APPROVING BANK: bmw usa Finance BUREAU PULLED: TU CREDIT SCORE: 675 CUSTOMER STATE OF RESIDENCE: CA NEW/USED: NEW YEAR OF VEHICLE: 2011 MAKE: bmw MODEL: 335d MILEAGE: 5000 RETAIL/LEASE: RETAIL AMOUNT OF LOAN: 52000 TERM CONTRACTED: 60 APR/LEASE RATE: 4.99 MONTHLY PAYMENT: 700 MISCELLANEOUS COMMENTARY: Thank you MY FICO!! I have been dreaming of doing this for 18 months now. I finally found the right one with the right rate to pull da trigger on. I had to put down 2000, but I rolled in 8000 in neg equity. Car was a service loaner discounted 8000. So I ended up financing it for the msrp price! Very happy out of a car that was breaking down and had a 13 percent interest rate! Ohh ya and I don't have to pay for warranty mainetenance or tires for 4 years!!! The only money spent on this car is the payment and gas!!! Wooohoooo
Starting Score: (9/27/10)TU:602 EQ:567
APPROVING BANK: NC State Employees Credit Union
BUREAU PULLED: EQ
CREDIT SCORE: 591, but they did not take my score into consideration.
CUSTOMER STATE OF RESIDENCE: NC
NEW/USED: New/Refinance
YEAR OF VEHICLE: 2010
MAKE: Nissan
MODEL: Sentra
MILEAGE: 5580
RETAIL/LEASE:
AMOUNT OF LOAN: $15430.87
TERM CONTRACTED: 72 mos
APR/LEASE RATE:4.75%
MONTHLY PAYMENT:$250
MISCELLANEOUS COMMENTARY: I bought this car brand new in September 2010, and financed thru cap 1 @ 13.89%(with a cosigner), payment was $330, and was able to refi @ 4.75%(in my name only). This CU does not use a credit score to qualify..just whats in the file..I had to prove that a judgement on in credit report was paid, and all my other baddies are paid. All open tradelines are paid as aggreed, and never late or over the limit. I also had to give a letter of explanation as to why my credit got the way it did. I also got a small personal loan to pay my cc debt and some other small bills ($5000). The car payment is $250 monthly, but I opted to pay biweekly, so I will be paying $115 every 2 weeks. Between the new car payments and the loan, I will be saving an average of $240 each month. I also opted for a 72 month term while I am in school. I will be done way before the 72 mos is up, so after I graduate and become a registered nurse, I can make the extra payments to pay it off faster. I am so thankful for what I learned here on the fico forums. Messing up my credit and have to rebuild has been no doubt the hardest lesson I've had to learn in my 31 years on this earth, but it is a lesson well learned, and I hope to never been in this situation ever again!!
@Anonymous wrote:Awesome rate! I was considering getting the same vehicle myself. I was wondering if you put any down payment and what the length of your credit history was (average age of accounts). My score if fine (650's) but my car loan is only car loan is about 2 yrs old and I have only 2 cc's....one that is about 16mos and the other is 8mos. All 3 accts have positive payments. I was hoping that with a nice down payment they would overlook the short length of history. What was your experience?
@ARE you talking to me? I put down $2500 when I initially bought the car, and the dealership gave me $2000 in incentives. My oldest positive acct is 4 yrs old and the newest is 1 month old...1-2 accts each year since 2006, so my aa is probably 1.5-2 yrs old. Are you in NC? State employee or have a immediate relative who is a state employee? SECU is great to work with. I think you would be fine. as I stated in my post, they don't look @ your score..just whats in your file...I just had to prove that a judgement has been paid, I had to explain how my credit got the way it did, and I guess they wanted to see progress...no other baddies, late, etc since 2006. If you are in NC and are already a member, you can just go to your local branch and apply. Since they do not take your fico score into consideration, as long as you qualify, you get the same rate as everyone else. thats 5.25% if you don't do payroll deduction or have an account with them that they can auto draft from, otherwise its 4.75%. Good luck!!
