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Question for Marv


Ford94sho
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Long one lurker, first time posting. So up until about a month ago my wife and I had 5 cars that were financed. We sold 3 & all were paid and closed, and I refinanced my truck. Short story i quickly found that a regular cab Ram isn’t gonna cut it esp after hitting a deer on my daily 01 Explorer… waiting on an adjuster from the Ins Co now. Found a nice 4 door F-150 at a dealer in Northern Va, I’m 3.5 hours from. They got all the numbers together for my trade, ran the app and said they got an approval with Global Lending Services. 12.5% @ 72 months 685 a month. Told them I could live with that. 7 years of being on SSDI for stage 4 colorectal cancer they asked for my award letter, but said the bank didn’t want my wife’s pay stubs from her job. So I sent it over, called back and said he needed 3 months of bank statements. Told the f&i manager that was a no go, as our one credit union statement has all of our combined retirement, 401k and other accounts, wife said no. Couple of days later they call and say we are all good, come on up. When I talked to him though, it didn’t seem like he’d actually talked to the rep and got it waived. Just said “oh your good” my sales manager said you should be fine, my finance manager is in the lunch room, I’ll talk to her and make sure? It seems kinda shaky to me, everything I can find on them online seems like they are pretty strict and I don’t want to have to drive back up their and have to unwind the deal. Feels like a spot deal, to get me in it driving, while they have my 2k and trade, don’t want them call in a week for bank statements. Even tried emailing the sales manager, and asked him but no response. Just wanted to get your insight. CarMax got us approved only stip was POR and Proof of Ins. Wondering if I should take their deal instead.

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12.5% AND six years?  Yikes!!! 

 

What is on your credit that resulted in the death by roo roo rates in this era of practically free money?  Your rate is worse than seeing 'market adjustment' tags attached next to the MSRP.  Seems like your CU should have been in a position to give you a far better rate with a shorter term that still saw you in the price point you apparently want...

 

Regardless of who you go through, please assure us you will be throwing extra money at the note every month...even a few hundred chops a chunk off of the time you are paying.  By example, I financed $64K on the Jag (MSRP north of $92K) with the note being set for five years...a each month was typically a rounding up of somewhere between $180-$200 beyond the monthly nut and that was all it took to cut a year off of the loan. 

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