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Auto Loan Approvals!

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herkemeyer
Member

Re: Auto Loan Approvals!

APPROVING BANK: Toyota Finance

CREDIT SCORE: EQ: 657

CUSTOMER STATE OF RESIDENCE: CO

NEW/USED: New

YEAR OF VEHICLE: 2010

MAKE: Toyota

MODEL: Prius

RETAIL/LEASE: Retail

AMOUNT OF LOAN: 31000

TERM CONTRACTED: 60 months

APR/LEASE RATE: 0.9% ($558/MO)

INCOME: $74,000

MISCELLANEOUS COMMENTARY: I can't believe I got this rate.  No down payment. I was also approved by NFCU for $36k, 8.79%. Couldn't be happier!!


Starting Score: 643
Current Score: 657
Goal Score: 700


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Message 561 of 4,736
Cloudlb
Regular Contributor

Re: Auto Loan Approvals!

Hey, guys.  I'm so excited!  After much hard work and stress, my local CU approved me for a car loan at top tier today!  Now all I need is a car . . .   I'll update when I actually get the car. 

 

APPROVING BANK:  GECU
BUREAU PULLED:    Equifax (Auto Enhanced I think)
CREDIT SCORE:      757
CUSTOMER STATE OF RESIDENCE:   TX
NEW/USED:    New
YEAR OF VEHICLE:   2011
MAKE:
MODEL:
MILEAGE:
RETAIL/LEASE:   Retail
AMOUNT OF LOAN:  (up to) $20,000 (they said a little more was not a problem)
TERM CONTRACTED: up to 60
APR/LEASE RATE:   2.99
MONTHLY PAYMENT:
MISCELLANEOUS COMMENTARY:   Planning on $12,500 down; had my eye on Nissan Juke for a long time; may get a Toyota RAV4 instead.  Or even something else (sorry, this is driving me crazy).  
I pulled my own scores today from myFico, and they were EQ 745 and TU 766, so the Auto Enhanced was higher than the regular EQ FICO score.  This up from EQ 700/TU 703 in August 2010! (Income $55,000 annually; one credit card $500 limit which I got in February 2010 and using judiciously and paying off in total immediately; no other debt,  all baddies have fallen off.) The loan officer was very impressed, because I had my scores, my credit report, my proof of income -- all that handy.  So happy!
Message 562 of 4,736
Cloudlb
Regular Contributor

Re: Auto Loan Approvals!

Finally got my car, so I'm revising the above post to show my actual vehicle and terms:

 

APPROVING BANK:  GECU
BUREAU PULLED:    Equifax (Auto Enhanced I think)
CREDIT SCORE:      757
CUSTOMER STATE OF RESIDENCE:   TX
NEW/USED:    New
YEAR OF VEHICLE:   2011
MAKE:  Toyota

MODEL:  RAV4 (V6/base with upgrades)
MILEAGE:  32
RETAIL/LEASE:   Retail
AMOUNT OF LOAN:  Price of car; $26,651; $12,500 down; amount of loan $15,335
TERM CONTRACTED: 48 months
APR/LEASE RATE:   2.99
MONTHLY PAYMENT:  $339
MISCELLANEOUS COMMENTARY:  In the finance office, they offered me a 2.4% rate, but I declined because I was tired, and didn't trust myself to spot any shell games they might play, and because I really wanted to give the business to my local credit union--that's what they're there for!

 

This is a real victory for me.  After a lifetime of crappy credit, I worked very hard to keep everything in line and save for a large downpayment.  All baddies fell off, got a small credit card, used it and paid, it --and look where I am -- 757! Will try to put another $1,000 down at least when I sell my previous car, and pay extra principal monthly (or periodically) in order to pay off quicker.  Debt is slavery!

 

Message 563 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!

 

APPROVING BANK: American Honda Finance
BUREAU PULLED: EQU
CREDIT SCORE: 665
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: NEW
YEAR OF VEHICLE: 2011
MAKE: HONDA
MODEL:  PILOT
MILEAGE: 0018
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: 37901
TERM CONTRACTED: 72
APR/LEASE RATE: 4.99
MONTHLY PAYMENT: 610
MISCELLANEOUS COMMENTARY:  Got offerred 12-13% at every other major dealer, some banks (Chase) as high as 20%.... but AHF had no problem @1.9 for 60 mos or 4.9 for 72 mos.  Couldn't believe we got such a great rate, love the new car

 

Message 564 of 4,736
Gigz
New Member

Re: Auto Loan Approvals!

APPROVING BANK: Navy Federal Credit Union
BUREAU PULLED: Equifax
CREDIT SCORE: 645
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: Used
YEAR OF VEHICLE: 2004
MAKE: Lexus
MODEL:  IS 300
MILEAGE: 92000
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: 11833 ($399 gap + $10500 car + $934.00 dmv fees)
TERM CONTRACTED: 72
APR/LEASE RATE: 9.79
MONTHLY PAYMENT: 243
MISCELLANEOUS COMMENTARY:  My first car purchase. The car I've been wanting for a long time.
Message 565 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!

APPROVING BANK: Hyundai Motor Finance
BUREAU PULLED: Equifax
CREDIT SCORE: 628
CUSTOMER STATE OF RESIDENCE: VA
NEW/USED: New
YEAR OF VEHICLE: 2011
MAKE: Hyundai

MODEL:  Accent
MILEAGE: 34
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN:$8000 ($10,500 car)
TERM CONTRACTED: 60
APR/LEASE RATE: 9.8%
MONTHLY PAYMENT: 169.0
MISCELLANEOUS COMMENTARY:  My first car purchase. So happy!!

Message 566 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!

APPROVING BANK:  BECU (Boeing Employees Credit Union
BUREAU PULLED:    Equifax (according to the dealer)
CREDIT SCORE:      680 according to dealer, 684 according to BECU (auto enhanced?)
CUSTOMER STATE OF RESIDENCE:   WA
NEW/USED:    Used
YEAR OF VEHICLE:   2006
MAKE: Toyota
MODEL: 4Runner
MILEAGE: 67,000
RETAIL/LEASE:   Retail
AMOUNT OF LOAN:  $22,000
TERM CONTRACTED: 72 months
APR/LEASE RATE:   4.78
MONTHLY PAYMENT: $312
MISCELLANEOUS COMMENTARY: I originally applied for the Capital One Blank Check program about 5 months ago, and was approved at 6.7%.  However, I never found a car to my liking before the offer expired.  A few months later, I applied at BECU for a pre-approved used car loan and was denied.  I was hesitant to allow the dealer to pull my credit once I found out they primarily went through BECU, as I didn't want to get denied again only to have it ding my score once more.  However, they assured me that they would have more leverage as they used BECU quite often and developed a good report with them.  It turns out they were right!  My 680 score was right on the border of receiving a higher interest rate, but the owner of the dealership called them personally (in front of me) and convinced them to give me the lower rate.  I wasn't planning on financing for 72 months, but I like having the low payment just in case finances run low.  In the meantime I plan on making double payments to pay it off much sooner. 
Thanks to this thread, I knew what kind of offers I should have expected.  Thanks to everyone who has contributed! 
Message 567 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!

APPROVING BANK: Citizens Auto Finance
BUREAU PULLED: All
CREDIT SCORE: 707
CUSTOMER STATE OF RESIDENCE: Maine
NEW/USED: Used
YEAR OF VEHICLE: 2007
MAKE: Chevrolet
MODEL: Silverado 1500
MILEAGE: 50,506
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $23,587.70
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 5.49
MONTHLY PAYMENT: $451
MISCELLANEOUS COMMENTARY: I wasn't planning on purchasing a new vehicle until this spring 2011.  Unfortunately my fiance's 15 year old Chrysler Concorde bit the dust and she had no other way to get to work. We purchased a house together this past summer 2010 and had just received our first time homebuyer's tax credit so we used that to pay down our credit card debt.  Unfortunately this has not yet been reported to the credit bureaus.  As a result our scores are much lower than they would've been had we waited. So, if we had been able to wait we might have been able to obtain a slightly better interest rate. Still, considering everything I think we did fairly well loan wise. 
Message 568 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!

APPROVING BANK: Toyota Finance
BUREAU PULLED: equifax
CREDIT SCORE: 696
CUSTOMER STATE OF RESIDENCE: Florida
NEW/USED: Used
YEAR OF VEHICLE: 2007
MAKE: toyota
MODEL: Prius
MILEAGE: 73,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 8880.00
TERM CONTRACTED: 60 Mos
APR/LEASE RATE: 4.6%
MONTHLY PAYMENT: $166.00
MISCELLANEOUS COMMENTARY:





Message 569 of 4,736
Anonymous
Not applicable

Re: Auto Loan Approvals!

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APPROVING BANK: BMW Financial

BUREAU PULLED: Transunion (this is what the dealership told me) I also received an alert that Experian was pulled.

CREDIT SCORE: 678 (transunion) this score is 25 points higher than what Myfico gave me, I wonder if was the auto enhanced

CUSTOMER STATE OF RESIDENCE: Kentucky

NEW/USED: Certified Pre-Owned

YEAR OF VEHICLE: 2008

MAKE: BMW

MODEL: 328i

MILEAGE: 20,205

RETAIL/LEASE: Retail

AMOUNT OF LOAN: 20,000-ish, I don’t have the exact number in front of me.

TERM CONTRACTED: 60 Months

APR/LEASE RATE: 2.9

MONTHLY PAYMENT: $366

MISCELLANEOUS COMMENTARY:

Message 570 of 4,736
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