Auto Loan Approvals!

[Anonymous]

OH WAIT ITS FOR---BUREAU PULLED: Equifax <--- I GOT IT NOW..

[Anonymous]

Different strokes for different folks.

I know from personal experience that if you have a Mod Cut car and need to replace it, you can negate the interest rate of 10%+ if the new car's efficiency makes up for the cost.

For example, going from a 25mpg 1994 model to a 2010 42+ mpg diesel with a 16% interest rate will still be more affordable... if you drive more than 25k miles a year.

On the other hand, if you have no understanding of money and are not in need of a new car, then I can see your logic and agree with you.  Those are more emotional mistakes than rational decisions.

[NYY053]

APPROVING BANK: Drive Financial
BUREAU PULLED: Not sure
CREDIT SCORE: 636
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: Used
YEAR OF VEHICLE: 2012

MAKE: Honda

MODEL: Accord SE
MILEAGE: 2756
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 22819
TERM CONTRACTED: 72
APR/LEASE RATE: 17.00
MONTHLY PAYMENT: 491.88

ANNUAL INCOME: 50k
MISCELLANEOUS COMMENTARY: CH7 Bankruptcy discharged 7/31/12... Car has under 3k Miles

[Taylor4236]

APPROVING BANK:  GM Financial
BUREAU PULLED: All three
CREDIT SCORE:  EQ562/EX565/TU619
CUSTOMER STATE OF RESIDENCE:  WA
NEW/USED:  New
YEAR OF VEHICLE:  2012

MAKE:  Cadillac

MODEL: CTS Coupe
MILEAGE: 5
RETAIL/LEASE:  Lease
AMOUNT OF LOAN: 34,015
TERM CONTRACTED: 36
APR/LEASE RATE:  4.9
MONTHLY PAYMENT:  458

ANNUAL INCOME: 95,000
MISCELLANEOUS COMMENTARY:  Wow.  Originally approved by Capital One auto loans for 12.63% for 72 months up to $30K.  Decided to look into a lease and was approved for a beautiful new car at a great rate.  SOOOO happy!

[zan987]

How much did you have to put down to get your car payments at the amount that you pay?

[Taylor4236]

Assuming that was directed at me, just our trade for 3500.  There are tons of rebates out there right now so we also got another 3300 in rebates.

[zan987]

I was....thanks for the info!

[Taylor4236]

No prob!  Just to clear up one other point, I have 3 lates in the last year (all older than 6 months), a foreclosure from 4 years ago, and 1 CA for $250 still outstanding to be paid.  I have nowhere near stellar credit , but they were able to get me approved.  This is my first lease so I hope in the end it all works out, but I definitely got a better car than I could have if I purchased outright, got a car with a great residual, no money down, and lower payments than if I purchased a car worth half the value of the CTS.

[Anonymous]

To those who have recently purchased a vehicle.  I plan to buy two vehicles next month.  I am a service member stationed overseas and need two for my spouse and I.  I plan to purchase a Honda and Toyota, but I want to know where can I get the lowest rates.  I plan to apply at Honda and Toyota finance, USAA, PenFed and NFCU.  My current score are EQ:799, EX: 804, and TU: 801.  Thanks!

[Anonymous]

Wasn't this thread created, specifically, for Auto Loan Approvals using the format below? Just saying...

APPROVING BANK:
BUREAU PULLED: 
CREDIT SCORE: 
CUSTOMER STATE OF RESIDENCE: 
NEW/USED: 
YEAR OF VEHICLE: 

MAKE: 

MODEL: 
MILEAGE: 
RETAIL/LEASE: 
AMOUNT OF LOAN: 
TERM CONTRACTED:
APR/LEASE RATE: 
MONTHLY PAYMENT: 

ANNUAL INCOME: 
MISCELLANEOUS COMMENTARY: