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Auto Loan Approvals!

New Member

Re: Auto Loan Approvals!

Yes, I finally get to add my approval!

 

APPROVING BANK: Penfed Credit Union
BUREAU PULLED: Equifax
CREDIT SCORE: 645 (Not Auto Enhanced)
CUSTOMER STATE OF RESIDENCE: IL
NEW/USED: Used
YEAR OF VEHICLE: 2015
MAKE: Lincoln
MODEL: MKC (Fully Loaded)
MILEAGE: 37k
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $25k
TERM CONTRACTED: 72
APR/LEASE RATE: 6.00%
MONTHLY PAYMENT: $422 - Including Gap from Penfed
ANNUAL INCOME: $50k ($110k with hubby)
DEBT TO INCOME RATIO: Unsure
MISCELLANEOUS COMMENTARY: This process was pretty easy, but I had to call into Penfed several times as some things weren't explained properly.  But, I was able to get the car for $23k so the $25k included tax, title and license, and no money down.  I don't have any collections, no recent late payments just some old student loan late payments, and my credit cards were at 50% utilization... Thanks to everyone on this forum for all of the info I could not have done it without you guys!

Message 3861 of 3,912
Regular Contributor

Re: Auto Loan Approvals!

That weird when I try it it’s seaeches everything and NOT just these 380 pages.
Starting Score: 530EQ, 531TU, 514EX (0/2016)
Current Score: 686EQ, 710TU, 686EX (03/2017)
Goal Score: 750+ (01/2018)


Take the myFICO Fitness Challenge
Message 3862 of 3,912
Valued Member

Re: Auto Loan Approvals!

APPROVING BANK: PenFed
BUREAU PULLED: EQ
CREDIT SCORE: 688
CUSTOMER STATE OF RESIDENCE: KS
NEW/USED: Bought new July 2017 w/Cap1 @ 6.99%. 
YEAR OF VEHICLE: 2017
MAKE: Toyota
MODEL: 4Runner TRD PRO
MILEAGE: 8100
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $39300
TERM CONTRACTED: 67mo
APR/LEASE RATE: 5.24%
MONTHLY PAYMENT: $686
ANNUAL INCOME: $83k
DEBT TO INCOME RATIO: 11%
MISCELLANEOUS COMMENTARY: Bankruptcy discharge 06/2016 and didn't really start to rebuild until Spring 2017. Bought 4Runner new in July 2017. Wanted to get in with PenFed for the future. Not quite as low of rate as I wanted but every little bit helps!



Fico 8 (06/21/2018) EX: 689. TU: 663. EQ: 681
BK discharge 6/16
Current Util: 5%
NFCU cashRewards - $500 // PenFed Power Cash - $1k // Lowes - $12k // Buckle - $1850 // Kohls - $700 // Cap1 QS - $3.3k. // Discover It - $2.3k // Wayfair - $10.5k // Overstock - $6550 // Pottery Barn - $7250 // Care Credit - $12k // Total Rewards Visa - $1k.
Message 3863 of 3,912
Member

Re: Auto Loan Approvals!

APPROVING BANK: Tech CU
BUREAU PULLED: EX
CREDIT SCORE: 730
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2018
MAKE: Tesla
MODEL: Model X 100D
MILEAGE: 50
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $99000
TERM CONTRACTED: 72mo
APR/LEASE RATE: 2.49%
MONTHLY PAYMENT: $1482
ANNUAL INCOME: $135k
DEBT TO INCOME RATIO: <10%
MISCELLANEOUS COMMENTARY: Was never denied but other CUs got back with counter offers that required 30% down. Only PenFed came back with 100K@3.24% but Tech CU came to the rescue at last. Car was 114K out the door so I'll pay the difference.

Message 3864 of 3,912
Regular Contributor

Re: Auto Loan Approvals!


@Gardenhandwrote:

 

APPROVING BANK: dcu
BUREAU PULLED: no hp (preapproval based on recent sp)
CREDIT SCORE: dcu equifax score 730 (Fico credit card scores between 750 and 775)
CUSTOMER STATE OF RESIDENCE: nj
NEW/USED: new
YEAR OF VEHICLE: 2017
MAKE: vw
MODEL: golf s
MILEAGE: 18
RETAIL/LEASE: retail
AMOUNT OF LOAN: 18,000 out the door plus 295 gap through dcu
TERM CONTRACTED: 65 months
APR/LEASE RATE: 2.24
MONTHLY PAYMENT: 294.xx  (plus gap-299.xx)
ANNUAL INCOME: 70,000
DEBT TO INCOME RATIO: 30
MISCELLANEOUS COMMENTARY:

 

I recently went through a lemon law buyback with a Jeep Wrangler. The vw gets twice the mpg and costs about half the price. I went in with a dcu blank check and told them I would make it for 18,000 and not a penny higher. They needed to include tax, registration transfer, doc fees, etc... the msrp was about 21,000 and I got the car for 16,460 plus tax (18,000). I feel good about the deal. I think they need to clear out the 17s because the 18s are due out early next year and will come with a refresh on the current model and a six year bumper to bumper warranty. I only got a three year warranty but the price makes it worth it in my opinion. The car drives very nice and the interior is really comfortable.

 




Did you ever receive a hard pull for this?  I applied for memebership and have the document they sent showing my sp score.  I wanted to apply for an auto loan with a soft pull if possible,

Starting Score: 530EQ, 531TU, 514EX (0/2016)
Current Score: 686EQ, 710TU, 686EX (03/2017)
Goal Score: 750+ (01/2018)


Take the myFICO Fitness Challenge
Message 3865 of 3,912
Established Member

Re: Auto Loan Approvals!

APPROVING BANK: Chase
BUREAU PULLED: Experian
CREDIT SCORE: They didn't say
CUSTOMER STATE OF RESIDENCE: Florida
NEW/USED: Used
YEAR OF VEHICLE: 2013
MAKE: Chevrolet
MODEL: Camaro SS
MILEAGE: 33857
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $21,500.00
TERM CONTRACTED: 60 mo
APR/LEASE RATE: 16.39
MONTHLY PAYMENT: $527.30
ANNUAL INCOME: $90k
DEBT TO INCOME RATIO: 12%
MISCELLANEOUS COMMENTARY: **bleep**? I'm currently at 9.95% with subprime king Exeter!

EX: 610 | EQ: ??? | TU: ??? -- FICO® Score 8

Current:

Undecided:

Closing: Hmm...

Closed:

Message 3866 of 3,912
New Member

Re: Auto Loan Approvals!

Glad to get in with DCU before rates may go up, even if I missed the 730 EQ-04 needed for the best rate. My Fico8 is 758.

 

APPROVING BANK: DCU
BUREAU PULLED: Equifax
CREDIT SCORE: 711
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: New-ish
YEAR OF VEHICLE: 2017
AMOUNT OF LOAN: $29,000.00
TERM CONTRACTED: 65 mo
APR/LEASE RATE: 2.74
MONTHLY PAYMENT: $481.50
ANNUAL INCOME: $170k
DEBT TO INCOME RATIO: 35%

Message 3867 of 3,912
Established Member

Re: Auto Loan Approvals!

APPROVING BANK: NFCU
BUREAU PULLED: TU
CREDIT SCORE: 662 (on CK)
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: USED
YEAR OF VEHICLE: 2013
MAKE: Chevrolet 
MODEL: Camaro SS
MILEAGE: 33900
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: $21500
TERM CONTRACTED: 48 or 36
APR/LEASE RATE: 8.19 or 7.89
MONTHLY PAYMENT: 527 or 673
ANNUAL INCOME: 90k
DEBT TO INCOME RATIO: 12%
MISCELLANEOUS COMMENTARY: Also approved me on motorcycle refi for $7400 @ 9.95%, $239/mo for 36 mo to replace my current loan, 18.5%, $281/mo for 32 mo, but I'd only save $300 or so over the remainder of the loan, so it's really not worth it despite slashing the interest rate in half.. too late in the game!

EX: 610 | EQ: ??? | TU: ??? -- FICO® Score 8

Current:

Undecided:

Closing: Hmm...

Closed:

Message 3868 of 3,912
Regular Contributor

Re: Auto Loan Approvals!

APPROVING BANK: Redstone Federal Credit Union
BUREAU PULLED: EX
CREDIT SCORE: 712 (pulled FICO 9)
CUSTOMER STATE OF RESIDENCE: AL
NEW/USED: Re-fi (used)
YEAR OF VEHICLE: 2015
MAKE: Lexus
MODEL: IS
MILEAGE: 8,388
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $29,000
TERM CONTRACTED: 60 month
APR/LEASE RATE: 4.2%
MONTHLY PAYMENT: $538

ANNUAL INCOME: $53,000
DEBT TO INCOME RATIO: HIGH, around 45%
MISCELLANEOUS COMMENTARY: Another poster a page over gave me hope to try Redstone Federal Credit Union for a re-fi (thanks OP). Banked with them for over 15 years. Current auto loan is with PedFed @ 5.2%, $555 monthly payments for 72 months, have made 2 payments thus far . So, this re-fi is a win: term decrease, rate decrease, monthly payment decrease. Every little bit counts!!!! Also, re-fi approval with DCU as well (quoted: 4.74% for 65 months, with a 677 Fico Eq 5 score). I will stick with Redstone though.

Current FICO 8s: Ex 692, Tu 681, Eq 694
Current FICO 9s: Ex 714, Tu ?? Eq 722
Total TLs: $105,000
Plenty of baddies remain
Message 3869 of 3,912
Established Member

Re: Auto Loan Approvals!

^^^

Glad to have helped sharing my post. That's aweseome, we are all here to learn and help each other !! Also.. ROLL TIDE (or blah auburn or whatever you're into)...haha Smiley LOL

Message 3870 of 3,912