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App for Marv


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Credit Application:

Your Age:

Your Equifax Credit Score: 690 Enhanced 662
Your Experian Credit Score: 660 Enhanced 621
Your TransUnion Credit Score: 690 Enhanced 654


How long have you been on file with the CRA?s? 25 years

Previous Automotive Credit History:


Do you have an open auto loan? Yes
Will this loan be a trade-in? NO
Number of late pays within the last 12 months on the currently open loan? 0
Number of late pays within the last 13-24 months on the currently open loan? One 30 day ( auto pay error)
Current open auto loan is financed with? BMW Financial Services
Current open auto loan payment is? 380.00
Estimated amount you may be upside down in this vehicle? 0
Rate your payment history on this open auto loan from 1-10 (10=BEST) No late payments in the past 18 months ( I have two- 30 day lates over 46 months). Damn auto pay issues and they would not own up to the mistake. 

 

I have read and understand the original pinned "No Credit Check Required" topic. Yes

Revolving Credit History:
Total number of revolving accounts? 12
Total percent utilization overall? 22%

Your Information:
How long at residence? 20 years
Rent/Homeowner/Live with relative? Homeowner
How long at current job? 5 years
Total Provable MONTHLY GROSS INCOME? $80,000.00
Provable via computerized paystub or what method?

Your Downpayment in CASH: 3000
Rebates not considered; Trade Equity not considered: CASH ONLY PLEASE INPUT.

Does any credit repository contain any Public Record? NO
Is so, please describe.

Does any credit repository contain any Collection Account(s) NO
If so, please describe.

New or Used Vehicle you are considering; please describe: 2022 Jeep Gladiator $60,000.00

Your creditworthiness on a scale of 1-10 with 10 being the best: 8/10
OVERALL credit:
Installment Credit History: 25 years
Revolving Credit History: 25 years

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I am confused...if your income is $80k/month (or almost $1 million annually), why would you finance it at 6.5% when you can pay it in cash by saving for a couple of months?

 

If that is a typo and it is $80k/year, then you would be spending ~25% of your take-home pay on a second vehicle at a fairly high interest rate...which seems a bit excessive unless your home is paid off.

 

Just because you can get approved for something doesn't necessarily make it a good decision.

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I am working on something and I need to build some car credit. In the past I have done big car loans over 400k, but I stopped for over ten years. All those accounts are deleted, but I am working on a big investment and I need car credit to leverage my plan. It will make me few hundred thousand in the end.

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  • 2 weeks later...

Marv,

Just wanted to give you an update. I got a 68k auto loan from Ford Motor Credit at 3.9% - it took 5 mins to be approved. I was out of the dealership in 45 mins. 3 days later it was already showing on my credit report. First payment due 7/08/2022; I have already made the first payment. Also no proof of income needed. 

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  • Admin
1 hour ago, knowledge1213 said:

Marv,

Just wanted to give you an update. I got a 68k auto loan from Ford Motor Credit at 3.9% - it took 5 mins to be approved. I was out of the dealership in 45 mins. 3 days later it was already showing on my credit report. First payment due 7/08/2022; I have already made the first payment. Also no proof of income needed. 

congrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrats!!!!!!!!!!!!!!!!!!!!!

 

Please, when you get a chance, enter that into the CreditPulls database.

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