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Old 07-23-2012, 11:20 PM   #1
CajunR
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Hmmm... Did I get hosed?

I just bought a 2012 SE hatch with no options and a manual transmission. (Love it, by the way...) I went to the dealership with a blank check from Capital One for 3.17%. The folks at the dealership advised the best they could do would be to match the rate if i wanted to take advantage of the $1500 rebate. I can't complain about the price... ($15,538 + tt&l + $150 doc = $16,670 OTD), but it seems they took advantage of me tipping my hand about COAF's rate. My FICO score is 806... I understand the F&I guy wanting to make some reserve, but I'm curious as to what I should have qualified for. I assumed 1.9% would be it...

Thanks in advance!


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Old 07-23-2012, 11:26 PM   #2
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I would say with that score you should have been able to get 1.9 but I am no expert. I got about 3% interest rate with my car being used. Buying a new car it is to my understanding that you normally get lower interest rates. I have found credit unions to be way better with loans rates than banks.
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Old 07-24-2012, 12:39 AM   #3
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806 is a great credit score should have been in the 2s.
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Old 07-24-2012, 01:04 AM   #4
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at least you didn't try to get a loan through that Indian bank, whatever it was called..... I caught the APR in their disclaimer at the bottom of the screen on the tv ad: 89.95% on a 10k loan!

edit: right, Western Sky!

edit again: wow! pulled this right from their site:
Quote:
LEGAL DISCLAIMER: The APR for a typical loan of $5,075 is 116.73% with 84 monthly payments of $486.58, with a loan origination fee of $75
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Old 07-24-2012, 01:48 AM   #5
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Now that is rediculous ^! You would have to be really desperate and really stupid to accept that crap!
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Old 07-24-2012, 01:54 AM   #6
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yup. sorry I don't mean to pull it off topic but that just amazed me.
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Old 07-24-2012, 02:21 AM   #7
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84 monthly payments of $486.58
=$40,869 for $5,000

What a steal
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Old 07-24-2012, 10:32 AM   #8
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Well on their end it is their job to make money, 1% rate on a $15,000 loan isn't a heck of a lot of money. I know you are after the best rate but if you're near 3% you're not exactly bad credit or bad deal.

They have to eat too.
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Old 07-24-2012, 11:06 AM   #9
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Originally Posted by imccrea View Post
Well on their end it is their job to make money, 1% rate on a $15,000 loan isn't a heck of a lot of money. I know you are after the best rate but if you're near 3% you're not exactly bad credit or bad deal.

They have to eat too.
LOL I know, I know... I was just curious. It only amounts to about a $550 difference over the life of the loan, so no biggie.
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Old 07-24-2012, 11:40 AM   #10
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IF you finance through the dealer, they will want to make some money off financing.
They can add a one percent plus easy to your loan to make a kickback from the financial company they use.
I do not know if Ford allows this with Ford financing.. but certainly any outside financing arranged via the dealer is going to have this as part of the process.

At the lower rates it is not such a big deal anyway. Only when you get into the 8% and up it starts to hurt...
If you are paying 18% it really hurts for big money..
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