Auto Loan Approvals!

[guydiver]

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@Anonymous wrote:

BANK:BB&T
BUREAU PULLED:Equifax
CREDIT SCORE: EQ 678 (EQ 704 Auto Enhanced)
CUSTOMER STATE OF RESIDENCE: IN (Purchased car in South Carolina)
NEW/USED:NEW
YEAR OF VEHICLE: 2012

MAKE:VOLVO

MODELS60 T5:
MILEAGE:3 miles
RETAIL/LEASE:Retail
AMOUNT OF LOAN:36k (Includes tax, title and tag)
TERM CONTRACTED:66 months
APR/LEASE RATE:5%
MONTHLY PAYMENT:$630

ANNUAL INCOME:$80K
MISCELLANEOUS COMMENTARY:

Financed 100% of car... Credit report showing no previous auto history, always paid cash for cars... So I was unable to get lower than 5%. Cap one online check approved me for 30K and 10.5% (no thanks) . Overall very happy with my purchase.

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Nice ride.  Congrats.

[kenred76]

APPROVING BANK: Capital One Auto Finance
BUREAU PULLED: All 3
CREDIT SCORE: 679
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: NEW
YEAR OF VEHICLE: 2011

MAKE: HYUNDAI

MODEL: GENESIS COUPE 3.8 TRACK
MILEAGE: 500 (DEMO)
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: 30,500 (27,5 DISCOUNTED PRICE + TTL AND GAP INS)
TERM CONTRACTED: 75
APR/LEASE RATE: 7.15
MONTHLY PAYMENT: 502

ANNUAL INCOME: 36K
MISCELLANEOUS COMMENTARY: ORIGINALLY APPROVED IN SEPTEMBER THROUGH CAP ONE, AND SENT A BLANK CHECK GOOD FOR UP TO $30K, AT 9.4% APR. I COULDN'T DECIDE WHAT CAR I WANTED, SO I WAITED UNTIL THE LAST FEW DAYS BEFORE THE CHECK EXPIRED TO GO SHOPPING. WHEN I PICKED THE CAR I WANTED, THE FINANCE PERSON PROMISED THEY COULD BEAT CAP ONE'S RATE. THEY PULLED MY CREDIT AND INFORMED ME THEY HAD SEVERAL LENDERS THAT COULD BEAT 9.4....INCLUDING CAPITAL ONE...LOL.

SO, THEY THEN OFFER ME THIS EXTENDED WARRANTY THAT IS TRANSFERRABLE TO ANY NEW OWNER, THEREBY HELPING MY RESALE/TRADE IN VALUE. WHEN I AGREED TO IT, THEY DROPPED MY RATE TO 6.75%. WHEN I GOT THE CONTRACT AND SAW THE COST,  I CHANGED MY MIND AND STAYED WITH HYUNDAI'S BASIC WARRANTY; IT DROPPED MY PAYMENT, EVEN THOUGH THEY RAISED MY RATE BACK TO 7.15 (SINCE THE CAR WAS "NO LONGER PROTECTED"). I KNEW FULL WELL WHAT THEY WERE DOING, BUT I WAS TIRED AND HUNGRY AND IN NO MOOD TO QUIBBLE OVER SUCH A SMALL INCREASE.

I JUST HAVE TO SAY I AM SO SO SO GRATEFUL TO HAVE THIS CAR, ESPECIALLY WHEN I CONSIDER JUST 3 YEARS AGO, I WAS WALKING TO WORK IN THE HOT TEXAS SUN, AND WAITING FOR RIDES WHEN I GOT OFF AT MIDNIGHT. IT WAS A PRETTY LOW POINT IN MY LIFE, BUT I LEARNED FROM IT AND I'M DETERMINED TO NEVER MESS UP AGAIN.

[Anonymous]

APPROVING BANK: Pentagon Federal Credit Union (penfed)
BUREAU PULLED: Equifax (EQ)
CREDIT SCORE: 694 (# reported by PenFed)
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: used (refinance)
YEAR OF VEHICLE: 2011

MAKE: Ford

MODEL: Fiesta
MILEAGE: 11,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $12,600
TERM CONTRACTED: 37 months
APR/LEASE RATE: 1.99%
MONTHLY PAYMENT: $351

ANNUAL INCOME: $73,200
MISCELLANEOUS COMMENTARY: NADA value is about $17,500. So LTV is about 75%. Bought the car July, 2010. Financed with the dealer at 7.99%. Refinanced in December with a credit union at 4.34%. Now down to 1.99%. Last year I had a federal tax lien and a bankruptcy (Edit: CH 7, filed 10/03, discharged 1/04) on my Equifax report (what both the CU and PenFed pulled), today the tax lien is gone. My Equifax score hasn't changed much though.

[Anonymous]

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@Anonymous wrote:

APPROVING BANK: Pentagon Federal Credit Union (penfed)
BUREAU PULLED: Equifax (EQ)
CREDIT SCORE: 707
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: used (refinance)
YEAR OF VEHICLE: 2011

MAKE: Ford

MODEL: Fiesta
MILEAGE: 11,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $12,600
TERM CONTRACTED: 37 months
APR/LEASE RATE: 1.99%
MONTHLY PAYMENT: $351

ANNUAL INCOME: $73,200
MISCELLANEOUS COMMENTARY: NADA value is about $17,500. So LTV is about 75%. Bought the car July, 2010. Financed with the dealer at 7.99%. Refinanced in December with a credit union at 4.34%. Now down to 1.99%. Last year I had a federal tax lien and a bankruptcy on my Equifax report (what both the CU and PenFed pulled), today the tax lien is gone. My Equifax score hasn't changed much though.

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Congrats on your approval!  How long ago was your bankruptcy discharged?  I've heard Penfed is pretty strict and BK unfriendly.  Also did Penfed approve you for any of their CC's along with your refi?   

[Anonymous]

My Chapter 7 bankruptcy was filed in Oct. 2003, and discharged in Jan. 2004. So almost 8 years now.

I was not approved for a PenFed credit card at the time.

[guydiver]

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@kenred76 wrote:

APPROVING BANK: Capital One Auto Finance
BUREAU PULLED: All 3
CREDIT SCORE: 679
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: NEW
YEAR OF VEHICLE: 2011

MAKE: HYUNDAI

MODEL: GENESIS COUPE 3.8 TRACK
MILEAGE: 500 (DEMO)
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: 30,500 (27,5 DISCOUNTED PRICE + TTL AND GAP INS)
TERM CONTRACTED: 75
APR/LEASE RATE: 7.15
MONTHLY PAYMENT: 502

ANNUAL INCOME: 36K
MISCELLANEOUS COMMENTARY: ORIGINALLY APPROVED IN SEPTEMBER THROUGH CAP ONE, AND SENT A BLANK CHECK GOOD FOR UP TO $30K, AT 9.4% APR. I COULDN'T DECIDE WHAT CAR I WANTED, SO I WAITED UNTIL THE LAST FEW DAYS BEFORE THE CHECK EXPIRED TO GO SHOPPING. WHEN I PICKED THE CAR I WANTED, THE FINANCE PERSON PROMISED THEY COULD BEAT CAP ONE'S RATE. THEY PULLED MY CREDIT AND INFORMED ME THEY HAD SEVERAL LENDERS THAT COULD BEAT 9.4....INCLUDING CAPITAL ONE...LOL.

SO, THEY THEN OFFER ME THIS EXTENDED WARRANTY THAT IS TRANSFERRABLE TO ANY NEW OWNER, THEREBY HELPING MY RESALE/TRADE IN VALUE. WHEN I AGREED TO IT, THEY DROPPED MY RATE TO 6.75%. WHEN I GOT THE CONTRACT AND SAW THE COST,  I CHANGED MY MIND AND STAYED WITH HYUNDAI'S BASIC WARRANTY; IT DROPPED MY PAYMENT, EVEN THOUGH THEY RAISED MY RATE BACK TO 7.15 (SINCE THE CAR WAS "NO LONGER PROTECTED"). I KNEW FULL WELL WHAT THEY WERE DOING, BUT I WAS TIRED AND HUNGRY AND IN NO MOOD TO QUIBBLE OVER SUCH A SMALL INCREASE.

I JUST HAVE TO SAY I AM SO SO SO GRATEFUL TO HAVE THIS CAR, ESPECIALLY WHEN I CONSIDER JUST 3 YEARS AGO, I WAS WALKING TO WORK IN THE HOT TEXAS SUN, AND WAITING FOR RIDES WHEN I GOT OFF AT MIDNIGHT. IT WAS A PRETTY LOW POINT IN MY LIFE, BUT I LEARNED FROM IT AND I'M DETERMINED TO NEVER MESS UP AGAIN.

Congrats.  Saw one when my wife bought her Sonata.  Sweet ride!

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[Anonymous]

APPROVING BANK: Ally x2
BUREAU PULLED: EQ
CREDIT SCORE: 640
CUSTOMER STATE OF RESIDENCE: LA
NEW/USED: NEW & USED
YEAR OF VEHICLE: 08 & 12

MAKE: Chev & Honda

MODEL: Silverado & Civic
MILEAGE: 29K/0m
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 20k & 18K
TERM CONTRACTED: 60mo
APR/LEASE RATE: 9% both
MONTHLY PAYMENT: 400/360

ANNUAL INCOME: 80k 
MISCELLANEOUS COMMENTARY: We just discharged a ch 13 in Dec 2010.  Been paying on it for 5+ years, finally got the papers in Dec 10. I live in my truck for work, so I went straight to the dealer. He said they pulled Ally first and came back approved. Gas sky rocketed so we traded my wifes SUV for a Civic, I started driving the civic and im saving the note in gas alone.. Bought it in May 11. That Same deal with Honda, except they tried Honda Fia and I got denied because he said "they usually deny anyone with BK on there history?!" but Ally approved me there, which is nice having both loans at the same place. The dealer said the rate came back at 15%, I told him I was gonna walk.  After many hours of fighting they got it to 8.99%. I will probably never buy another Honda, they treated me like they were doing me a favor!!! Its amazing what grabbing the keys and starting out the door will do to a dealer!

[GCSCORE]

APPROVING BANK: Pentagon Federal Credit Union (penfed)
BUREAU PULLED: Equifax (EQ)
CREDIT SCORE: 688
CUSTOMER STATE OF RESIDENCE: IL
NEW/USED: new
YEAR OF VEHICLE: 2012 

MAKE: Toyota

MODEL:  Highlander Limited
MILEAGE: 0
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $36,000
TERM CONTRACTED: 72 months
APR/LEASE RATE: 3.49
MONTHLY PAYMENT: 550 

ANNUAL INCOME: $99,000
MISCELLANEOUS COMMENTARY:   I am still looking at cars but wanted to know that I had financing secured before deciding on a car.  I joined PenFed and was approved for the loan the same day, so it was all with one EQ pull.  PenFed requires that I finance no more than 85% of MSP, so if I dont need the full 36K, then I may go with their 2.49% for 60 months offer.  I keep cars forever and will pay either option off earlier, so I'm not set on either option at this point.

[Anonymous]

APPROVING BANK: Ford Motor Credit
BUREAU PULLED: Not Sure
CREDIT SCORE: auto-enhanced 674
CUSTOMER STATE OF RESIDENCE:Ca
NEW/USED: New
YEAR OF VEHICLE: 2012
MAKE: Ford
MODEL: Focus Titanium Sedan
MILEAGE: 8
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $23k and change
TERM CONTRACTED: 60 months
APR/LEASE RATE: 4.9%
MONTHLY PAYMENT: $449
ANNUAL INCOME: $21k
MISCELLANEOUS COMMENTARY: Needed a co-signer only because my income was not sufficient for the amount borrowed. I work a tipped job so I actually make more than $21k a year but since it's cash tips most if not all lenders don't take into account anything not on a paystub

[sulaw00]

APPROVING BANK: BMW Financial Services
BUREAU PULLED: TU/EX/EQ
CREDIT SCORE: 713/702/716
CUSTOMER STATE OF RESIDENCE:  MA (Boston)
NEW/USED:  Used
YEAR OF VEHICLE:  2008

MAKE:  BMW

MODEL:  535xi
MILEAGE:  55000
RETAIL/LEASE:  Retail

AMOUNT OF LOAN:  31000
TERM CONTRACTED:  60 months
APR/LEASE RATE:  2.9%
MONTHLY PAYMENT:  $498 (GAPP coverage)

ANNUAL INCOME:  $138K
MISCELLANEOUS COMMENTARY:   When I pulled my FICO scores before heading to the dealer, they were all below 700 (Equifax was 697).   I traded in my 2005 325xi that I had been paying on (also with BMW Financial) so that probably helped in getting my auto-enhanced scores over 700.   I hear BMW is very flexible when it comes to repeat customers.  Anyway, great experience overall and very happy with my new/used car!