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  #25  
Old 03-06-2011, 11:30 PM
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Re: Interest Rates

Hey BrianK,

What credit union in SF were you working with??

Just ordered an Overland from Putnam in Burlingame and I'm trying to get the best rate.

Thanks,
N1242N
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  #26  
Old 03-07-2011, 12:49 PM
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Re: Interest Rates

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Originally Posted by lweisenb View Post
1.9% /60 Through Ally on an Overland last month.
any idea of what credit scores there want for the 1.9

thanks
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  #27  
Old 03-07-2011, 04:04 PM
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Re: Interest Rates

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Was this financed through the dealer or did you get your own financing from Ally?
Through the dealer, put the loan in my wifes name only and i think her scores are mid 700s.
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  #28  
Old 03-07-2011, 08:00 PM
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Re: Interest Rates

Got a 2.34 rate for 60 months thru Fifth Third Bank.
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  #29  
Old 03-07-2011, 08:03 PM
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Re: Interest Rates

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Originally Posted by lweisenb View Post
Through the dealer, put the loan in my wifes name only and i think her scores are mid 700s.
You must really love your wife...

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  #30  
Old 03-07-2011, 08:10 PM
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Re: Interest Rates

It's strategic, House and other cars in my name so we make sure she maintains credit on her own... You never know what could happen and we know a few women who have unfortunate circumstances push them into situations and no credit due to either death or divorce and the husband having everything in their name.
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  #31  
Old 03-07-2011, 10:48 PM
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Re: Interest Rates

Sign up for biweekly payments through Smartnote. Takes 60 mo @ 3.9% to 54 mo at 1.24%.
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  #32  
Old 03-08-2011, 07:39 AM
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Re: Interest Rates

Quote:
Originally Posted by jmpdev2020 View Post
Sign up for biweekly payments through Smartnote. Takes 60 mo @ 3.9% to 54 mo at 1.24%.
This sounded interesting so I went to the website. What kind of fees do they charge?
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  #33  
Old 03-08-2011, 01:54 PM
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Re: Interest Rates

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Originally Posted by bosca418 View Post
This sounded interesting so I went to the website. What kind of fees do they charge?
I am looking at my paperwork right now. It looks like they collect a $428 enrollment fee which is defferred and collected over the life of the loan. But you're saving thousands in interest so this is a non-starter for me.

As always I asked the finance manager what the "catch" was. There is none believe it or not. This is legit. The only thing you really need to be aware of (and this is stated on the document you will sign) is that you make one full payment every 6 months, including the first one, in addition to your half payments every two weeks. So, you are basically making 1.5 payments on every 6 month up to you term expiration.

I calc'd this out and basically I'm going to pay off a 60 month note in 54 and save about $2500 in interest charges.

Tell your dealership you want this but with no add-on maintenance or service contracts. That is how they tried to sell it to me. I simply asked if I could do this without purchasing add-ons and they reluctantly told me yes.
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  #34  
Old 03-08-2011, 04:29 PM
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Re: Interest Rates

I've read in the past that bi-weekly payment services are a waste. Based just on the fact that it appears you are paying an extra 1.5 payments a year you would cut your loan down by over 6 months just by doing this yourself and saving the $428/fee.
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Old 03-08-2011, 07:34 PM
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Re: Interest Rates

Quote:
Originally Posted by lweisenb View Post
I've read in the past that bi-weekly payment services are a waste. Based just on the fact that it appears you are paying an extra 1.5 payments a year you would cut your loan down by over 6 months just by doing this yourself and saving the $428/fee.
touche!
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  #36  
Old 03-08-2011, 11:01 PM
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Re: Interest Rates

Quote:
Originally Posted by lweisenb View Post
I've read in the past that bi-weekly payment services are a waste. Based just on the fact that it appears you are paying an extra 1.5 payments a year you would cut your loan down by over 6 months just by doing this yourself and saving the $428/fee.
EXACTLY, just use your bank's bill pay service to schedule the 50% payment every 2 weeks then do the quick math to see which month you may be short (only one payment happening within the traditional monthly window) and add an additional manual payment. Costs you nothing and you always have the ability to change back to the normal plan if you need the extra cash.
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