FEDs cut prime, Banks lower rates, What about GMAC?

[trm0002]

Originally Posted by camaropete

In addition, it was lending to buyers with sub-par credit and their inability to pay when rates and payments went up that go us into this economic mess anyway. For a car company that is struggling a bit to begin with, it makes sense to finance only to those buyers who are low-risk and will be sure to make their payments. GM doesn't need a bunch of defaulted loans on their hands and used Camaros that they need to offload (which will also bring down the value of the new ones they are trying to sell).

Personally, one of the coolest financing options I have ever used is Capital One's Blank Check (http://www.capitalone.com/autoloans/...heck/index.php). You pre-qualify for a specified amount (say $40k). They send you a blank check that you take to the dealer, make it out with the final selling price and put the car's VIN number on. A few weeks later they send you all the final paperwork with you monthly payment based on the amount you wrote the check for (say $32k). Their rates were the best I could find and the process was very easy.

Don't they only have a 45 day rate lock? You're a little short on time to pick up your Camaro- like 60 more days, aren't you?

[Inspector 17]

Originally Posted by trm0002

Don't they only have a 45 day rate lock? You're a little short on time to pick up your Camaro- like 60 more days, aren't you?

I am not financing the Camaro. But I have used Capital One for vehicles before and I have been extremely pleased. Not sure if they have anything beyond the 45-day lock.

[turbocrazy]

Don't rate lock anything right now. First of all it is way too premature and I also believe that a 45 day lock is the longest you can get. We have not hit the bottom yet so the FED is going to have to continue to cut rates until our country becomes somewhat stable again.

[Inspector 17]

Originally Posted by turbocrazy

Don't rate lock anything right now. First of all it is way too premature and I also believe that a 45 day lock is the longest you can get. We have not hit the bottom yet so the FED is going to have to continue to cut rates until our country becomes somewhat stable again.

I agree. I was just pointing out the fact for those who are financing this car, check our the Capital One Blank Check option when the time comes.

[camaro5]

GMAC is out of money too. They're asking the gov't to consider them a bank and give them bailout money.

[josh1147]

Regarding GMAC....they've gone to hell in a handbasket recently.

Shutdown all of their regional mortage sites, fired all of the brokers, and to top it all off just notified I and my wife that they were selling our mortgage...which has always been one of the things they said they would not do.

Guess it doesn't mean anything to be "GM Family First" anymore....

[LS3SSRS]

i was asking my dealer about financing and he too was promoting using a bank to get the best rates....he said something like, 'we will submit financing to approx. 8 different banks, and whoever provides the lowest interest rate will get business'.... i was actually looking at his pricing sheet(while he was photocopying me stuff) and most finance rates through a 'bank' were about 2.9%, even on the corvette.(can't remember specifics, but i'm sure the interest rates were lower than i thought).... so hopefully they will be low.

[ZombieEatsYou]

Wow. BoA is at 6.39, and a couple of credit unions I looked at were 5.25 and 4.99 (60 mos.)