Auto Loan Approvals!

[Gladius]

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@Snorred wrote:

APPROVING BANK: Bank of America
BUREAU PULLED: Experian
CREDIT SCORE: 834

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Louisiana
NEW/USED: Used
YEAR OF VEHICLE: 2019
MAKE: Ford
MODEL: Taurus SHO
MILEAGE: 16500
FINANCE/LEASE: Finance

PURCHASE PRICE: 27K
AMOUNT OF LOAN: 25K + ttl
TERM CONTRACTED: 72 months
APR/LEASE RATE: 2.69
MONTHLY PAYMENT: $456
ANNUAL INCOME: $75K
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY:  Local CU approved me @ 3.04%.  Dealer said they could beat it and they did!  $2000 down and added extended warranty.  First car purchase in 8 years!!!  

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Decent rate but that's the best they could do with an 834 credit score?

[Anonymous]

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@Gladius wrote:

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@Snorred wrote:

APPROVING BANK: Bank of America
BUREAU PULLED: Experian
CREDIT SCORE: 834

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Louisiana
NEW/USED: Used
YEAR OF VEHICLE: 2019
MAKE: Ford
MODEL: Taurus SHO
MILEAGE: 16500
FINANCE/LEASE: Finance

PURCHASE PRICE: 27K
AMOUNT OF LOAN: 25K + ttl
TERM CONTRACTED: 72 months
APR/LEASE RATE: 2.69
MONTHLY PAYMENT: $456
ANNUAL INCOME: $75K
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY:  Local CU approved me @ 3.04%.  Dealer said they could beat it and they did!  $2000 down and added extended warranty.  First car purchase in 8 years!!!  

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Decent rate but that's the best they could do with an 834 credit score?

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I think that's BAMLs lowest used car rate but OP can confirm. 

[Anonymous]

APPROVING BANK: Toyota financial
BUREAU PULLED: all three
CREDIT SCORE: (auto 8) TU- 683, EQ: 625 EX: 622

SOFT PULL/HARD PULL: hard
CUSTOMER STATE OF RESIDENCE: DC
NEW/USED: New
YEAR OF VEHICLE: 2020
MAKE: Toyota
MODEL: RAV 4 
MILEAGE: 175
FINANCE/LEASE: Finance

PURCHASE PRICE: $27,411
AMOUNT OF LOAN: 33,873 (had negative equity from trade in and added on additional free maintenance)
TERM CONTRACTED: 84
APR/LEASE RATE: 6.29%
MONTHLY PAYMENT: $505
ANNUAL INCOME: $46k
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY: going to try to refinance in a few months with penfed or navy

[cjc6464]

APPROVING BANK: Audi Financial 
BUREAU PULLED: all three
CREDIT SCORE: (auto 8) TU- 673, EQ: 662 EX: 706

cosigner: EQ-728 EX-770 TU-734

SOFT PULL/HARD PULL: hard
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: CERTIFIED PREOWNED
YEAR OF VEHICLE: 2017
MAKE: AUDI
MODEL: A3
MILEAGE: 19,759
FINANCE/LEASE: Finance

PURCHASE PRICE: $26,500
AMOUNT OF LOAN: 27,314.16 (had $350 negative equity from trade in and added GAP)
TERM CONTRACTED: 72
APR/LEASE RATE: 3.49%
MONTHLY PAYMENT: $421.63
ANNUAL INCOME: $21k indv $90k combined
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY: Audi charges a lot for GAP VS. w the financing I had w Navy. But Audi did better on rate. 

[Dj4Money]

Get JB4 + Water Methanol Injection for your M3

 You'll thank me later....

[TC1212]

@Brian_Earl_Spilner @I found my credit report letter from Navy back in July - it was 566. My interest rate was actually 2.09 instead of 2.29. Still in shock. We picked up car about 10 days ago. DH was so suprised.

[C_DUBYA]

APPROVING BANK: Chrysler Capital
BUREAU PULLED: Experian
CREDIT SCORE: (auto 8) 639 - Co signer 669 (wife)

SOFT PULL/HARD PULL: hard
CUSTOMER STATE OF RESIDENCE: MI
NEW/USED: New
YEAR OF VEHICLE: 2020
MAKE: Ram
MODEL: 1500 Big Horn
MILEAGE: 74 (Driven from another location due to non available local)
FINANCE/LEASE: Lease

Monthly: $520 (No Chrysler discount boo)
TERM CONTRACTED: 36
ANNUAL INCOME: $85k and 45k
MISCELLANEOUS COMMENTARY: Tier 1 with Chrysler but no family discount hurt.  If I had that monthly would be $450.

[nycsimone]

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@C_DUBYA wrote:

APPROVING BANK: Chrysler Capital
BUREAU PULLED: Experian
CREDIT SCORE: (auto 8) 639 - Co signer 669 (wife)

SOFT PULL/HARD PULL: hard
CUSTOMER STATE OF RESIDENCE: MI
NEW/USED: New
YEAR OF VEHICLE: 2020
MAKE: Ram
MODEL: 1500 Big Horn
MILEAGE: 74 (Driven from another location due to non available local)
FINANCE/LEASE: Lease

Monthly: $520 (No Chrysler discount boo)
TERM CONTRACTED: 36
ANNUAL INCOME: $85k and 45k
MISCELLANEOUS COMMENTARY: Tier 1 with Chrysler but no family discount hurt.  If I had that monthly would be $450.

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I hope you did some good research before pulling the trigger. $520 per month for that type of truck seems awfully high.

[adelphi_sky]

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@TC1212 wrote:

@Brian_Earl_Spilner @I found my credit report letter from Navy back in July - it was 566. My interest rate was actually 2.09 instead of 2.29. Still in shock. We picked up car about 10 days ago. DH was so suprised.

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Navy FCU must be the shiznit! Can't wait until this fall when I join up for an auto loan for my Tesla 3. A lot of people in NC are getting Tesla's. My brother-in-law says NC doesn't offer an EV rebates. Are you getting any federal rebates? 

[adelphi_sky]

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@disdreamin wrote:

Maybe off-topic, but I'm catching up on approvals and I'm not following where some of the DTI percentages are coming from. When I run even the car payment alone, I'm coming up with far higher DTI than what people are stating. Is there a place to look at how that number should be calculated?

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Agreed. DTI's are all over the place. I've done it with auto loans and with just credit cards, mortgage, and installment loans. Both are all above 0%. lol