Auto Loan Approvals!

[Anonymous]

---

@Mark_in_Pasadena wrote:

---

@Anonymous wrote:

Why is income not a field?  Is that too personal?

That plays a bigger role than any of the other factors, I'd say, other than credit score to a point.

---

I think income isn't that important if your credit score is above a certain threshold.  I've had an 800+ FICO score and have never had to show any proof of income.  I just state it and my occupation.  This was true in 1999 and 2009 which is when I got my last and current loan.  It's not like a mortgage where stated income loans are no longer available and an IRS transcript is required along with your W-2.  I could've easily doubled my income if necessary in order to meet some DTI ratio.

Plainly stated, nobody gets an 760+ credit score without being experts at managing their finances and meeting their debt obligations spotlessly.  I would have no apprehension lending $10,000 with 5% interest to a friend with a 760+ FICO and 25k yearly income.  I wouldn't even lend $1,000 at 30% interest to a friend who had a sub-680 credit score and a $100k yearly income, because if they failed to meet their debt obligations in the past, they'll most likely fail again with me.  I think most car lenders probably feel the same when they lend out money.

I do agree with you that the Income and DTI ratio should be included going forward to give a better picture of what's expected for those with less than a 760 FICO.

---

That's some interesting insight.  I would have thought for such a big commitment as a 5 year loan a lender would want to make sure that you can afford the payments.  I do realize there is substantially more risk on a house, as its far less liquid an asset than a car, so if you get in trouble with it, you're usually at least somewhat stuck.

Anyway, I'll get out of the way and let the loan approvals have their thread back, hehe

[m3v8]

APPROVING BANK: BMWFS
BUREAU PULLED: not sure
CREDIT SCORE: 632 EQ
CUSTOMER STATE OF RESIDENCE: New York
NEW/USED: 2011 new order to be built
YEAR OF VEHICLE: 2011

MAKE: BMW

MODEL: M3 ZCP Competition Package
MILEAGE:
RETAIL/LEASE: lease
AMOUNT OF LOAN: MSRP $70k...
TERM CONTRACTED: 36 months
APR/LEASE RATE: Residual 57% (very good), MF 0.00200 (very good)
MONTHLY PAYMENT: $856 ($2k down for Cap Cost Reduction) this is a very low monthly payment for this car, all because good Residual and MF
MISCELLANEOUS COMMENTARY: Had leased with BMW FS before, from '07 to '09 was late 30 days x 4 times, 60 days x 2 times... total lates 6 times on a 36 months lease. I thought BMW FS would never forgive, but apparently they did. Got approved Tier-2. Starting July '10 BMW FS has new Tiered Lease Rates,- it is no longer "Approved or Denied", but now mostly approved for a specific rate. BMW FS looks more at income than the score. I showed 6 figures income, so all went smoothly.

[Anonymous]

APPROVING BANK: Genisys CU
BUREAU PULLED: TU
CREDIT SCORE: 679
CUSTOMER STATE OF RESIDENCE: MI
NEW/USED: Used
YEAR OF VEHICLE: 2006

MAKE: Honda

MODEL: Civic LX Coupe
MILEAGE: 97,500ish
RETAIL/LEASE: Lease Pay-off
AMOUNT OF LOAN: 6,500
TERM CONTRACTED: 48 months
APR/LEASE RATE: 6.00%
MONTHLY PAYMENT: $179
MISCELLANEOUS COMMENTARY: Just finished Debt Management Program and had 2 derogatories - 30 day late on two CC w/c are PIF and were in DMP (2 years old).

[Anonymous]

APPROVING BANK: toyota financial
BUREAU PULLED: transunion
CREDIT SCORE:714
CUSTOMER STATE OF RESIDENCE:  delaware
NEW/USED: new
YEAR OF VEHICLE: 2010

MAKE:  toyota

MODEL: prius
MILEAGE: 33
RETAIL/LEASE: lease
AMOUNT OF LOAN:  no money down
TERM CONTRACTED: 36 months
APR/LEASE RATE: money factor .00075
MONTHLY PAYMENT: $279
MISCELLANEOUS COMMENTARY: traded in my 2009 highlander. Getting $6200 cash back after trade in is paid off.Only had to make first payment. I was 6 points away from tier 1+ but they gave the tier 1+ rate anyway since I have purchased 8 toyotas from that dealer over the years.

[Anonymous]

---

@Anonymous wrote:

APPROVING BANK: toyota financial
BUREAU PULLED: transunion
CREDIT SCORE:714
CUSTOMER STATE OF RESIDENCE:  delaware
NEW/USED: new
YEAR OF VEHICLE: 2010

MAKE:  toyota

MODEL: prius
MILEAGE: 33
RETAIL/LEASE: lease
AMOUNT OF LOAN:  no money down
TERM CONTRACTED: 36 months
APR/LEASE RATE: money factor .00075
MONTHLY PAYMENT: $279
MISCELLANEOUS COMMENTARY: traded in my 2009 highlander. Getting $6200 cash back after trade in is paid off.Only had to make first payment. I was 6 points away from tier 1+ but they gave the tier 1+ rate anyway since I have purchased 8 toyotas from that dealer over the years.

---

What does that mean?  I have never heard that term before.

[Anonymous]

That's the whack job way of saying 1.8% lol

multiply by 2400

No clue why they don't just use APRs like when purchasing.

[Anonymous]

---

@Anonymous wrote:

That's the whack job way of saying 1.8% lol

multiply by 2400

No clue why they don't just use APRs like when purchasing.

---

Why 2400?

[Lel]

---

@Anonymous wrote:

---

@Anonymous wrote:

That's the whack job way of saying 1.8% lol

multiply by 2400

No clue why they don't just use APRs like when purchasing.

---

Why 2400?

---

LOL, last year when I was considering leasing instead of buying, I stumbled across the money factor term and wanted to figure out the 2400 question as well.  I stopped trying when I found the following "explanations":

http://www.efunda.com/formulae/finance/proof.cfm

http://www.efunda.com/formulae/finance/moneyfactor.cfm

[nathan]

Approving bank . Navyfed and penfed bureau pulled. eq Credit score. 711 fico State of residence. TX New/Used. used kind of vehicle. 2004 escalade esv and 2006 toyota highlander Amount of loan. penfed 19k navyfed 15k APR penfed 2.99 navyfed 6.40 for 60 mos and 72 mos respectfully Monthy payment penfed 370, navyfed 250

[witanga]

APPROVING BANK: Spectrum
BUREAU PULLED: Experian
CREDIT SCORE: 657 EQ
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: Used
YEAR OF VEHICLE: 2007-2008

MAKE: Chrysler

MODEL: Aspen
MILEAGE: Don't know yet
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $20,000
TERM CONTRACTED: 72 months
APR/LEASE RATE: Residual 8.4%
MONTHLY PAYMENT: $300-400

MISCELLANEOUS COMMENTARY: I got my first car with this credit union and they are great to work with.