Financing

[SchwarzerDrache]

Did they tell you why they turned you down?

[Our1stCamaro]

Originally Posted by bigted83

Well I got turned down by a credit union. Go figure

Why?

[bigted83]

They say I don't make enough. I admit I have that motorcycle payment and the car I'm trying to get rid of payment. But I still make enough for the payments on one

[Our1stCamaro]

Originally Posted by bigted83

They say I don't make enough. I admit I have that motorcycle payment and the car I'm trying to get rid of payment. But I still make enough for the payments on one

pm sent

[bigted83]

They said I didn't make enough and the car was to much.

[bigted83]

I've contiplated going out and detroying the car I'm trying to sell just to get it paid off

[SuperFly03]

Here is the funny thing about getting financing at the dealer, they always win. I'm currently paying 6.9% (was less than my last loan which happened to be the first in my life). I didn't argue that much over the rate because 7% on $6-7k over 48 months is something like $500. So I chose to accept the higher rate to just finish the deal.

Now, back to the dealers. When getting financing through dealers there is a buy rate that each lender offers the dealer to originate the loan based on your credit history, score, car being purchased etc. This is the minimum rate that the loan originator will accept (i.e. Chase, BoA, GMAC). The dealer will then take that rate and add on 1-3%. The reason they do this is because the dealer gets a kick back from the loan originator equivalent to 70% of the excess interest the bank will receive due to that 1-3% increase.

So, in my case, the 6.9% was probably base rate + 2% so the actual rate from Chase is probably 4.9% (couldn't really see it being 3.9%). So 2%*70% is what the dealer got paid for selling the car from Chase.

[thespymaster]

Originally Posted by bigted83

I would like black on black with rally stripes. Or inferno orange with I guess they're gray rally stripes. But I want a lt with the 6 speed manal and BA stereo system and the rs package

Well if you or any member of your family served in the military, you can get a loan through USAA and a GM discount for being a member of USAA and I would highly recommend you try calling Becky at Rodgers Chevrolet or visit her link:

http://www.camaro5.com/forums/showthread.php?t=93327

[brantley847]

Originally Posted by SuperFly03

So, in my case, the 6.9% was probably base rate + 2% so the actual rate from Chase is probably 4.9% (couldn't really see it being 3.9%). So 2%*70% is what the dealer got paid for selling the car from Chase.

If you have great credit you could absolutely get a 3.9. BOA is offering 3.9 for 72 months which I think is unheard of, but I believe you need a 750. I was lucky enough to skoot in just above that. 6.9 is rough brother, but I know how difficult it is to walk into the dealership and deal with that garbage when your car is sitting outside.

[SuperFly03]

Originally Posted by brantley847

If you have great credit you could absolutely get a 3.9. BOA is offering 3.9 for 72 months which I think is unheard of, but I believe you need a 750. I was lucky enough to skoot in just above that. 6.9 is rough brother, but I know how difficult it is to walk into the dealership and deal with that garbage when your car is sitting outside.

My credit is still jacked over a $30 argument with AT&T. It took 200 points off my credit

Seriously. $30 argument.

[bigted83]

Maybe my dad will qaulify for boa

[Our1stCamaro]

Originally Posted by SuperFly03

My credit is still jacked over a $30 argument with AT&T. It took 200 points off my credit

Seriously. $30 argument.

AT&T did the same thing to me. They told me that they were going to waive the early termination fee since I was never notified of it. Turns out they sent me to collection for $99.00. It hurt my credit but I paid it off and my credit went back up.

[bigted83]

What's boa?

[Our1stCamaro]

Originally Posted by bigted83

What's boa?

Bank of America