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Auto Loan Approvals!

knowledge1213
Member

Re: Auto Loan Approvals!

Penfed uses FICO Equifax 9

Message 4491 of 4,511
Credit4Growth
Valued Contributor

Re: Auto Loan Approvals!


@MLJ_The_Shield wrote:

This was back in January, but thought I'd add my datapoint:

 

APPROVING BANK: NFCU
BUREAU PULLED: Equifax
CREDIT SCORE: 820

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: OH
NEW/USED: Used
YEAR OF VEHICLE: 2016
MAKE: Audi
MODEL: A8L 4.0 T Sport
MILEAGE: 71000
FINANCE/LEASE: Finance

PURCHASE PRICE: 32500
AMOUNT OF LOAN: 32500
TERM CONTRACTED: 60 months
APR/LEASE RATE: 4.79%
MONTHLY PAYMENT: 636
ANNUAL INCOME: 130k (me) HHI - $182k
DEBT TO INCOME RATIO: 0% (Mortgage was about $7k left in Jan, have paid house off since)
MISCELLANEOUS COMMENTARY: I'm convinced the slightly higher than normal rate (been with NFCU for years and done several loans) was due to having 7 hard inquires since Jan 2020.  We are 100% debt free except for this loan, and pay the credit cards down to 0 every Friday.  Somewhat annoyed as they said the "best" rate I could get was 3.79, and I got a point higher.  Those inquiries really hurt me I guess.

Why so many inquiries?  We decided to get all the 5% cards last year - Target, Wal-Mart, USBANK, Chase Amazon/Flex, and the AOD card @ 3%.  It was all worth it in the long run - deciding now if I want to pay this loan off in 5 months or let it run for a while.

 

IMG_2062.JPG


Just wow all around!

Congratulations on your beautiful car!

Also nice nabs, the 5%s and 3% CCs 👍

Current as of April 25rd
FICO 08 EQ723, TU722, EX728 || DTI 8%
Mortgage Scores: EQ724, Tu694, EX726 ||
Inquiries: EQ/TU/EX (0 / 3 / 1) - 0/6 - 0/12 - 4/24 ||


Next App on the list is ???
Last apps: (2) August 18, 2019
Garden goal - May 22th 2021
Going for Sapphire spade - May 17th 2021

Dirty/ Thick/ Aged/ New Accounts
Message 4492 of 4,511
kaylord84
Frequent Contributor

Re: Auto Loan Approvals!

Congratulations on your penfed approval ! Was your approval instantly???


@Hammertime23 wrote:

APPROVING BANK: Pen Fed
BUREAU PULLED: Equifax
CREDIT SCORE: 640

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: OH
NEW/USED: USED
YEAR OF VEHICLE:2016
MAKE:Ford 
MODEL:Fusion Energi
MILEAGE: 65699
FINANCE/LEASE:Finance 

PURCHASE PRICE: 12000
AMOUNT OF LOAN: 13200
TERM CONTRACTED: 60
APR/LEASE RATE: 5.50
MONTHLY PAYMENT:253
ANNUAL INCOME: 107000
DEBT TO INCOME RATIO:  38%
MISCELLANEOUS COMMENTARY:

BK7 was discharged in December 2020. Pulled an FMCC lease through. Recently bought a 21 Pacifica Hybrid so this is a second car (for 16 year old). I'm totally shocked Pen Fed approved with the recent BK


 


Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 723 TU 665 Ex 682
Goal Score: 700 All 3


Take the myFICO Fitness Challenge
Message 4493 of 4,511
Mr_Mojo_Risin
Valued Contributor

Re: Auto Loan Approvals!


@MLJ_The_Shield wrote:

This was back in January, but thought I'd add my datapoint:

 

APPROVING BANK: NFCU
BUREAU PULLED: Equifax
CREDIT SCORE: 820

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: OH
NEW/USED: Used
YEAR OF VEHICLE: 2016
MAKE: Audi
MODEL: A8L 4.0 T Sport
MILEAGE: 71000
FINANCE/LEASE: Finance

PURCHASE PRICE: 32500
AMOUNT OF LOAN: 32500
TERM CONTRACTED: 60 months
APR/LEASE RATE: 4.79%
MONTHLY PAYMENT: 636
ANNUAL INCOME: 130k (me) HHI - $182k
DEBT TO INCOME RATIO: 0% (Mortgage was about $7k left in Jan, have paid house off since)
MISCELLANEOUS COMMENTARY: I'm convinced the slightly higher than normal rate (been with NFCU for years and done several loans) was due to having 7 hard inquires since Jan 2020.  We are 100% debt free except for this loan, and pay the credit cards down to 0 every Friday.  Somewhat annoyed as they said the "best" rate I could get was 3.79, and I got a point higher.  Those inquiries really hurt me I guess.

Why so many inquiries?  We decided to get all the 5% cards last year - Target, Wal-Mart, USBANK, Chase Amazon/Flex, and the AOD card @ 3%.  It was all worth it in the long run - deciding now if I want to pay this loan off in 5 months or let it run for a while.

 

IMG_2062.JPG


Whew! Now that's a smooth looking ride there! Cheers to that!

NFCU More Rewards 24K CL
AODFCU Visa Signature 5K CL
NFCU Cash Rewards 4K CL
Discover IT 1.5K CL
Cap1 Quicksilver 600 CL
NFCU auto loan
Message 4494 of 4,511
MLJ_The_Shield
Established Member

Re: Auto Loan Approvals!

Thanks!

Message 4495 of 4,511
D10001
Member

Re: Auto Loan Approvals!

Honda, Experian (734) hard pull.  10% down.  0% 48 months.  No fees.

 

I did ask the finance guy about pre-payment penalties and he looked at me kinda funny.

Message 4496 of 4,511
Credit4Growth
Valued Contributor

Re: Auto Loan Approvals!


@D10001 wrote:

Honda, Experian (734) hard pull.  10% down.  0% 48 months.  No fees.

 

I did ask the finance guy about pre-payment penalties and he looked at me kinda funny.


I would have looked back at him funny and let him know I will wait for an answer but I sign the documents!

 

In this instance, I think a congrats to you ranks higher than my 2 cents! 

Great job! 👍 

Current as of April 25rd
FICO 08 EQ723, TU722, EX728 || DTI 8%
Mortgage Scores: EQ724, Tu694, EX726 ||
Inquiries: EQ/TU/EX (0 / 3 / 1) - 0/6 - 0/12 - 4/24 ||


Next App on the list is ???
Last apps: (2) August 18, 2019
Garden goal - May 22th 2021
Going for Sapphire spade - May 17th 2021

Dirty/ Thick/ Aged/ New Accounts
Message 4497 of 4,511
boulderer
New Member

Re: Auto Loan Approvals!

APPROVING BANK: Subaru Motors Finance (Chase)
BUREAU PULLED: EX fico auto 9, TU auto 4
CREDIT SCORE: ex 9 735, tu 4 700

SOFT PULL/HARD PULL: two hard pulls - one from dealer, one from chase
CUSTOMER STATE OF RESIDENCE: NV
NEW/USED: new
YEAR OF VEHICLE: 2021
MAKE: subaru
MODEL: forester
MILEAGE: 10
FINANCE/LEASE: finance

PURCHASE PRICE: 33445 including all taxes, fees, etc
AMOUNT OF LOAN: 27445
TERM CONTRACTED: 60 months
APR/LEASE RATE: 1.9
MONTHLY PAYMENT: 480
ANNUAL INCOME: 64k
DEBT TO INCOME RATIO: less than 10% util on CC, no other debt
MISCELLANEOUS COMMENTARY: also applied with cap 1 and NFCU (on my first day of membership). accepted to cap 1 at about 5% for this vehicle, denied by NFCU for limited credit history and unable to verify income (self employed as sole proprietor).

 

i was very surprised to qualify for tier one captive financing considering i had no loan history beyond a closed $600 self loan, some old CC derogs, small number of modest credit card limits (sub 2K), and i am a self employed new resident to the state. no proof of income was requested. fwiw, i was told by the salesperson that 700+ gets you tier one financing and that making a significant down payment substantially increases the odds of approval with chase on thin files.

Message 4498 of 4,511
Heroes96
Established Member

Re: Auto Loan Approvals!

APPROVING BANK: NFCU
BUREAU PULLED: Transunion 
CREDIT SCORE: 755

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: NEW
YEAR OF VEHICLE: 2021
MAKE: Toyota
MODEL: Highlander XSE
MILEAGE: 4
FINANCE/LEASE: Finance

PURCHASE PRICE: 48k
AMOUNT OF LOAN: 33k
TERM CONTRACTED: 60 Months 
APR/LEASE RATE: 2.49%
MONTHLY PAYMENT: $586
ANNUAL INCOME: 55K
DEBT TO INCOME RATIO: <1%
MISCELLANEOUS COMMENTARY: City World Toyota in the bronx gried to f me with the trade in but I fought till the end and I even asked for a refund on my deposit till they gave up and gave me a decent offer for my 2017 camry

Message 4499 of 4,511

Re: Auto Loan Approvals!

APPROVING BANK: Capital One
BUREAU PULLED: TU at dealer, then EX 2 days later
CREDIT SCORE: TU 696 joint with 693. I think they were Fico 8.

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: OH
NEW/USED: Used CPO
YEAR OF VEHICLE: 2020
MAKE: Hyundai 
MODEL: Santa Fe
MILEAGE: 9,871
FINANCE/LEASE: Finance

PURCHASE PRICE: $25,250
AMOUNT OF LOAN: $26,047.50
TERM CONTRACTED: 84
APR/LEASE RATE: 2.78
MONTHLY PAYMENT: $343
ANNUAL INCOME: $126,355
DEBT TO INCOME RATIO: 25%
MISCELLANEOUS COMMENTARY: Put $1,500 down. Bankruptcy 7 dc 1/2016.

Message 4500 of 4,511
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