Just wondering as they quoted me a % rate of 5.05%. I am looking at a '01 Mag Red Coupe and just wanted to know if anyone ever used them. My local bank quoted 7.5%

BTW: I am keeping my '89 DRM Coupe too.

 

did you look at http://www.capitaloneautofinance.com i used them for my vette and have no complaints.


[Modified by n1kki6, 1:11 PM 6/24/2004]

 

I "sort of" did...

When I was looking at my Vette...I need $10K to complete the deal...well I submitted my application...and back then didn't hear a peep from them.

Next day a FedEx guy shows at my door...in it a cheque for $25K!! :shocked:

I wasn't going to go with E-loan as the local dealer arranged for the same % rate...so I called E-loan saying, "hey, I didn't really want the cheque, I wanted to see the rate you would give me" and they told me to rip up the cheque!

Also, I had asked why the cheque was for $25K instead of the $10K I had asked for...she said I would cash the cheque and immediately return the "unused" funds and my loan would be for whatever I actually used.

Thought the whole thing was odd...

 

They have great customer service and give you a blank check within 2 days. Also you can get a great rate and finance any year vehicle.


[Modified by HTRK-1, 2:49 PM 6/24/2004]

 

I use E-loan for my Vette loan i have now...I went from 12.5 to 5.5% with them, and they were very helpful...I like their service

 

yeah they do, i called one month because i was a little short on my payent so she pushed the date back for me for one monyh, and then said it would still be on the normal day the next month. That was awsome.

 

They said they would loan me $35k to buy whatever I wanted. They would send me a blank check and I fill it out and buy my car. Sounded fishy to me, but glad to hear someone else has used them. If you have any other information you could share with me - mayberry25@aol.com.

Thanks

 

Sounds too much like the overseas purchaser sending you too much money and wanting change to me. I asked the rep that called me for more information because I was skeptical. She told me that they could overnight my check and package for $15 so I could read it. i told her to e-mail me some info and have not heard anything yet.

 

Nah, My Capitol One Credit card sends me offers on loans, they sent me a 10k loan prefilled check and i ask can i just only request a 4k loan i don't need 10k, they said, just use the money to pay off the rest of the loan you don't need. Its a pretty common thing Banks/Credit Card companys does.....They obviously want you to take all the money so you spend me more...But if your not gonna use it, just cash the check and pay off the smoney you don't use..its legit

 

They are fine. What they give you is a bank draft. Its really no different if you went to your credit union or bank and did the financing outside the dealer in which they would give you a draft.

Basically they are saying your credit limit is 35K, if you seal the deal at 33,068. then that is what your loan is for. You fill it out for that much payable to the dealer or individual who holds the title. If your going through a dealer, all the other associated cost are listed in your sales agrement to arrive at the final sales price and that's what you make the check out for.

Its really a great way to do it because your isolating the cost and details of financiing the car out of the deal. Dealers make huge profits on the financing. You essentially become a cash buyer in their eyes. The dealer doesn't spin their wheels as much losing a sale because a buyer had a tough time with financing. So you have more bargaining power right up front. It also allows you to shop and get the best rate unincumbered from the sale itself.

I've done it twice. The last one which is the vette was carfinance.com but they were sold to capital one auto finance. The rates are very competitive. Also you get a statement about 10 days before the payment is due and it comes with a postage paid envelope.

I use to like the old way when you got a payment coupon book, you could always see how many more payments. But most banks have switched to statements the same as these finance company's use. Bank of America switch a couple years ago. Just a different way of doing it I guess. With the statements though you always see what was applied to principle and what went to interest.

:flag

 

I have the auto deduction out of my Checking account through E-loans for my car payment...so much more convienent in case you ever forget that month, the 27th of every month...

 

Most dealers have competitive rates ask the dealer who has the car.
If its a private sale you can join a credit union for a loan.
You can add the price of the car to your house and write off the interest rate.

A check in the mail sounds good me that means the bank is giving you an unsecured loan.
Take money and run.

 

save then buy...no loan needed