Auto Loan Approvals!

[Anonymous]

Criticizing posters for their purchase or loan choices will surely have a negative effect on the amount of members willing to share DPs in this thread.

Perhaps those members who feel like their choices are best, or the only way, can start a seperate thread to educate the rest of us, while leaving this one alone for it's intended purpose: to share financing details?

[sarge12]

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@Anonymous wrote:

Criticizing posters for their purchase or loan choices will surely have a negative effect on the amount of members willing to share DPs in this thread.

Perhaps those members who feel like their choices are best, or the only way, can start a seperate thread to educate the rest of us, while leaving this one alone for it's intended purpose: to share financing details?

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I posted about the length after others were posting that the rate seems a little high, I did not mean it as critisism, and those starting their credit journey are limited in their choices by both credit scores and limited income. Having said that, I can see how my comments could be taken as being critical. It would also be considered hypocritical if compared to my car loans in my youth. I might should have been more clear that I do not mean it is a bad decision for the DP provider, it was more in response to others posts about the interest rate, when length of time would bother me more. In my youth, I paid much higher interest, but lenders would not even go 6 years on a used car. At that time however, 100,000 miles was also about the most you could expect in mileage. Today, over 200,000 miles is not unheard of, so extending the length of loans is likely due to higher mileage.

[ahutchga1972]

APPROVING BANK: Capital One, Wells Fargo. We went with Wells Fargo
BUREAU PULLED:unknown
CREDIT SCORE: 676 EX, 703 Auto Fico

SOFT PULL/HARD PULL: SP for prefinance, HP for approval
CUSTOMER STATE OF RESIDENCE: Georgia 
NEW/USED: Used
YEAR OF VEHICLE: 2018 
MAKE: Nissan 
MODEL: Versa
MILEAGE: 44K
FINANCE/LEASE: Finance

PURCHASE PRICE: 12K after warranty and gap
AMOUNT OF LOAN: 12K
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 7%
MONTHLY PAYMENT: 212
ANNUAL INCOME: 70K
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: my 20 year old son's car

[Harvey26]

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@ahutchga1972 wrote:

APPROVING BANK: Capital One, Wells Fargo. We went with Wells Fargo
BUREAU PULLED:unknown
CREDIT SCORE: 676 EX, 703 Auto Fico

SOFT PULL/HARD PULL: SP for prefinance, HP for approval
CUSTOMER STATE OF RESIDENCE: Georgia 
NEW/USED: Used
YEAR OF VEHICLE: 2018 
MAKE: Nissan 
MODEL: Versa
MILEAGE: 44K
FINANCE/LEASE: Finance

PURCHASE PRICE: 12K after warranty and gap
AMOUNT OF LOAN: 12K
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 7%
MONTHLY PAYMENT: 212
ANNUAL INCOME: 70K
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: my 20 year old son's car

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Did you cosign? Did you attempt to go through a local cu that rate is pretty high even for a used vehicle I would definitely look at refinancing with a local CU and if you didnt cosign maybe adding him to the loan to help him establish some credit history.

[SarahJo]

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@Harvey26 wrote:

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@ahutchga1972 wrote:

APPROVING BANK: Capital One, Wells Fargo. We went with Wells Fargo
BUREAU PULLED:unknown
CREDIT SCORE: 676 EX, 703 Auto Fico

SOFT PULL/HARD PULL: SP for prefinance, HP for approval
CUSTOMER STATE OF RESIDENCE: Georgia 
NEW/USED: Used
YEAR OF VEHICLE: 2018 
MAKE: Nissan 
MODEL: Versa
MILEAGE: 44K
FINANCE/LEASE: Finance

PURCHASE PRICE: 12K after warranty and gap
AMOUNT OF LOAN: 12K
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 7%
MONTHLY PAYMENT: 212
ANNUAL INCOME: 70K
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: my 20 year old son's car

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Did you cosign? Did you attempt to go through a local cu that rate is pretty high even for a used vehicle I would definitely look at refinancing with a local CU and if you didnt cosign maybe adding him to the loan to help him establish some credit history.

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Y'all please, this is meant to be a DP thread.  Criticizing a user's approval DP's will discourage others from sharing, which is counterproductive.  Think of it as hopping into someone's CC approval post and saying, "Ugh that APR is awful and that card sucks...you couldn't get a higher SL?"

We all have our own credit story, and every story is important.  If you have general advice that may help others absolutely feel free to start your own topic and share :-)

[ahutchga1972]

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@Harvey26 wrote:

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@ahutchga1972 wrote:

APPROVING BANK: Capital One, Wells Fargo. We went with Wells Fargo
BUREAU PULLED:unknown
CREDIT SCORE: 676 EX, 703 Auto Fico

SOFT PULL/HARD PULL: SP for prefinance, HP for approval
CUSTOMER STATE OF RESIDENCE: Georgia 
NEW/USED: Used
YEAR OF VEHICLE: 2018 
MAKE: Nissan 
MODEL: Versa
MILEAGE: 44K
FINANCE/LEASE: Finance

PURCHASE PRICE: 12K after warranty and gap
AMOUNT OF LOAN: 12K
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 7%
MONTHLY PAYMENT: 212
ANNUAL INCOME: 70K
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: my 20 year old son's car

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Did you cosign? Did you attempt to go through a local cu that rate is pretty high even for a used vehicle I would definitely look at refinancing with a local CU and if you didnt cosign maybe adding him to the loan to help him establish some credit history.

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Thanks for input. He recently got approved for a student credit card. We're happy with our decision. Thanks though.

[XxRaVeNxX]

APPROVING BANK: Carolina Cooperative Credit Union
BUREAU PULLED:Transunion
CREDIT SCORE: 720ish

SOFT PULL/HARD PULL: Hard Pull
CUSTOMER STATE OF RESIDENCE: Missouri 
NEW/USED: Used
YEAR OF VEHICLE: 2018 
MAKE: Tesla 
MODEL: Model 3 Long Range
MILEAGE: 35K
FINANCE/LEASE: Finance

PURCHASE PRICE: 39k
AMOUNT OF LOAN: 39K
TERM CONTRACTED: 84 Months
APR/LEASE RATE: 2.49%
MONTHLY PAYMENT: Not sure officially - just approved yesterday 
ANNUAL INCOME: 70K
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Will probably pay more than the minimum to pay it off early - but I like having the option of a low payment just in case anything happens in the near future. 

[0ooo0]

2 Automobile loans in 2019:

First, in Jan 2019:

APPROVING BANK: USAA, CRB Auto - went with CRB Auto
BUREAU PULLED: EQ, TU & EXP
CREDIT SCORE: 804 EX, 808 Auto Fico (my Score)

SOFT PULL/HARD PULL: HP for prefinance, HP for approval
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: Used
YEAR OF VEHICLE: 2018
MAKE: Toyota
MODEL: Corola
MILEAGE: 16.6K
FINANCE/LEASE: Finance

PURCHASE PRICE: 16.6K
AMOUNT OF LOAN: 9.6K
TERM CONTRACTED: 60Months
APR/LEASE RATE: 4.29%
MONTHLY PAYMENT: 160
ANNUAL INCOME: 90K
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: I co-signed for my 18 yr old daughter. In Jan 2019, she has no prior credit and 6 mos of income, that is why the interest is high. Fast forward to today, her credit score is 720 now, and she is doing a good job of making monthly payments. I will ask her to refi in Jan 2021 after 2 years of seasoning, heck even apply for a credit card. She has 11k in savings, and could pay it off easily.

Loan 2, Nov 2019

APPROVING BANK: NFCU, Cap One, Lexus of Marin, Provident CU - went with Provident CU 
BUREAU PULLED: EQ, TU & EXP
CREDIT SCORE:  EX, 810 Auto Fico 802 (DW)

SOFT PULL/HARD PULL: HP for prefinance, HP for approval
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: Used
YEAR OF VEHICLE: 2017
MAKE: Lexus
MODEL: ES 350 Luxury package (mid tier) CPO
MILEAGE: 22.2K
FINANCE/LEASE: Finance

PURCHASE PRICE: 33K (includes other dealer options & 
AMOUNT OF LOAN: 20K
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 3.37%
MONTHLY PAYMENT: 382
ANNUAL INCOME: 90K
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Our 26 year old minivan died

[Anonymous]

APPROVING BANK: TTCU
BUREAU PULLED: TU
CREDIT SCORE: 620

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: OK
NEW/USED: USED
YEAR OF VEHICLE: 2011
MAKE: BMW
MODEL: 335xi
MILEAGE: 79,000
FINANCE/LEASE: FINANCE

PURCHASE PRICE: $10,500
AMOUNT OF LOAN: $16,500
TERM CONTRACTED: 66 Months
APR/LEASE RATE: 5.24
MONTHLY PAYMENT: 281
ANNUAL INCOME: 68500
DEBT TO INCOME RATIO: 20%
MISCELLANEOUS COMMENTARY: Bought VSC with car and will likely cancel once any and all issues are ironed out. Bought this same model car 3 years older--injectors failed 3 days later . 3K in parts and labor.

[Anonymous]

Second car I bought from this dealership.

APPROVING BANK: Chase and Capital One.  
BUREAU PULLED: TU/EQ
CREDIT SCORE: 750+

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: New
YEAR OF VEHICLE: 2020
MAKE: Hyundai
MODEL: Veloster N w/Performance Package
MILEAGE: 22
FINANCE/LEASE: FINANCE

PURCHASE PRICE: 31000
AMOUNT OF LOAN: $23337 
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 3.43
MONTHLY PAYMENT: 359.71
ANNUAL INCOME: 108000
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY:  Traded in my 2014 Focus ST and they gave me 8k for that, then I added another 3k down.  In and out of dealership in 1.5 hours.  Went with Chase as they were 3.43 vs 3.69 from Cap One