Auto Loan Approvals!

[Anonymous]

APPROVING BANK: Ally Financial (formerly GMAC)

BUREAU PULLED: Equifax

CREDIT SCORE: 572, lower than actual score of 598, checked the same day ?? maybe bc I have limited auto credit history

CUSTOMER STATE OF RESIDENCE: Tx

NEW/USED:New

YEAR OF VEHICLE: 2011

MAKE: Nissan

MODEL: Altima

MILEAGE: 18

RETAIL/LEASE: Retail

AMOUNT OF LOAN: 22784, after $3000 down

TERM CONTRACTED: 60 Months

APR/LEASE RATE: 14.9

MONTHLY PAYMENT: $545

MISCELLANEOUS COMMENTARY:

[Anonymous]

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@Anonymous wrote:

APPROVING BANK: Ally Financial (formerly GMAC)

BUREAU PULLED: Equifax

CREDIT SCORE: 572, lower than actual score of 598, checked the same day ?? maybe bc I have limited auto credit history

CUSTOMER STATE OF RESIDENCE: Tx

NEW/USED:New

YEAR OF VEHICLE: 2011

MAKE: Nissan

MODEL: Altima

MILEAGE: 18

RETAIL/LEASE: Retail

AMOUNT OF LOAN: 22784, after $3000 down

TERM CONTRACTED: 60 Months

APR/LEASE RATE: 14.9

MONTHLY PAYMENT: $545

MISCELLANEOUS COMMENTARY:

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Any baddies? What's your limited auto history?

[shanao621]

APPROVING BANK: NMAC
BUREAU PULLED: Transunion
CREDIT SCORE: 579 (auto enhanced), which is exactly the same as what my most recent Experian score from myfico was. 
CUSTOMER STATE OF RESIDENCE: MA
NEW/USED: New
YEAR OF VEHICLE: 2011

MAKE: Nissan

MODEL: Rogue 
MILEAGE: 7
RETAIL/LEASE: Lease
AMOUNT OF LOAN: $22487 ($26,995, ~$4500 down)
TERM CONTRACTED: 39 Months
APR/LEASE RATE: ??? (paperwork is in my glove compartment)
MONTHLY PAYMENT: $498
MISCELLANEOUS COMMENTARY: Really happy with this rate, I don't have the greatest credit score was going to wait until the spring, but this payment is significantly lower than my previous car payment so I couldn't refuse the deal! 

[Anonymous]

APPROVING BANK:  TOYOTA FINANCIAL
BUREAU PULLED:  EQUIFAX
CREDIT SCORE:  691 (13 points higher then Credit Union pulled 2 days earlier, which is weird)
CUSTOMER STATE OF RESIDENCE:  CA
NEW/USED:  USED
YEAR OF VEHICLE:  2009

MAKE:  TOYOTA

MODEL:  FINANCIAL
MILEAGE:  22K
RETAIL/LEASE:  PURCHASED CERTIFIED USED
AMOUNT OF LOAN:  $11K
TERM CONTRACTED:  60
APR/LEASE RATE: 2.9%
MONTHLY PAYMENT:  $210
MISCELLANEOUS COMMENTARY:  Can't believe I got this rate!  Got approved for only $9K at Credit Union for 3.74% and was stunned to get that so when Toyota said 2.9 I was like "Are you kidding?" lol.  I am writing this to give others hope, because I live in a very expensive small town in CA, have about 90% credit utilization on my CC's, and this is my first auto loan.  I only put $1000 down plus the $500 they gave me for my broken down car trade in.  I wanted to wait till I got my debt paid off but needed a car to get to work and back and now I will be focused on knocking out the CC debt since my payment is less then I was paying every month in car repairs/train tickets/rental cars.  My income is $37K year gross. 

[Anonymous]

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@shanao621 wrote:

APPROVING BANK: NMAC
BUREAU PULLED: Transunion
CREDIT SCORE: 579 (auto enhanced), which is exactly the same as what my most recent Experian score from myfico was. 
CUSTOMER STATE OF RESIDENCE: MA
NEW/USED: New
YEAR OF VEHICLE: 2011

MAKE: Nissan

MODEL: Rogue 
MILEAGE: 7
RETAIL/LEASE: Lease
AMOUNT OF LOAN: $22487 ($26,995, ~$4500 down)
TERM CONTRACTED: 39 Months
APR/LEASE RATE: ??? (paperwork is in my glove compartment)
MONTHLY PAYMENT: $498
MISCELLANEOUS COMMENTARY: Really happy with this rate, I don't have the greatest credit score was going to wait until the spring, but this payment is significantly lower than my previous car payment so I couldn't refuse the deal! 

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How did you get NMAC to approve you with a 579??  We're looking to do the same on a Rogue or Pathfinder and have roughly the same credit scores....

[shanao621]

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@Anonymous wrote:

How did you get NMAC to approve you with a 579??  We're looking to do the same on a Rogue or Pathfinder and have roughly the same credit scores....

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I'm assuming it was because I have no dings on my auto loan history other than one 30 day past due a few years ago, this is my 4th time financing a car, and my income is over $100k. So I'm sure that had something to do with it too. At this point I don't ask any questions I'm just thrilled to have been approved with no issues. I was upfront about my credit score, they ran my credit came out identically to what I thought it was. They went to the finance manager, 10 minutes later they had an offer that met my numbers and deal was done. 

[Anonymous]

numerous medical baddies and a couple collections more than 5 years old.  last auto loan was paid off in 2007 and had a few late pays on it.  have a secured cc with 800 limit and only 150 balance and a student loan that is deferred until 2016.  those are my only two open accounts.

[shanao621]

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@shanao621 wrote:

APPROVING BANK: NMAC
BUREAU PULLED: Transunion
CREDIT SCORE: 579 (auto enhanced), which is exactly the same as what my most recent Experian score from myfico was. 
CUSTOMER STATE OF RESIDENCE: MA
NEW/USED: New
YEAR OF VEHICLE: 2011

MAKE: Nissan

MODEL: Rogue 
MILEAGE: 7
RETAIL/LEASE: Lease
AMOUNT OF LOAN: $22487 ($26,995, ~$4500 down)
TERM CONTRACTED: 39 Months
APR/LEASE RATE: ??? (paperwork is in my glove compartment)
MONTHLY PAYMENT: $498
MISCELLANEOUS COMMENTARY: Really happy with this rate, I don't have the greatest credit score was going to wait until the spring, but this payment is significantly lower than my previous car payment so I couldn't refuse the deal! 

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So as it turns out they weren't really on top of things at the dealership because I just got a call from the finance manager saying that NMAC did not accept the financing terms for the lease agreement I already signed and agreed to. I'm totally bummed, not sure how this happens. They were able to get me approved but now I'm buying not leasing and the payment went up $100. So here is my new terms:

APPROVING BANK: NMAC
BUREAU PULLED: Transunion
CREDIT SCORE: 579 (auto enhanced), which is exactly the same as what my most recent Experian score from myfico was. 
CUSTOMER STATE OF RESIDENCE: MA
NEW/USED: New
YEAR OF VEHICLE: 2011

MAKE: Nissan

MODEL: Rogue 
MILEAGE: 7
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $22487 ($26,995, ~$4500 down)
TERM CONTRACTED: 48 Months
APR/LEASE RATE: 12.5
MONTHLY PAYMENT: $598

[Anonymous]

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@shanao621 wrote:

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@shanao621 wrote:

APPROVING BANK: NMAC
BUREAU PULLED: Transunion
CREDIT SCORE: 579 (auto enhanced), which is exactly the same as what my most recent Experian score from myfico was. 
CUSTOMER STATE OF RESIDENCE: MA
NEW/USED: New
YEAR OF VEHICLE: 2011

MAKE: Nissan

MODEL: Rogue 
MILEAGE: 7
RETAIL/LEASE: Lease
AMOUNT OF LOAN: $22487 ($26,995, ~$4500 down)
TERM CONTRACTED: 39 Months
APR/LEASE RATE: ??? (paperwork is in my glove compartment)
MONTHLY PAYMENT: $498
MISCELLANEOUS COMMENTARY: Really happy with this rate, I don't have the greatest credit score was going to wait until the spring, but this payment is significantly lower than my previous car payment so I couldn't refuse the deal! 

---

So as it turns out they weren't really on top of things at the dealership because I just got a call from the finance manager saying that NMAC did not accept the financing terms for the lease agreement I already signed and agreed to. I'm totally bummed, not sure how this happens. They were able to get me approved but now I'm buying not leasing and the payment went up $100. So here is my new terms:

APPROVING BANK: NMAC
BUREAU PULLED: Transunion
CREDIT SCORE: 579 (auto enhanced), which is exactly the same as what my most recent Experian score from myfico was. 
CUSTOMER STATE OF RESIDENCE: MA
NEW/USED: New
YEAR OF VEHICLE: 2011

MAKE: Nissan

MODEL: Rogue 
MILEAGE: 7
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $22487 ($26,995, ~$4500 down)
TERM CONTRACTED: 48 Months
APR/LEASE RATE: 12.5
MONTHLY PAYMENT: $598

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I would still love to even get this.  The best they say they will do is 17.95%, and it's not with Nissan as they told me they won't finance under a 600 score.

[grussell70]

APPROVING BANK: TOYOTA FINANCIAL
BUREAU PULLED: EQ & EX
CREDIT SCORE: 640 & 734 AUTO ENHANCED
CUSTOMER STATE OF RESIDENCE: MS DEALER IN TN
NEW/USED: USED
YEAR OF VEHICLE: 2009

MAKE: JAGUAR

MODEL: XF
MILEAGE:  37000
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN:  36000
TERM CONTRACTED: 60 MO
APR/LEASE RATE: 5%
MONTHLY PAYMENT: 620.00
MISCELLANEOUS COMMENTARY: i qualified for tier1 financing and could have gotten the 2.9% if i had gotten a new lexus however, i like the jaguar xf a lot better and you don't see a lot on the road where i live. the dealer said that toyota uses eq but if my score was over 620 they could use any credit report and go with the highest score.