App for Marv

[damdemall]

Credit Application:

Your Age? 38

Your Equifax Credit Score? 662

Your Experian Credit Score? 685

Your TransUnion Credit Score? 675

How many years have you been on file with Equifax? 17

How many years have you been on file with Experian? 17

How many years have you been on file with TransUnion? 17

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

Do you have an open auto loan? Yes, vehicle is totalled. Other parties insurance is paying vehicle off.

Will this open auto loan be a trade-in? NO

How many late pays within the last 12 months on the currently open loan? 0

How many late pays within the last 13-24 months on the currently open loan? 0

Your current open auto loan is financed with? Wells Fargo

Your current open auto loan payment is? 620.00 vehicle will be paid off in 2 weeks.

Estimated amount you may be upside down in this vehicle? 0

Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 10

YOUR REVOLVING CREDIT HISTORY

Total number of revolving account(s) you have? 4
Total percentage utilized overall? 0%

How many of your revolving accounts are store cards? 0

How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 4

How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 2 if barclaycard and creditone bank is subprime. Other 2 cards are with capitalone. 0 balances on all

YOUR PERSONAL INFORMATION

How long at your current residence? 3 years

Do you Rent or have a Mortgage, or Live w/Relative or Other? Spouse owns home, no mortgage

Your Monthly Rent or Mortgage payment? 0

How long have you held your current job? 17

Your total provable monthly gross income is? $10416

Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) paycheck stub

Is there additional monthly income? What amount monthly?

YOUR DOWNPAYMENT

Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) $2000-$5000

Does any credit repository contain any Public Record? Yes

If yes, please very briefly describe.

BK7 Discharged in Feb of 2007. Had late pays on CC's in late 2009. All current now, no other debts. All balances 0

Does any credit repository contain any Collection Account(s)? All were discharged in BK. No

If yes, please very briefly describe. N/A

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 7

Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 9

Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 7

New or Used vehicle you are considering: Please very briefly describe. Used vehicle 2012 BMW 650i or 2013 GT500 $65-$72K. Would like to know if i would qualify and your best guess at interest rate

[MarvBear]

Would tend to predict approval, with proof of payoff on the current open loan.

[damdemall]

Thanks Marv! I plan to wait til the payoff is reporting to all 3 credit bureau's before applying. Any chance you can guestimate a interest rate?

[MarvBear]

http://creditboards.com/forums/index.php?showtopic=159286

[gamecockcountry]

Thanks Marv! I plan to wait til the payoff is reporting to all 3 credit bureau's before applying. Any chance you can guestimate a interest rate?

You don't have to wait until they report on all 3 bureau's. That could take a while depending on the lender. I had a similar situation and was able to provide documentation from the insurance company that the loan was paid off.

[damdemall]

 

Thanks Marv! I plan to wait til the payoff is reporting to all 3 credit bureau's before applying. Any chance you can guestimate a interest rate?

You don't have to wait until they report on all 3 bureau's. That could take a while depending on the lender. I had a similar situation and was able to provide documentation from the insurance company that the loan was paid off.

 

That is good to know, thanks! I thought it might look better when they pull my credit and see a low or zero balance and hoping it will boost my fico score. Although I believe the dealer pulls a auto-enhanced score and I have no idea as to what that score will be since I dont have access to the auto-enhanced scores.

 

Marv, today I found out the insurance co isn't paying off that loan in full. There will be a $5K balance left owed and I did not have GAP. The lady at WF explained that I could continue to pay the loan at 620/mo until the 5K is paid off or work something out with the dealer when purchasing a replacement vehicle. Do you have any recommendations with this? I have a ton of inquiries and want to avoid just randomly having a dealership add more by trying to work a deal.

[BRBiz]

 

 

 

Thanks Marv! I plan to wait til the payoff is reporting to all 3 credit bureau's before applying. Any chance you can guestimate a interest rate?

 

You don't have to wait until they report on all 3 bureau's. That could take a while depending on the lender. I had a similar situation and was able to provide documentation from the insurance company that the loan was paid off.

That is good to know, thanks! I thought it might look better when they pull my credit and see a low or zero balance and hoping it will boost my fico score. Although I believe the dealer pulls a auto-enhanced score and I have no idea as to what that score will be since I dont have access to the auto-enhanced scores.

 

Marv, today I found out the insurance co isn't paying off that loan in full. There will be a $5K balance left owed and I did not have GAP. The lady at WF explained that I could continue to pay the loan at 620/mo until the 5K is paid off or work something out with the dealer when purchasing a replacement vehicle. Do you have any recommendations with this? I have a ton of inquiries and want to avoid just randomly having a dealership add more by trying to work a deal.

Were you that much upside down on the car or is the insurance company just trying to low ball you?

[MarvBear]

Well you have to purchase another vehicle, add the sales tax, tag, title fees, any dealer document fees and then the extra $5,000.00 plus whatever your insurance deductible is and hope a lender will carry that amount of money.

 

Make sure you purchase GAP next time.

[damdemall]

Well you have to purchase another vehicle, add the sales tax, tag, title fees, any dealer document fees and then the extra $5,000.00 plus whatever your insurance deductible is and hope a lender will carry that amount of money.

 

Make sure you purchase GAP next time.

 

As much as that sucked I went ahead and just paid the $5300 in negative equity. I don't want to carry that over into another car. Im hoping this won't happen again with a down payment and a better interest rate..

 

Thanks Marv for all of your help.

[MarvBear]

Still buy GAP , unless you make a cash downpayent of around 30+%.

[damdemall]

I contacted USAA and got approved for $60K at 4.19%. USAA says I can purchase from a dealer or from private party.

 

Thanks again Marv!

[MarvBear]

congrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrats!!!!!!!!!!!!!!!!!!!!!!!!!!

[damdemall]

I wanted to follow up with the latest on this for anyone that may be auto loan shopping. I was able to join Navy Federal since my brother was a member and they approved me at $70K at 2.79% for a new vehicle. I ended up buying a "used" vehicle for $50K and the final rate came to 4.39% It would have been 3.59% had i chosen a lower monthly term. USAA's rate was also very competitive but was slightly higher than Navy Feds when picking a used vehicle. I tried to see if Wells Fargo would match or beat the rate since ive had positive multiple car loans with them in the past and since my banking is with them but the best they offered me was 9.9%

Edited May 22, 2013 by damdemall

[MarvBear]

TY for the update!!!!!!!!