENT:   $596
ANNUAL INCOME:   $42,245
DEBT TO INCOME RATIO:   8%

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Congrats on the new vehicle. Curious about the DTI numbers though, was the 8% before the vehicle purchase?

[ncogngro]

Yes that was before the purchase.