Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


Sign in to follow this  

Regional Acceptance & Global Lending Services

Recommended Posts


19 minutes ago, cten07 said:

mnfc? What's that? 

manufacturer... there is a $1500 cash incentive right now for the 2019.

Share this post


Link to post
Share on other sites
32 minutes ago, cten07 said:

What would be a good number then?MSRP is 30,340. 

Thanks

This isn't a Saturn.  Haggling is permitted and nobody should begin negotiations DOWN from MSRP. 

 

You need to know about things like holdback and even invoice, despite the fact that invoice is not even a true number with many vehicles nowadays.  It sounds like you didn't do a lot of research before going in.

 

Vehicle-specific forums are so common that you SHOULD be able to find one with enough activity to find what is generally viewed as a good price.  Further, you NEVER want to discuss trade until the vehicle price has been hammered out.  Letting the salesperson know about a trade, no offense to Marv (although he is not a sales weasel anyhow), allows them to four-box you into oblivion... 

Share this post


Link to post
Share on other sites
15 minutes ago, centex said:

Vehicle-specific forums are so common that you SHOULD be able to find one with enough activity to find what is generally viewed as a good price.  Further, you NEVER want to discuss trade until the vehicle price has been hammered out.  Letting the salesperson know about a trade, no offense to Marv (although he is not a sales weasel anyhow), allows them to four-box you into oblivion... 

:offtopic:did you see this? https://www.economist.com/finance-and-economics/2019/09/26/can-you-buy-a-good-second-hand-car

 

in case you can't get past the pay wall the short of it is the impact of lemons on the peach market declines with time (i.e., older car prices are not as adversely impacted by asymmetrical information about whether it is a lemon or a peach). yes, I'm a nerd.

Edited by hegemony

Share this post


Link to post
Share on other sites
8 hours ago, MarvBear said:

I've been in the business for 40+ years.  When a salesperson comes to me and tells me he can't get the customer to come in unless he tell the term, rate, etc.   I just say fine, transfer the call to me and I will answer whatever they ask.  In all those years when I do that, I have yet to see the customer.

This.  Typically it's someone who's aware of credit and knows they're not where they want to be.  And then, of course, they expect a miracle 7% when they qualify for 18%+  Little we can do at that point, even on a special rate with a captive lender.  Processing fees here have to be standard across the board to all customers if charged, so it always gives me an interior chuckle when a customer grumpily comes in having read forums and goes "That's not required by law, you can't put that on my contract"  ... Well, no, it's not required by law that I sell you a car either, but here we are...

 

Share this post


Link to post
Share on other sites

I tried the Edmunds link. TMV was 27893. Minus 4750 in rebates equals 23143. Not sure how 22,500 is high. 

My trade was for 7850. 

Share this post


Link to post
Share on other sites
11 minutes ago, cten07 said:

I tried the Edmunds link. TMV was 27893. Minus 4750 in rebates equals 23143. Not sure how 22,500 is high. 

My trade was for 7850. 

just be sure the edmunds thingy has the exact same options as the one on the lot.

 

just curious, how did you settle on 22,500? did you start offering lower?

Share this post


Link to post
Share on other sites

Exact same options as Edmunds. He started at 24,800. I started at 22k, he countered at 23k, I said 22k again, then he countered at 22,500 which I settled at.. 

Trade he began at 4k, I started at 8500, he kept coming up, I was firm, he brought in big boss who offered 7850 and I took it. 

CarMax was 7k

Share this post


Link to post
Share on other sites
14 hours ago, cten07 said:

I tried the Edmunds link. TMV was 27893. Minus 4750 in rebates equals 23143. Not sure how 22,500 is high. 

My trade was for 7850. 

IME, anyone that falls for Edmunds TMV should immediately get a referral to a tattoo removal shop to have that "sucker" label removed ASAP! 

 

As I recall, the asserted TMV on my F-Type was in the mid-70's.  My deal was $60K plus TTL.  No trades were involved.  No rebates were involved. 

 

You HAVE to be more informed than you are showing in this thread.  Otherwise, I would suggest using your time to rent a copy of Suckers...came out somewhere around 20 years ago.  You come across as some of the customers portrayed in that flick...

Share this post


Link to post
Share on other sites

If I was a sucker I would of agreed to their original deal. OK Mr. Negotiator, how much do you think you could that car for?  Oh that's right,not good enough for you, Jaggy. 

Share this post


Link to post
Share on other sites
40 minutes ago, cten07 said:

If I was a sucker I would of agreed to their original deal. OK Mr. Negotiator, how much do you think you could that car for?  Oh that's right,not good enough for you, Jaggy. 

I don't do GM products...never have and likely never will.  So no, I am not going to look into pricing, especially on a vehicle that is produced by a union currently on strike, which rules out spec'ing to order (which is the only way I would generally look to get a domestic product since I look at combinations that most dealerships won't stock). 

 

Oh, and its Ms. -would normally have expected someone with almost two years on the site to be aware of such information...

Share this post


Link to post
Share on other sites

OK you two...off to neutral corners.

 

OP - I think you have gotten some solid advice in the thread and some things to consider before finalizing your purchase.  You can also check out the "prices paid" forum over at edmunds for your particular model to see what kind of deals others are getting.  You should also look at what the invoice price is for your model (if you haven't) and work back off that, not MSRP.  On a 2019 model, I would be looking to be below invoice before any available incentives, trade considerations, etc (this is why you were advised to separate trade from sales price).  If you get a price that you think is fair, and the financing is aligned then make  deal.  If not, don't fall in love with the car, there will be another.

Share this post


Link to post
Share on other sites

With my scores 7.9 for 72mo is a gift from the credit gods. I said yes but my wife said no to the vehicle. I remember the days of 18% mortgages when I was 12 years old to keep things in perspective. Current loan is with Chrysler @ 8.10. Crazy thing is I got that rate 4 years ago when my score was a 517 and rolled in 3k. Wife likes Jeep Cherokee, went to buy today, Chrysler Capital did not reward my good payment history with them at all  Offer was for 15%. My scores just stink less now between 602 and  613. Finance manager was surprised at how high the rate came back.  I guess they did not like my neg equity of 6k despite 6250 in rebates,MSRP which means nothing was 29k, price was 20,800 before fees& taxes

Share this post


Link to post
Share on other sites

I will try.  think neg equity is also bigger killer. Auto financing is not always just a simple matter of x score giving you y rate, dealers are bad,never use dealer financing blah blah.  Over 17 years I have financed 5 different cars,my credit scores have ranged from a low of 494 to a high of mid 700s, guess how many times I have been able to beat the dealer rate with my own loan from bank/magical CUs. Only one

 

Share this post


Link to post
Share on other sites
5 hours ago, cten07 said:

I will try.  think neg equity is also bigger killer. Auto financing is not always just a simple matter of x score giving you y rate, dealers are bad,never use dealer financing blah blah.  Over 17 years I have financed 5 different cars,my credit scores have ranged from a low of 494 to a high of mid 700s, guess how many times I have been able to beat the dealer rate with my own loan from bank/magical CUs. Only one

 

An Loan To Value factor is one of the biggest risk valuations,   A high Loan To Value and a lower FICO score usually translate into higher APRs   Oh and By the way Chrysler Capital, is now Santander Bank.   They weigh every aspect of the transaction to determine their inhouse score.  My rep told me Santander uses Vantage scores.

Share this post


Link to post
Share on other sites

I think they were Santander Bank 4 years ago as well. I remember when I bought the car 4 years ago with my scores and negative equity even though some people think MSRP means nothing, salesmen told me since I was out the door under MSRP by 2k really helped. LTV was in line. GM apparently thinks there cars are better since they approved me @7.9. 3 days ago.  Personally I do as well. Finance manager at Jeep said rates at Chrysler Capital stink compared to 4 years ago.

 

 

 

 

 

 

 

 

 

 

 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Similar Content

    • By MarvBear
      https://nonprimetimes.com/cecl-where-are-we/
       
      There is no paywall.
    • By MarvBear
      https://www.autodealertodaymagazine.com/358021/mazda-turns-to-toyota-for-captive-financing?utm_source=email&utm_medium=enewsletter&utm_campaign=20190902-NL-ADT-Enews-BOBCD190827012&omdt=NL-ADT-Enews&omid=1000693576
       
      No Paywall.
       
      WASHINGTON — Toyota Motor Credit Corp. will replace Mazda Capital Services as the captive consumer loan and lease financing company for U.S. Mazda dealers, according to a report filed with the Securities and Exchange Commission Wednesday.
    • By rileysoldier407
      Good afternoon all,
       
      I was hoping for some advice in regards to the most beneficial way to go about this.  I am offered a personal loan by AMEX with a 8% APR interest rate.  I currently have two other personal loans with a much higher interest rates which would be paid off by October of this year if I leave it as it is, or pay them off early through my tax refund.  I am looking at purchasing a new vehicle in May of this year and my utilization on my CC is right around 35%, if I take the AMEX loan, or my tax refund it would bump my UTI. to around 22% and would also actually help my DTI which is at 28% right now.  I know that Amex wont HP for the loan, so I would not add a Inquiry to my report ( I have 3 in the last 24 months across all three CRs). I am just wondering, curious how much it would negatively affect me with adding a new account/ lover my average age account that sits at 6yrs and 5months right now? I would think paying off two loans, bringing down my CC debt will give me a boost of my FICO score, right now around 710-720 across all three CRs auto enhanced.  Really just worried that seeking new credit four months before applying for a auto loan is a bad thing to do ? 
       
      Really would appreciate all input
    • By rileysoldier407
      your Age? 43
      Your Equifax Credit Score? FICO 8...718
      Your Experian Credit Score? FICO 8....713
      Your TransUnion Credit Score? FICO 8....715

      How many years have you been on file with Equifax? 18
      How many years have you been on file with Experian? 18
      How many years have you been on file with TransUnion? 18

      YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

      Do you have an open auto loan? NO
      Will this open auto loan be a trade-in?  Yes ( Car is paid off, Blue Book is between 9k to 11k, hope to get maybe 4k???)
      How many late pays within the last 12 months on the currently open loan? ZERO
      How many late pays within the last 13-24 months on the currently open loan? zero
      Your current open auto loan is financed with? 
      Your current open auto loan payment is?  
      Estimated amount you may be upside down in this vehicle? N/A 
      Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 10

      YOUR REVOLVING CREDIT HISTORY

      Total number of revolving account(s) you have? 9
      Total percentage utilized overall? 38%
      How many of your revolving accounts are store cards? 1
      How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 8
      How many of your revolving accounts are known subprime credit cards 0

      YOUR PERSONAL INFORMATION

      How long at your current residence? 3 years
      Do you Rent or have a Mortgage, or Live w/Relative or Other? RENT
      Your Monthly Rent or Mortgage payment? $950
      How long have you held your current job? 20 YEARS
      Your total provable monthly gross income is? 7270
      Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) Paystub
      Is there additional monthly income? What amount monthly? No
      Describe the source. 
      Is the additional monthly income provable? 
      Spousal income is not applicable.

      YOUR DOWNPAYMENT

      Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) 8000
      Does any credit repository contain any Public Record? NO
      If yes, please very briefly describe. 
        Does any credit repository contain any Collection Account(s)? NO

      If yes, please very briefly describe.


      Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 10

      Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 10

      Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 9
      ONE 30 DAY LATE ON CC, ABOUT 3 YRS AGO.
       
      Looking to purchase 2019 Audi Q7, between 63k to 67K....never purchased this kind of expensive verihcle, previous loan financed was 28K..will that be an issue? I have two paid off Auto Loans on my CC report for 28k and for 22k.
       
      thanks MARV
       
      Looking to purchase 



  • Member Statistics

    • Total Members
      179,018
    • Most Online
      2,046

    Newest Member
    TheUdubagee
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines