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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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Quote:
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, 11:37 AM   #10
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My credit score of 762 was enough for a 2.9% rate with 0 down FWIW, on a used car at that.
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