Auto Loan Approvals!

[Anonymous]

APPROVING BANK: PNC BANK
BUREAU PULLED: Experian
CREDIT SCORE: 715 FICO 8

SOFT PULL/HARD PULL:  Hard Pull
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: Used
YEAR OF VEHICLE: 2015
MAKE: BMW
MODEL: M4
MILEAGE: 40,000
FINANCE/LEASE: Finance

PURCHASE PRICE: 38,498
AMOUNT OF LOAN: 37000
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 5.64%
MONTHLY PAYMENT: $607
ANNUAL INCOME: 52-55k
DEBT TO INCOME RATIO: 2%
MISCELLANEOUS COMMENTARY: Instant approval online, overnighted the check. Very easy to deal with especially doing this for the 1st  time and not having a dealer or broker do the work.

[acadapter]

Nice! We are looking at the Telluride and the sister, Hyundai Palisade. How are you liking it thus far?

[Anonymous]

Thanks for your input. This isn’t my first BMW, nor is it my 2nd or 3rd. I work in IT and at a car dealership service dept. my income will increase greatly for both of the fields I’m in. My DTI is 2% I can afford it. And also just to put it out there, ANY car from 08-19 will be a lot to maintain period. So there’s no escaping paying to maintain it. I work in service I know.

[Dragen]

Probably not my place to answer for the poster, but just so everyone is clear, this appears to be a Penfed payment saver loan. His/her numbers add up to what you'd pay for a 60k loan at 3.99 %.

---

@MauiMan85297 wrote:

---

@Anonymous wrote:


APPROVING BANK: Penfed credit union
BUREAU PULLED: Equifax
CREDIT SCORE: FICO 735
SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: newy
YEAR OF VEHICLE: 2020
MAKE: BMW
MODEL: M2 Competition
MILEAGE: 9
FINANCE/LEASE: Finance
PURCHASE PRICE: $59445
AMOUNT OF LOAN: $$59,000
TERM CONTRACTED: 60Months
APR/LEASE RATE: 3.99
MONTHLY PAYMENT: $732.58
ANNUAL INCOME: $118,000
DEBT TO INCOME RATIO: 10%

---

Impossible for your payment to be there based on the rate you gave and the terms-something is off.

---

[CreditCuriosity]

I had to remove alot of posts from this post as they weren't adhering to the FSR standards of the forum which can be found here:

http://ficoforums.myfico.com/t5/Credit-Cards/Forum-Etiquette/m-p/2797115

This thread was meant as a data share and not meant to judge people whether you think they made a good or bad decision, etc. If one does choose to say something use some taste on how it is worded.   It is near impossible for the moderators to read every thread as there are only a handful of us.  So please report any inappropriate responses in the future and it will be addressed by someone on our team.  Please keep conversations friendly or one might find them having some free time on their hand with a time-out from the forum.  Thanks for your cooperation.

--CC

myFICO Moderator

[acadapter]

Nice! We are looking at the Telluride and the sister, Hyundai Palisade. How are you liking it thus far?

[Anonymous]

---

@Anonymous wrote:

APPROVING BANK: PNC BANK
BUREAU PULLED: Experian
CREDIT SCORE: 715 FICO 8

SOFT PULL/HARD PULL:  Hard Pull
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: Used
YEAR OF VEHICLE: 2015
MAKE: BMW
MODEL: M4
MILEAGE: 40,000
FINANCE/LEASE: Finance

PURCHASE PRICE: 38,498
AMOUNT OF LOAN: 37000
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 5.64%
MONTHLY PAYMENT: $607
ANNUAL INCOME: 52-55k
DEBT TO INCOME RATIO: 2%
MISCELLANEOUS COMMENTARY: Instant approval online, overnighted the check. Very easy to deal with especially doing this for the 1st  time and not having a dealer or broker do the work.

---

Congrats on the M4, looks like a solid deal and the M4 is a fantastic car.  Great value at under 40K.  Enjoy

[Anonymous]

Thank you! Playing the credit game well does indeed pay off.

Thank god I waited, the other car I was considering had a low retail/trade in value. The one I got was actually 42k in retail value & 39k in trade in value. 

[MauiMan85297]

---

@Dragen wrote:

Probably not my place to answer for the poster, but just so everyone is clear, this appears to be a Penfed payment saver loan. His/her numbers add up to what you'd pay for a 60k loan at 3.99 %.

---

@MauiMan85297 wrote:

---

@Anonymous wrote:


APPROVING BANK: Penfed credit union
BUREAU PULLED: Equifax
CREDIT SCORE: FICO 735
SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: newy
YEAR OF VEHICLE: 2020
MAKE: BMW
MODEL: M2 Competition
MILEAGE: 9
FINANCE/LEASE: Finance
PURCHASE PRICE: $59445
AMOUNT OF LOAN: $$59,000
TERM CONTRACTED: 60Months
APR/LEASE RATE: 3.99
MONTHLY PAYMENT: $732.58
ANNUAL INCOME: $118,000
DEBT TO INCOME RATIO: 10%

---

Impossible for your payment to be there based on the rate you gave and the terms-something is off.

---

---

Still impossible to get to that payment given the information that OP provided, unless there is a huge balloon payment at the end.

[Dirge]

The PenFed payment saver loans do have a balloon payment at the end. https://www.penfed.org/auto/payment-saver