2011 Financing question
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2011 Financing question
Hi, I ordered a Race Red Cali Special late February without the knowledge that I could argue down the price so I ordered at MSRP.
With tax I'm looking at 41k
The car was built and has an ETA of today, but I'll be gone for the weekend so it's likely to arrive while I'm away.
I have been saving up for this car for around 5-6 months and I have a hefty down payment ready and I just got a loan approval from the credit union at the naval base I work on. I got a higher interest rate than I expected at around %6. I need to get that lower to afford the car.
My question is this, can I go to my dealership and convince them to give me a 0% loan? I'm putting 15k down and can afford to go higher. Would that kind of down payment warrent a 0%. Would ANY down payment effect my chances of getting a 0%? Could I argue that since I'm paying MSRP they are already making more money off of me than I am comfortable with. Could I threaten to go to a different dealership and scare them into giving me a good loan? Could I just politely ask and they would do it since i'm already putting around 36% of the cost down?
I can't really afford to reorder since my current car will be unavailable by next month (parents are taking it back and giving it to my sister who needs it). I can't go all summer without a car. Not to mention I've fallen in love with this car as I ordered it and don't think I could stand to go with any other style or options in a stock setup somewhere else.
Since I can't go anywhere else I want to get my total cost of this car down to a reasonable level, but I could threaten to bail since they only have a $200 check to hold my order. What should I do?
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The car was built and has an ETA of today, but I'll be gone for the weekend so it's likely to arrive while I'm away.
I have been saving up for this car for around 5-6 months and I have a hefty down payment ready and I just got a loan approval from the credit union at the naval base I work on. I got a higher interest rate than I expected at around %6. I need to get that lower to afford the car.
My question is this, can I go to my dealership and convince them to give me a 0% loan? I'm putting 15k down and can afford to go higher. Would that kind of down payment warrent a 0%. Would ANY down payment effect my chances of getting a 0%? Could I argue that since I'm paying MSRP they are already making more money off of me than I am comfortable with. Could I threaten to go to a different dealership and scare them into giving me a good loan? Could I just politely ask and they would do it since i'm already putting around 36% of the cost down?
I can't really afford to reorder since my current car will be unavailable by next month (parents are taking it back and giving it to my sister who needs it). I can't go all summer without a car. Not to mention I've fallen in love with this car as I ordered it and don't think I could stand to go with any other style or options in a stock setup somewhere else.
Since I can't go anywhere else I want to get my total cost of this car down to a reasonable level, but I could threaten to bail since they only have a $200 check to hold my order. What should I do?
Last edited by HokieCodeMonkey; 5/7/10 at 11:03 AM.
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I think my credit score is around 720. I also could have my dad cosign on a loan if I needed to. I would rather not but if it means saving me 3-4 grand I would do it no questions asked.
Last edited by HokieCodeMonkey; 5/7/10 at 11:06 AM.
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Have you tried anywhere else? Your credit union is not always your best source... especially if they cater to the military. Nothing against you, but banks are famous for ripping off military personnel.
Here are three to start with.
http://www.capitalone.com/autoloans/
http://www.BankofAmerica.com/AutoLoans
http://www.fordcredit.com/index.jhtml
Here are three to start with.
http://www.capitalone.com/autoloans/
http://www.BankofAmerica.com/AutoLoans
http://www.fordcredit.com/index.jhtml
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I would personally renegotiate the price.. MSRP is more than you should pay. That would lower the payment as well(might make for a lower loan and that might lower the APR also).. If you're bringing in a loan from an outside source, it's a "cash deal" for the dealer. You should get better than sticker... It's not a shelby.
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I've heard of people getting 0% APR when they are running incentives to buy. I know they won't run incentives on a new model while they are trying to get the 2010's out the door. How would I qualify for a 0 eci? Could I qualify for 0 at any of those sources coffeejolts?
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I would personally renegotiate the price.. MSRP is more than you should pay. That would lower the payment as well(might make for a lower loan and that might lower the APR also).. If you're bringing in a loan from an outside source, it's a "cash deal" for the dealer. You should get better than sticker... It's not a shelby.
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I'm guessing by his screen name he's not military. Just working at/near a military base.
Shop rates. Maybe NFCU is good but someone else is better. PenFed is offering 3.99%. Ford Credit may give you 0% on that credit score but it's 36 months. Make sure you can afford that payment.
First and foremost though, get out of that deal. Holy crap... MSRP? Really? I'd walk away from that $200 long before I gave them an extra $2k-$3k in the deal and chalk it up to "higher education."
Speaking of which, what EXACTLY are they teaching at Tech these days?
Shop rates. Maybe NFCU is good but someone else is better. PenFed is offering 3.99%. Ford Credit may give you 0% on that credit score but it's 36 months. Make sure you can afford that payment.
First and foremost though, get out of that deal. Holy crap... MSRP? Really? I'd walk away from that $200 long before I gave them an extra $2k-$3k in the deal and chalk it up to "higher education."
Speaking of which, what EXACTLY are they teaching at Tech these days?
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6% is a bit on the high side, but it depends on many things such as credit score and down payment . . . 720 is not bad but won't get you the best rates . . . I think you can get 0% from Ford credit, but only for 36 months so that probably doesn't solve your problem . . .
You can shop for loans just like you shop for a car (or not, as the case may be . . .) but you can't really force the dealer to take a loan on the car, dealers don't finance cars, banks do.
Bank of America has the best rates that I have found (other than the special promotions from Ford credit), they might be worth a look -- www.bankofamerica.com
You can shop for loans just like you shop for a car (or not, as the case may be . . .) but you can't really force the dealer to take a loan on the car, dealers don't finance cars, banks do.
Bank of America has the best rates that I have found (other than the special promotions from Ford credit), they might be worth a look -- www.bankofamerica.com
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That's what I was worried about. I have to stick with a 5 year loan. That keeps it at a reasonable monthly plus it's how long I will be free of student loans. After 5 years my SL account dries up and I have to start paying on that too. The goal is to be done with car loan payments at the same time that the student loans pick up.
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So lets say I can negotiate down to 500 above invoice and still have the 15k down payment. What would my monthlies look like for a 36 month loan at 0%.
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You aren't hard wired into paying invoice for the car, you haven't paid for it yet or signed the finance contract so you hold more of the marbles than they do.
Tell the dealer that you have found that you can buy the car cheaper somewhere else and see if they will come off the price, if they won't, WALK AWAY!!! IT IS JUST A CAR AND YOU CAN GET ONE SOMEWHERE ELSE!!!
If they come down on the price then you can move on to finance and see what Ford Credit will do for you on the interest rate. Even if they won't do 0% they will surely do better than the 6% you were quoted at the credit union.
Tell the dealer that you have found that you can buy the car cheaper somewhere else and see if they will come off the price, if they won't, WALK AWAY!!! IT IS JUST A CAR AND YOU CAN GET ONE SOMEWHERE ELSE!!!
If they come down on the price then you can move on to finance and see what Ford Credit will do for you on the interest rate. Even if they won't do 0% they will surely do better than the 6% you were quoted at the credit union.
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You aren't hard wired into paying invoice for the car, you haven't paid for it yet or signed the finance contract so you hold more of the marbles than they do.
Tell the dealer that you have found that you can buy the car cheaper somewhere else and see if they will come off the price, if they won't, WALK AWAY!!! IT IS JUST A CAR AND YOU CAN GET ONE SOMEWHERE ELSE!!!
If they come down on the price then you can move on to finance and see what Ford Credit will do for you on the interest rate. Even if they won't do 0% they will surely do better than the 6% you were quoted at the credit union.
Tell the dealer that you have found that you can buy the car cheaper somewhere else and see if they will come off the price, if they won't, WALK AWAY!!! IT IS JUST A CAR AND YOU CAN GET ONE SOMEWHERE ELSE!!!
If they come down on the price then you can move on to finance and see what Ford Credit will do for you on the interest rate. Even if they won't do 0% they will surely do better than the 6% you were quoted at the credit union.
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