Go Back   Jeep Garage - Jeep Forum > Jeep Platform Discussion > Grand Cherokee - WK2 -

Join Jeep Garage Today
Reply
 
Thread Tools Display Modes
 
  #1  
Old 02-08-2011, 12:26 AM
Member
 
Join Date: Aug 2010
Posts: 6
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 1434
mongo1271 is on a distinguished road
Financing Question

Finally set down with the dealer today after a few weeks of email haggling. We agreed on a price, then I went to speak with the financing office. There I was informed that they couldn't do the agreed upon price at the 1.9% rate for 60 months because the financing company took too much of a slice of it. They offered me the negotiated price +$1,000 to do the deal at 1.9%. They also offered me 4.9% through Bank of America at the negotiated price. Either way, this conveniently adds about $1,000 to my price. I feel like I'm getting the run around here. Is there a reason other than trying to get more profit out of the financing that would necessitate raising the negotiated price?
__________________

__________________
Reply With Quote
  #2  
Old 02-08-2011, 12:41 AM
Nbtstatic's Avatar
Premium Member
My Jeep: 2011 3.6L WK2
 
Join Date: Oct 2010
Location: Colorado Springs, CO
Posts: 388
Thanks: 0
Thanked 6 Times in 4 Posts
Rep Power: 14808
Nbtstatic has a reputation beyond reputeNbtstatic has a reputation beyond reputeNbtstatic has a reputation beyond reputeNbtstatic has a reputation beyond reputeNbtstatic has a reputation beyond reputeNbtstatic has a reputation beyond reputeNbtstatic has a reputation beyond reputeNbtstatic has a reputation beyond reputeNbtstatic has a reputation beyond reputeNbtstatic has a reputation beyond reputeNbtstatic has a reputation beyond repute
Re: Financing Question

Check the Bofa auto loan rates yourself, should be 2.99 for 60 if you have good credit, they are probably trying to pocket the other 2%.

Thats what it is here in TX anyway.
__________________

__________________
________________________
2011 Jeep Grand Cherokee
Overland 4x4 V6
Dark Charcoal Pearl
Dark Frost/Light Frost
730n
Photos

Reply With Quote
  #3  
Old 02-08-2011, 12:50 AM
Member
My Jeep: 2011 3.6L WK2
 
Join Date: Oct 2010
Posts: 66
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 1445
pbm317 is on a distinguished road
Re: Financing Question

Move on to the next dealer.
__________________
Reply With Quote
  #4  
Old 02-08-2011, 12:53 AM
Member
 
Join Date: Nov 2010
Posts: 25
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 1362
MOBB is on a distinguished road
Quote:
Originally Posted by pbm317 View Post
Move on to the next dealer.
+1
__________________
Reply With Quote
  #5  
Old 02-08-2011, 12:55 AM
suprand's Avatar
Premium Member
My Jeep: 2011 5.7L WK2
 
Join Date: Aug 2010
Location: Chicago
Posts: 240
Thanks: 0
Thanked 1 Time in 1 Post
Rep Power: 1693
suprand is on a distinguished road
Re: Financing Question

I would NOT give my business to that dealer, they def dont deserve it. What they said sounds like straight B.S.
__________________
Reply With Quote
  #6  
Old 02-08-2011, 01:02 AM
SvenskaJeepGuy's Avatar
Let's Roll
My Jeep: 2005 4.7L WK
 
Join Date: Dec 2009
Location: Scranton PA
Posts: 13,083
Thanks: 139
Thanked 162 Times in 152 Posts
Rep Power: 1255316
SvenskaJeepGuy has a reputation beyond reputeSvenskaJeepGuy has a reputation beyond reputeSvenskaJeepGuy has a reputation beyond reputeSvenskaJeepGuy has a reputation beyond reputeSvenskaJeepGuy has a reputation beyond reputeSvenskaJeepGuy has a reputation beyond reputeSvenskaJeepGuy has a reputation beyond reputeSvenskaJeepGuy has a reputation beyond reputeSvenskaJeepGuy has a reputation beyond reputeSvenskaJeepGuy has a reputation beyond reputeSvenskaJeepGuy has a reputation beyond repute
Garage
Re: Financing Question

move on to another dealer, once you threaten to walk they may change their tune. sell if they are willing to lose a sale over $1k (likely less than that to them) do not buy at the higher rate or at another price.
__________________
Reply With Quote
  #7  
Old 02-08-2011, 01:44 AM
joebinotto's Avatar
Premium Member
 
Join Date: Oct 2010
Posts: 365
Thanks: 0
Thanked 1 Time in 1 Post
Rep Power: 1751
joebinotto is on a distinguished road
Re: Financing Question

Your dealer is scumbag. Find another (unless he clearly explained when he gave you a price that it was contingent upon financing with them at some outrageous rate).
__________________
2011 Rugged Brown Summit 4X4 V6!
Reply With Quote
  #8  
Old 02-08-2011, 06:09 AM
Premium Member
 
Join Date: Feb 2011
Posts: 117
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 1391
lweisenb is on a distinguished road
Re: Financing Question

I got 1.9 through ally on 2/5, find another dealer (at the very least threaten to walk).
__________________
Reply With Quote
  #9  
Old 02-08-2011, 07:59 AM
2011RitterGC's Avatar
Member
My Jeep: 2011 5.7L WK2
 
Join Date: Jan 2011
Location: WNC
Posts: 381
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 1685
2011RitterGC is on a distinguished road
Re: Financing Question

Quote:
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).

So did I but at the EP (10.3% off list) pirce.

Move on but let them know so they have a chance to make good.
__________________
2011 Blackberry Pearl/Frost Overland 5.7L 730N 4x4
[SIGPIC][/SIGPIC]
Reply With Quote
  #10  
Old 02-08-2011, 07:59 AM
Premium Member
My Jeep: 2012 6.4L SRT8
 
Join Date: Dec 2010
Location: Ormond Beach FL
Posts: 1,544
Thanks: 0
Thanked 21 Times in 20 Posts
Rep Power: 2885
mjw930 has a reputation beyond reputemjw930 has a reputation beyond repute
Re: Financing Question

Go online to Ally and apply directly then take that approval, with the associated rate to another dealer or to the one you were just at and demand the deal. Captive finance companies don't take money out of the dealer's pocket, they put money in it! If the rate is subsidized it's subsidized directly from Chrysler, not the dealer.

https://online-application.ally.com/...application.do

Just be aware that auto financing uses a completely different scoring than conventional financing so the "score" you get from online sites could be wildly different. To get the top tier rates your auto weighted score needs to be 720 or higher. Doing the online thing or walking onto a local bank and filling out an application will let you know what your position is. Relegate the "finance manager" to a clerk and do the legwork yourself.
__________________
2012 Grand Cherokee SRT8 Black/Black
Reply With Quote
  #11  
Old 02-08-2011, 08:19 AM
Member
 
Join Date: Aug 2010
Posts: 6
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 1434
mongo1271 is on a distinguished road
Re: Financing Question

Thanks for all of the replies. This all jives with what I had been thinking, I'm calling back today to break the news to him.
__________________
Reply With Quote
  #12  
Old 02-08-2011, 08:32 AM
Hollywood's Avatar
Member
My Jeep: 2011 5.7L WK2
 
Join Date: Dec 2010
Location: CT
Posts: 673
Thanks: 0
Thanked 5 Times in 3 Posts
Rep Power: 2100
Hollywood has a reputation beyond reputeHollywood has a reputation beyond reputeHollywood has a reputation beyond reputeHollywood has a reputation beyond reputeHollywood has a reputation beyond reputeHollywood has a reputation beyond repute
Re: Financing Question

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.
__________________

__________________
[SIGPIC][/SIGPIC]

2011 WK2 Grand Cherokee Overland 4x4 Edition 5.7L V8
Mineral Grey / Light-Dark Frost Beige Interior
Every option available except Rear Entertainment, (No kids - Panoroof Instead!) ;)

"OVERLAND"; The American Range Rover!,
and a 1998 Grand Cherokee Limited with 210K that's still goin' Strong!!
:thumbsup:
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Chrysler/Jeep Financing? Hollywood Grand Cherokee - WK2 - 18 01-10-2011 02:12 AM
Financing rates? Danco Grand Cherokee - WK2 - 52 12-29-2010 10:26 PM
Rim question / tinted tail light question burt0n05 Grand Cherokee - WK 12 02-08-2010 12:36 PM

Powered by vBadvanced CMPS v3.2.3

All times are GMT -5. The time now is 10:58 PM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
Copyright 2012 - JeepGarage.Org
The Jeep Grand Cherokee Owners Community