Auto Loan Approvals

[southernblueeyes]

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@southernblueeyes wrote:

APPROVING BANK: Acura Financial
BUREAU PULLED: Equifax
CREDIT SCORE: 737

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: North Carolina
NEW/USED: New
YEAR OF VEHICLE: 2025
MAKE: Acura
MODEL: TLX Type S
MILEAGE: 7
FINANCE/LEASE: Finance

PURCHASE PRICE: $75,075
AMOUNT OF LOAN: $75,075
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 7.99%
MONTHLY PAYMENT: $1,314
ANNUAL INCOME: $80,000
DEBT TO INCOME RATIO: 30%
MISCELLANEOUS COMMENTARY: Planning on refinancing with NFCU. 

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Refinanced with NFCU at 4.79% 

Monthly payment for 72 months $1138

[dfwxjer]

APPROVING BANK: BMW FS
BUREAU PULLED: Experian
CREDIT SCORE: 794

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Texas
NEW/USED: Used
YEAR OF VEHICLE: 2021
MAKE: BMW
MODEL: 330e
MILEAGE: 30k
FINANCE/LEASE: Finance

PURCHASE PRICE: $32k 
AMOUNT OF LOAN: $17546
TERM CONTRACTED: 36month
APR/LEASE RATE: 3.99
MONTHLY PAYMENT: $552
ANNUAL INCOME: $260k
DEBT TO INCOME RATIO: with mortgage and this car 18%
MISCELLANEOUS COMMENTARY: very easy process and happy with the car

[dfwxjer]

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@southernblueeyes wrote:

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@southernblueeyes wrote:

APPROVING BANK: Acura Financial
BUREAU PULLED: Equifax
CREDIT SCORE: 737

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: North Carolina
NEW/USED: New
YEAR OF VEHICLE: 2025
MAKE: Acura
MODEL: TLX Type S
MILEAGE: 7
FINANCE/LEASE: Finance

PURCHASE PRICE: $75,075
AMOUNT OF LOAN: $75,075
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 7.99%
MONTHLY PAYMENT: $1,314
ANNUAL INCOME: $80,000
DEBT TO INCOME RATIO: 30%
MISCELLANEOUS COMMENTARY: Planning on refinancing with NFCU. 

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Refinanced with NFCU at 4.79% 

Monthly payment for 72 months $1138

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The bank wasn't spooked at the finance amount vs the annual income? Do you have a history of large auto payments? That payment is a doozy. 

[LivingOnCredit]

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@dfwxjer wrote:

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@southernblueeyes wrote:

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@southernblueeyes wrote:

APPROVING BANK: Acura Financial
BUREAU PULLED: Equifax
CREDIT SCORE: 737

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: North Carolina
NEW/USED: New
YEAR OF VEHICLE: 2025
MAKE: Acura
MODEL: TLX Type S
MILEAGE: 7
FINANCE/LEASE: Finance

PURCHASE PRICE: $75,075
AMOUNT OF LOAN: $75,075
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 7.99%
MONTHLY PAYMENT: $1,314
ANNUAL INCOME: $80,000
DEBT TO INCOME RATIO: 30%
MISCELLANEOUS COMMENTARY: Planning on refinancing with NFCU. 

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Refinanced with NFCU at 4.79% 

Monthly payment for 72 months $1138

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The bank wasn't spooked at the finance amount vs the annual income? Do you have a history of large auto payments? That payment is a doozy. 

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Not OP, but on that subject. Never had an auto loan higher than 35k. Last year got a 2018 Nissan GT-R Nismo. Purchase price was around $175k. I put down 35k.

Bank of America picked it up at 8% over 72 months $2450/month

6 months later refinanced with NavyFed at like 5% with 20k more down. I think the payment is now like $1600

Annual income is around $500k in a lower cost of living area, no debt other than mortgage on a modest house and that is on a 15yr mortage at 2.25%

[dfwxjer]

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@LivingOnCredit wrote:

Not OP, but on that subject. Never had an auto loan higher than 35k. Last year got a 2018 Nissan GT-R Nismo. Purchase price was around $175k. I put down 35k.

Bank of America picked it up at 8% over 72 months $2450/month

6 months later refinanced with NavyFed at like 5% with 20k more down. I think the payment is now like $1600

Annual income is around $500k in a lower cost of living area, no debt other than mortgage on a modest house and that is on a 15yr mortage at 2.25%

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~$140k loan against $500k in income is a whole lot easier for a bank to stomach. Especially on a niche vehicle. 

$75k against $80k income on a car that's maybe worth $45k is wild to me. I'm not even sure how a new TLX got driven up to $75k unless there's significant negative equity which would be on brand for that type of deal. 

[jeffm4688]

APPROVING BANK: Upstart REFI
BUREAU PULLED: Transunion
CREDIT SCORE: 751

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: Used
YEAR OF VEHICLE: 2022
MAKE: Ford
MODEL: F250 Latiat
MILEAGE: 65k
FINANCE/LEASE: Finance

PURCHASE PRICE: $61000~ a month ago 
AMOUNT OF LOAN: $57700
TERM CONTRACTED: 78
APR/LEASE RATE: 7.78
MONTHLY PAYMENT: $945
ANNUAL INCOME: $130k
DEBT TO INCOME RATIO: 19% including this payment
MISCELLANEOUS COMMENTARY: second refi through upstart.

[sccredit]

APPROVING BANK: Altura Credit Union
BUREAU PULLED: EX
CREDIT SCORE: 761

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: Used
YEAR OF VEHICLE: 2021
MAKE: Jeep
MODEL: Cherokee
MILEAGE: 45k
FINANCE/LEASE: Finance

PURCHASE PRICE: $20k
AMOUNT OF LOAN: $18k
TERM CONTRACTED: 60 Mos
APR/LEASE RATE: 6.44
MONTHLY PAYMENT: $351
ANNUAL INCOME: $190k
DEBT TO INCOME RATIO: 26%
MISCELLANEOUS COMMENTARY: Needed to offload a problematic Tesla, dealer paid the highest and I put enough down to cover the negative equity (roughly $10k) and a little more. Wanted to buy a new truck but couldn't bring myself to sped the money for a new one. Will eventually hand this to my 16 year old and get a truck, just too cheap to do it right now lol

[Spotsy]

APPROVING BANK: Navy Federal
BUREAU PULLED: EQ
CREDIT SCORE: 821

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: New
YEAR OF VEHICLE: 2025
MAKE: Chevrolet
MODEL: Tahoe
MILEAGE: 3
FINANCE/LEASE: Finance

PURCHASE PRICE: $89k
AMOUNT OF LOAN: $54k
TERM CONTRACTED: 36 Mos
APR/LEASE RATE: 4.09
MONTHLY PAYMENT: $1628
ANNUAL INCOME: Enough
DEBT TO INCOME RATIO: 3%
MISCELLANEOUS COMMENTARY: They seemed to have the best rate. Dealer wanted me to use C1....but their rate was 7.75?!  Insanity. 

[FLLGuy]

APPROVING BANK: Hyundai Motor Finance
BUREAU PULLED: EQ
CREDIT SCORE: 737 (Auto 8) Tier 1 

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: Florida
NEW/USED: New
YEAR OF VEHICLE: 2026
MAKE: Hyundai
MODEL: Ioniq 9 (SEL Trim)
MILEAGE: 89
FINANCE/LEASE: LEASE

QUOTED MSRP: $68,600
SELLING PRICE: $65,170

INCENTIVES: $13,000 (includes $7500 tax credit)
RESIDUAL VALUE: $40,474

RESIDUAL: 59%
CAP COST: $55,753
TERM CONTRACTED: 36 Months / 12,000 Miles
APR/LEASE RATE: 5.80 = MF 0.00244 (not great but incentives helped)
MONTHLY PAYMENT: $705
ANNUAL INCOME: $165,000
DEBT TO INCOME RATIO: ?
MISCELLANEOUS COMMENTARY: Sold both my 2022 Ford Explorer ST AWD (CPO) and 2020 Hyundai Palisade Limited.  Finally caved to full EV and leased instead of buying because prices are insane these days.  I'm actually really enjoying the EV and ioniq 9 is a smooth ride plus with all the incentives it was hard to ignore.  I am now an EV fan, after test driving EVs from Cadillac, BMW, Kia, the Ioniq 9 felt the best for us. The new Nissan Pathfinder 2025 Platinum 4WD with 0% for 60 was a close 2nd to finance/purchase but ----the EV was it. 

[CreditAggie]

APPROVING BANK: Navy Federal Credit Union
BUREAU PULLED: TU
CREDIT SCORE: 751

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: New Mexico
NEW/USED: New
YEAR OF VEHICLE: 2025
MAKE: Ford
MODEL: Maverick XLT
MILEAGE: 33
FINANCE/LEASE: Finance

PURCHASE PRICE: $39,418.39 (includes tax, title, registration, and warranty)
AMOUNT OF LOAN: $18,668.39 (made a $20K down payment + trade-in)
TERM CONTRACTED: 48 months
APR/LEASE RATE: 5.79%
MONTHLY PAYMENT: $436.90
ANNUAL INCOME: $46,000
DEBT TO INCOME RATIO: Unknown but it is super low since all CCs are PIF and am not responsible for housing.
MISCELLANEOUS COMMENTARY: Super easy pre-approval process with no POI. The dealer offered to see if they could approve 5.69% based on credit score but I decided to stick with Navy and save the extra HP(s).