Auto Loan Approvals!

[Anonymous]

Just wanted to add that Cap One blank check was really easy to use. I didn't have to fax them pay stubs or anything, all I had to do was verify some identity questions (Which of these cities have you previously lived in?, etc. over the phone). The dealership was a little slow on faxing them the final paperwork on their end and the customer service guy at Cap One was really nice and even called me back just to let me know they'd received everything. Though I mostly lurk these boards I wanted to say a big Thank You for all the invaluable advice. I didn't even know where/how to start when I was thinking of getting a new car. With help from these boards I was able to negotiate a great deal and buy the car of my dreams with a great rate.  

[Anonymous]

Congrats

[jstap01]

APPROVING BANK: Condor Capital
BUREAU PULLED: TU
CREDIT SCORE:582
CUSTOMER STATE OF RESIDENCEA
NEW/USED:New
YEAR OF VEHICLE:2013

MAKE:Nissan

MODEL:Altima SV
MILEAGE:0.4
RETAIL/LEASE:Finance
AMOUNT OF LOAN:23568
TERM CONTRACTED:72
APR/LEASE RATE:9.9
MONTHLY PAYMENT:465

ANNUAL INCOME:60000
MISCELLANEOUS COMMENTARY:  I knew I wasn't going to get the best rate going in, but was thoroughly surprised on the amt given for trade.  Enabled my to go no money down.  I traded in a 2007 Hyundai Santa Fe that was killing me in fuel economy.  With the lower payment and the savings in fuel costs, I should be able to pay additional principle each month enabling me to pay it off earlier or have positve equity sooner.

[Anonymous]

Just financed a new Mercedes Benz GLK350 through USAA. The process was even easier than the Capital One blank check and you're not limited to certain dealerships. If you have a USAA membership or have access to one through a family member that has served, I highly recommend you check it out!

[Anonymous]

Congrats!!! I would love to know more about the USAA process. I received a pre-approved offer for up to $50k. Now  I know that I am not guaranteed the full 50k. If you could share some info about your personal profile and the process it would be very helpful. Thank You.

[Anonymous]

Mahiven, Could you repost your thoughts please. For some reason its coming up blank. Thank You, the info on your experince will be huge help. 

[Anonymous]

Thats weird. Shows up blank for me, too.

We received a pre-approval email stating we could borrow "up to" $35,000. My wife and I decided to look into it. We had just bought my 2011 Hyundai Sonata GLS last year using a Capital One blank check. We really enjoyed the car but it was very basic. We logged into USAA.com and accepted the offer. It starts checking your credit and says it will give you an instant answer but ours said it needed to be reviewed and asked us to check back in 24 hours. So after 24 hours I logged back in and under my list of accounts with USAA was a Auto Loan that said it was "PENDING" so I clicked on it and they had approved us for $40,000.

First it asks you to select a term for the loan, though you can change it at a later date if you decide to. It offered me from 3yrs to 6yrs. I selected the standard 4yr loan. The next page explained the process. It outlined that you can buy from any dealership OR private seller. Mine also stated because of my small credit profile I could only finance up to 100% LTV so it said once I select a car, to call USAA to get the amount they will finance for it.

The last thing it has you do is print off 3 PDF files. The first one is your approval letter, the second one is the dealer voucher that they fill out to get paid and the last one outlines different dollar amounts UP TO what you're approved for and how much the payment would be based off of the terms you chose. Then, at the bottom it said "Whats next?" and it said "Pick a car and drive home."

We hunted down a car, borrowed it for a day and then negotiated a trade and purchase price. I gave the dealership the voucher so they could get paid and after only two hours at the place we were done. About 2 days later I got an email from USAA asking me to log in and finalize the purchase. When I logged in, I noticed the auto loan was no longer pending and the $40,000 had updated to the $32,000 we paid for the car. I clicked on the account and it asked me a few questions like when did I wanted to make my first payment, whether I wanted to pay monthly, bi-weekly or weekly and then they offered me a rate reduction to do automatic payments, which I did.

All said and done it was the easiest car purchase to date. I'm 25 and in my life I've leased 3 cars, bought 2 cars I've paid cash for, and financed 3 cars. I've done convential financing with a credit union for my wife's van which took FOREVER. HOURS at the dealership. We did a Capital One Blank Check for my Sonata last year, which was an OK process. The only downside to C1 blank check is you're limited where you can use it and their customer service is horrible. USAA's customer service is phenominal and you can use the voucher anywhere. I would highly recommend them for auto financing.

[Anonymous]

This is great. Thank You for taking the time to reply.

The process seems very painless. Did you have to provide pay stubs or any other DOCs? What was your credit score when you go the loan? What was the rate? 

Thank You

[Anonymous]

---

@Anonymous wrote:

This is great. Thank You for taking the time to reply.

The process seems very painless. Did you have to provide pay stubs or any other DOCs? What was your credit score when you go the loan? What was the rate? 

Thank You

---

It was a very painless process. I didn't have to provide any proof of employement or paystubs. They didn't ask for any kind of documentation. 660 credit score with some blemishes from a couple of years ago, which got us a 5% rate.

[Anonymous]

Thank You for sharing and Congrats.  I will be using them next month. Did you happen to use the USAA car buying service when pricing out your new car?