APR question? Might be dumb.

[JJ2010]

ZombieEatsYou Thanks for all your help.... You help me save about $2000.00 dollars..

[kmdrum79]

I'm gonna wait until they offer 0% for 60 months on it. If it takes a year for that to happen, so be it. I got 0% on my last two cars from GM and I really hate paying finance charges.

Actually, ask me that question in a few months when I see them driving around and I'll probably regret that. LOL!

[ZombieEatsYou]

Originally Posted by JJ2010

ZombieEatsYou Thanks for all your help.... You help me save about $2000.00 dollars..

[ZombieEatsYou]

Originally Posted by kmdrum79

I'm gonna wait until they offer 0% for 60 months on it. If it takes a year for that to happen, so be it. I got 0% on my last two cars from GM and I really hate paying finance charges.

Actually, ask me that question in a few months when I see them driving around and I'll probably regret that. LOL!

Read this: http://blogs.motortrend.com/6468215/...can/index.html
Still want to wait?

[perfxn]

i just spoke to a very nice rep on the phone and she said you loan will last 90days, but she was talking about after you get the loan and its issued not jsut approved.

[perfxn]

1-800-247-5626

[1_2Many]

Originally Posted by perfxn

i just spoke to a very nice rep on the phone and she said you loan will last 90days, but she was talking about after you get the loan and its issued not jsut approved.

Did you find out how long your loan OFFER is good for? I would like to fill out my application right now, but need to make sure the offer still stands at the time of delivery.


UPDATE: OK I just called them and she said if you get pre-approved the offer is good for 90 days. It will not automatically start a loan. They will send you a blank check and if you do not use it the account will not activate and the offer will expire in 90 days.

My question now is will I see my car within 90 days? I want to lock in this offer now, but don't want to jump the gun.

[kmdrum79]

Originally Posted by ZombieEatsYou

Read this: http://blogs.motortrend.com/6468215/...can/index.html
Still want to wait?

Thanks for the info.

Fortunately, I'm more about the looks of this car than the power. Sure 400+ hp would be cool but it's not something I need. If I ever did buy one, it'd probably be the V6 and if GM decided to put a more fuel efficient engine in it (and lower hp), I'm all up for it. I know, sac-religious, but this car would be my daily driver and I have a 40+ mile round trip for work. This is why the Camaro is on my short list along with a few luxury vehicles. I like the looks and need something fuel efficient. If the GM went under or they stopped making the Camaro, it'd suck but it wouldn't be the end of the world for me. GM going under would suck for our economy.

[SSOOCH]

http://www.cars.com/go/advice/financ....jsp?mode=full

that way you can dick around with interest rates and your total down. Know before you go to the dealer.

"Now you know and knowing is half the battle!!"

[ChevyBoiSS]

appreciate all the help guys, taxes is what hurts most.

[RPO_Z28]

Standard rates are pretty good these days.

[gtjacket]

Originally Posted by 1_2Many

Did you find out how long your loan OFFER is good for? I would like to fill out my application right now, but need to make sure the offer still stands at the time of delivery.


UPDATE: OK I just called them and she said if you get pre-approved the offer is good for 90 days. It will not automatically start a loan. They will send you a blank check and if you do not use it the account will not activate and the offer will expire in 90 days.

My question now is will I see my car within 90 days? I want to lock in this offer now, but don't want to jump the gun.

Here is the deal. First you must read the member eligibility requirements. Second you need to open a account to become a member. It only takes $5 to open an account. Then you fill out the loan application and if you are pre-approved you have sixty days to accept the loan. Once you accept the loan they will cut you a check that is good for 90 days. So if you think you will not get you car till August, you can wait 59 days to accept and then you get a check that is good for 90 days and that will take you to August 11.

[trm0002]

Originally Posted by gtjacket

Here is the deal. First you must read the member eligibility requirements. Second you need to open a account to become a member. It only takes $5 to open an account. Then you fill out the loan application and if you are pre-approved you have sixty days to accept the loan. Once you accept the loan they will cut you a check that is good for 90 days. So if you think you will not get you car till August, you can wait 59 days to accept and then you get a check that is good for 90 days and that will take you to August 11.

The only caveat to that is that most, if not all, of the credit unions won't give you final approval, thus the check, until they have a VIN number.

[gtjacket]

Originally Posted by trm0002

The only caveat to that is that most, if not all, of the credit unions won't give you final approval, thus the check, until they have a VIN number.

This credit union was willing to send me a check today redeemable for up to $40,000. BTW, on the loan application you need to put undecided when asked about the vehicle information. I forgot to mention that. I tried to fill out the vehicle info and it would not accept 2010 model year so I called the 1-800 # and an agent walked me through the process

[1_2Many]

Originally Posted by gtjacket

This credit union was willing to send me a check today redeemable for up to $40,000. BTW, on the loan application you need to put undecided when asked about the vehicle information. I forgot to mention that. I tried to fill out the vehicle info and it would not accept 2010 model year so I called the 1-800 # and an agent walked me through the process

This is VERY important! If you put in a make and model it will activate your loan. By having undecided the loan doesn't activate until the check is used. I had this confirmed by a representative.

Oh and good news I got accepted.

[DDustiNN]

Originally Posted by 1_2Many

This is VERY important! If you put in a make and model it will activate your loan. By having undecided the loan doesn't activate until the check is used. I had this confirmed by a representative.

Oh and good news I got accepted.

So you just apply online, put "undecided", get approved, then they send you a blank check which is valid for 90 days? Simple as that? And how long does the check take to arrive? I just want to make sure that my delivery date is within the 90-day window.

Also, as far as eligibility... my [deceased] grandfather was in the Navy, and it looked like that was one of the options (since my gov't job isn't listed)... will this work?

Thanks in advance

[toehead93]

Check out Bank of America too. I just was approved for 4.77% for the full purchase price. Only have 30-days on the offer so I'm trying to extend in 2 weeks.

[1_2Many]

Penfed denied my loan...I admit my credit score is not it's best right now (719 Experian), but my accounts are all current and I make more than enough money to cover all payments. I'm really surprised they denied me. All I can do now is try and get that score a little better I guess and re-apply in a month or so. I really hope I finally get approved because I want to be prepared before my car comes in.

[trm0002]

Originally Posted by 1_2Many

Penfed denied my loan...I admit my credit score is not it's best right now (719 Experian), but my accounts are all current and I make more than enough money to cover all payments. I'm really surprised they denied me. All I can do now is try and get that score a little better I guess and re-apply in a month or so. I really hope I finally get approved because I want to be prepared before my car comes in.

There's more to it than that. A 719 score shouldn't get you denied. Honestly, you need to find out the actual reason; don't assume it's the 719 unless you know that for sure.

[New2010CamaroLover]

Originally Posted by trm0002

There's more to it than that. A 719 score shouldn't get you denied. Honestly, you need to find out the actual reason; don't assume it's the 719 unless you know that for sure.

719 is pretty good. It's in the low risk to lenders category.

[trm0002]

Originally Posted by New2010CamaroLover

719 is pretty good. It's in the low risk to lenders category.

Agreed. Now what could get you denied, even with the means to pay and a 719 score is "big ticket" history. If you've never had anything other than 1,2,5k credit cards- no house, no previous car buying, etc.... That would be a possibility but I still think it's deeper than that. That's why I said to check into it. I'd hate to see him treading water over something he can't fix without a co-signer or something.

[DDustiNN]

My credit score is low (like 650's) because I moved a few months ago :( My credit report said I had accounts that were "too new" (my DTE Energy bill, AT&T internet, etc.) and something else stupid that I don't remember... sucks, cuz this will be my 5th "brand new" car (co-signed first 3), the last of which they gave me on my own without even questioning it. My credit score then was 720+ and I never miss a single payment EVER. I don't understand how it went down so much just from getting heat/electricity and internet... :(

Hopefully it will be back up there in a few months?

[armando416]

FYI, I work for GMAC, the rates sometime vary slightly depending on the region you purchase in. But the absolute lowest rate we have right now is 5.19%, and you will only get that from a 'platinum' dealer (a dealer that keeps their floorplan with GMAC and sends us a certain level of retail business). Also, keep in mind a dealer will try to mark the rate up on you (usually up to 2 points), so if your father has excellent credit and you think he deserves that rate, make sure you stick to your guns if they tell you the best they can do is ___ rate. IMO, it is always good to have financing arranged beforehand, and then if the dealer can't offer you anything better, go with that. Also, make sure they put your father's name on the contract first as buyer, not co-buyer. This often effects the rate.

[trudawg660]

Originally Posted by trm0002

There's more to it than that. A 719 score shouldn't get you denied. Honestly, you need to find out the actual reason; don't assume it's the 719 unless you know that for sure.

When you apply for a loan they use your FICO score to determine your credit score. And you can only get this score through MyFico.com. it sucks but that is how it is. if you get a score from any other website etc: myfreecreditreport.com, experian.com its called a Fakko score and it is not what the companies use, and the differences between these numbers can be dramatic. so a 719 Fako score can be a 670 Fico score. Go to MyFico and read about it in the Forums there.

[Txturbo]

The last new vehicle I bought (2003 Avalanche) I used Capital Ones blank check financing. It was pretty easy, almost to easy. I filled out the application online and was approved for 48K. I wasn't going to do anything with it right away, but then a couple of days later the blank check arrived in the mail. Kinda surprised me. The salesman treated me like I was walking around with 48K in cash sticking out of my front shirt pocket. Following me around like kids begging for change across the border in Mexico. They told me to take the family to a restaurant of my choice, have a nice meal and bring them the receipt, they threw in 2 tanks of gas for the Avalanche and filled up the truck we drove up in and gave us vouchers for several free oil changes. They tried to match my financing with what GMAC was offering, but they couldn't. Telling the salesman you will pay in full with a check really changes the whole experience for the better.