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Auto Loan Approvals!

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Valued Contributor

Re: Auto Loan Approvals!

There might even be laws that prevent auto-makers from owning or controlling a bank. That might lead to these big companies being finace companies.


TU fico08=836 06/20/19
EX fico08=823 06/11/19
EQ fico08=820 06/11/19
EX fico09=824 06/11/19
EQ fico bankcard08=841 06/11/19
Garden since 07/02/18
Message 4111 of 4,127
Contributor

Re: Auto Loan Approvals!

APPROVING BANK: Honda Financial
BUREAU PULLED:Equifax
CREDIT SCORE:654/669
SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE:Virginia
NEW/USED:New 
YEAR OF VEHICLE:2018
MAKE:Honda
MODEL:Clarity Plug-in Hybrid Touring
MILEAGE:13 miles
FINANCE/LEASE:Finance
PURCHASE PRICE: $28,000 (can't remember the exact #) - down from an MSRP of $36,000
AMOUNT OF LOAN:$24000
TERM CONTRACTED:72 months
APR/LEASE RATE:6.08%
MONTHLY PAYMENT:$422
ANNUAL INCOME:$213,000 (combined)
DEBT TO INCOME RATIO:36%
MISCELLANEOUS COMMENTARY: This model has a $7500 tax credit so this is a real deal.  For whatever reason, these cars are not popular here in the D.C. area so negotiating was easy.  We probably could have gotten the dealer down even more but at a certain point, it is enough. I have learned so much here.  Thanks for all the great information!

Message 4112 of 4,127
Regular Contributor

Re: Auto Loan Approvals!

APPROVING BANK: Toyota
BUREAU PULLED: Tu and Eq
CREDIT SCORE: 713 and 656

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Texas
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Toyota
MODEL: Camry SE
MILEAGE: 8
FINANCE/LEASE: F

PURCHASE PRICE: 23300
AMOUNT OF LOAN: 26218
TERM CONTRACTED: 72
APR/LEASE RATE: 3.99
MONTHLY PAYMENT: 410
ANNUAL INCOME: 98000
DEBT TO INCOME RATIO: +40%
MISCELLANEOUS COMMENTARY: Purchased GAP and Window Tint plus TTL. No money down.

I've been where you are trying to go and I don't wanna go back.
Message 4113 of 4,127
Regular Contributor

Re: Auto Loan Approvals!

APPROVING BANK: BBVA Compass
BUREAU PULLED: Ex and Eq
CREDIT SCORE: 692 and 656?

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Texas
NEW/USED: Used / Lease Buyout
YEAR OF VEHICLE: 2016
MAKE: Hyundai
MODEL: Santa Fe Limited
MILEAGE: 17400
FINANCE/LEASE: Finance

PURCHASE PRICE: 19200
AMOUNT OF LOAN: 21898
TERM CONTRACTED: 72
APR/LEASE RATE: 5.86
MONTHLY PAYMENT: 361
ANNUAL INCOME: 98000
DEBT TO INCOME RATIO: +40%
MISCELLANEOUS COMMENTARY: This was my second purchase today. Hyundai had a ton of what seemed to be non-negotiable fees added to the deal. No more leasing for me. Purchased the G.A.P. and No Down Payment.

I've been where you are trying to go and I don't wanna go back.
Message 4114 of 4,127
Member

Auto Loan Approvals!

APPROVING BANK: NFCU
BUREAU PULLED: Ex
CREDIT SCORE: 652

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Texas
NEW/USED: NEW
YEAR OF VEHICLE: 2019
MAKE: Honda
MODEL: Civic Sport
MILEAGE: 19
FINANCE/LEASE: Finance

PURCHASE PRICE: 19000
AMOUNT OF LOAN: 20800
TERM CONTRACTED: 72
APR/LEASE RATE: 6.5
MONTHLY PAYMENT: 355
ANNUAL INCOME: $19,000
DEBT TO INCOME RATIO: 7%
MISCELLANEOUS COMMENTARY: This was my first auto loan on my report. Was a little surprised when I was approved. Very excited with my purchased.
Discover it - $1,000
Capital One QS1- $500
Navy Federal Cash Rewards- $500
Target Redcard- $300
Navy Federal New Auto- 6.2% @ 21,000
Message 4115 of 4,127
Valued Contributor

Re: Auto Loan Approvals!


@cjc6464 wrote:
APPROVING BANK: NFCU
BUREAU PULLED: Ex
CREDIT SCORE: 652

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Texas
NEW/USED: NEW
YEAR OF VEHICLE: 2019
MAKE: Honda
MODEL: Civic Sport
MILEAGE: 19
FINANCE/LEASE: Finance

PURCHASE PRICE: 19000
AMOUNT OF LOAN: 20800
TERM CONTRACTED: 72
APR/LEASE RATE: 6.5
MONTHLY PAYMENT: 355
ANNUAL INCOME: $19,000
DEBT TO INCOME RATIO: 7%
MISCELLANEOUS COMMENTARY: This was my first auto loan on my report. Was a little surprised when I was approved. Very excited with my purchased.

Congrats on your first auto purchase.  Smart move to finance with a credit union

Message 4116 of 4,127
Frequent Contributor

Re: Auto Loan Approvals!

APPROVING BANK: Coastal Federal Credit Union
BUREAU PULLED: Equifax
CREDIT SCORE: Not sure which variant they pulled. My scores are FICO 8 - 691, FICO Auto 8 - 682, FICO Auto 5 - 773, FICO Auto 9 - 752
SOFT PULL/HARD PULL:  HP
CUSTOMER STATE OF RESIDENCE: North Carolina
NEW/USED: Used (Certified Used Jeep) 
YEAR OF VEHICLE: 2018
MAKE: Jeep
MODEL: Grand Cherokee Limited
MILEAGE: ~24,000
FINANCE/LEASE: Finance
PURCHASE PRICE: $32,500
AMOUNT OF LOAN: About $30,000
TERM CONTRACTED: 60 months
APR/LEASE RATE: 3.54%
MONTHLY PAYMENT: $658.22
ANNUAL INCOME: $108,000
DEBT TO INCOME RATIO: Low (before the car loan, debt of a few hundred dollars)
MISCELLANEOUS COMMENTARY: I have been a member of Coastal Federal Credit Union for over 30 years. But, I approached this process thinking that I have red flags on my credit due to my numerous recent inquiries and new accounts. Because of this, I started the process by calling Coastal and asking to talk to a car loan person to get advice. I spoke with someone who then gave me her email and said to let her know if I wanted to actually apply. I emailed later and said that I did want to apply, and gave some details. I didn't hear back for 24 hours and emailed again asking about next steps. Still didn't hear back, emailed 24 hours later asking if she was getting my emails.  Still hadn't heard back after another 24+ hours, so I went on the Coastal web site and applied. Got an Equifax hard pull notification, and an email from Coastal saying I would hear within 1-2 days. The car salesman said that if I came in, they could check the status of my application at the dealership. I came in (hadn't heard from Coastal yet), and instead of checking the status of my application, the dealership re-ran an application, with a 3-bureau hard pull through Credco. I was quite upset about that, until they told me I had been approved. I was offered a 3.44% rate for a 48-month loan but decided to go with 3.74% for 60 months. UPDATE: The car dealer business manager told me it was 3.74%, but when the account showed up on the CFCU web portal, it turned out to be 3.54%. If I could redo it, I would have just applied on Coastal's Web site at the start of the process rather than trying to talk to the loan person by email. I could have had one inquiry and instead got four, and wasted a couple of days waiting. But all's well that ends well. I really can't complain about the rate, given my situation - in fact, given anybody's situation. The image of the vehicle in my signature file is the actual Jeep I bought.


But, my VS scores of 634-678 are probably actually more predictive right now. Everything listed is new to my profile since April 2019, except the Exxon card. The AU card hasn't reached TU yet, so no FICO score on TU yet. I have a ton of hard inquiries March-June 2019. No derogs. Other score types are generally higher on EQ, lower on EX. Experian Bankcard 2 is 627!
Keepers:

Will be closed by March 2020:

Authorized user:

Closed but still on reports:

Short-term goal: My stuff is in too much of a state of flux to have one that matters ...
Long-term goal: Legit, meaningful 770s across the board.
Message 4117 of 4,127
New Visitor

Re: Auto Loan Approvals!

First time commenting! Long time lurker Smiley Happy

 

APPROVING BANK: USAA
BUREAU PULLED: Experian
CREDIT SCORE: 726

SOFT PULL/HARD PULL: Hard pull
CUSTOMER STATE OF RESIDENCE: AZ
NEW/USED: Used
YEAR OF VEHICLE: 2012
MAKE: Chevrolet
MODEL: Silverado 1500 WT
MILEAGE: 21,000
FINANCE/LEASE: Finance

PURCHASE PRICE: 17,000
AMOUNT OF LOAN: 19,100
TERM CONTRACTED: 72 mo
APR/LEASE RATE: 4.1%
MONTHLY PAYMENT: ~$305
ANNUAL INCOME: 85,000
DEBT TO INCOME RATIO: ~9%
MISCELLANEOUS COMMENTARY: I drove hoopties for 10 years, no car payments was bliss. I realized I was setting aside more money each month to keep my hooptie going, than it would cost me to buy a much newer vehicle. The truck that we use to tow the boat etc around is getting up there in miles (230k), and wanted to give it a bit of a break since it's a classic, so when I stumbled across this listing I jumped on it. I've been working on my credit for about a year and a half now, and was instantly approved with USAA for 35k (!!! yikes). I would classify it as an impulse buy, even though I was planning to finance something newer in about a year, but absolutely no regrets.

Message 4118 of 4,127
New Member

Re: Auto Loan Approvals!

APPROVING BANK: Bank Of America
BUREAU PULLED:Experian
CREDIT SCORE:767
SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE:Texas
NEW/USED:New 
YEAR OF VEHICLE:2019
MAKE:Hyundai
MODEL:Tucson Ultimate
MILEAGE:6 miles
FINANCE/LEASE:Finance
PURCHASE PRICE: $29060
AMOUNT OF LOAN:$31000
TERM CONTRACTED:72 months
APR/LEASE RATE:3.84%
MONTHLY PAYMENT:$487
ANNUAL INCOME:$108000
DEBT TO INCOME RATIO:36%
MISCELLANEOUS COMMENTARY: Was also approved from Hyundai Financial for 1.79% APR for 72 months, but the total cost was cheaper going with BofA due to rebates making the loan and payments cheaper

Message 4119 of 4,127
New Visitor

Re: Auto Loan Approvals!

APPROVING BANK: BMW Financial Services
BUREAU PULLED: Experian
CREDIT SCORE: 735 (FICO Auto 8)

SOFT PULL/HARD PULL:  Hard Pull
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: BMW
MODEL: M4cs (ClubSport)
MILEAGE: 33
FINANCE/LEASE: Lease

PURCHASE PRICE: $105,745
AMOUNT OF LOAN: $25,730.28
TERM CONTRACTED: 36 months (30,000 miles)
APR/LEASE RATE: Money Factor .00165 (3.96% APR)
MONTHLY PAYMENT: $714.73 pre-taxed (7% in FL)
ANNUAL INCOME: $116,000 +10% annual bonus
DEBT TO INCOME RATIO: 31.12%
MISCELLANEOUS COMMENTARY: The 3.96% is BMW's lowest top-tier rates. I still have a public BK7 record which is scheduled to drop off this year. My regular FICO score is now 790 (2 weeks after picking up the car) due to paying off some credit cards. The vehicle was discounted by 26.46% with all rebates + dealer/BMWUSA discounts, with a residual of 57%. Who know you could lease a $105,745 car for that little? (relatively speaking of course, most are at least $1,200-$1,500 in lease payments with that MSRP).

Message 4120 of 4,127