Auto Loan - DCU

[Anonymous]

So I was denied an auto loan from DCU for 53k (not enough income - 72k a year) but I have presumably a high Auto FICO since I have financed/leased my last 5 cars without ever being late. Will I have a better chance at a dealer because they look at Auto FICO?  I am assuming that DCU does not look at this score for their own consideration.

Thanks!

[hatetheordinary]

What was the car, year, mileage, and list price? Did you have roughly 20 percent to put down on the car and the remainder to finance is the 53k you were denied from DCU? Please provide more info and your credit scores from myfico for all three bureaus to better pull knowledge from the forum members. 

[Anonymous]

2013 BMW M3 12k miles on it.  FICO through Cap One was 687 at the time.  0 down.

[hatetheordinary]

I wouldnt get too bummed out over it. 0 percent down and getting approved for such a loan is no easy task and is probably reserved for those with elite credit and more than likely higher income as well. You very well could try your hand at a dealer and may have better luck but putting something down is going to greatly increase your odds. What is your debt to income ratio? I am in a similar income bracket and soon will be applying for a loan that is roughly the same amount. My credit scores are also right where yours are. I am going to be putting 20% down on the car (2009 GTR 67k) and will be very interested to see how the dealer/ credit union sees me. One thing going for a buyer with 10-15k in cash is that there is an incentive for the dealer to work for you to make something happen. You are dealing with him/ her face to face and with a credit union you are just a faceless number or voice on the end of a phone/ vomputer screen and not waving cash in front of a person who is afterall a professional at  making deals happen and putting keys in customers' hands.

[Anonymous]

I hear you on that, it just seems that the dealers are easier to get approvals.  I currently drive a 535i and my lease is about to end so I might just jump back into another BMW lease.

[hatetheordinary]

I agree with you on dealers being more likely for a successful loan. They might not be able to get the APR that is considered "great" but they still have far more resources and  motivation to get financing started vs a credit union that could care less whether you get a loan or not .

[ExplicitElicit]

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@Anonymous wrote:

So I was denied an auto loan from DCU for 53k (not enough income - 72k a year) but I have presumably a high Auto FICO since I have financed/leased my last 5 cars without ever being late. Will I have a better chance at a dealer because they look at Auto FICO?  I am assuming that DCU does not look at this score for their own consideration.

Thanks!

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I may be wrong but I think DCU actually uses primarily FICO scores.

Did they decline you only because of income, if it was only because of that then they would have told you your scores were to low. IMHO making 72K/yr and trying to purchase a 53K car would seem risky for a bank. I know you are currently leasing a BMW, and have financed cars in the past but another thing banks look at is "comparable payment history" so just because you have good payment history with banks it does not show you could handle a "bigger" payment.

What are your scores currently? As mentioned above, dealerships do have more resources to get the loan for you so that is something to try, but if I were in your shoes I would go for something a tad bit cheaper or save for a DP. Maybe lease another BMW and save for the next 36 mos (or however long you will lease for) and then purchase with a DP!

Good luck!

[Ewalker33]

How long did it take for them to reply back to you about whether you were approved or not? I applied for an auto loan through them last week and I haven't heard anything back yet.

[ExplicitElicit]

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@Ewalker33 wrote:

How long did it take for them to reply back to you about whether you were approved or not? I applied for an auto loan through them last week and I haven't heard anything back yet.

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Have you tried contacting them?

[Ewalker33]

No, not yet. Wasn't sure exactly how long the wait is.