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Started By
Message
1
Posted on 7/12/19 at 8:31 am to bubbz
quote:
This isn’t a dealership thing, this is a lender thing. Lenders usually pay a percentage of the amount financed to the dealer. The lender usually has set up in contract that if loan is paid off before the 3rd or 4th payment, then the lender will chargeback the dealer for the percent paid to dealer.
Yeah, figured it was a lender forced thing. Still, the original loan was through Wells Fargo, so double middle finger to all involved.
Posted on 7/12/19 at 10:16 am to lynxcat
I bought that vehicle 12/31/2011 and probably went to the dealer w/ the intention of writing a check on the HELOC account. The finance guy offered an additional $1,000 off the price if I financed with them. He said I could pay it off after 1 payment - I suppose I could have paid it off the next day.
I don’t recall any other financing offers from the dealer; but who knows perhaps he would have offered a lower rate without the additional $1k discount.
I am a simple guy; and prefer to compare vehicle cost for similar ones without muddying the water w/ a trade in or the dealer’s financing deals.
I don’t recall any other financing offers from the dealer; but who knows perhaps he would have offered a lower rate without the additional $1k discount.
I am a simple guy; and prefer to compare vehicle cost for similar ones without muddying the water w/ a trade in or the dealer’s financing deals.
Posted on 7/12/19 at 10:49 am to nctiger71
Prime rate in 2011 was likely 3.25% so you were paying either 4.25 or 5.25% based on it being 1-2 percent over. Also, 4.99% seems really high for an auto loan unless you have bad credit
Posted on 7/12/19 at 11:05 am to Hermit Crab
Campus Federal
Term APR As Low As
24 Months 3.00%
36 Months 3.40%
48 Months 3.50%
60 Months 3.74%
72 Months 3.85%
78 Months 4.00%
84 months 5.50%
Term APR As Low As
24 Months 3.00%
36 Months 3.40%
48 Months 3.50%
60 Months 3.74%
72 Months 3.85%
78 Months 4.00%
84 months 5.50%
Posted on 7/12/19 at 1:28 pm to Hermit Crab
The monthly statement stated the rate at 3.5%; for most of the loan term anyway.
Maybe the rate was a function of another index. It has been ~ 10 years since we opened the HELOC.
But you have raised my curiosity about the loan details; maybe after my nap I’ll look in the attic for the paperwork.
Maybe the rate was a function of another index. It has been ~ 10 years since we opened the HELOC.
But you have raised my curiosity about the loan details; maybe after my nap I’ll look in the attic for the paperwork.
Posted on 7/12/19 at 2:04 pm to jralspanky
quote:
Term APR As Low As
24 Months 3.00%
36 Months 3.40%
48 Months 3.50%
60 Months 3.74%
72 Months 3.85%
78 Months 4.00%
84 months 5.50%
Those rates are better than the State Employees CU’s new car rates here.
36 months. 3.75%
37 to 60 mths. 4.25%
61 to 72, 4.50%
73 to 96, 5.75%
Those are their posted internet rates. If you get a 0%, or 2% rate or something other than a market rate from a dealer I suspect they are making up the difference in the car price or other added cost that a smart consumer avoids buying.
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