Is this a good deal???? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

doug321 · 11-02-2010, 10:59 PM

Please tell me if this deal is ok.

FICO score 650
applied at several CU, and Chase but got denied. Went straight to dealership and got approved for 6.99% for 72months

2011 Camaro 2lt, RS, Black stripes
MSRP 30520

They lowered it for $29,630

Another thing do dealership pay for tax and license??Planning to put 3k down but might go to Tax+Lic

Needs feedback...thanks

GhostOutlaw · 11-03-2010, 12:35 AM

6.99% is a laughable rate. Your credit score is on the low side. Is it due to age or screw ups?

You have to specify the options, unless thats really just it. Assuming manual trans, no specialty colors. But as per the chevy website, the MSRP on that car is 30045. Invoice being 29300.

You pay for tax and lisencing, so thatll add on.

I would like to believe my deal was pretty good, so anyone may feel free to correct me if they like, but ill post it for reference for you. Short version, do your research first. Long version.

Black/black 2011 2LT manual trans with RS, polished wheels, sunroof, trunk mat, floor mats and cargo net for 29512. Financed for 2.99% over 60 months.

And just as an FYI, FICO score is actually the last thing they look at. Some places dont even bother, the more important facts are account history life, how well u make payments and your credit availability.

Do some research, you can certainly get a better deal.

doug321 · 11-03-2010, 01:17 AM

its 2lt/rs/yellow
this is my 2nd loan in my name, still paying my 1st loan, guess that's why I can't get a good rate. Anyway thanks..

GhostOutlaw · 11-04-2010, 12:01 PM

If all your payments are on time and in good shape then it shouldnt be an issue.

Your income may also be a factor...

BowlingSS · 11-08-2010, 08:50 AM

Bank of American is offering 2.59% on my loan.

Good luck.
Bill

ponbigi · 11-09-2010, 05:25 PM

Quote:

Originally Posted by GhostOutlaw

6.99% is a laughable rate. Your credit score is on the low side. Is it due to age or screw ups?

You have to specify the options, unless thats really just it. Assuming manual trans, no specialty colors. But as per the chevy website, the MSRP on that car is 30045. Invoice being 29300.

You pay for tax and lisencing, so thatll add on.

I would like to believe my deal was pretty good, so anyone may feel free to correct me if they like, but ill post it for reference for you. Short version, do your research first. Long version.

Black/black 2011 2LT manual trans with RS, polished wheels, sunroof, trunk mat, floor mats and cargo net for 29512. Financed for 2.99% over 60 months.

And just as an FYI, FICO score is actually the last thing they look at. Some places dont even bother, the more important facts are account history life, how well u make payments and your credit availability.

Do some research, you can certainly get a better deal.

You are absolutely incorrect. Fico means everything, it is what qualifies your rate. more so, dealerships and the lenders such as captial one, chase, GMAC Finance etc. Look at what is called a "Auto Credit Score" cannot remember if they call it fico or not however, its a different valuation then your actual FICO score. To the original poster - you may have a 650 Fico score (which is not a bad score) when the national average is around 620 (i work in finance) They are basing your rate in a different model, verify, that this score is from that model they use. All dealerships are different. Some use transunion, others use experian etc. I could have gone to BMW and got a better interest rate for my purchase then GM/Chevy because they use a different reporting agency -

Your creit score, especially so in todays world tells me everything about you, and in todays finace world it is mostly automated evaluation. The fico score tells me everything I need to know. In mortgage we do look closer at credit and your history, not sure how Auto fiancing goes as i have never undewritten car loans. But i just wanted to put it out there that your FICO score does matter. Best way to get a high fico is have no more then 3 to 4 tradelines one installment and 3 revolving (unless you have a mortgage) Pay off your revolving trades every month. NEVER have maxed out credit lines and NEVER rack up inquiries as these drain your score. ALWAYS remember that your FICO score is 30% payment history and 20% balance thats 50% of your score.

BOULI306 · 11-09-2010, 05:49 PM

Okay, i know i'm a foreigner. And this post is in NO way intended to offend anybody. But where i'm from (the Netherlands) nearly nobody is getting loans to buy a car, the general feeling is "Buy what you can pay". For me it doesn't really make sense to take a loan on a car, because there is no worse investment than a car or motorcycle!

Sure i understand a loan on a house because nobody can pay that, and (well a few years ago at least) it is a good investment.

So if you want to buy a great car like a Camaro, start to safe money and when you have the money buy it....without making the banks richer and richer and paying about twice the amount for your car. If you can't afford it.....well buy a nice used car or a smaller one.

Again in no way do i intend to offend people but that's the way i look at it.

Cheers

BowlingSS · 11-09-2010, 07:12 PM

Quote:

Originally Posted by BOULI306

Okay, i know i'm a foreigner. And this post is in NO way intended to offend anybody. But where i'm from (the Netherlands) nearly nobody is getting loans to buy a car, the general feeling is "Buy what you can pay". For me it doesn't really make sense to take a loan on a car, because there is no worse investment than a car or motorcycle!

Sure i understand a loan on a house because nobody can pay that, and (well a few years ago at least) it is a good investment.

So if you want to buy a great car like a Camaro, start to safe money and when you have the money buy it....without making the banks richer and richer and paying about twice the amount for your car. If you can't afford it.....well buy a nice used car or a smaller one.

Again in no way do i intend to offend people but that's the way i look at it.

Cheers

My daughter and son-in law live in the Netherlands and they only own bikes. Do you own a Camaro?

Bill

BOULI306 · 11-09-2010, 07:16 PM

Quote:

Originally Posted by BowlingSS

My daughter and son-in law live in the Netherlands and they only own bikes. Do you own a Camaro?

Bill

Yep, proud to own a 2LT/RS! (and 4 bikes BTW

)

Mr Twisty · 11-09-2010, 07:24 PM

Quote:

Originally Posted by BOULI306

Okay, i know i'm a foreigner. And this post is in NO way intended to offend anybody. But where i'm from (the Netherlands) nearly nobody is getting loans to buy a car, the general feeling is "Buy what you can pay". For me it doesn't really make sense to take a loan on a car, because there is no worse investment than a car or motorcycle!

Sure i understand a loan on a house because nobody can pay that, and (well a few years ago at least) it is a good investment.

So if you want to buy a great car like a Camaro, start to safe money and when you have the money buy it....without making the banks richer and richer and paying about twice the amount for your car. If you can't afford it.....well buy a nice used car or a smaller one.

Again in no way do i intend to offend people but that's the way i look at it.

Cheers

My dad always said the same thing, that's great advice!

Whorable MPG1975 · 11-09-2010, 07:32 PM

I've been saving for about 4 years. I can buy a brand new Shelby GT500 TODAY if I wanted to. I'm in the Navy over seas for the past 2 1/2 years and looking forward to the day I can pick up my baby from the dealer lot ( Camaro BTW,lol). But, I'll be getting a loan for it. Why? Because I need to build credit because I am still somewhat young. I have always bought everything I need/wanted outright with cash and is a reason I don't have much credit. Granted, I will put down about half when I buy my camaro but still...you get my point. Now, if I was working at Burger King living out of my Moms house, I would not get a new Anything! I believe in the "live below your needs" approach. But that doesn't mean I can't build credit or have a sweet ride too.

Kids these days live in the "now" and don't understand working at something for a long time and achieving a goal.

BOULI306 · 11-09-2010, 07:46 PM

Quote:

Originally Posted by Whorable MPG1975

I've been saving for about 4 years. I can buy a brand new Shelby GT500 TODAY if I wanted to. I'm in the Navy over seas for the past 2 1/2 years and looking forward to the day I can pick up my baby from the dealer lot ( Camaro BTW,lol). But, I'll be getting a loan for it. Why? Because I need to build credit because I am still somewhat young. I have always bought everything I need/wanted outright with cash and is a reason I don't have much credit. Granted, I will put down about half when I buy my camaro but still...you get my point. Now, if I was working at Burger King living out of my Moms house, I would not get a new Anything! I believe in the "live below your needs" approach. But that doesn't mean I can't build credit or have a sweet ride too.

Kids these days live in the "now" and don't understand working at something for a long time and achieving a goal.

Well sure, that makes sense. In the Netherlands you can't build credit and credit cards are not at all as common as here. 90% of the time you will use your debit card or pay cash.

oldfriend · 11-09-2010, 08:21 PM

Quote:

Originally Posted by BOULI306

Okay, i know i'm a foreigner. And this post is in NO way intended to offend anybody. But where i'm from (the Netherlands) nearly nobody is getting loans to buy a car, the general feeling is "Buy what you can pay". For me it doesn't really make sense to take a loan on a car, because there is no worse investment than a car or motorcycle!

Sure i understand a loan on a house because nobody can pay that, and (well a few years ago at least) it is a good investment.

So if you want to buy a great car like a Camaro, start to safe money and when you have the money buy it....without making the banks richer and richer and paying about twice the amount for your car. If you can't afford it.....well buy a nice used car or a smaller one.

Again in no way do i intend to offend people but that's the way i look at it.

Cheers

I TO CAME FROM FAR AWAY LAND , BUT I DO BUY EVEN TOILET PAPER ON CREDIT , BUT NEVER PAID A PENNY TO THE BANK .

The Stig · 11-09-2010, 08:45 PM

Quote:

Originally Posted by oldfriend

I TO CAME FROM FAR AWAY LAND , BUT I DO BUY EVEN TOILET PAPER ON CREDIT , BUT NEVER PAID A PENNY TO THE BANK .

AH!!!!

LOUD NOISES! I DON'T EVEN KNOW WHY WE'RE YELLING!

11-02-2010, 10:59 PM	#1
doug321 Drives: Camaro 2lt Join Date: Nov 2010 Location: West Covina Posts: 6	Is this a good deal???? Please tell me if this deal is ok. FICO score 650 applied at several CU, and Chase but got denied. Went straight to dealership and got approved for 6.99% for 72months 2011 Camaro 2lt, RS, Black stripes MSRP 30520 They lowered it for $29,630 Another thing do dealership pay for tax and license??Planning to put 3k down but might go to Tax+Lic Needs feedback...thanks Last edited by doug321; 11-03-2010 at 12:22 AM.

11-08-2010, 08:50 AM	#5
BowlingSS Camaro Owner Since 1987 Drives: 2011 2SS/RS L99 RJT Join Date: Jun 2006 Location: Lawrenceville, GA Posts: 2,185	Bank of American is offering 2.59% on my loan. Good luck. Bill __________________ 2011 Camaro 2SS/RS L99 RJT CAI, Inc. Cold Air Induction;ADM Scoop Rx Catch Can;Rx Breather;Roto-Fab Washer Container VMax Ported RJT Throttle Body XSPower Headers and XSPower 3" Exhaust System Elite Engineering Tunnel Brace, Gorilla Wheel Lock System; Bear Rotors, Hawk HPS Tinted Windows 35%;EFILive Tune

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11-03-2010, 12:35 AM	#2
GhostOutlaw Drives: Black 2011 2LT/RS Join Date: Sep 2010 Location: NJ Posts: 282	6.99% is a laughable rate. Your credit score is on the low side. Is it due to age or screw ups? You have to specify the options, unless thats really just it. Assuming manual trans, no specialty colors. But as per the chevy website, the MSRP on that car is 30045. Invoice being 29300. You pay for tax and lisencing, so thatll add on. I would like to believe my deal was pretty good, so anyone may feel free to correct me if they like, but ill post it for reference for you. Short version, do your research first. Long version. Black/black 2011 2LT manual trans with RS, polished wheels, sunroof, trunk mat, floor mats and cargo net for 29512. Financed for 2.99% over 60 months. And just as an FYI, FICO score is actually the last thing they look at. Some places dont even bother, the more important facts are account history life, how well u make payments and your credit availability. Do some research, you can certainly get a better deal.

11-03-2010, 01:17 AM	#3
doug321 Drives: Camaro 2lt Join Date: Nov 2010 Location: West Covina Posts: 6	its 2lt/rs/yellow this is my 2nd loan in my name, still paying my 1st loan, guess that's why I can't get a good rate. Anyway thanks..

11-04-2010, 12:01 PM	#4
GhostOutlaw Drives: Black 2011 2LT/RS Join Date: Sep 2010 Location: NJ Posts: 282	If all your payments are on time and in good shape then it shouldnt be an issue. Your income may also be a factor...

11-09-2010, 05:49 PM	#7
BOULI306 Drives: 2011 CGM 2LT/RS black stripes Join Date: Sep 2009 Location: Tucson Posts: 137	Okay, i know i'm a foreigner. And this post is in NO way intended to offend anybody. But where i'm from (the Netherlands) nearly nobody is getting loans to buy a car, the general feeling is "Buy what you can pay". For me it doesn't really make sense to take a loan on a car, because there is no worse investment than a car or motorcycle! Sure i understand a loan on a house because nobody can pay that, and (well a few years ago at least) it is a good investment. So if you want to buy a great car like a Camaro, start to safe money and when you have the money buy it....without making the banks richer and richer and paying about twice the amount for your car. If you can't afford it.....well buy a nice used car or a smaller one. Again in no way do i intend to offend people but that's the way i look at it. Cheers

11-09-2010, 07:32 PM	#11
Whorable MPG1975 I'd rather be Blown. Drives: 1975 CAMARO 454ciBBC/TKO-600 Join Date: Dec 2009 Location: Japan, Yokosuka Posts: 148	I've been saving for about 4 years. I can buy a brand new Shelby GT500 TODAY if I wanted to. I'm in the Navy over seas for the past 2 1/2 years and looking forward to the day I can pick up my baby from the dealer lot ( Camaro BTW,lol). But, I'll be getting a loan for it. Why? Because I need to build credit because I am still somewhat young. I have always bought everything I need/wanted outright with cash and is a reason I don't have much credit. Granted, I will put down about half when I buy my camaro but still...you get my point. Now, if I was working at Burger King living out of my Moms house, I would not get a new Anything! I believe in the "live below your needs" approach. But that doesn't mean I can't build credit or have a sweet ride too. Kids these days live in the "now" and don't understand working at something for a long time and achieving a goal.