Auto Loan Approvals

[Rogue46]

APPROVING BANK: Five star bank
BUREAU PULLED: EQUIFAX
CREDIT SCORE: 784

SOFT PULL/HARD PULL: HARD PULL
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: USED

YEAR OF VEHICLE: 2022
MAKE: VOLKSWAGEN 
MODEL: TIQUAN SE-R LINE BLACK
MILEAGE: 7800
FINANCE/LEASE: FINANCE

PURCHASE PRICE: $36,000
AMOUNT OF LOAN: $41,000
TERM CONTRACTED: 84 MONS

APR/LEASE RATE: 6.9% APR
MONTHLY PAYMENT: $645.21
ANNUAL INCOME: $181,000
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY: 

[fury1995]

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@Rogue46 wrote:

APPROVING BANK: Five star bank
BUREAU PULLED: EQUIFAX
CREDIT SCORE: 784

SOFT PULL/HARD PULL: HARD PULL
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: USED

YEAR OF VEHICLE: 2022
MAKE: VOLKSWAGEN 
MODEL: TIQUAN SE-R LINE BLACK
MILEAGE: 7800
FINANCE/LEASE: FINANCE

PURCHASE PRICE: $36,000
AMOUNT OF LOAN: $41,000
TERM CONTRACTED: 84 MONS

APR/LEASE RATE: 6.9% APR
MONTHLY PAYMENT: $645.21
ANNUAL INCOME: $181,000
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY: 

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Nice job @Rogue46 !

6.9% is typically a good 72 month approval, awesome for 84 months!

[irunfromcredit]

It's been ages since I've posted in the forum, maybe 5-6 years!  Anyhow, I found myself in a pickle this past summer when my 10 year old car was totaled.  So it was time to purchase a new car. It had been over 10 years since I stepped into a car dealership. Anyhow, was approved for a loan with NFCU and came home with a 2023 Subaru Forester. Lol

APPROVING BANK: NFCU
BUREAU PULLED: TU
CREDIT SCORE: 779

SOFT PULL/HARD PULL: hard pull 
CUSTOMER STATE OF RESIDENCE: IL
NEW/USED: new
YEAR OF VEHICLE: 2023
MAKE: Subaru 
MODEL: Forester 
MILEAGE: 9
FINANCE/LEASE: finance 

PURCHASE PRICE: $39500 (price also includes extended warranty)
AMOUNT OF LOAN: $35000
TERM CONTRACTED: 72 months
APR/LEASE RATE: 5.04% 
MONTHLY PAYMENT: $566
ANNUAL INCOME: $110K
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY: hoping to pay this off in 3-4 years. Went with the longer term to give myself some cushion

Thanks for letting me share!

[willwar14]

I had $32k cash exempt in the Bk, then when I filed I had no overhead money going out so it's money I saved up.

[Vandervecken]

APPROVING BANK: ARVest Bank
BUREAU PULLED: TransUnion
CREDIT SCORE: 700
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Arkansas
NEW/USED: Used
YEAR OF VEHICLE: 2022
MAKE: Toyota
MODEL: RAV4
MILEAGE: 3,210
FINANCE/LEASE: Finance
PURCHASE PRICE: 37500 (includes CNA service contract)
AMOUNT OF LOAN: 37500
TERM CONTRACTED: 72
APR/LEASE RATE: 8.5%
MONTHLY PAYMENT: $680
ANNUAL INCOME: $123,000
DEBT TO INCOME RATIO: 15%
MISCELLANEOUS COMMENTARY: Chapter 7 bankruptcy discharged in 2017.  I bought this car remotely (50 miles away) but I wasn't there in person to put my $20k down and it was after the wire transfer cutoff time.  So the dealer ran it as $0 down... they wouldn't wait or hold the car until the next day because it was the last day of the month.  $0 down raised the rate some.

[Vandervecken]

A follow-up on my ARVest approval.  As I stated above, I wasn't at the dealership in person to make the down payment, and I missed the cutoff for wire.  I was approved for $0 down, but at 8.5%.  Yesterday, I called the bank, and paid the balance down by $20k.  They refi'd me for 7%, 48 months.

[southernblueeyes]

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@FLLGuy wrote:

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@southernblueeyes wrote:

APPROVING BANK: NFCU
BUREAU PULLED: Transunion
CREDIT SCORE: 737

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: North Carolina
NEW/USED: New
YEAR OF VEHICLE: 2023
MAKE: Acura
MODEL: TLX Type S
MILEAGE: 2
FINANCE/LEASE: Finance

PURCHASE PRICE: $62,226
AMOUNT OF LOAN: $60,000
TERM CONTRACTED: 72
APR/LEASE RATE: 5.04%
MONTHLY PAYMENT: $968
ANNUAL INCOME: $66,000
DEBT TO INCOME RATIO: 32%
MISCELLANEOUS COMMENTARY: Still rebuilding from BK7 filed in 2019

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Not bad at all considering BK7 on file.  Curious, did you have auto loan history?  

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Yes, I had two auto loans since my bk7. First one was financed through NFCU then refinanced with PenFed. That car was totaled. Second auto loan was a big fat no from NFCU but Chase Auto financed me @ 3.84% for 75 months. Traded that one in after 15 months for the car I had wanted for several years. 🥰

[mavric]

APPROVING BANK:  US bank
BUREAU PULLED: EX
CREDIT SCORE:832

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE:  GA
NEW/USED: New
YEAR OF VEHICLE: 2022
MAKE: Dodge
MODEL: Durango Gt  Blacktop AWD
MILEAGE: 24
FINANCE/LEASE: Lease

PURCHASE PRICE: Msrp  53730
AMOUNT OF LOAN: 36307.21
TERM CONTRACTED: 36 months/ 15 k year
APR/LEASE RATE:around 6% ??? not sure
MONTHLY PAYMENT: 459.92
ANNUAL INCOME: 100k
DEBT TO INCOME RATIO: < 20%
MISCELLANEOUS COMMENTARY: Dealer discounted $9500 off the Durango, i put 7 k down from trade and put 6 k in my pocket. 

 $25,100 Residual value  I think this  car will be worth more than that in 36 m

I think this is a good deal ? 

[fury1995]

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@mavric wrote:

APPROVING BANK:  US bank
BUREAU PULLED: EX
CREDIT SCORE:832

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE:  GA
NEW/USED: New
YEAR OF VEHICLE: 2022
MAKE: Dodge
MODEL: Durango Gt  Blacktop AWD
MILEAGE: 24
FINANCE/LEASE: Lease

PURCHASE PRICE: Msrp  53730
AMOUNT OF LOAN: 36307.21
TERM CONTRACTED: 36 months/ 15 k year
APR/LEASE RATE:around 6% ??? not sure
MONTHLY PAYMENT: 459.92
ANNUAL INCOME: 100k
DEBT TO INCOME RATIO: < 20%
MISCELLANEOUS COMMENTARY: Dealer discounted $9500 off the Durango, i put 7 k down from trade and put 6 k in my pocket. 

 $25,100 Residual value  I think this  car will be worth more than that in 36 m

I think this is a good deal ? 

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@mavric  Nice, congrats! I leased a Durango R/T AWD V8 some years ago and had a similar residual. Lease resids are still a little on the conservative side so you likely will end up with some equity (depending on miles/condition) at the end. I made about $9K on mine (was way under mileage) when I sold mine...this was prior to COVID so the market wasn't nuts.

FYI, take your money factor and multply by 2400 to get an accurate (comparable) APR. And yes, that's a great deal!

[californiaboy935]

APPROVING BANK: Bank of America via Lucid Financial Services
BUREAU PULLED: Experian Fico Auto Score
CREDIT SCORE: HP-703 

SOFT PULL/HARD PULL: SP-745
CUSTOMER STATE OF RESIDENCE: California
NEW/USED: New 
YEAR OF VEHICLE: 2023
MAKE: Lucid Motors 
MODEL: Grand Touring, Dolby Atmos, Dreamdrive, 19" Tires, Zenith Red
MILEAGE: 7
FINANCE/LEASE: Finance 

PURCHASE PRICE: $170,834.81
AMOUNT OF LOAN: $169,481.81
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 7.04%
MONTHLY PAYMENT: $2,648.13
ANNUAL INCOME: $565,000
DEBT TO INCOME RATIO: 13% 
MISCELLANEOUS COMMENTARY: Smooth process, only took two days to underwrite and required no additional information.