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My Credit score was 609 Equifax Autoscored with a dismissed Chapter 13 in April of 2018 ( filed but did not go through with it; however, still shows on credit report). Perfect payment history on current auto loan for two years. Of course, I was being turned down because of Chapter 13 on the report - I was able to speak with the credit analyst at American Honda ( Finance Manager called and I spoke on my behalf) and explained the situation and asked that she look at the car credit ( two paid auto loans in the past). American Honda approved, but at 17.5% - which I will refinance once my credit improves. The car is a 2018 Honda Accord Sport 2.0 ( 6-speed) - the loan was done at $29,200.00
APPROVING BANK: Digital Federal Credit Union
BUREAU PULLED: Trans Union
CREDIT SCORE: 730
CUSTOMER STATE OF RESIDENCE: GA
NEW/USED: Used
YEAR OF VEHICLE: 2015
MAKE: BMW
MODEL: 550i
MILEAGE: 39,400
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $35,000
TERM CONTRACTED: 72 months
APR/LEASE RATE: 2.99%
MONTHLY PAYMENT: $566
ANNUAL INCOME: $85K
DEBT TO INCOME RATIO: less than 20%
MISCELLANEOUS COMMENTARY: Online app, instant approval for requested amount. Pulled both TU FICO Auto Score 8 and EX. I had a block on EX, got approved for best rate anyway.
APPROVING BANK: Honda Financial
BUREAU PULLED: Transunion & Experian
CREDIT SCORE: TU Auto 4 -697 EX Auto 8- 686 EX Auto 2 - 671
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2018
MAKE: Honda
MODEL: Accord Sport 2.0
MILEAGE: 60
RETAIL/LEASE: retail
AMOUNT OF LOAN: $33,196
TERM CONTRACTED: 60
APR/LEASE RATE: 2.9%
MONTHLY PAYMENT: $595
ANNUAL INCOME: $136,000
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Sticker price was $31,200. We ended up agreeing on $29,393. $0 Down payment and after GAP insurance, TTL total came to $33,196. I was surprised that we were able to qualify for the tier 1 financing at 2.9% for 60 months. I thought that my credit score wasn't high enough for tier 1.
APPROVING BANK: J.P. Chase Morgan (Mazda)
BUREAU PULLED: Equifax (FICO Auto 9), Experian (FICO Auto 8), TransUnion (FICO Auto 8)
CREDIT SCORE: 706, 711, 729 respectively
CUSTOMER STATE OF RESIDENCE: Oregon
NEW/USED: New
YEAR OF VEHICLE: 2018
MAKE: Mazda
MODEL: Mazda3 Touring with Bose/satellite/moonroof package
MILEAGE: 7 / 10,000 per year
RETAIL/LEASE: Lease
AMOUNT OF LOAN: $23,485 including fees
TERM CONTRACTED: 36 months
APR/LEASE RATE: MF translates to 3.6%
MONTHLY PAYMENT: $261 with $3,000 down
ANNUAL INCOME: $36,000
DEBT TO INCOME RATIO: 25% (prior to lease)
MISCELLANEOUS COMMENTARY: This was my first time financing a car, so it was exciting, but somewhat nerve-wracking. Got $800 in lease rebates. Probably could have put less money down, but not too bothered by it.
I have a clean credit history, but my oldest account is only 4 years 10 mos, with an AAoA of 2 ½ years. Credit card utilization at 9%. 2 installment loans with fairly low balances (federal direct student loans). Obviously, I don’t have a very big income.
Overall, I absolutely love the car and feel good about the experience. This is also my first forum post!
S55AMG....All I see on the DFCU Site is a 4.24% for 72 months. How did you qualify for 2.99%?
I'm searching for an Auto Loan for a '15 M6. Would love to get a 2.99% loan.
Thanks!
@SouthernGentleman wrote:S55AMG....All I see on the DFCU Site is a 4.24% for 72 months. How did you qualify for 2.99%?
I'm searching for an Auto Loan for a '15 M6. Would love to get a 2.99% loan.
Thanks!
I am not sure to be honest. I received an email stating my loan application had been approved, I called them and they stated the loan rate was approved for 3.49%, but could save .5% if I established direct deposit and set the payment on auto pay.... which I chose to do.
At the request of another user i've updated some information
APPROVING BANK:
BUREAU PULLED:
CREDIT SCORE:
SOFT PULL/HARD PULL:
CUSTOMER STATE OF RESIDENCE:
NEW/USED:
YEAR OF VEHICLE:
MAKE:
MODEL:
MILEAGE:
FINANCE/LEASE:
PURCHASE PRICE:
AMOUNT OF LOAN:
TERM CONTRACTED:
APR/LEASE RATE:
MONTHLY PAYMENT:
ANNUAL INCOME:
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY:
Thanks for the Info!!