- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Auto Finance Question
Posted on 3/23/14 at 11:50 am
Posted on 3/23/14 at 11:50 am
Quirky scenario here:
Purchased used car at dealer, which got a slightly better rate than I had been able to find through banks.
However, the day after purchase, a bank came in with an unexpectedly lower rate(I had shopped my auto loan around and was getting the same every where). The difference in monthly payments is only $12 a month, but its the principal here for being dumb.
Is it possible to change the lender at this point or not? Everything I find online talks about returning the car, which I don't want to do. Just change the lender.
Let's save the "you dumb" comments please. I already know
I think I did every thing else right though, so that's nice. Thanks.
Purchased used car at dealer, which got a slightly better rate than I had been able to find through banks.
However, the day after purchase, a bank came in with an unexpectedly lower rate(I had shopped my auto loan around and was getting the same every where). The difference in monthly payments is only $12 a month, but its the principal here for being dumb.
Is it possible to change the lender at this point or not? Everything I find online talks about returning the car, which I don't want to do. Just change the lender.
Let's save the "you dumb" comments please. I already know
I think I did every thing else right though, so that's nice. Thanks.This post was edited on 3/23/14 at 11:53 am
4
Posted on 3/23/14 at 12:13 pm to GeauxGriffin
Check with your current lender to ensure there is no pre-payment penalty if you decide to refinance elsewhere.
Posted on 3/23/14 at 12:15 pm to Will Cover
quote:
Check with your current lender to ensure there is no pre-payment penalty if you decide to refinance elsewhere.
Ya, my question here is, am I already in "refinance land?" Is the financing 100% already accepted?
Its been literally 24 hours since the car has driven off the lot. So if I can just "substitute" one for the other right here that would be great.
If not, then I can go through the refinancing procedure. It appears the only prepayment penalty is an "optional" $25 charge for doing so.
This post was edited on 3/23/14 at 12:29 pm
Posted on 3/23/14 at 12:32 pm to GeauxGriffin
You may be able to call the dealer and ask them to resign paperwork at this lender you prefer. Doubtful the submitted the contract yet.
Posted on 3/23/14 at 12:42 pm to bubbz
quote:
You may be able to call the dealer and ask them to resign paperwork at this lender you prefer. Doubtful the submitted the contract yet.
Ya, that's the kind of thing my common sense thought was possible, but wanted to confirm it before I started calling the dealership and all that. They are closed today but I will call first thing Monday of course.
Posted on 3/23/14 at 3:24 pm to GeauxGriffin
Is the time and hassle worth $144 this year and even less as the years go on? I would view it as a lesson learned and move on.
Posted on 3/23/14 at 9:13 pm to GeauxGriffin
Was the financing at the dealership through a bank or through their own financing arm (i.e. Ford Credit).
Last car we bought was at CarMax. I believe they allow you to switch financing within 3-5 days of car purchase, no questions asked.
We had gotten preapproved for an auto loan through wife's credit union. Bought the car on a Saturday. However, there was some issue with the paperwork. Rather than risk losing the car, we just accepted a loan at CarMax. Monday morning, we got the paperwork issue fixed, and I went back that afternoon and got it all changed out at CarMax. Piece of cake.
Last car we bought was at CarMax. I believe they allow you to switch financing within 3-5 days of car purchase, no questions asked.
We had gotten preapproved for an auto loan through wife's credit union. Bought the car on a Saturday. However, there was some issue with the paperwork. Rather than risk losing the car, we just accepted a loan at CarMax. Monday morning, we got the paperwork issue fixed, and I went back that afternoon and got it all changed out at CarMax. Piece of cake.
Posted on 3/23/14 at 9:24 pm to LSUFanHouston
Financing is through Capital One. Bank that came out way ahead was Chase. Really disappointed that USAA gave me the worst rate by far as I really like them.
Thanks for sharing your experience. Making me feel better.
Thanks for sharing your experience. Making me feel better.
Posted on 3/24/14 at 11:19 am to GeauxGriffin
Called and told them the rate I got. They came back in with an even lower rate.
I've learned a lot during this process. One, LIE, you might get a better rate Two, I'm going to get an even better deal the next time I buy a car.
Thanks for the help guys.
I've learned a lot during this process. One, LIE, you might get a better rate
Two, I'm going to get an even better deal the next time I buy a car. Thanks for the help guys.
Posted on 3/24/14 at 11:44 am to GeauxGriffin
You got a better rate because they lose money if you seek out direct financing. This way they still probably get a flat on whatever you finance vs getting nothing.
Posted on 3/24/14 at 12:18 pm to bubbz
quote:
You got a better rate because they lose money if you seek out direct financing. This way they still probably get a flat on whatever you finance vs getting nothing.
Ya, I know there is nothing altruistic about it. But its nice I turned a mistake into a "win" here for myself. The direct lines aren't going to get any lower at this point, so that is OK by me. But do let me know if I missed something. First time doing this so I'm all ears.
This post was edited on 3/24/14 at 12:20 pm
Posted on 3/24/14 at 1:04 pm to GeauxGriffin
Seems like you got what you needed, hopefully you know all backend products gap warranty are negotiable.
Posted on 3/24/14 at 2:53 pm to GeauxGriffin
Make sure you read the fine print first. Are the rate structures EXACTLY the same? Years, Fixed vs. floating, etc.?
Posted on 3/24/14 at 4:25 pm to GeauxGriffin
Did they ask for written proof of the lower rate from a competitor?
Negotiating is a wonderful thing when you are in a position of power.
Negotiating is a wonderful thing when you are in a position of power.
Posted on 3/24/14 at 4:53 pm to LSUFanHouston
Are there usually pre-payment penalties with auto financing? We have a nice chunk saved up, but if we end up buying over that amount would probably want to get it payed off pronto.
Alternatively, is it an issue to make a down payment for the majority of the price and only finance a few thousand $?
Alternatively, is it an issue to make a down payment for the majority of the price and only finance a few thousand $?
Posted on 3/25/14 at 9:49 am to Tiger at Law
Once you sign, that's it. What don't folks understand about that?
Posted on 3/25/14 at 10:01 am to Coach Guidry
quote:
Once you sign, that's it. What don't folks understand about that?
Because it isn't true?
Redid the paperwork at my new lower rate
quote:
Did they ask for written proof of the lower rate from a competitor?
No. They didn't ask for any proof. So next time I go into one of these deals I'll know what to do, and might fib a little.
I read through Will Cover's thread, of course, but I needed to go through the process once to really get a feel for it. I'll do a lot better when we replace the other car in a few years.
This post was edited on 3/25/14 at 10:05 am
Posted on 3/25/14 at 12:26 pm to GeauxGriffin
How much are you saving overall?
Posted on 3/25/14 at 12:35 pm to LSUSUPERSTAR
quote:
How much are you saving overall?
$480
If you count not getting the extended warranty, that's another $2k or so (from what they were trying to quote it at)
I figured I didn't need it since I got an emergency fund, for well, emergencies, plus they seem to rarely make sense based on what I read.
What I learned from this experience is, holy shite people spend too much money on cars. I know what I spent on mine, and my household income is very high percentile, but I didn't get a luxury vehicle or anything or a new car. Its unbelievable.
This post was edited on 3/25/14 at 12:37 pm
Posted on 3/25/14 at 12:41 pm to GeauxGriffin
quote:
What I learned from this experience is, holy shite people spend too much money on cars. I know what I spent on mine, and my household income is very high percentile, but I didn't get a luxury vehicle or anything or a new car. Its unbelievable.
This.
I know people who own cars that have a list price more than their annual salary.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News