Financing
Thread Starter
Racer
Joined: Jan 2014
Posts: 318
Likes: 81
I have an uncle and a cousin, the uncle passed away from brain cancer two weeks ago and haven't talked to the cousin in 15 years... don't really see this as an option, thanks though.
Le Mans Master
Joined: Dec 2006
Posts: 5,139
Likes: 482
From: H-Town Texas
Tell your banker the dealer is offering 2.99, but you'd rather deal with him if he can match it. If he can, he will, if he can't go through the dealer or shop some more.
Also try negotiating the rate with the dealer. They get a little kickback from the banks if they sell the loan at a higher rate. So that 2.99 may actually be anywhere from 1.99 up. It's certainly worth the effort.
Also try negotiating the rate with the dealer. They get a little kickback from the banks if they sell the loan at a higher rate. So that 2.99 may actually be anywhere from 1.99 up. It's certainly worth the effort.
Last edited by lt4obsesses; Mar 20, 2014 at 12:54 AM.
Pro
Joined: Oct 2013
Posts: 532
Likes: 1
From: PENSACOLA
Safety Car
Joined: Aug 2012
Posts: 4,377
Likes: 1
From: Danbury CT
Went to my bank (Chase) today to inquire about a loan for my new C7 coming and got an apathetic response from the suit behind the desk. We just kind of went through the standard rates they are showing and explained my situation, been at my business for 14 years (partner), 815 score, 6 figure income, putting 20%down and reserves left over. He said I should get around 3.35 or so for 72mo. He was also saying those rates from PenFed and the like are teaser rates and aren't realistic expectations. My dealer says he would get me at least 2.99 when we are ready and the car is delivered in a couple of weeks.
Is this what I should expect?
I appreciate all those that are paying cash but that's not the kind of response I am looking for...
Is this what I should expect?
I appreciate all those that are paying cash but that's not the kind of response I am looking for...
With your credentials you can get 2% or less quite easily, i would think if you use your dealer they are paying in the 1.25 to 1.40 range for the paper, so they should be happy with a 1/2 point or so.
Drifting
Joined: Oct 2008
Posts: 1,793
Likes: 63
From: Staten Island/NJ NY/NJ
Tell your banker the dealer is offering 2.99, but you'd rather deal with him if he can match it. If he can, he will, if he can't go through the dealer or shop some more.
Also try negotiating the rate with the dealer. They get a little kickback from the banks if they sell the loan at a higher rate. So that 2.99 may actually be anywhere from 1.99 up. It's certainly worth the effort.
Also try negotiating the rate with the dealer. They get a little kickback from the banks if they sell the loan at a higher rate. So that 2.99 may actually be anywhere from 1.99 up. It's certainly worth the effort.
Melting Slicks
Joined: May 2006
Posts: 2,936
Likes: 260
From: Westchester County New York
Went to my bank (Chase) today to inquire about a loan for my new C7 coming and got an apathetic response from the suit behind the desk. We just kind of went through the standard rates they are showing and explained my situation, been at my business for 14 years (partner), 815 score, 6 figure income, putting 20%down and reserves left over. He said I should get around 3.35 or so for 72mo. He was also saying those rates from PenFed and the like are teaser rates and aren't realistic expectations. My dealer says he would get me at least 2.99 when we are ready and the car is delivered in a couple of weeks.
Is this what I should expect?
I appreciate all those that are paying cash but that's not the kind of response I am looking for...
Is this what I should expect?
I appreciate all those that are paying cash but that's not the kind of response I am looking for...
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Thread Starter
Racer
Joined: Jan 2014
Posts: 318
Likes: 81
And you are confirming for me what I am seeing from others. I haven't financed a new car since 2003 (cash is the way I have gone since then) so I haven't had much experience with new auto loans but money is too cheap right now. Rates are so low it doesn't make sense to tie my cash up in the car... I am going to use someone else's while my return is larger than the cost of borrowing. I am thinking of checking with B of A... anyone else have experience with them? I have a credit card with them and their rates look really good at 2.3ish.
Thread Starter
Racer
Joined: Jan 2014
Posts: 318
Likes: 81
First car I have ever paid actual MSRP for, which is a bit unnerving, however I refuse to let them make money off my good credit too!
Last edited by TopBeer; Mar 22, 2014 at 11:02 PM. Reason: Typo
Melting Slicks
Joined: May 2006
Posts: 2,936
Likes: 260
From: Westchester County New York
And you are confirming for me what I am seeing from others. I haven't financed a new car since 2003 (cash is the way I have gone since then) so I haven't had much experience with new auto loans but money is too cheap right now. Rates are so low it doesn't make sense to tie my cash up in the car... I am going to use someone else's while my return is larger than the cost of borrowing. I am thinking of checking with B of A... anyone else have experience with them? I have a credit card with them and their rates look really good at 2.3ish.
Are most shopping their own rates or are people going through the dealer. I know the dealer gets rates at wholesale prices but how do you ensure they aren't tacking on top of the lenders actual proposed rate to make money off of you from the financing as well?
First car I have ever paid actual MSRP for, which is a bit unnerving, however I refuse to let them make money off my good credit
First car I have ever paid actual MSRP for, which is a bit unnerving, however I refuse to let them make money off my good credit
From PenFeds website:
New payment saver rate 1.24% APR* for 24-36 months
New payment saver rate 1.74% APR* for 37-48 months
New payment saver rate 2.24% APR* for 49-60 months
Used payment saver rate 1.74% APR* for 24-36 months
Used payment saver rate 2.24% APR* for 37-48 months
Used payment saver rate 2.74% APR* for 49-60 months
Loan amounts up to $100,000
More car for your money
Benefits
The vehicle is yours, this is not a lease
No prepayment penalties
No wear and tear clause
Sell, trade, or refinance** at the end of your loan term
They also have a car buying service with even better rates but you need to buy the car from them and the choices of cars are limited.
Good luck in your quest for the best financing.
Pro
Joined: Oct 2008
Posts: 569
Likes: 53
From: Michigan Thumb
Are most shopping their own rates or are people going through the dealer. I know the dealer gets rates at wholesale prices but how do you ensure they aren't tacking on top of the lenders actual proposed rate to make money off of you from the financing as well?
First car I have ever paid actual MSRP for, which is a bit unnerving, however I refuse to let them make money off my good credit too!
First car I have ever paid actual MSRP for, which is a bit unnerving, however I refuse to let them make money off my good credit too!
A local credit union was offering 1.99%/72 on their website. I took the info to the dealer, and the finance guy there got one of the banks they work with to go 1.64%/72. I'm actually considering reducing my down payment as I finalize the deal tomorrow.
Safety Car
Joined: Dec 2011
Posts: 3,608
Likes: 13
From: New Rochelle N.Y. 2013 Grand Sport
First off you will never know if the dealer is making money off your loan. Chances are they are but it ain't much. But if the rate feels comfortable to you and is in line with what others are paying for similar loans dont sweat it because it amounts to pennies anyway. The people I know that have Citizens myself included got the loans from the dealer and Citizens just happened to be one of the banks the dealer dealt with.