Auto Loan Approvals!

[gettingsmarter]

APPROVING BANK: Wells Fargo

BUREAU PULLED: all 3

CREDIT SCORE: 612

CUSTOMER STATE OF RESIDENCE: New Jersey (very tough to get low apr in nj today)

NEW/USED: New

YEAR OF VEHICLE: 2010

MAKE: Nissan

MODEL: Altima 2.5 S with SL Package

MILEAGE: 3700 (demo model saved me some $$$)

RETAIL/LEASE: Retail

AMOUNT OF LOAN: $26,582.00 (msrp is $30,360) -$5000 down

TERM CONTRACTED: 60 months

APR/LEASE RATE: 12.9%

MONTHLY PAYMENT: 560.00

MISCELLANEOUS COMMENTARY: Nissan of Ramsey NJ is fantastic to work with. I will make an extra pmt each quarter and never ever let my credit go down hill again!

[Just fixed the formatting - Lel]

[julieb8680]

APPROVING BANK: Huntington Bank

BUREAU PULLED: Equifax: 799, Transunion: 775

CUSTOMER STATE OF RESIDENCE: Columbus, OH

NEW/USED: New

YEAR OF VEHICLE: 2010

MAKE: Buick

MODEL: Enclave CXL-2

MILEAGE: 40

RETAIL/LEASE: Retail

AMOUNT OF LOAN: $41,000 out the door, 5k down.

TERM CONTRACTED: 72 months

APR/LEASE RATE: 4.12%

MONTHLY PAYMENT: 670

MISCELLANEOUS COMMENTARY: Just bought a Ford Focus a month ago and it hadn't showed up on my report yet (no other auto loans there).  This is a BEAUTIFUL SUV!!  Qualified for GM employee discount and saved alot of money--thanks grandma!   Will pay off in 3 years by maing extra payments.

[Anonymous]

DATE OF APPROVAL: 2010-04-30

APPROVING BANK: Elevations Credit Union
BUREAU PULLED: Experian
CREDIT SCORE: 703
CUSTOMER STATE OF RESIDENCE: Colorado
NEW/USED: Used
YEAR OF VEHICLE: 2004
MAKE: Infiniti
MODEL: G35
MILEAGE: 98,000 miles
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $12,000
TERM CONTRACTED: 60 mo
APR/LEASE RATE: 6.74%
MONTHLY PAYMENT: $236.15
MISCELLANEOUS COMMENTARY: MAX 100% LTV

Side note: The loan officer said I was approved but that they would require me to pay off an unpaid medical collection account of $252 with DOFD in 2003, then provide proof of payment.  I stated that this was silly, due to a Colorado law which prohibits collection agencies from suing for the money after 6 years have passed. He double-checked and then agreed to continue the loan because the credit report noted that the "consumer disputes the validity of this account".

Other than that collection I have zero debt, even on all my revolving accounts.  On top of all that effort, I decided to pass on the car and have not found another one I'd like to buy yet

[Anonymous]

APPROVING BANK: Toyota Financial
BUREAU PULLED: Transunion
CREDIT SCORE: 726
CUSTOMER STATE OF RESIDENCE: NJ
NEW/USED: New
YEAR OF VEHICLE: 2010

MAKE: Toyota

MODEL:  RAV4
MILEAGE: 20
RETAIL/LEASE: Retail
AMOUNT OF LOAN: TERM CONTRACTED: $24, 416 - 60 months
APR/LEASE RATE: 0%
MONTHLY PAYMENT: $406.94
MISCELLANEOUS COMMENTARY: Also included-a customer appreciation bonus because I traded in a Toyota, for 2 years or 24,000 miles all maintenance is free.

[Anonymous]

APPROVING BANK:  TruMark CU 
BUREAU PULLED:  Experian
CREDIT SCORE:  660
CUSTOMER STATE OF RESIDENCE: PA
NEW/USED:  Used
YEAR OF VEHICLE:  2009

MAKE: Nissan

MODEL:  Xterra S
MILEAGE: 34,000
RETAIL/LEASE:  Retail
AMOUNT OF LOAN:  22413
TERM CONTRACTED:  72 mths
APR/LEASE RATE:  10.4%
MONTHLY PAYMENT:  418 (including extended warranty)
MISCELLANEOUS COMMENTARY:  Received 100% financing.  The SUV is Nissan Certified w/powertrain warranty to 100,000 miles, purchased the extended warranty to cover all the other stuff.  Hoping to refinance in 6-12 months to a lower rate

[betax]

APPROVING BANK:  Huntington National Bank
BUREAU PULLED:  Transunion
CREDIT SCORE:  670
CUSTOMER STATE OF RESIDENCE: PA
NEW/USED:  Used
YEAR OF VEHICLE:  2008

MAKE: Toyota

MODEL: Corolla CE
MILEAGE:
RETAIL/LEASE:  Retail
AMOUNT OF LOAN:  12150
TERM CONTRACTED:  60 Months
APR/LEASE RATE:  8.19%
MONTHLY PAYMENT:  250.00

[Anonymous]

APPROVING BANK: Wells Fargo

BUREAU PULLED: Equifax

CREDIT SCORE: 626

CUSTOMER STATE OF RESIDENCE: Texas

NEW/USED: Used

YEAR OF VEHICLE: 2008

MAKE: Infiniti

MODEL: EX35 Journey

MILEAGE: 23,000

RETAIL/LEASE: Retail

AMOUNT OF LOAN: $28,000 (with $1k neg equity, Gap insurance, TT&L)

TERM CONTRACTED: 72 months

APR/LEASE RATE: 8.99%

MONTHLY PAYMENT: $514

MISCELLANEOUS COMMENTARY: Wells Fargo will automatically refi you in one year if all payment are made on time.  Will decrease rate by 2 points!

[Anonymous]

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@Anonymous wrote:

APPROVING BANK: Wells Fargo

MISCELLANEOUS COMMENTARY: Wells Fargo will automatically refi you in one year if all payment are made on time.  Will decrease rate by 2 points!

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Is that common knowledge or do you have to ask for that to added in? We found out that it's not Union Federal, it's Wells Fargo, who financed our Trailblazer. Our interest is 11.5%. Will they automatically do that for us as well, with good payments? I've never heard of that. Thanks!

[Anonymous]

I'm not sure.. The Finance Mgr made it sound like it was a common thing Wells Fargo did.  It wouldn't hurt you to call them up and ask!  Good luck!

[Anonymous]

Never believe a finance manager unless it's on paper.