Financing Question - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Verio · 06-18-2009, 09:44 PM

I have a few financing questions...

I got approved through Capital One Auto, and they said that the loan amount was only for 105% of the INVOICE value of the vehicle.

Is that before options? After?
How do I determine what the invoice value of the options are?

I haven't tried financing through any other institutions yet, but I'm curious how many thousands you have to put down, to even get to that number.

Does anyone have any thoughts about other institutions that provide a higher LTV Ratio?

Any and all advice requested.

Thank you!

jdbaker82 · 06-18-2009, 09:46 PM

Verio I do not know the answer to your question but I am curious as well... If you don't mind me asking what is your credit score?

Verio · 06-18-2009, 09:46 PM

700

*mlee* · 06-18-2009, 09:50 PM

Invoice includes all options on the sticker. Sounds like you are covered.

Verio · 06-18-2009, 10:02 PM

Quote:

Originally Posted by mlee

Invoice includes all options on the sticker. Sounds like you are covered.

Isn't that like 3K UNDER MSRP though? So, after Tax/Title/Dealer Fee's, it comes to almost 5-6K out of pocket that's not covered?

rolnslo · 06-18-2009, 11:22 PM

You can find a close estimate of the dealer invoice by building your car with options on http://autos.msn.com or http://www.edmunds.com.

You should be able to get an out the door total (inclusive of tax/title/license/fees) from your dealer. With that total and the invoice price from the above websites (x1.05), you can figure out what kind of downpayment you'll have to have to go with Capital One. If you can't swing that much of a downpayment, maybe you can use the Capital One loan as leverage to see if your dealer can provide a better loan package for you.

linton23 · 06-18-2009, 11:41 PM

Cap One was a secondary lender for our store I would advise you to go elsewhere for financing.. Send me what your order is and I can get you an invoice price. Most lenders are doing invoice maybe a bit better unless you have great credit. GMAC wants money down for most customers till it gets someone who is gold then they will do MSRP plus tax and tag. I had no problem getting my Mom bought.

Verio · 06-19-2009, 06:06 AM

Quote:

Originally Posted by rolnslo

You can find a close estimate of the dealer invoice by building your car with options on http://autos.msn.com or http://www.edmunds.com.

You should be able to get an out the door total (inclusive of tax/title/license/fees) from your dealer. With that total and the invoice price from the above websites (x1.05), you can figure out what kind of downpayment you'll have to have to go with Capital One. If you can't swing that much of a downpayment, maybe you can use the Capital One loan as leverage to see if your dealer can provide a better loan package for you.

Thanks for the info.

*mlee* · 06-19-2009, 09:57 AM

Quote:

Originally Posted by Verio

Isn't that like 3K UNDER MSRP though? So, after Tax/Title/Dealer Fee's, it comes to almost 5-6K out of pocket that's not covered?

yeah.. what Ronsolo said.

MSRP doesn't include taxes. Probably why they offered you 105%.

Verio · 06-19-2009, 05:25 PM

Bumping this for some more info.

BamaKid · 06-19-2009, 09:59 PM

USAA would not include all of the options as part of their 100% MSRP. So I am about $4K short.

I need to talk to another loan officer and find out what is really going on.

This was not a problem with any of my previous new car purchases.

Verio · 06-20-2009, 06:59 AM

Quote:

Originally Posted by BamaKid

USAA would not include all of the options as part of their 100% MSRP. So I am about $4K short.

I need to talk to another loan officer and find out what is really going on.

This was not a problem with any of my previous new car purchases.

Navy fed denied my application a few months ago... since then I disputed everything that was messed up on my credit reports.

I went up 70 some points, from 620 to 700.

I just got an approval from Navy Fed last night for 44K.

dstairs · 06-25-2009, 09:58 PM

Quote:

Originally Posted by Verio

I have a few financing questions...

I got approved through Capital One Auto, and they said that the loan amount was only for 105% of the INVOICE value of the vehicle.

Is that before options? After?
How do I determine what the invoice value of the options are?

I haven't tried financing through any other institutions yet, but I'm curious how many thousands you have to put down, to even get to that number.

Does anyone have any thoughts about other institutions that provide a higher LTV Ratio?

Any and all advice requested.

Thank you!

On a MSRP of $37000 you are looking at an invoice of roughly 36,000 so 5% over that would be a max financing amount of $37,800. So if you bought at sticker you would need to have to pay all your TTL except for $800 to meet the loan requirement. NOTE: This is just an example to explain how it works, but I think I am pretty close.

nards444 · 06-25-2009, 10:16 PM

105 is standard for new vehicles

06-18-2009, 09:44 PM	#1
Verio Taking it 1 day at a time Drives: 2010 Chevy Camaro 2SS/RS Auto Join Date: Apr 2009 Location: San Antonio, TX Posts: 748 View My Garage	Financing Question I have a few financing questions... I got approved through Capital One Auto, and they said that the loan amount was only for 105% of the INVOICE value of the vehicle. Is that before options? After? How do I determine what the invoice value of the options are? I haven't tried financing through any other institutions yet, but I'm curious how many thousands you have to put down, to even get to that number. Does anyone have any thoughts about other institutions that provide a higher LTV Ratio? Any and all advice requested. Thank you! __________________ Order#: NJWGTF 1100, Preliminary order accepted 04/27/2009 6000, Delivered to the customer 07/23/2009 - 3 Months (worth the wait!!)

06-18-2009, 09:46 PM	#3
Verio Taking it 1 day at a time Drives: 2010 Chevy Camaro 2SS/RS Auto Join Date: Apr 2009 Location: San Antonio, TX Posts: 748 View My Garage	700 __________________ Order#: NJWGTF 1100, Preliminary order accepted 04/27/2009 6000, Delivered to the customer 07/23/2009 - 3 Months (worth the wait!!)

06-18-2009, 09:50 PM	#4
mlee CamaroFans.com Drives: ZLE & ZR2 Join Date: Oct 2008 Location: Conroe, TX Posts: 37,999 View My Garage	Invoice includes all options on the sticker. Sounds like you are covered. __________________

06-18-2009, 11:22 PM	#6
rolnslo Rolling along... Drives: 2011 2SS/RS SGM Join Date: Mar 2008 Location: Houston, TX Posts: 4,366 View My Garage	You can find a close estimate of the dealer invoice by building your car with options on http://autos.msn.com or http://www.edmunds.com. You should be able to get an out the door total (inclusive of tax/title/license/fees) from your dealer. With that total and the invoice price from the above websites (x1.05), you can figure out what kind of downpayment you'll have to have to go with Capital One. If you can't swing that much of a downpayment, maybe you can use the Capital One loan as leverage to see if your dealer can provide a better loan package for you. __________________ 2011 2SS/RS Synergy Green A6

06-19-2009, 05:25 PM	#10
Verio Taking it 1 day at a time Drives: 2010 Chevy Camaro 2SS/RS Auto Join Date: Apr 2009 Location: San Antonio, TX Posts: 748 View My Garage	Bumping this for some more info. __________________ Order#: NJWGTF 1100, Preliminary order accepted 04/27/2009 6000, Delivered to the customer 07/23/2009 - 3 Months (worth the wait!!)

06-18-2009, 09:46 PM	#2
jdbaker82 Banned Drives: None Join Date: Jun 2009 Location: Baltimore Posts: 425	Verio I do not know the answer to your question but I am curious as well... If you don't mind me asking what is your credit score?

06-18-2009, 11:41 PM	#7
linton23 Drives: 1996 Honda ACE Join Date: Jun 2009 Location: Florida Posts: 66	Cap One was a secondary lender for our store I would advise you to go elsewhere for financing.. Send me what your order is and I can get you an invoice price. Most lenders are doing invoice maybe a bit better unless you have great credit. GMAC wants money down for most customers till it gets someone who is gold then they will do MSRP plus tax and tag. I had no problem getting my Mom bought.

06-19-2009, 09:59 PM	#11
BamaKid Drives: 2016 Camaro 2LT RS, 1977 Camaro Join Date: Nov 2008 Location: Minnesota Posts: 83 View My Garage	USAA would not include all of the options as part of their 100% MSRP. So I am about $4K short. I need to talk to another loan officer and find out what is really going on. This was not a problem with any of my previous new car purchases.

06-25-2009, 10:16 PM	#14
nards444 Drives: 1SS/RS Black Join Date: May 2009 Location: New york Posts: 2,123 View My Garage	105 is standard for new vehicles __________________ 2010 1SS/RS Black, CGM stripes, polished Rims, Tinted windows, Hurst shifter

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Who wants to see 0% financing available from GM on all GM vehicles?	TAG UR IT	5th Gen Camaro SS LS LT General Discussions	61	05-19-2009 08:37 AM
Dealer Trade-in and Financing Question	LEX2CAMARO	Camaro Price \| Ordering \| Tracking \| Dealers Discussions	18	04-17-2009 08:07 AM
Financing Question	TheMadHatter99	Camaro Price \| Ordering \| Tracking \| Dealers Discussions	3	04-16-2009 03:26 PM
OK WILL SOMEONE PLEASE ANSWER THIS QUESTION OM FINANCING	leatherneck	Camaro Price \| Ordering \| Tracking \| Dealers Discussions	22	03-26-2009 04:53 PM
MERGED: Has anyone read this (bankruptcy) about GM?	LS3SSRS	General Automotive + Other Cars Discussion	460	11-23-2008 11:54 PM