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cten07

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Does choice of vehicle have anything to do with it? Jeep Cherokee is popular vs Dodge Journey is not so are they more willing to entice more risky customer with a lower rate in one vs another to move metal. Actually my Journey has been reliable with a whopping 380 bucks in actual repairs in 4 years. So.much for consumer reports. 

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If a vehicle had a larger cash incentive than another similarly priced vehicle, then naturally the ultimate LTV should be less, and should result in a more favorable call.

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3 hours ago, cten07 said:

Does choice of vehicle have anything to do with it? Jeep Cherokee is popular vs Dodge Journey is not so are they more willing to entice more risky customer with a lower rate in one vs another to move metal. Actually my Journey has been reliable with a whopping 380 bucks in actual repairs in 4 years. So.much for consumer reports. 

It is rarely wise to put much stock in CR ratings...they are based largely upon the squeaky wheel.  Those WITH issues will whine a lot while those who are happy with the car tend not to be vested in returning surveys.  Further, remember that CR has also been known to downgrade the vehicles like Mustangs, Camaros and Corvettes through the years because they weren't fuel efficient...never mind that the buyers of those sorts of vehicles tend not to give two hoots about fuel mileage. 

 

If a specific dealership has more of a model in their inventory sucking up various funds from the ownership group, then yeah, you could expect them to be more motivated to try and make a deal work.  If the vehicle, on the other hand, is flying off of the delivery trucks, then they don't have to cater to the sub-prime consumer...

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Did one last ditch effort before I give it a rest for a few months which I am going to do. Contacted dealer where I purchased the car, told me a vehicle such as a Grand Cherokee base model would work better as far int rate goes due to my  negative equity and payment would be much less.  Bigger issue is LTV on car looking to purchase rather than my credit. 

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Either way you end with more. Maybe one vehicle holds value better so you are not as buried. 

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1 hour ago, cten07 said:

Either way you end with more. Maybe one vehicle holds value better so you are not as buried. 

Not really. No vehicle holds their value. Oh the devaluation curve might be steeper on some cars vehicles than others but there still is quite a devaluation curve on all vehicles, excepting classics and exotics.

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On 10/10/2019 at 1:41 PM, cten07 said:

Did one last ditch effort before I give it a rest for a few months which I am going to do. Contacted dealer where I purchased the car, told me a vehicle such as a Grand Cherokee base model would work better as far int rate goes due to my  negative equity and payment would be much less.  Bigger issue is LTV on car looking to purchase rather than my credit. 

A few things to remember about a 'base' model...1) you have to live with it for several years, so if it lacks things that WOULD have been on a better equipped model, you will regret the purchase, 2) future purchasers typically prefer those options that are not on the base model and 3) I would guess that trade on a base-level fleetmobile will really suck (it almost always has in the past). 

 

The dealer is going to make you a sweet deal on that base model because nobody ELSE wants it...meanwhile, it sits and sucks up floorplan funds. 

 

Oh, and do you REALLY want to be sucked into FCA for the next four years (because nobody would really want to finance longer than that if they have a choice). 

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My credit reports now have updated showing my mortgage now being current.I tried a couple of Jeep dealers today one last time to buy a Cherokee Same result, int rate at 16.78,  no thanks I will pass.  LTV  is issue.Payment keeps coming back at 700 a month, after agreed upon deal Chrysler is charging bank fee to dealer and then they keep taking away dealer discount as a esult to make up for the fee. Negative equity of 6k scares Chrysler where GM had no issue with it. Too many rebates are devaluating the Cherokee IMO,5750 vs Equinox was only 3250 in rebates with dealer providing massive discount to make LTV work.

Just going to keep riding current vehicle as has warranty to 100k and has been reliable. Chrysler is saving me from myself

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You must be in Florida.17.68 APR is state max before  usury laws kicking on a new, current year vehicle.

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Yes I am. The old adage from Seinfeld applies here, it's not you,it's me. It's not the dealer , it's me is the problem. Too much neg equity and low scores despite the rebates. 

Just interesting how low scores and high negative equity didn't scare GM Financial but Chrysler it did with a customer with a well paid loan with them

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Chrysler aka as Santander uses vantage scoring as part of their overall analysis for approval.

 

 

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Thanks for your input and knowledge as always. Also the bank fee, a byproduct of me,  seems to be hurting even more since the dealers take away any discount on vehicle once that comes across which throws LTV out of whack even more. Price then becomes MSRP minus rebates  Feels like a roadloans deal, which is basically what Chrysler is, roadloans in a pinstripe suit!

Just going to pay down vehicle more and not shop until until I have a pre approval with a rate I can live with in hand. 

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Of course I get a call today from one of the dealers and they get approvals from someone else besides Chrysler. Rate at 12.24, payment now down to 600 month. Said I will think about it as I have zero time the next two days to go back in. 

Maybe if I keep thinking rate will drop under 10? 

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22 hours ago, cten07 said:

Feels like a roadloans deal, which is basically what Chrysler Santander is, roadloans in a pinstripe suit!

Santander is big in the subprime market.

7 hours ago, cten07 said:

Of course I get a call today from one of the dealers and they get approvals from someone else besides Chrysler. Rate at 12.24, payment now down to 600 month. Said I will think about it as I have zero time the next two days to go back in. 

Maybe if I keep thinking rate will drop under 10? 

Tell the dealer to pound sand, wait until your credit is cleaned up then show them who is the boss.

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