Auto Loan Approvals!

[Schoolbuskid]

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@elzgarland wrote:

Just a word of advice, when you refinance you are owed a refund on your GAP insurance. Go back to the dealership and pursue it, if not that is just money lost!

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Are you sure?

 What about the extended warranty that was purchased? Can that be transferred, when we refinance?

Is this a law for North Carolina?

[elzgarland]

I live in South Carolina and the GAP insurance is not transferable, I am not sure about the extended warranty. I'm sure the dealership could answer those questions for you. I refinanced my car after 6 months and got $500 back from the GAP insurance. Definitely something to check in to.

[Kayo]

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@casmith1980 wrote:

YEAR OF VEHICLE: 2011

MAKE: Nissan

MODEL: Murano LE AWD
AMOUNT OF LOAN: 49,000
TERM CONTRACTED: 72MOS
APR/LEASE RATE: 1.9%
MONTHLY PAYMENT: $731

ANNUAL INCOME: $76500
MISCELLANEOUS COMMENTARY: I traded in my 2008 Maxima and was able to get my payment the same.  The best part of the experience is realizing that my credit is finally good enough for good financing rates   I finally feel like a big girl having my car loan in my name (not my husbands) LOL  (And the dealership we went to was AMAZING.  Second time we've purchased from them)

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$50,000 for a Nissan Murano!? That is insane...

[casmith1980]

Hence the statement of trading in my maxima. I had to roll in negative equity.

Edit: I also opted for GAP insurance, extended warranty and the tire/wheel warranty.

[Kayo]

That car was worth, at best, $37K (assuming fully loaded ) the day you bought it. Thats almost $12,000 of negative equity in that loan. You NEED gap and an extended warranty because you might very well be upsidedown in that car for 6 years of the loan unless you plan on rolling that negative equity into yet another loan.

You feel like nothing has changed because your payment is the same. The reality is that you're paying for 2 cars and you don't own one of them. I hate to be cruel, but the sheer idea of that notion is insane.

But hey, if you love the car, drive it in health and enjoy...

[casmith1980]

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@Kayo wrote:

That car was worth, at best, $37K (assuming fully loaded )  yes, the vehicle is fully loaded the day you bought it  yes, i understand depriciation, etc.. Thats almost $12,000 of negative equity in that loan  the negative equity you assume includes GAP, extended warranties, etc. You NEED gap and an extended warranty because you might very well be upsidedown in that car for 6 years of the loan unless you plan on rolling that negative equity into yet another loan. 

You feel like nothing has changed because your payment is the same. The reality is that you're paying for 2 cars and you don't own one of them. I hate to be cruel, but the sheer idea of that notion is insane.  

But hey, if you love the car, drive it in health and enjoy...

These posts will most likely be deleted, so I may as well speak my piece.  I personally don't understand how my car buying habits are even your concern.  The point of this topic is for people to list their loan approvals as a celebration.  It was an exciting event for me to be approved for a car loan after the mess I crawled out of.  So, follow the rule most of our mothers taught us at a very young age "if you don't have anything nice to say, don't say anything at all".

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[Booner72]

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@casmith1980 wrote:

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@Kayo wrote:

That car was worth, at best, $37K (assuming fully loaded )  yes, the vehicle is fully loaded the day you bought it  yes, i understand depriciation, etc.. Thats almost $12,000 of negative equity in that loan  the negative equity you assume includes GAP, extended warranties, etc. You NEED gap and an extended warranty because you might very well be upsidedown in that car for 6 years of the loan unless you plan on rolling that negative equity into yet another loan. 

You feel like nothing has changed because your payment is the same. The reality is that you're paying for 2 cars and you don't own one of them. I hate to be cruel, but the sheer idea of that notion is insane.  

But hey, if you love the car, drive it in health and enjoy...

These posts will most likely be deleted, so I may as well speak my piece.  I personally don't understand how my car buying habits are even your concern.  The point of this topic is for people to list their loan approvals as a celebration.  It was an exciting event for me to be approved for a car loan after the mess I crawled out of.  So, follow the rule most of our mothers taught us at a very young age "if you don't have anything nice to say, don't say anything at all".

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Casmith:  I'd be pretty peeved if somebody said crap to me about my new car, too.   Just let it roll off your back.

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[MarineVietVet]

Everyone has had their say. Time to move on to the next topic.

[nbarb001]

APPROVING BANK: USAA

 BUREAU PULLED: No Idea

 CREDIT SCORE: EX:705, EQ:700: TR:705

CUSTOMER STATE OF RESIDENCE:

 Florida NEW/USED: Used

YEAR OF VEHICLE: 2008

 MAKE: Honda

 MODEL: Civic

 MILEAGE: 40000

RETAIL/LEASE: Retail

AMOUNT OF LOAN: 15,000

TERM CONTRACTED: 46 Months

APR/LEASE RATE: 4.25

 MONTHLY PAYMENT: 353

 ANNUAL INCOME: 36,000

 MISCELLANEOUS COMMENTARY: Carried over 3k from pervious car (07 mustang, what a gas hog). I work at Carmax so I was able to get this car for 11k with the employee discount. Plan on paying it off sooner than 46 months. This is my 3rd auto loan with usaa (Im only 22

[gotdebt]

APPROVING BANK: Pentagon Federal Credit Union
BUREAU PULLED: EQ 
CREDIT SCORE: EQ 726 (after they pulled my credit)
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: New
YEAR OF VEHICLE: 2011

MAKE: Chevy

MODEL: 4x4 Suburban LTZ
MILEAGE: new
RETAIL/LEASE: retail
AMOUNT OF LOAN: 54,000
TERM CONTRACTED: 60
APR/LEASE RATE: 2.49%
MONTHLY PAYMENT:

ANNUAL INCOME: 
MISCELLANEOUS COMMENTARY:  I've been with PenFed for four years, but have never applied for loan products with them.  I'm self-employed and expected to have to supply full documentation of 2 years of tax returns and year-to-date info in order to get a loan.  But, they instantly approved me for $50k online.  It's their max limit for pre-approval, but I called them up immediately to asked them to raise it up to $55k, and they sent request to the underwriters.  When I looked at my application status online later that day, they had already increased it to the $55k.  They didn't require a downpayment, but I went ahead and paid for TTL and the $1500 that I was underwater in my trade-in.