Dealer Financing

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Nov 8, 2015 | 10:40 PM

#41

GetOutOJail

Racer

Joined: Oct 2015

Posts: 411

Likes: 379

From: Powder Springs GA

Kerbeck told me that if I finance 35k minimum I should qualify for the promotional 1.99% rate for top credit rated clients. That's better than local banks. I paid my deposit plus all other monies down to the 35k. My car is still being built and is scheduled for TPW 11/16/15. I expect them to call to finalize the contract and financing once a vin is assigned to my car. As I already have a purchase order from my sales rep with all the pricing, they can't come in and change anything except a couple of estimated fees related to paperwork, tag and title for my state. So, I'm not concerned about them playing games with me. However, if I felt that way, I would simply walk into my credit union or the bank where my business I own has all its cash and I am confident I would have a loan with a good rate within a couple of days. Not sure what reason a dealership would have to delay - they make substantial money off of any amount you finance, plus the GM extended warranty they want to sell you. It's bad business for them to give you the run around. I would just lean on my sales rep to get firm financing numbers once you'be chosen a vehicle on the lot or once your car has been produced at the factory and assigned a vin.

Good luck and hope you get everything sorted out!

Nov 8, 2015 | 10:41 PM

#42

0MarylandSpeed

Former Vendor

Joined: Sep 2007

Posts: 5,511

Likes: 22

From: Southern MD

Most dealers make more selling you a loan than they do selling you a car. They sell loans at a markup and pocket the kickback from the bank. The finance guy is normally the best sales person in the building. Because of this, the last thing they want is you to finance elsewhere. Something is better than nothing which is why they get aggressive when you are approved elsewhere.

All that said, you should be able to work all the financing out way before you get there. That is how I always do it. Never go in to buy your dream car with numbers still in play.

Nov 9, 2015 | 01:20 AM

#43

EMINENT 1

Drifting

Joined: Jul 2002

Posts: 1,973

Likes: 152

From: Somewhere in Dallas TX

If there's a loan for the full amount and you can handle the payment, would you put any money down or keep it in the bank? I'm talking 3% or lower interest and $10k down. Should I just keep it?

Nov 9, 2015 | 02:13 AM

#44

MACE_Hardware

Racer

Joined: Jan 2015

Posts: 264

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From: Bugtussle

St. Jude Donor '17-'18-'19

Surprised more folks have not said to just pay cash.

No better way to make sure you can really afford it.

When you are writing the check for full amount, you may question if FAY is really worth $1000.

Nov 9, 2015 | 02:49 AM

#45

3 Z06ZR1

Team Owner

Joined: Mar 2005

Posts: 20,933

Likes: 905

From: salem OR

Quote:

Originally Posted by Crunch527

Rate is only part of the question...the other terms, like pre payment penalties, amortization schedule, etc are the other factors...

If they have a prepayment penalty move non and don't sign. Go to your local credit union and join. I have 1.69 percent for 60 months.
On 2 cars. Pay 20 percent down or wait till you can. You need no gap insurance that way.

Last edited by 3 Z06ZR1; Nov 9, 2015 at 02:50 AM.

Nov 9, 2015 | 02:58 AM

#46

3 Z06ZR1

Team Owner

Joined: Mar 2005

Posts: 20,933

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From: salem OR

Quote:

Originally Posted by MACE_Hardware

Cash is tied up working. Nothing is making less than the 1.69 I'm paying out on my only 2 debts (less taxes insurance utilities) both car loans at 1.69. I keep maybe 30-50 k liquid for expenses.
I always can sell them to rid the debt if I want.

Last edited by 3 Z06ZR1; Nov 9, 2015 at 02:58 AM.

Nov 9, 2015 | 03:00 AM

#47

3 Z06ZR1

Team Owner

Joined: Mar 2005

Posts: 20,933

Likes: 905

From: salem OR

Quote:

Originally Posted by EMINENT 1

If there's a loan for the full amount and you can handle the payment, would you put any money down or keep it in the bank? I'm talking 3% or lower interest and $10k down. Should I just keep it?

You'll need 20 percent down to get the ultra low rate. Even with a 780 score!
Which will always keep you up-right. I have 57,000 left on my 2015 Z06 and 27,000 on my 2016 for 85,000 total.
15XX a month. 1.69

Last edited by 3 Z06ZR1; Nov 9, 2015 at 03:04 AM.