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Auto Loan Approvals!

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Regular Contributor

Re: Auto Loan Approvals!


@FMC wrote:

@TC1212 wrote:

APPROVING BANK: NAVY
BUREAU PULLED: EQUIFAX
CREDIT SCORE: 565 (Vantage, not FICO)

SOFT PULL/HARD PULL: HARD
CUSTOMER STATE OF RESIDENCE: NC
NEW/USED: New
YEAR OF VEHICLE: 2020
MAKE: Tesla
MODEL: Y
MILEAGE:
FINANCE/LEASE: Finance

PURCHASE PRICE: $59,143
AMOUNT OF LOAN: $47,000
TERM CONTRACTED: 72 months
APR/LEASE RATE: 2.29 new
MONTHLY PAYMENT: $766 (if i finance the full amount, including $4/month for GAP insurance) 
ANNUAL INCOME: $101k
DEBT TO INCOME RATIO: 5.7%
MISCELLANEOUS COMMENTARY:  Requested $47.5k - they countered with $52,250


2.29 on a 565 Vantage? Impressive. How?


I was wondering the same thing.

Message 4291 of 4,323
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New Visitor

Re: Auto Loan Approvals!

Still in shock that Navy approved me for the terms they did. I have been working so diligently on getting my credit where it is now, started the year with mid 500's and now high 600's across all  3 bureaus. I have had Navy for about 5 years but only recently active with my accounts last 3 months. 

 

 

 

APPROVING BANK: NFCU
BUREAU PULLED: Equifax
CREDIT SCORE: 693

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: New
YEAR OF VEHICLE: 2020
MAKE: Tesla
MODEL: Model Y
MILEAGE: 0
FINANCE/LEASE: Finance

PURCHASE PRICE: 61,000
AMOUNT OF LOAN: $55,000 (approved for 60,500)
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 2.29%
MONTHLY PAYMENT: $818
ANNUAL INCOME: 147,000
DEBT TO INCOME RATIO: 25%
MISCELLANEOUS COMMENTARY:

 

Message 4292 of 4,323
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Community Leader
Super Contributor

Re: Auto Loan Approvals!


@Gladius wrote:

@FMC wrote:

@TC1212 wrote:

APPROVING BANK: NAVY
BUREAU PULLED: EQUIFAX
CREDIT SCORE: 565 (Vantage, not FICO)

SOFT PULL/HARD PULL: HARD
CUSTOMER STATE OF RESIDENCE: NC
NEW/USED: New
YEAR OF VEHICLE: 2020
MAKE: Tesla
MODEL: Y
MILEAGE:
FINANCE/LEASE: Finance

PURCHASE PRICE: $59,143
AMOUNT OF LOAN: $47,000
TERM CONTRACTED: 72 months
APR/LEASE RATE: 2.29 new
MONTHLY PAYMENT: $766 (if i finance the full amount, including $4/month for GAP insurance) 
ANNUAL INCOME: $101k
DEBT TO INCOME RATIO: 5.7%
MISCELLANEOUS COMMENTARY:  Requested $47.5k - they countered with $52,250


2.29 on a 565 Vantage? Impressive. How?


I was wondering the same thing.


Vantage has to be much lower than their FICO 9. I was just approved with a 680 EQ9 for $49.5k at 3.99% for 72 mos. My DTI was about 0.003% when I applied with 70k salary.

 

@TC1212 navy provides your EQ9, what is it, if you don't mind?







Message 4293 of 4,323
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Member

Re: Auto Loan Approvals!

@Brian_Earl_Spilner 

 

I don't remember seeing the FICO 9, but I believe the internal score was around 305. This is Equifax FICO8.  I think the actual interest rate is 2.04 not 2.29.  Although I know each bureau rates a little different, my 3 credit reports are pretty identical so I can't imagine the score is dramatically different.

377A8CD1-DC73-4B0E-A413-DCA4866F341E.jpeg

 

Message 4294 of 4,323
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Frequent Contributor

Re: Auto Loan Approvals!


@TC1212 wrote:

@Brian_Earl_Spilner 

 

I don't remember seeing the FICO 9, but I believe the internal score was around 305. This is Equifax FICO8.  I think the actual interest rate is 2.04 not 2.29.  Although I know each bureau rates a little different, my 3 credit reports are pretty identical so I can't imagine the score is dramatically different.

377A8CD1-DC73-4B0E-A413-DCA4866F341E.jpeg

 


I only thought 305 could be an area code and not an actual credit score?

Message 4295 of 4,323
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Member

Re: Auto Loan Approvals!

@FMC  It's Navy's internal score, not a credit score.

Message 4296 of 4,323
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Community Leader
Super Contributor

Re: Auto Loan Approvals!


@TC1212 wrote:

@Brian_Earl_Spilner 

 

I don't remember seeing the FICO 9, but I believe the internal score was around 305. This is Equifax FICO8.  I think the actual interest rate is 2.04 not 2.29.  Although I know each bureau rates a little different, my 3 credit reports are pretty identical so I can't imagine the score is dramatically different.

377A8CD1-DC73-4B0E-A413-DCA4866F341E.jpeg

 


In the app

Screenshot_20200711-133510.jpg

 







Message 4297 of 4,323
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Member

Re: Auto Loan Approvals!

@Brian_Earl_Spilner  Navy said I only get free FICO score if I have a credit card or a loan. Once The old credit card that I had was paid off in May that was removed. We were told that once the auto loan posts it will show back up

DB87C44E-6FBB-49C3-B2B7-56A7E9378ED8.jpeg

 

Message 4298 of 4,323
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Community Leader
Super Contributor

Re: Auto Loan Approvals!

Ahhhh, gotcha







Message 4299 of 4,323
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Community Leader
Super Contributor

Re: Auto Loan Approvals!

APPROVING BANK: Lexus Financial Services
BUREAU PULLED: EX
CREDIT SCORE: 683 (EQ8 auto)

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: Used
YEAR OF VEHICLE: 2017
MAKE: Lexus
MODEL: GS350 F sport
MILEAGE: 25,205
FINANCE/LEASE: Finance

PURCHASE PRICE: $46,322.47
AMOUNT OF LOAN: $42,822.47
TERM CONTRACTED: 75 mos
APR/LEASE RATE: 4.99%
MONTHLY PAYMENT: $710
ANNUAL INCOME: $70k
DEBT TO INCOME RATIO: 0.01%
MISCELLANEOUS COMMENTARY: actual monthly was $649 but I added GAP and extended warranty







Message 4300 of 4,323
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