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  #13  
Old 02-08-2011, 09:24 AM
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Re: Financing Question

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Originally Posted by Hollywood View Post
Bank of America offered me 4.16% for 72 months yesterday! I want to go 72 months, because I have the Lifetime Maxcare and am not really nervous about having a car payment that long, since I won't have to pay for repairs, and it will significantly decrease my monthly "nut".

Not going with BOA though, because I'm sure I can do better than 4.16% for 72 months.
You might be surprised, 4.16% for 72 months is a great rate. The only way that might get lower is with a subsidized rate like many banks do where they reduce the rate by .25% or even .50% depending on your current account status, direct debit, etc. Also check the fine print, that rate may require direct debit or that you have an BoA account. Also, rates went up .50% at most banks last week. I have no idea why but they did.
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  #14  
Old 02-08-2011, 09:35 AM
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Re: Financing Question

Forgot to mention that they were tacking on a $200.00 loan "origination" fee, which I also wasn't thrilled about. I'm gonna keep shopping since it'll be 8 to 10 weeks before the vehicle arrives.
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  #15  
Old 02-08-2011, 09:42 AM
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Re: Financing Question

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Originally Posted by lweisenb View Post
I got 1.9 through ally on 2/5, find another dealer (at the very least threaten to walk).
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on 1/31/2011 for 60mos.
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  #16  
Old 02-08-2011, 09:54 AM
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Re: Financing Question

Classic bait and switch.
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  #17  
Old 02-08-2011, 10:22 AM
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Re: Financing Question

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Originally Posted by Hollywood View Post
Forgot to mention that they were tacking on a $200.00 loan "origination" fee, which I also wasn't thrilled about. I'm gonna keep shopping since it'll be 8 to 10 weeks before the vehicle arrives.
Hmm, even more suspicious since any actual approval they may have today is only valid for at most 30 days, it's WORTHLESS when the vehicle actually shows up. So, they dinged your credit report now, shopped it around (2 or 3 more credit inquiries) then they do it all over again in 8 weeks when the truck shows up. That alone could drop your credit score by 20+ points and cost you .5% - 1.5% in rates.
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  #18  
Old 02-08-2011, 11:33 AM
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Re: Financing Question

I would tell them to match 1.9% or walk. I was pre-approved before going to the dealership for 1.9/60mo. When I went to buy the jeep the dealership said they could not do 1.9, the best they could do was 4.9. I said fine, put a sold sign on it and I will be back in a few days with a check. 10 min later they had 1.9/60mo from Bank of the West lol funny how these things work sometimes...
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  #19  
Old 02-08-2011, 12:28 PM
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Re: Financing Question

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Originally Posted by mjw930 View Post
Hmm, even more suspicious since any actual approval they may have today is only valid for at most 30 days, it's WORTHLESS when the vehicle actually shows up. So, they dinged your credit report now, shopped it around (2 or 3 more credit inquiries) then they do it all over again in 8 weeks when the truck shows up. That alone could drop your credit score by 20+ points and cost you .5% - 1.5% in rates.
Do you mean that just "applying" for credit, lowers your credit score??
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  #20  
Old 02-08-2011, 12:36 PM
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Re: Financing Question

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Originally Posted by Hollywood View Post
Do you mean that just "applying" for credit, lowers your credit score??
Yes. It's called a "hard inquiry". When you apply for credit (new credit card, auto financing, new apartment or house, new cell phone, etc, etc, etc...) your score gets dinged.

BTW... when credit companies pull your file to offer you credit (without being solicited), it's called a "soft inquiry" and doesn't affect your score. Checking your own credit does not affect it either. You'd be surprised to how many companies nose through your credit files.
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  #21  
Old 02-08-2011, 12:41 PM
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Re: Financing Question

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Originally Posted by Hollywood View Post
Do you mean that just "applying" for credit, lowers your credit score??
I wouldn't lose any sleep over inquiries for a car loan. Creditors know that you're shopping around when multiple inquiries are being made. You want the best rate and the reality is that sometimes we will make multiple apps for a car loan.

Al
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Old 02-08-2011, 01:41 PM
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Re: Financing Question

The current Fair Isaac model allows for consumer rate shopping without affecting their credit score. Several auto or mortgage lender inquiries occurring within a 30 day period will not reduce a credit score. There's also a 12 month look-back piece that treats clusters of such inquiries as a single inquiry.
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  #23  
Old 02-08-2011, 01:47 PM
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Re: Financing Question

Thanks guys. I do feel better.
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  #24  
Old 02-08-2011, 02:52 PM
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Re: Financing Question

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Originally Posted by aleatory View Post
The current Fair Isaac model allows for consumer rate shopping without affecting their credit score. Several auto or mortgage lender inquiries occurring within a 30 day period will not reduce a credit score. There's also a 12 month look-back piece that treats clusters of such inquiries as a single inquiry.
Well, that's not entirely true. Directly from the Fair Issac (FICO) site:

Quote:
FICOŽ Scores do not penalize you for "rate shopping" when seeking a mortgage, auto loan or student loan. To enable you to shop for the best rate, the FICOŽ Score ignores inquiries for similar financing types made in the 30 days prior to scoring. That means all inquiries made during your shopping period are counted as one inquiry when determining your score. This shopping period is 45 days on the newest versions of the FICOŽ Score. Each lender chooses which version of FICOŽ Score it wants to use.
Note that the multiple inquiries count as one inquiry over a 30 day period. In Hollywood's case the inquiries he has over the last few days will "expire" long before his vehicle arrives. He will then add another group of inquiries when he shops for the loan. The net result is at the end he will have 2 inquiries on his report. For many that's not an issue but for some it might put you over the threshold where FICO dings your score because of it.

I'm just saying you need to be careful when shopping for credit. What may seem innocent to you can haunt you for years.

http://www.scoreinfo.org/ is a new site that Fair Issac put up with the changes to the fair credit act Jan 1st. It's worth reviewing if you aren't aware of what's happening in the credit world.
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