Auto Loan Approvals!

[Anonymous]

Salesman has no idea on what bureau will be pulled and the paper application you filled out allows any bureau. And regardless of your intentions, if you left property w car w out paying in certified funds dealer has to know the car can be paid for and contract cashed ie option contract.

[chowdarygm]

I understand that I can't take the car without approved loan but I don't understand what I did wrong here as I said I was not the one who pushed to take the car home then it self. I am trying to find if lack of my auto loan history in Transunion is what caused all the rejections and higher rate for the one who approved it? and if going back to my credit union with refi and lower rate will put me in same situtation 4 years down the line. 

[Anonymous]

What you did was complicating it by applying for a car loan w out all three bureaus available. Regardless of what salesman says he or she doesn’t underwrite or process loans they need all 3 bureaus.

[chowdarygm]

Yes, I agree to that. I should have unlocked all three without just relying on that sales guy.

[S55AMG]

You should absolutely refinance with the credit union, no reason to pay more interest for 4 years.  Car finance people are pushy, that’s what they do!  But it’s your money and you shouldn’t allow them to force you into something you didn’t want to do.  With a 749 score I’m certain you could do better than 5.5%.

4 years from now hopefully your finances and Fico’s will have improved even more and you’ll be in a better negotiating position for even better rates.

[Anonymous]

Wow, this is pretty typical stuff from dealers. I would refinance with the credit union.  Don't worry about what credit bureau they report to, it really doesn't matter as most lenders will pull from two bureaus.  Never trust what the sales guy or the dealers finance guys tell you, they all lie, hate to say that but it is really true.  They get paid to move metal and to finance deals where they can mark up interest and sell mostly worthless protection plans.  They turn what should be a fun and transparent process into a bunch of games.  

Anyway congrats on the car, do the refi with your credit union so the dealer doesn't get their kickback for marking up the interest on the loan they arranged.  If they rolled any protection plans in cancel them all.

[Schwartzinator]

APPROVING BANK: WellsFargo 🤢
BUREAU PULLED: Experian
CREDIT SCORE: 764
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Tesla
MODEL: Model 3 Dual Motor
MILEAGE: 2
FINANCE/LEASE: Finance
PURCHASE PRICE: $54,200
AMOUNT OF LOAN: $47,900
TERM CONTRACTED: 72
APR/LEASE RATE: 3.99%
MONTHLY PAYMENT: $750.42
ANNUAL INCOME: $70,000
DEBT TO INCOME RATIO: 31%

[Anonymous]

That's a really cute car!  How do you like it?

[MauiMan85297]

APPROVING BANK:NFCU
BUREAU PULLED: EQ
CREDIT SCORE: 710
SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: AZ
NEW/USED: N
YEAR OF VEHICLE: 2019
MAKE: VOLVO
MODEL: XC60 T5 Inscription
MILEAGE: 5
FINANCE/LEASE: F
PURCHASE PRICE: 47,900
AMOUNT OF LOAN: 55,000
TERM CONTRACTED: 72
APR/LEASE RATE: 4.99
MONTHLY PAYMENT: 886
ANNUAL INCOME: 120,000
DEBT TO INCOME RATIO: 24%
MISCELLANEOUS COMMENTARY: Buried $3,000 negative equity on 2016 Rogue. Instant approval-all done through NFCU app on iPhone.

[Anonymous]

Recently purchased three vehicles and co-signed for one more within the last two months so this post is going to be a bit lengthy, hahah. I never get stipped for POI and because of my auto history I’m always instant approval so I’m at the dealership maybe 30 minutes. Surprisingly Toyota Financial and Honda Financial let me have a third open auto and then Ally let me have a 4th... 😳

APPROVING BANK: Toyota Financial
BUREAU PULLED: Experian
CREDIT SCORE: 674
SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: KS
NEW/USED: U
YEAR OF VEHICLE: 2015
MAKE: Lexus
MODEL: RC 350 F Sport CPO
MILEAGE: 24,000
FINANCE/LEASE: F
PURCHASE PRICE: $28500
AMOUNT OF LOAN: 31000
TERM CONTRACTED: 72
APR/LEASE RATE: 6.24
MONTHLY PAYMENT: 523
ANNUAL INCOME: 130000

APPROVING BANK: Honda Financial
BUREAU PULLED: Equifax
CREDIT SCORE: 686
SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: KS
NEW/USED: N
YEAR OF VEHICLE: 2019
MAKE: Acura
MODEL: TLX
MILEAGE: 8
FINANCE/LEASE: L
PURCHASE PRICE: $30,095
AMOUNT OF LOAN: 18,000ish?
TERM CONTRACTED: 36
APR/LEASE RATE: 5.19
MONTHLY PAYMENT: 620 (covering up negative equity)
ANNUAL INCOME: 130000

APPROVING BANK: US Bank
BUREAU PULLED: TU
CREDIT SCORE: 690
SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: KS
NEW/USED: U
YEAR OF VEHICLE: 2014
MAKE: Mercedes
MODEL: CLA 250
MILEAGE: 61000
FINANCE/LEASE: F
PURCHASE PRICE: $18250
AMOUNT OF LOAN: $24100 (had to cover up remaining balance on total loss)
TERM CONTRACTED: 72
APR/LEASE RATE: 9.74
MONTHLY PAYMENT: 440
ANNUAL INCOME: 130000

APPROVING BANK: Ally Financial (Co-signer for sister)
BUREAU PULLED: TU
CREDIT SCORE: 695, Sister 602
SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: KS
NEW/USED: U
YEAR OF VEHICLE: 2017
MAKE: Ford
MODEL: Escape
MILEAGE: 62000
FINANCE/LEASE: F
PURCHASE PRICE: $13550
AMOUNT OF LOAN: 15100
TERM CONTRACTED: 72
APR/LEASE RATE: 12.19
MONTHLY PAYMENT: 305
ANNUAL INCOME: 130000

[Anonymous]

APPROVING BANK: Ally Financial (Co-signer for sister)
BUREAU PULLED: TU
CREDIT SCORE: 695, Sister 602
SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: KS
NEW/USED: U
YEAR OF VEHICLE: 2017
MAKE: Ford
MODEL: Escape
MILEAGE: 62000
FINANCE/LEASE: F
PURCHASE PRICE: $13550
AMOUNT OF LOAN: 15100
TERM CONTRACTED: 72
APR/LEASE RATE: 12.19
MONTHLY PAYMENT: 305
ANNUAL INCOME: 130000