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Auto Loan Approvals

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southernblueeyes
Regular Contributor

Re: Auto Loan Approvals


@southernblueeyes wrote:

APPROVING BANK: Acura Financial
BUREAU PULLED: Equifax
CREDIT SCORE: 737

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: North Carolina
NEW/USED: New
YEAR OF VEHICLE: 2025
MAKE: Acura
MODEL: TLX Type S
MILEAGE: 7
FINANCE/LEASE: Finance

PURCHASE PRICE: $75,075
AMOUNT OF LOAN: $75,075
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 7.99%
MONTHLY PAYMENT: $1,314
ANNUAL INCOME: $80,000
DEBT TO INCOME RATIO: 30%
MISCELLANEOUS COMMENTARY: Planning on refinancing with NFCU. 


Refinanced with NFCU at 4.79% 

Monthly payment for 72 months $1138

Message 151 of 158
dfwxjer
Frequent Contributor

Re: Auto Loan Approvals

APPROVING BANK: BMW FS
BUREAU PULLED: Experian
CREDIT SCORE: 794

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Texas
NEW/USED: Used
YEAR OF VEHICLE: 2021
MAKE: BMW
MODEL: 330e
MILEAGE: 30k
FINANCE/LEASE: Finance

PURCHASE PRICE: $32k 
AMOUNT OF LOAN: $17546
TERM CONTRACTED: 36month
APR/LEASE RATE: 3.99
MONTHLY PAYMENT: $552
ANNUAL INCOME: $260k
DEBT TO INCOME RATIO: with mortgage and this car 18%
MISCELLANEOUS COMMENTARY: very easy process and happy with the car

Current active cards:
Amex - Platinum, BCE
BofA - Unlimited Cash Rewards Sig
Chase - CSR, Amazon Prime
Citi - Custom Cash, Costco Visa
TCL - $315k
CC utili - 2%
Experian - 804
Message 152 of 158
dfwxjer
Frequent Contributor

Re: Auto Loan Approvals


@southernblueeyes wrote:

@southernblueeyes wrote:

APPROVING BANK: Acura Financial
BUREAU PULLED: Equifax
CREDIT SCORE: 737

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: North Carolina
NEW/USED: New
YEAR OF VEHICLE: 2025
MAKE: Acura
MODEL: TLX Type S
MILEAGE: 7
FINANCE/LEASE: Finance

PURCHASE PRICE: $75,075
AMOUNT OF LOAN: $75,075
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 7.99%
MONTHLY PAYMENT: $1,314
ANNUAL INCOME: $80,000
DEBT TO INCOME RATIO: 30%
MISCELLANEOUS COMMENTARY: Planning on refinancing with NFCU. 


Refinanced with NFCU at 4.79% 

Monthly payment for 72 months $1138


The bank wasn't spooked at the finance amount vs the annual income? Do you have a history of large auto payments? That payment is a doozy. 

Current active cards:
Amex - Platinum, BCE
BofA - Unlimited Cash Rewards Sig
Chase - CSR, Amazon Prime
Citi - Custom Cash, Costco Visa
TCL - $315k
CC utili - 2%
Experian - 804
Message 153 of 158
LivingOnCredit
New Visitor

Re: Auto Loan Approvals


@dfwxjer wrote:

@southernblueeyes wrote:

@southernblueeyes wrote:

APPROVING BANK: Acura Financial
BUREAU PULLED: Equifax
CREDIT SCORE: 737

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: North Carolina
NEW/USED: New
YEAR OF VEHICLE: 2025
MAKE: Acura
MODEL: TLX Type S
MILEAGE: 7
FINANCE/LEASE: Finance

PURCHASE PRICE: $75,075
AMOUNT OF LOAN: $75,075
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 7.99%
MONTHLY PAYMENT: $1,314
ANNUAL INCOME: $80,000
DEBT TO INCOME RATIO: 30%
MISCELLANEOUS COMMENTARY: Planning on refinancing with NFCU. 


Refinanced with NFCU at 4.79% 

Monthly payment for 72 months $1138


The bank wasn't spooked at the finance amount vs the annual income? Do you have a history of large auto payments? That payment is a doozy. 


 

Not OP, but on that subject. Never had an auto loan higher than 35k. Last year got a 2018 Nissan GT-R Nismo. Purchase price was around $175k. I put down 35k.

 

Bank of America picked it up at 8% over 72 months $2450/month

 

6 months later refinanced with NavyFed at like 5% with 20k more down. I think the payment is now like $1600

 

Annual income is around $500k in a lower cost of living area, no debt other than mortgage on a modest house and that is on a 15yr mortage at 2.25%

Message 154 of 158
dfwxjer
Frequent Contributor

Re: Auto Loan Approvals


@LivingOnCredit wrote:

Not OP, but on that subject. Never had an auto loan higher than 35k. Last year got a 2018 Nissan GT-R Nismo. Purchase price was around $175k. I put down 35k.

 

Bank of America picked it up at 8% over 72 months $2450/month

 

6 months later refinanced with NavyFed at like 5% with 20k more down. I think the payment is now like $1600

 

Annual income is around $500k in a lower cost of living area, no debt other than mortgage on a modest house and that is on a 15yr mortage at 2.25%


~$140k loan against $500k in income is a whole lot easier for a bank to stomach. Especially on a niche vehicle. 

 

$75k against $80k income on a car that's maybe worth $45k is wild to me. I'm not even sure how a new TLX got driven up to $75k unless there's significant negative equity which would be on brand for that type of deal. 

Current active cards:
Amex - Platinum, BCE
BofA - Unlimited Cash Rewards Sig
Chase - CSR, Amazon Prime
Citi - Custom Cash, Costco Visa
TCL - $315k
CC utili - 2%
Experian - 804
Message 155 of 158
jeffm4688
Frequent Contributor

Re: APPROVING BANK: BMW FINANCE BUREAU PULLED: EQUIFAX CRED...

APPROVING BANK: Upstart REFI
BUREAU PULLED: Transunion
CREDIT SCORE: 751

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: Used
YEAR OF VEHICLE: 2022
MAKE: Ford
MODEL: F250 Latiat
MILEAGE: 65k
FINANCE/LEASE: Finance

PURCHASE PRICE: $61000~ a month ago 
AMOUNT OF LOAN: $57700
TERM CONTRACTED: 78
APR/LEASE RATE: 7.78
MONTHLY PAYMENT: $945
ANNUAL INCOME: $130k
DEBT TO INCOME RATIO: 19% including this payment
MISCELLANEOUS COMMENTARY: second refi through upstart.

FICO 12/2015 - EX 692 TU 685

FICO 10/2021 - EX 596 TU 605 EQ 600 - officially rebuilding.

What survived:
Amex HH - 1.5K | Amex Delta - 1K | Amex Bonvoy - 1.5K | Amex BRG - 3.5K | Amex BRG - 3.5K | Amex Business Cash- 2K | Amex Business Plus - 2K
Message 156 of 158
sccredit
Valued Contributor

Re: APPROVING BANK: BMW FINANCE BUREAU PULLED: EQUIFAX CRED...

APPROVING BANK: Altura Credit Union
BUREAU PULLED: EX
CREDIT SCORE: 761

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: Used
YEAR OF VEHICLE: 2021
MAKE: Jeep
MODEL: Cherokee
MILEAGE: 45k
FINANCE/LEASE: Finance

PURCHASE PRICE: $20k
AMOUNT OF LOAN: $18k
TERM CONTRACTED: 60 Mos
APR/LEASE RATE: 6.44
MONTHLY PAYMENT: $351
ANNUAL INCOME: $190k
DEBT TO INCOME RATIO: 26%
MISCELLANEOUS COMMENTARY: Needed to offload a problematic Tesla, dealer paid the highest and I put enough down to cover the negative equity (roughly $10k) and a little more. Wanted to buy a new truck but couldn't bring myself to sped the money for a new one. Will eventually hand this to my 16 year old and get a truck, just too cheap to do it right now lol

Message 157 of 158
Spotsy
Frequent Contributor

Re: APPROVING BANK: BMW FINANCE BUREAU PULLED: EQUIFAX CRED...

APPROVING BANK: Navy Federal
BUREAU PULLED: EQ
CREDIT SCORE: 821

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: New
YEAR OF VEHICLE: 2025
MAKE: Chevrolet
MODEL: Tahoe
MILEAGE: 3
FINANCE/LEASE: Finance

PURCHASE PRICE: $89k
AMOUNT OF LOAN: $54k
TERM CONTRACTED: 36 Mos
APR/LEASE RATE: 4.09
MONTHLY PAYMENT: $1628
ANNUAL INCOME: Enough
DEBT TO INCOME RATIO: 3%
MISCELLANEOUS COMMENTARY: They seemed to have the best rate. Dealer wanted me to use C1....but their rate was 7.75?!  Insanity. 

FICO 8: TU:840 / EQ:840 / EX:836 as of 2/09/2025
Message 158 of 158
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