Let card report or get a loan before?

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Vattené
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Postby Vattené » Mon Nov 17, 2014 4:59 pm

Do you also know what the dealership will offer in their best-case scenario? I am sure any salesman would be happy to push it if you ask. It could be better than Chase, so it's worth finding out. Plus dealerships offer 0% a lot (at least for certain models; that may only be applicable to certain new and higher-margin cars). I knew what the best rate would be before actually taking a HP in the hopes my credit would justify it. I also do not know what is typical for used cars, so Chase may well be as low as you can get.
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nismoZtuner
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Postby nismoZtuner » Tue Nov 18, 2014 2:31 pm

Vattené wrote:Do you also know what the dealership will offer in their best-case scenario? I am sure any salesman would be happy to push it if you ask. It could be better than Chase, so it's worth finding out. Plus dealerships offer 0% a lot (at least for certain models; that may only be applicable to certain new and higher-margin cars). I knew what the best rate would be before actually taking a HP in the hopes my credit would justify it. I also do not know what is typical for used cars, so Chase may well be as low as you can get.


The first dealership I went to here in Monterey Ca to look at a car but i didnt end up liking it they told me that if i found a car i liked they would be happy to get it for me and even make me a deal on top of that. On Sunday i went to a different BMW dealership in another county and found the perfect 550i but the guy who helped me wouldn't negotiate- when i asked the guy if i can get a better deal because of some small things the guy told me "we do not need to negotiate this dealership is not a small car lot that would do that". i was like "whaatt", when he told me that I just wanted to leave- not sure if the guy wanted to stick to the price or didnt want to deal with me.

but before going to that dealership i was already emailing someone else but this sales guy said "we`re all the same.. i can help you" . for now I was thinking about talking with the other guy i was already emailing or just have the first dealership get me the car and ill just deal with them.
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nismoZtuner
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Postby nismoZtuner » Tue Nov 18, 2014 8:19 pm

So I went to a credit union to check on a refinance that my brother was doing for a car- so then I'm like I should check on a loan since I'm there. So I talked to the lady helping my brother out and I just went for it. I was approved for a 25k loan at 3.99% apr.. But what I did not understand was that they would only cover 80% of the sale price:: can someone clarify that?
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Postby Vattené » Tue Nov 18, 2014 10:13 pm

It sounds to me like they are forcing you to make a 20% down payment.
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Postby flan » Tue Nov 18, 2014 10:24 pm

Vattené wrote:It sounds to me like they are forcing you to make a 20% down payment.


Yep. That's pretty common. I'd also verify whether that 80% is 80% of the car's price, or 80% of the out the door price (which will include tax, and probably some fees).

There are loans that will cover nearly the entire cost (exceeding the value of the car), but you'll pay more. Sometimes, a lot more.

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Postby nismoZtuner » Wed Nov 19, 2014 1:09 am

flan wrote:Yep. That's pretty common. I'd also verify whether that 80% is 80% of the car's price, or 80% of the out the door price (which will include tax, and probably some fees).

There are loans that will cover nearly the entire cost (exceeding the value of the car), but you'll pay more. Sometimes, a lot more.


She said I had to take all the documentation about the car- so my guess is that they will include taxes and fees as well but I will have to cover the 20% which would be about a good 5k down payment..
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Postby Xorand » Wed Nov 19, 2014 11:07 am

When we bought our RV, the credit union that financed it said they would only loan 80% of the value. Since it was new, the dealer submitted the MSRP as the value. It is typical that you can get a dealer to come down 25% or so off of MSRP on an RV, so it was an easy "no down payment" deal.

If you are buying a used car, might have the dealer quote the "value" at highest book value they can get by with and then negotiate a lower actual price. (Same with new, actually, using the sticker as the "value" of the vehicle). That should reduce your out of pocket.
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Postby nismoZtuner » Thu Nov 20, 2014 3:46 pm

okay, so the dealership contacted me and asked me to make them a reasonable offer- the one who contacted me was the first guy i was able to email online. i told him what happened with the sales guy that helped me out at the dealership on Sunday. Anyways the problem now is Insurance i went to AAA to get a quote on adding the BMW and they want $440 a month just for the bmw ALONE! which is BS they said that after may my monthly coverage will drop to 290- but im thinking about changing to another company..

i was thinking about Geico, Farmers or state farm but i have a friend who i am talking to and he is telling me Geico is the best way to go..

what do you guys think?
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

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Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

ingramjuan
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Postby ingramjuan » Thu Nov 20, 2014 6:18 pm

I found out in the past it takes about 45 days for the balances to show $0 on my credit report once I paid off my credit cards
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Vattené
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Postby Vattené » Thu Nov 20, 2014 8:03 pm

I don't have a lot of experience in this, but I definitely think you should shop around. I would expect insurance to be a lot like credit cards - YMMV always and people in similar situations will get different outcomes. Also, one company may treat your friend well but you much differently. That is a lot of money per month...I think the only way to know for sure is to shop around and see what the best offer you can get is.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



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