Auto Loan Approvals!

[Anonymous]

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@Gladius wrote:

Nice BMW!

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Thanks and she GOES!

[Loquat]

@Anonymous Ooooo that's pretty.  Very nice and congrats on getting the car you wanted.  Continue to work on your scores and see if you can get Navy, PenFed, or DCU to beat that 7.89%.   Congrats again and enjoy that nice ride!

[Anonymous]

APPROVING BANK: Pen Fed
BUREAU PULLED: Equifax
CREDIT SCORE: 640

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: OH
NEW/USED: USED
YEAR OF VEHICLE:2016
MAKE:Ford 
MODEL:Fusion Energi
MILEAGE: 65699
FINANCE/LEASE:Finance 

PURCHASE PRICE: 12000
AMOUNT OF LOAN: 13200
TERM CONTRACTED: 60
APR/LEASE RATE: 5.50
MONTHLY PAYMENT:253
ANNUAL INCOME: 107000
DEBT TO INCOME RATIO:  38%
MISCELLANEOUS COMMENTARY:

BK7 was discharged in December 2020. Pulled an FMCC lease through. Recently bought a 21 Pacifica Hybrid so this is a second car (for 16 year old). I'm totally shocked Pen Fed approved with the recent BK

[Anonymous]

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@Loquat wrote:

@Anonymous Ooooo that's pretty.  Very nice and congrats on getting the car you wanted.  Continue to work on your scores and see if you can get Navy, PenFed, or DCU to beat that 7.89%.   Congrats again and enjoy that nice ride!

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Thanks it was love at first sight, that interior gave me butterflies. I was contemplating refinancing before my 1st payment but I will wait 90days and see will Navy open the doors for me.

[Anonymous]

This was back in January, but thought I'd add my datapoint:

APPROVING BANK: NFCU
BUREAU PULLED: Equifax
CREDIT SCORE: 820

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: OH
NEW/USED: Used
YEAR OF VEHICLE: 2016
MAKE: Audi
MODEL: A8L 4.0 T Sport
MILEAGE: 71000
FINANCE/LEASE: Finance

PURCHASE PRICE: 32500
AMOUNT OF LOAN: 32500
TERM CONTRACTED: 60 months
APR/LEASE RATE: 4.79%
MONTHLY PAYMENT: 636
ANNUAL INCOME: 130k (me) HHI - $182k
DEBT TO INCOME RATIO: 0% (Mortgage was about $7k left in Jan, have paid house off since)
MISCELLANEOUS COMMENTARY: I'm convinced the slightly higher than normal rate (been with NFCU for years and done several loans) was due to having 7 hard inquires since Jan 2020.  We are 100% debt free except for this loan, and pay the credit cards down to 0 every Friday.  Somewhat annoyed as they said the "best" rate I could get was 3.79, and I got a point higher.  Those inquiries really hurt me I guess.

Why so many inquiries?  We decided to get all the 5% cards last year - Target, Wal-Mart, USBANK, Chase Amazon/Flex, and the AOD card @ 3%.  It was all worth it in the long run - deciding now if I want to pay this loan off in 5 months or let it run for a while.

[Anonymous]

APPROVING BANK: NFCU
BUREAU PULLED: Equifax
CREDIT SCORE: 820

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: OH
NEW/USED: Used
YEAR OF VEHICLE: 2016
MAKE: Audi
MODEL: A8L 4.0 T Sport
MILEAGE: 71000
FINANCE/LEASE: Finance

PURCHASE PRICE: 32500
AMOUNT OF LOAN: 32500
TERM CONTRACTED: 60 months
APR/LEASE RATE: 4.79%
MONTHLY PAYMENT: 636
ANNUAL INCOME: 130k (me) HHI - $182k
DEBT TO INCOME RATIO: 0% (Mortgage was about $7k left in Jan, have paid house off since)
MISCELLANEOUS COMMENTARY: I'm convinced the slightly higher than normal rate (been with NFCU for years and done several loans) was due to having 7 hard inquires since Jan 2020.  We are 100% debt free except for this loan, and pay the credit cards down to 0 every Friday.  Somewhat annoyed as they said the "best" rate I could get was 3.79, and I got a point higher.  Those inquiries really hurt me I guess.

Why so many inquiries?  We decided to get all the 5% cards last year - Target, Wal-Mart, USBANK, Chase Amazon/Flex, and the AOD card @ 3%.  It was all worth it in the long run - deciding now if I want to pay this loan off in 5 months or let it run for a while.

[Anonymous]

(Trying to figure out how to reply AND quote the original).

[Anonymous]

Nesch18

Member

‎01-11-2021 03:08 PM

Re: Auto Loan Approvals!

APPROVING BANK: Ferrari Financial Services

BUREAU PULLED: All 3

CREDIT SCORE: EX 809 EQ 798 TU 819

CUSTOMER STATE OF RESIDENCE: DE

NEW/USED: Used CPO

YEAR OF VEHICLE: 2013

MAKE: Ferrari

MODEL: 458 Spider

MILEAGE: 4700

FINANCE/LEASE: Finance

PURCHASE PRICE: $220,000

AMOUNT OF LOAN: $140,003

TERM CONTRACTED: 84

APR/LEASE RATE: 4.24%

MONTHLY PAYMENT: $1929

ANNUAL INCOME: $140,000

DEBT TO INCOME RATIO: 12%

MISCELLANEOUS COMMENTARY: Out the door price was $234,947 with tax and a 2 year warranty. Got also approved by my CU but Ferrari Financial Services does not report to the credit bureaus. Could be helpful when refinancing our house.

Wow, this is the first one I've seen with a vehicle loan that matches the annual salary (140k/140k).  And here I felt guilty about getting a 32k loan making $130k.

[Anonymous]

APPROVING BANK: Ferrari Financial Services

BUREAU PULLED: All 3

CREDIT SCORE: EX 809 EQ 798 TU 819

CUSTOMER STATE OF RESIDENCE: DE

NEW/USED: Used CPO

YEAR OF VEHICLE: 2013

MAKE: Ferrari

MODEL: 458 Spider

MILEAGE: 4700

FINANCE/LEASE: Finance

PURCHASE PRICE: $220,000

AMOUNT OF LOAN: $140,003

TERM CONTRACTED: 84

APR/LEASE RATE: 4.24%

MONTHLY PAYMENT: $1929

ANNUAL INCOME: $140,000

DEBT TO INCOME RATIO: 12%

MISCELLANEOUS COMMENTARY: Out the door price was $234,947 with tax and a 2 year warranty. Got also approved by my CU but Ferrari Financial Services does not report to the credit bureaus. Could be helpful when refinancing our house.

[Mr_Mojo_Risin]

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@Amex_or_bust wrote:

APPROVING BANK: PenFed

BUREAU PULLED: EQ - Not sure what model as my score doesn't match myfico
CREDIT SCORE: 655

SOFT PULL/HARD PULL: Hard Pull (they pulled twice)
CUSTOMER STATE OF RESIDENCE: OR
NEW/USED: New
YEAR OF VEHICLE: 2021
MAKE: Subaru
MODEL: Forester Sport
MILEAGE: 23
FINANCE/LEASE: Finance

PURCHASE PRICE: 32,899
AMOUNT OF LOAN: 30,899
TERM CONTRACTED: 60 months
APR/LEASE RATE: 4.69%
MONTHLY PAYMENT: 584
ANNUAL INCOME: 57000
DEBT TO INCOME RATIO: 24%
MISCELLANEOUS COMMENTARY:

 Also approved by Capital One with a rate over 6% at 72 months. This my first new car loan. 

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Very nice! Congratulations on your 1st car loan!

[Mr_Mojo_Risin]

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@xcv wrote:

APPROVING BANK: Toyota Financial Services

BUREAU PULLED: EQ, EX and TU

CREDIT SCORE: 612 EQ / 590 TU

SOFT PULL / HARD PULL: HP

CUSTOMER STATE OR RESIDENCE: GA

NEW/USED: New

YEAR OF VEHICLE: 2021

MAKE: Toyota

MODEL: Supra

MILEAGE: 2

FINANCE/LEASE: Finance

PURCHASE PRICE: $53,000 (Including TTL)

AMOUNT OF LOAN: $46,000

TERM CONTRACTED: 72 months

APR/LEASE RATE: 4.45%

ANNUAL INCOME: 82k

DEBT TO INCOME RATIO: 15%

MISCELLANEOUS COMMENTARY:

I initially was approved by Capital One, the dealer just matched their offer making it better with Toyota's down payment incentive if you finance with them. I also was approved by PenFed at 5.7%. I have 2 charge-offs, one collection and a ton of late payments (like 60-120+ day ones) from 2017. Zero blemishes from January 2020 forward. All charge-offs were paid off in full and the collection was removed from all credit reports except for Equifax which I somehow missed. I do have one (joint) auto loan from 2016 on it with a flawless record. This is my first new car loan. I'll probably refinance in 6-12 months for a lower APR and a 4 year term instead of 6.

I was also denied by Alliant, BofA, DCU, and 2 local CUs. So I think I got lucky. Haha.

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Congratulations on your approval! 

Enjoy that new ride!

[Mr_Mojo_Risin]

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@CaptRon wrote:

APPROVING BANK: Cap1
BUREAU PULLED:  all 3
CREDIT SCORE:  

EQ8: 673, EQM5: 658, EQ9: 662

TU8: 648, TU9: 672

EX8: 673, EX9: 695

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE:  TN
NEW/USED:  Used
YEAR OF VEHICLE:  2015
MAKE: 2015
MODEL:  Ford F-250 Lariat
MILEAGE:  80k
FINANCE/LEASE:  Finance

PURCHASE PRICE: $32,245
AMOUNT OF LOAN:  $33,145
TERM CONTRACTED: 72 months 
APR/LEASE RATE:  6.75
MONTHLY PAYMENT: $585
ANNUAL INCOME:  $72,000
DEBT TO INCOME RATIO: 22%
MISCELLANEOUS COMMENTARY:  

last 2 days and nights on the road covering 600 miles shopping a used truck and haggling trying to get the most out of my trade in. It would take all day to cover the details. To sum it up, my best online or in person offer on my 2015 Ford F-150 XLT, with 125k miles was $17,500 from CarMax until the Ford dealer I wound up trading and buying from called me 2 hours after I'd walk away in negotiations and met my demands, (yep turned around and drove 2 hours back). Truck I bought; 2015 Ford F-250 Lariat was listed at $34,979. 
They originally offered $17,500 (my payoff was $19,860 on my trade and $34k for new truck. Closed the deal with trade valued at $18,500 and truck for $32,250.

financing was a nightmare! Scores were

EQ8: 673, EQM5: 658, EQ9: 662

TU8: 648, TU9: 672

EX8: 673, EX9: 695

apps to:

DCU: approved, sent 2 years taxes & 2 paystubs, still in review

NFCU: instant approval $34k ask 12%
reconned Toni avail, leaving check at branch

PenFed: denied past BK7, 4/17/2015

Redstone: still in review 

Capital1 Auto: approved 6.74% 

BBVA COMPASS: approved 9%
Andrews: denied previous BK

BECU: denied too many recent inquiries and accounts

I accepted the Cap1 for now, I did let the dealer shotgun apps hoping to beat Cap1 but no such luck, he said if I was local to Texas he thought he could do better with local CU's

 I'll try again in 6 months to a year.

all in all pleased with the deal as with the $1,300 negative equity trade and the state tax break on tax title of $1,400 along with price negotiated down $1,700, hope I'm still driving this truck 10 years down the road.

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You had a lot of time and mileage invested in this. Lol 

Congratulations Capt, enjoy your new ride!