Bought A Camaro SS... Aaaaand, It's Gone..

[motorhead]

Originally Posted by Adrian97c

I'm a bank manager. I always use dealer financing. They have the best rates on new cars, with excellent credit.


Sent from my iPhone using Tapatalk

my wife is a banker too. The only thing we use her bank for is my business. They admit themselfs that they can't compete in the consumer motor vehicle loan world. They don't even try.

[olblue75]

Especially when they offer 0%. You can't beat using someone else's money!!!!

[Ragnar]

When I bought my car, I went to the dealership after I had my loan approved at my credit union. Pretty simple, I'm putting down 32K, I have great credit, so who can give me the best deal?

[motorhead]

Originally Posted by Ragnar

When I bought my car, I went to the dealership after I had my loan approved at my credit union. Pretty simple, I'm putting down 32K, I have great credit, so who can give me the best deal?

Quite honestly if you have grest credit, you would most like get the best rate without putting that much down. I used to put money down, but in the world of zero % very low rate loans, it makes more sense to use my money to make money and use someone else's to pay for a depreciable asset.

[Ragnar]

Originally Posted by motorhead

Quite honestly if you have grest credit, you would most like get the best rate without putting that much down. I used to put money down, but in the world of zero % very low rate loans, it makes more sense to use my money to make money and use someone else's to pay for a depreciable asset.

Good point, I just wanted a low note and short term.

[motorhead]

Originally Posted by Ragnar

Good point, I just wanted a low note and short term.

There is no one fit for all for sure. Im sure you have you're own reasons and comfort level for how you make purchases. I'm was just putting my two sense out there.

Just think all long it will take you to save that 32k back and that in the mean time it would have be quite possible for it to be earning more than than what you would have been spending to borrow it it a very low rate. If it is disposable income that you aren't looking to replace then a guess it doesn't matter, or if you can't get a very low rate then putting money down is a good idea. I don't really ever look at any money as being "disposable " though. It's too hard to earn for me to think of it like that.

[Tajefe Couple]

Originally Posted by camaro2lt-15

I wanted a Camaro in 2013 I got denied even with $3000.00 down but I did get approved for $16000.00 so I bought a '13 chevrolet Spark LS and during making my payments on time I got approved for a dental credit card $2000.00 limit got a root canal made payments on time then approved for a Chase Slate credit card $2000.00 limit and after 2 1/2 years of making my car payments on time my credit score went from 0 to 754 I went to the same dealership where I bought the Spark and put $1000.00 down and traded my Spark toward a new '15 Camaro 2LT in Red Rock Metallic my dream has come true Do what I did and you will have a Camaro too Good luck.

LMAO
I don't think you can have a zero score till you die. Think they give you 300 or 500 depending on company for just having a social security #, pulse and signature. Last one is optional.
Great credit building advice though.
I'm sure people would be shocked at how much lender control and BS a dealership can actually offer. Okay maybe not so shocked at the BS part. What you might consider learning from this is they work for you and want to earn your business and sell that vehicle. Dealerships can even buy bank points to give you if you demand enough from them. Get it in writing don't back down and remember you might like the car your in but there is a great chance you can find a better deal down the road. The dealers also know this that's why they kept you in the car to see what you could and would give to have it. Want to lower your payment don't take all that expensive stuff(credit life, warranties, disability insurance, etc.) they try to sell you in the finance office. FYI if they did convince you to get all these they are refundable prorated at any point during the loan. Usually to your loan from the dealership since they sold it to you and made commission on some or all of what you bought. Might be surprised to see your loan numbers without all this if you did get it. Some lenders will try to stipulate you have these for the loan. Last I know this practice was not legal. Occasionally the dealership will toss in a free extended warranty of some type since they pay so little and have such a high mark up. Like I mentioned depends on what you want to get to close the deal.
I speak from live and learn experience since I've owned close to 200 vehicles in my life. Three of our last four vehicles we in fact drove off the lot after 10pm and the Camaro was on Halloween. The only call I ever got on these was a better rate and more for my trade than anticipated. It's all about how you structure your deal and what you want. It's not what they want to sell you in your moment of Camaro awww and weakness.
Good luck and hope this info is helpful to someone.
Congratulations BTW and welcome to the club.