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Auto Loan Approvals!

New Visitor

Re: Auto Loan Approvals!

APPROVING BANK: Honda Finance
BUREAU PULLED: Experian
CREDIT SCORE: 689

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2018
MAKE: Honda
MODEL: Accord
MILEAGE: 7
FINANCE/LEASE: Finance

PURCHASE PRICE: 22500
AMOUNT OF LOAN: 21000
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 2.9
MONTHLY PAYMENT: 377
ANNUAL INCOME: 50,000
DEBT TO INCOME RATIO: 3%
MISCELLANEOUS COMMENTARY:   Filed bankruptcy 2016.  I am trying to rebuild my credit with secured credit card.  Down payment of 10,000.  Dealer said I have to get extended warranty and 3 year maintenance coverage in order to qualify for 2.9%.  It sounded by bogus but I was satisfied with 2.9%.  I was expecting ~10% APR. 

Message 3981 of 3,987
Valued Member

Re: Auto Loan Approvals!


@navyitaly wrote:


if you rolled over $9k you absolutely didn't prevail..you lost BIG TIME...

 


I would have paid out over $41k on the 2017 Equinox had I stuck with it. The CapOne refinance had me at 11.06% paying out a total of $34,704 on the 2017. The new loan @ 4.79% has us paying out $40,759.92 on a 2019. Any of the above options to the normal person would be BAD, especially compounded by deprecation of a new car. We traded in the 2017 for $15.5k and it sold last week for $16,700.  My 2019 will depreciate tremendously. A "like new" 2018 that sold for $32k can be bought for $25k now. That is a fact for most new cars. Buying a new car is an investment in a depreciating asset. We could have purchased a used car but we would not have gotten the low APR and possibly not doable with the negative equity.

 

That being said I consider this a win on multiple fronts:

1) 4.79% on new/used auto loan < 1 year from a BK7 is a win no matter how you look at it.

2) I am out from under a 18% interest car note.

3) My payments are lower on the 2019 with the negative equity than they were on the 2017.

4) I am out from under the stigmata/damage of a sub prime lender. Google Prestige and see what kind of company I was under.

5) I bought a little bit of time on the vehicle depreciation with the 2019.

6) I do not have to worry about the 2017 mechanically as it was a fleet vehicle (Alamo car rental) with 16k miles when we purchased it. Yes, we were under warranty but we don't have to worry about how it was treated.

7) We actually plan on having the 2019 paid off within 48 months, driving down the 4.79% APR down even more.

8) This auto loan is an "in" with the credit union and will make refinancing our mortgage later on more accessible, especially with the bankruptcy on our records. We currently have over $130k in equity that we can't touch unless we sell outright. Not that we currently want/need to. 

 

In the end there was no way out of losing money with the previous loan. Every payment we made put us further in the hole. A lot further than most people. Yes, we know that the best option financially would have been to refinance the 2017 at 11.06% and then refinance again later on. But for reasons stated above and other reasons we chose to go with the 2019. In my eyes the numerous pros definately outweighed the obvious singular con.

My long rebuilding road. I am currently gardening.
Filed Chapter 7 in December 2017
I AM NOT checking any scores until January 2019
TU: 558 EF: 558 EX: 608 as of 09 Oct 2018
Vantage Scores TU: 695 EQ: 691 EX: 687
FICO 8 Exp 657 (22 Sept 2018)
FICO 9 Exp 695 (03 Oct 2018)
FICO 9 EQ 662 (11 Sept 2018)
FICO 8 TU 628 (28 Aug 2018)
*CC's:
QuickSilver One (Oct 2018) $3000
QuickSilver (PC from Platinum) (Apr 2018) $500
Secured USAA Amex (Apr 2018) $1250
Secured Discover IT (June 2018) $500
Ollo Platinum MC $800 (Nov 2018)
*Loans
AMPLIFY CU Auto Loan (72 mo) $36,744 (Oct 2018) 4.79%
Inquiries: TU-11, EQ-9, EX-9 (Most of HPs were from Auto Purchase)
Message 3982 of 3,987

Re: Auto Loan Approvals!

@LINYGirl I applied 08/23

Message 3983 of 3,987
Regular Contributor

Re: Auto Loan Approvals!

APPROVING BANK:  DCU
BUREAU PULLED: Equifax Mortgage
CREDIT SCORE: 649

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE:  NJ
NEW/USED: Used but same for new as I origionally asked for new
YEAR OF VEHICLE:m 2017
MAKE: Audi A3
MODEL: Quattro
MILEAGE: 12,800
FINANCE/LEASE: Finance

PURCHASE PRICE: $28,000 out the door after trade equity, taxes and fees
AMOUNT OF LOAN:$27,300
TERM CONTRACTED:84 months
APR/LEASE RATE: 7.99
MONTHLY PAYMENT:$425
ANNUAL INCOME: >$150,000
DEBT TO INCOME RATIO: Average
MISCELLANEOUS COMMENTARY: Includes DCU GAP Insurance for $295 one time fee.  Called DCU Loan Hotline Thursday 10:00 PM approved in minutes.  Friday sent order sheet around 3:00 PM Check received Saturday by 10:30 AM.  Picked up car Monday.  CH7 Bankruptcy filed 1/2016 discharged 6/2016.  4 Equifax Inquiries in last 6 Months plus an additional 6 in last year. Utilization 38% AAOA 2.8 Years, Time since negative 2.9 Years. 3 accounts less than 4 months old plus 6 accounts less than 1 year old.

I do bank with DCU and have the bulk of my paycheck direct deposited.  I have checking, savings, personal loan, prior car loan (being paid off) and Visa with them.

Message 3984 of 3,987
Moderator Emeritus

Re: Auto Loan Approvals!

APPROVING BANK:  USBank - Tesla Financing
BUREAU PULLED: Experian
CREDIT SCORE: 750 EX FICO 8 (I believe they pulled a FICO 8 model, 755 EX FICO 8 AU for completeness)

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE:  CA
NEW/USED: New
YEAR OF VEHICLE: 2018
MAKE: Tesla
MODEL: Model 3
MILEAGE: N/A
FINANCE/LEASE: Finance

PURCHASE PRICE: $69892 including taxes and stuff
AMOUNT OF LOAN: $55000
TERM CONTRACTED: 72 months
APR/LEASE RATE: 3.85%
MONTHLY PAYMENT: $869
ANNUAL INCOME: >$150,000
DEBT TO INCOME RATIO: 12.5% based on current credit report numbers.
MISCELLANEOUS COMMENTARY: No prior relationship with USBank; didn't have an option to use a third party loan seemingly anymore (used to in the Telsa application) but I'm not upset at all with the rate looking at some CU's, close enough.  Near as I could tell was basically instant approved, recentish (<6 months) 30D late, think this was their best rate on financing Teslas at 72 months, not positive on that, but I'm nearly 100% confident they used some FICO 8 (or maybe 9, haven't kept up at all with USBank) model as my HELOC is dragging down both FICO 2 and FICO 3 as far as EX goes.

 




        
Message 3985 of 3,987
Valued Member

Re: Auto Loan Approvals!

APPROVING BANK:  Mercedes Benz Financial
BUREAU PULLED: TU FICO Auto 8
CREDIT SCORE:  708

SOFT PULL/HARD PULL:  Hard Pull
CUSTOMER STATE OF RESIDENCE:  NY
NEW/USED:  Used
YEAR OF VEHICLE:  2016
MAKE:  Mercedes Benz
MODEL:  C300 Sport
MILEAGE:  19,956
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $38,027
AMOUNT OF LOAN:  $23,677
TERM CONTRACTED:  72 mos.
APR/LEASE RATE:  3.99%
MONTHLY PAYMENT:  $370.93
ANNUAL INCOME:  $144,500
DEBT TO INCOME RATIO:  30%
MISCELLANEOUS COMMENTARY:  Downpayment = $16,995.  Purchase price includes extras like extended warranty, road hazard and key replacement.  Car price without extras $30,926.  MB offers refund of any portion of extended warranty not used in case of trade-in early.  

Cap1 ($2800) Cap1 ($4500) AMEX Delta Skymiles ($1000) Discover IT ($3300) Chase ($5600)
Best Buy ($2000) Target ($300) Ann Taylor ($500)
EQ: 521 EX: 546 TU: 533 2/16/18
EQ: 657 EX: 658 TU: 655 4/5/18
EQ: 677 EX: 660 TU: 676 11/28/18
Goal: 750
Message 3986 of 3,987
Established Contributor

Re: Auto Loan Approvals!

APPROVING BANK:  Honda Financial
BUREAU PULLED: Not Sure
CREDIT SCORE: 805

SOFT PULL/HARD PULL:  Soft
CUSTOMER STATE OF RESIDENCE:  KS
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Acuraa
MODEL: TLX AWD V6
MILEAGE: 0
FINANCE/LEASE: Lease

PURCHASE PRICE: $33,500 adj cap cost.
AMOUNT OF LOAN: NA
TERM CONTRACTED: 36 months
APR/LEASE RATE: 0.00093 MF
MONTHLY PAYMENT: $415
ANNUAL INCOME:  >$350,000
DEBT TO INCOME RATIO: Low

Message 3987 of 3,987