Auto Loan Approvals!

[karn101]

APPROVING BANK: Hyundai Financial 

BUREAU PULLED:  Unknown

SCORE: 649 (From my credit monitoring service. Unsure of what the dealer pulled)

CUSTOMER STATE OF RESIDENCE:  NYC

NEW/USED:  New

YEAR OF VEHICLE: 2012

MAKE: Hyundai

MODEL: Sonata SE 2.0T Pacific Blue Pearl

MILEAGE: 52

RETAIL/LEASE:  Retail

AMOUNT OF LOAN: $29,000 (24.4k for the car, 3k tax/title, 2k Extended Warranty // No money down)

TERM CONTRACTED: 60 months

APR/LEASE RATE: 3.9%

PAYMENT:  $540.00/month

ANNUAL INCOME: $100k+

MISCELLANEOUS COMMENTARY:  I originally went through pre-approval with my credit union (MCU) and was approved at a 4.95% rate. MCU told me that if I purchased the car by September 30th, 2011, they would deduct a quarter percent (so 4.7%).  I allowed the dealership to run my credit to see what they would come back with. They originally told me 4.9 with Hyundai in which I replied with a "No, thank you". Being that they make money off me financing, they gave me a 3.9% rate at 60 months. Win-win.

Now, I am absolutely amazed at this as my credit score was 599 last month. I have been putting 80% of my checks into paying off my debt. I must say, if you put your mind to it, it CAN be done!

Anyhoo, I decided to cancel the extended warranty today (you have 30 days to do so), and that $2,000 will now go back into the car so that is $2,000 closer to paying it off! Would have loved to get that money back in my pocket but I'll survive.

To note: I'm 27 with a few tickets on my license. Progressive, my current insurer, quoted me at $330.00 per month. GEICO was able to give me $190.00 per month which is the cheapest I was able to find it. Progressive was charging me $160.00 per month for my 2001 VW Jetta 1.8T, so an extra $30 is not bad!

Oh, also, the dealership offered me $100 for my Jetta. I lauged.

Thank you all for sharing your stories. I never would have though that I'd be able to get below 8/10% as a rate, but you have all showed me that it is possible.

[guydiver]

---

@karn101 wrote:

APPROVING BANK: Hyundai Financial 

BUREAU PULLED:  Unknown

SCORE: 649 (From my credit monitoring service. Unsure of what the dealer pulled)

CUSTOMER STATE OF RESIDENCE:  NYC

NEW/USED:  New

YEAR OF VEHICLE: 2012

MAKE: Hyundai

MODEL: Sonata SE 2.0T Pacific Blue Pearl

MILEAGE: 52

RETAIL/LEASE:  Retail

AMOUNT OF LOAN: $29,000 (24.4k for the car, 3k tax/title, 2k Extended Warranty // No money down)

TERM CONTRACTED: 60 months

APR/LEASE RATE: 3.9%

PAYMENT:  $540.00/month

ANNUAL INCOME: $100k+

MISCELLANEOUS COMMENTARY:  I originally went through pre-approval with my credit union (MCU) and was approved at a 4.95% rate. MCU told me that if I purchased the car by September 30th, 2011, they would deduct a quarter percent (so 4.7%).  I allowed the dealership to run my credit to see what they would come back with. They originally told me 4.9 with Hyundai in which I replied with a "No, thank you". Being that they make money off me financing, they gave me a 3.9% rate at 60 months. Win-win.

Now, I am absolutely amazed at this as my credit score was 599 last month. I have been putting 80% of my checks into paying off my debt. I must say, if you put your mind to it, it CAN be done!

Anyhoo, I decided to cancel the extended warranty today (you have 30 days to do so), and that $2,000 will now go back into the car so that is $2,000 closer to paying it off! Would have loved to get that money back in my pocket but I'll survive.

To note: I'm 27 with a few tickets on my license. Progressive, my current insurer, quoted me at $330.00 per month. GEICO was able to give me $190.00 per month which is the cheapest I was able to find it. Progressive was charging me $160.00 per month for my 2001 VW Jetta 1.8T, so an extra $30 is not bad!

Oh, also, the dealership offered me $100 for my Jetta. I lauged.

Thank you all for sharing your stories. I never would have though that I'd be able to get below 8/10% as a rate, but you have all showed me that it is possible.

---

That was a good move.  The dealer was probably laughing after dropping your interest rate and getting the 2K extra for the warranty. Hyundai already has one of the best new car warranties around.  Getting extended is poor money spent, besides, you can amost always beat their price elsewhere, and you have until the factory warranty runs out anyways.  Congrats and enjoy.  We have a 2007 V6 and love it.

[locolady]

09-25-2011 02:19 PM

APPROVING BANK: wells fargo
BUREAU PULLED: EQ
CREDIT SCORE: 781
CUSTOMER STATE OF RESIDENCE: az
NEW/USED: used
YEAR OF VEHICLE: 2007

MAKE: bentley

MODEL: gtc
MILEAGE: 37000
RETAIL/LEASE: 108k
AMOUNT OF LOAN: 73000
TERM CONTRACTED: 72
APR/LEASE RATE: 5.79
MONTHLY PAYMENT: 1170

ANNUAL INCOME: 135k
MISCELLANEOUS COMMENTARY.put down 38k on credit card and did not have to show anyproof of income

Is this a real post? What person puts 38k on a card and carry a $1170 car note.

[locolady]

APPROVING BANK: wells fargo
BUREAU PULLED: EQ
CREDIT SCORE: 781
CUSTOMER STATE OF RESIDENCE: az
NEW/USED: used
YEAR OF VEHICLE: 2007

MAKE: bentley

MODEL: gtc
MILEAGE: 37000
RETAIL/LEASE: 108k
AMOUNT OF LOAN: 73000
TERM CONTRACTED: 72
APR/LEASE RATE: 5.79
MONTHLY PAYMENT: 1170

ANNUAL INCOME: 135k
MISCELLANEOUS COMMENTARY.put down 38k on credit card and did not have to show anyproof of income

[Heatherkins]

You read it wrongl.

His loan is 73 K and monthly payment is 1170!

[Anonymous]

Penfed

Used Car Refinance Loan :   6000$

APR                                   :   1.99%

Monthly                              :   $160 approx

Duration                             :   36 Months 

Fico:                                   :    EQ 740

Income                               :   105 K

[tdbss]

APPROVING BANK: Chase Auto,  But first Capital One blank check.
BUREAU PULLED: TU
CREDIT SCORE: 619(auto enchanced 648)
CUSTOMER STATE OF RESIDENCE: MI
NEW/USED: Lease buy

YEAR OF VEHICLE:2008

MAKE: Mazda

MODEL:3
MILEAGE: 25000
RETAIL/LEASE:Retail
AMOUNT OF LOAN:10,700, approved to 13,900( based on value of the vechicle)

TERM CONTRACTED: 60 Months
APR/LEASE RATE: 6.57%
MONTHLY PAYMENT: 239.13  No down payment.

MISCELLANEOUS COMMENTARY:  Originally chose the Capital one blank check program, since I heard good reviews on it.  Their offer for 60 months was 9.59% , (TU pulled also)but learned later, after I applied and got approved, they do not do lease buy outs.  I have friend who is a finance manager for a Cadillac dealership and he suggested I go through Chase, which he claims has been real aggessive on auto loans lately.  So I thought that i would apply since I already have an account with them. No hiccups, and did'nt have to fax employer letters or pay stubs.  A little bit of leg work getting buyers order from the dealership(Mazda American Credit had no clue and could not help), then went into a branch to sign the papers.  This loan was specific to this specific vechicle versus Capital One which was any other vehicle besides this one for $12,900 which fell with their requirents. I am upset with Capital One, since my vechile along with its requirments including approved dealership fell within their required parameters,  said nothing about NOT doing lease buy outs online or in their terms  until I got the blank check packet.  Not interested in buying someone elses lease turn in, a car used for commerical purposes,  or a previous rental agency car,  which was pretty much all that is avaiable for 2-4 year old models.  May try in a few years to refinance, but it looks like the older the vechile the higher the APR, in my research anyway.

[Anonymous]

APPROVING BANK: Ally
BUREAU PULLED: Experian or Equifax
CREDIT SCORE:  666
CUSTOMER STATE OF RESIDENCE: OK
NEW/USED:  New
YEAR OF VEHICLE:  2011

MAKE:  Chevrolet

MODEL:  Silverado Ext. Cab
MILEAGE: 23
RETAIL/LEASE:  Retail
AMOUNT OF LOAN: 34,500
TERM CONTRACTED:  60
APR/LEASE RATE:  0%  + 1500 rebate
MONTHLY PAYMENT: 576

ANNUAL INCOME: 45000
MISCELLANEOUS COMMENTARY:  After watching this thread for a while i went to a local dealer a month ago and picked a truck exactly like the one listed above, at 12.9% for 6 years through Ally, the dealer said it wouldnt be a problem, drove it for 10 days and 500 miles then the dealer calls and said they couldn't get the deal bought, so had to take that one back. Needless to say I was pretty pissed off.

After this heartbreak I figured i would have to go the used car route. So about two weeks later i went to capital ones site and signed up for pre-approval. I instanly got approved for $27,000 at around 12%, while they were overnighting the check i went out and started looking, and ended up at a dealeship outside of town (chevy dealer in purcell). I explained to the salesperson what had happened recently at the other dealership, i let him pull my credit just to see what he could do. The next morning he calls and said I can get you the same truck at 12%. 30 minutes later things got really good, he called back and said he spoke with Ally and they approved me for 0% with a $1500 rebate. I couldn't believe it, and explained that i couldn't got through the same distress as before and he assured me there wouldn't be a problem and that they dont let their cars leave the lot without absolute approval. He also explained that the other dealership could have made it happen they just got greedy loading stuff up beyond what Ally was comfortable with.

I was upside on my trade-in by about $3000 and they added the TTL to the loan. ALL at 0%, what a deal. Yesterday I got my title and TTL check in the mail.

My salesman was the finance director, and earlier this year i bought a brand new motorcycle, i didn't think i would get it, but I did, my salesperson there was also the finance guy. So from now on I will ask to speak with the finance manager.

[Anonymous]

---

@Heatherkins wrote:

You read it wrongl.

His loan is 73 K and monthly payment is 1170!

---

But still Misc Commentry states 38K put on CC and no need to show income proof

[Heatherkins]

APPROVING BANK: Capital One Blank Check/ Ford Motor Credit 

BUREAU PULLED:  Cap pulled Equifax-Ford pulled Experian Fico AUTO V8

SCORE: Cap 1 pulled 687, Ford pulled 657

CUSTOMER STATE OF RESIDENCE:  Nevada

NEW/USED:  New

YEAR OF VEHICLE: 2012

MAKE: Ford

MODEL: Fiesta SES

MILEAGE: 25

RETAIL/LEASE:  Retail

AMOUNT OF LOAN: $22,798

TERM CONTRACTED: 60 months

APR/LEASE RATE: 3.9%

PAYMENT:  $379.98

ANNUAL INCOME: $39,000

MISCELLANEOUS COMMENTARY: I was unsure that I would be financed at all so I started with an ap to Capital One to try for a blank check loan. I was approved up to $25,200 at 4.75%. After car shopping, Ford was able to offer 3.9% and so I went with them.

[Anonymous]

10/9/2011

APPROVING BANK: Toyota Motor Credit
BUREAU PULLED: EQ
CREDIT SCORE: 659
CUSTOMER STATE OF RESIDENCE: OR

NEW/USED: New
YEAR OF VEHICLE: 2012

MAKE: KIA

MODEL: Sportage
MILEAGE: 8
RETAIL/LEASE: 26,000
AMOUNT OF LOAN: 29,000
TERM CONTRACTED: 75
APR/LEASE RATE: 3.14
MONTHLY PAYMENT: 392

ANNUAL INCOME: 65,000
MISCELLANEOUS COMMENTARY

Traded in 2009 Mazda 3 which had about $1,000 in positive equity. No money down and payment is about $50 more than I was paying before. Wanted a car with AWD for hitting the mountain but never thought I would buy a KIA. After test driving the new models I was really impressed. They have come a long way and have a great warranty. I am very happy with the new car. 

[Anonymous]

APPROVING BANK: Toyota Motor Credit
BUREAU PULLED: EQ
CREDIT SCORE: 659
CUSTOMER STATE OF RESIDENCE: OR

NEW/USED: New
YEAR OF VEHICLE: 2012

MAKE: KIA

MODEL: Sportage
MILEAGE: 8
RETAIL/LEASE: 26,000
AMOUNT OF LOAN: 29,000
TERM CONTRACTED: 75
APR/LEASE RATE: 3.14
MONTHLY PAYMENT: 392

ANNUAL INCOME: 65,000
MISCELLANEOUS COMMENTARY

Traded in 2009 Mazda 3 which had about $1,000 in positive equity. No money down and payment is about $50 more than I was paying before. Wanted a car with AWD for hitting the mountain but never thought I would buy a KIA. After test driving the new models I was really impressed. They have come a long way and have a great warranty. I am very happy with the new car.