Auto Loan Approvals!

[coterotie]

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@sccredit wrote:

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@coterotie wrote:

APPROVING BANK:USAA
BUREAU PULLED: Equifax
CREDIT SCORE:691
CUSTOMER STATE OF RESIDENCE: Alabama

NEW/USED:Used
YEAR OF VEHICLE:2011
MAKE:BMW
MODEL: 328i hard top convertible coupe
MILEAGE:41,000
RETAIL/LEASE:
AMOUNT OF LOAN:21,000
TERM CONTRACTED:48
APR/LEASE RATE:12.64
MONTHLY PAYMENT:
ANNUAL INCOME:180,000
DEBT TO INCOME RATIO: 4%
MISCELLANEOUS COMMENTARY: Found a nice deal on this low mile convertible.  Originally asking 33K, down to 29K, put about 9K down so LtV 65%.  Asked for 21,000 approved 22,500, interest rate is way too high.  Not taking this deal and probably not buying the car.  Ridiculous as I just got 5% from cap1 on a refinance.

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DCU.org - 691 should get you 2.49% (1.9% with Relationship Checking)

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I was expecting something below 4%.  I thought this was ridiculous.  We have about 100K on deposit with them, auto insurance, home insurance etc.  Really disapointed.

[Dustink]

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@coterotie wrote:

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@sccredit wrote:

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@coterotie wrote:

APPROVING BANK:USAA
BUREAU PULLED: Equifax
CREDIT SCORE:691
CUSTOMER STATE OF RESIDENCE: Alabama

NEW/USED:Used
YEAR OF VEHICLE:2011
MAKE:BMW
MODEL: 328i hard top convertible coupe
MILEAGE:41,000
RETAIL/LEASE:
AMOUNT OF LOAN:21,000
TERM CONTRACTED:48
APR/LEASE RATE:12.64
MONTHLY PAYMENT:
ANNUAL INCOME:180,000
DEBT TO INCOME RATIO: 4%
MISCELLANEOUS COMMENTARY: Found a nice deal on this low mile convertible.  Originally asking 33K, down to 29K, put about 9K down so LtV 65%.  Asked for 21,000 approved 22,500, interest rate is way too high.  Not taking this deal and probably not buying the car.  Ridiculous as I just got 5% from cap1 on a refinance.

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DCU.org - 691 should get you 2.49% (1.9% with Relationship Checking)

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I was expecting something below 4%.  I thought this was ridiculous.  We have about 100K on deposit with them, auto insurance, home insurance etc.  Really disapointed.

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Sometimes USAA can be great, but out of the blue they can be horrible.

[WRrider]

APPROVING BANK: Bank of the West

BUREAU PULLED: Equifax

CREDIT SCORE: 678

CUSTOMER STATE OF RESIDENCE:Nevada

NEW/USED:used

YEAR OF VEHICLE:2008

MAKE:Ford

MODEL: F250 Lariat Diesel 

MILEAGE:26000

RETAIL/LEASE:Retail

AMOUNT OF LOAN:38K

TERM CONTRACTED:72 months

APR/LEASE RATE:5.8%

MONTHLY PAYMENT: $ 640

MISCELLANEOUS COMMENTARY: No Trade $7K down. Price includes 6yr/100K mile bumper to bumper repair program.

[Bunnylocks]

APPROVING BANK: Bank of America
BUREAU PULLED: Experian 
CREDIT SCORE: 657
CUSTOMER STATE OF RESIDENCE: Michigan
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Chevrolet
MODEL: Equinox
MILEAGE: 4
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 35,000
TERM CONTRACTED: 60 months
APR/LEASE RATE: 3.79%
MONTHLY PAYMENT: 641.27
ANNUAL INCOME: 82,000
MISCELLANEOUS COMMENTARY: I was actually quite surprised at the interest rate, because I was quoted 3.99% when I applied online with instant approval. When I finally started the process of getting my loan prepared almost a month later the rep quoted 3.79% to my surprise.  I actually applied back in May and was approved then with 4.79% but had some issues getting a new driver license, so I had to wait. This is my first ever new car after seven long years of walking and taking the bus. Hoping to pay it off in less than five. 

[GreyAlien]

APPROVING BANK:  Mazda Capital Services (JP Morgan Chase)
BUREAU PULLED:  TU
CREDIT SCORE:  681
CUSTOMER STATE OF RESIDENCE:  IL
NEW/USED:  New
YEAR OF VEHICLE:  2014
MAKE:  Mazda
MODEL:  Mazda6 Grand Touring (+ several options, incl. tech package)
MILEAGE:  25
RETAIL/LEASE:
AMOUNT OF LOAN:  33.3k
TERM CONTRACTED:  72 months
APR/LEASE RATE:  5.14%
MONTHLY PAYMENT:  $540
ANNUAL INCOME:  40k
DEBT TO INCOME RATIO: ?  (also have student loan, $174/mo payment)
MISCELLANEOUS COMMENTARY:  I was very particular about the car I wanted and custom-ordered several weeks prior.  Ironically, JP Morgan rejected an earlier loan app before I went thru the dealer.  The only other approval (enough to cover the purchase) was from Roadloans/Santander:  up to $43k, $2k down, 72 months, 4.2%;  but the dealer said they don't do business with Roadloans despite belonging to their network.  Capital One approved up to $31k, and BofA up to $18k.  In total, I applied to about 10 bank/CUs;  most of them pulled my Equifax or TU, only Roadloans pulled Experian.  I'm pleasantly surprised at how things turned out, considering my  income and past credit problems, including a repo.

Scores (as of Sept 2013):  FICO/EQ 711,  TU 681, EX 761

[6speed]

APPROVING BANK: Southeast Toyota Financial
BUREAU PULLED: EX
CREDIT SCORE: 616 Auto
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Toyota
MODEL: Corolla S Plus Manual
MILEAGE: 44
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $20.5k
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 8.47%
MONTHLY PAYMENT: $359
ANNUAL INCOME: $26k
DEBT TO INCOME RATIO: No clue - just student loans and an old car loan of $14k; all CCs at $0
MISCELLANEOUS COMMENTARY: This is my fourth auto loan, and my first 'prime' one since I destroyed my credit 4 years ago. I thought it would've been much more difficult to accomplish, but the dealer dug me out of my [very] upside down car @ 17%. I am THRILLED to have not needed a cosigner (never have) AND have a single digit rate through Toyota itself. Plus, on a brand new model with a ton of options, I got a great deal - car, lifetime powertrain, oil changes for the life of the vehicle, and 2 years/25k miles free maintenance. After coming out of an out-of-warranty car that needed tons of work, I'm on cloud nine. I'll be refinancing after 12 months to an even lower rate.

[Quincy_C]

What were your scores before you paid all the negative items and how long did it take for them to increase once you paid?

[Mikey41]

Congratulations. I'm aiming for a Corolla LE in the Spring of 2014 so I'm working on a good score to land less than 3%

[ohfortuna]

APPROVING BANK: Capital One Auto Finance
BUREAU PULLED: Experian
CREDIT SCORE: 619 (Auto Enhanced)
CUSTOMER STATE OF RESIDENCE: Florida
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Ford
MODEL: Fusion
MILEAGE: 6
RETAIL/LEASE: 
AMOUNT OF LOAN: 24K
TERM CONTRACTED: 73 Months
APR/LEASE RATE: 9.55%
MONTHLY PAYMENT: $439.49
ANNUAL INCOME: $55K
DEBT TO INCOME RATIO: No other debt
MISCELLANEOUS COMMENTARY: Out of Chapter 7 Bank in August - I think the APR is fair. Wells Fargo approved me at 11% as well. I love the car!

[MB2714]

APPROVING BANK:First Community Federal Credit Union
BUREAU PULLED:Transunion
CREDIT SCORE:671
CUSTOMER STATE OF RESIDENCE:Michigan
NEW/USED:Used
YEAR OF VEHICLE:2006
MAKE:Chevy
MODEL:Impala LS
MILEAGE:73000
RETAIL/LEASE:Retail
AMOUNT OF LOAN:12973
TERM CONTRACTED:63 MOS
APR/LEASE RATE:9.24
MONTHLY PAYMENT:$274.88
ANNUAL INCOME:22,000
DEBT TO INCOME RATIO:42%
MISCELLANEOUS COMMENTARY:I was a new member with a Charge off to DFCU Financial that had just got paid the previous 30 days. Also got a Visa with FCFCU 13.99, and unsecured credit line 6.74% .