I have credit score of 771...

 

To follow up on my BofA loan...

So I fill it out and get an instant quote of like 5.15%

Then Kathy from BofA calls and wants to confirm my app and says I'm all approved for 4.6%.

So I figure this is gettng better, I'll see if I can't get a better number. So after informing her what I've seen here and that that number was not their lowest offer, I managed to get a final rate of 3.85% which beats the crap out of everything else I've seem locally. The local credit union was at 5.75%.

So it looks like that is what I'll go with. I'm not sure of my credit scores as they've always been high, but the past couple of years I've been paying auto loans off way early and shutting down my credit cards too.

 

How many months loan?

 

60 months

And she said no $200 app fee either.

I'm gonna try to use it to see if the dealer can beat it, but I seriously doubt that will happen.

 

Used to be 700's were great scores. Now it seems they want 800's for the best.

Some CU's are better than others. But they are usually more flexible and look at your whole portfolio rather than just your score.

Auto Loans

as low as 3.50%APY
*APR= Annual Percentage Rate for model year 2007 and newer and assumes auto pay relationship. Your actual rate may be higher. Your rate may vary based on term, and credit worthiness. Rate subject to change. Refinances apply only to non-SOFCU loans.

 

my CU has me approved for 3.99% but i'm going to look around before i go. with my current job, i'll need a 60 month plan to pay off the car.

 

Too late. Already ordered the car -- to be delivered "imminently."

 

All depends. If I finance at a rate greater than 0%, I put money down. At 0%, WHY put ANYTHING down? You're just losing money. Even if your savings account earns 1%, that's money you'll make vice money you won't. So that's the "payment dilemma". 0% = high payment and any loan = lower payment but higher cost. Over 60 months, a 3.18% loan on $27.5k will cost about $1800 in finance charges -- or an extra $30/month for 60 months.

 

36 Months @ 0% Interest and they pay you $500 to take it. What's wrong with that?
I put down $1250 of Ford's Money ($500 FMCC Bonus Cash + $750 Private Offer-Brochure Rebate).
Dealer cut me a check for $17,500 for my 2007 GT Deluxe and the $500 Deposit I paid when i ordered it.

 

Not sure about the 0% for 36 AND $500 bonus cash. Everywhere I've looked and my dealer has said one or the other. If they offer me 0% AND $500 extra, I'll definitely be going the 0% route.

 

Is this $500 bonus cash just for certain area's? I do not see this offered when i put my zip in on Fords site. Just the financing offers or if you are military or police.

 

I think I saw it on Edmunds and AOL Autos and maybe MSN autos but it was a while ago. I wrote it off as "not eligible, ignore."

 

The fee is waived if your dealership is one of their partners.

 

That is another great piece of information. A few related questions:

1) how do you know if a dealer is one of their partners?

2) do you have to apply through the dealer for them to waive the fee?

3) do the dealers bump up the rate when you apply through them, compared to what you would get if you applied by yourself on the BofA web page?

thanks!

 

Go to the BofA website and click on auto loans, submit you state location, and then on the right hand side of the page you will se a dealer locator. This list will tell you if you're dealer is on their list.

http://www.bankofamerica.com/vehicle...TextLink&type=

I applied online and was informed by phone of the fee waiver.

They send you an email with a link to log in and get your letter to take to the dealer. The authirized dealer then just makes the arrangements. The rate is clearly printed on the letter.

 

thanks Gary! Since you've been through this, just one more question -- can you get "pre-approval" or do you have to apply for a specific car / deal, with the VIN number or an agreement to purchase or something?

I'd ask the people at BofA, but they don't answer questions!

 

I'm sorry I can't answer that. When it asked for the VIN number and finance amount I gave it to them. I wish I could help further.

 

I'm headed down to the dealer this afternoon to get the truck. I'll let you know how easy it was or not. Or if I get slammed with BS.

 

Well. I didn't go with the BofA loan. Not because it wasn't good, but because the dealer magically beat the rate by .05% with Captial One. 3.8%. It never fails. If I had walked in with an approved loan for 5.9% they would have magically beat that by a tenth or two. It seems to happen that way every time, unless its a 0% thing. They can't seem to beat those loans.

 

More on BofA.

If you "sign their contract" the $200 is theirs even if you never cash the check. So let's say you arrange their financing through a dealer not in their "network" or whatever they call it and then you decide to change financing because the dealer does one better. You're out $200 just like that.

I hate banks. But that rate is hard to pass up. I think I might go the 0% route and check the dealer for "beat BofA rates" and then either sign a promissory note while I get the money secured or just leave it at 0%.