Current financing rates....?

[Thisnthat]

what dealer? that seems very high

not me, but that was one of the minimal disappointments working with Mark Dodge...finance guy started off at 4.44% back in Feb...came down to 2.25% pretty quick once I mention credit union...was honestly surprised by the whole financing side, what should've taken a max 10 mins on zoom ended up being almost 45 mins...maybe i was one of the oddball exceptions

would still buy from them again though

 

[mcarey]

I told him I would be doing a re-fi the minute as soon as I can find one. He still wouldn't budge. He seemed like he really didn't have anything else left to give me. His loss, he is getting the chargeback on mine as well.

not me, but that was one of the minimal disappointments working with Mark Dodge...finance guy started off at 4.44% back in Feb...came down to 2.25% pretty quick once I mention credit union...was honestly surprised by the whole financing side, what should've taken a max 10 mins on zoom ended up being almost 45 mins...maybe i was one of the oddball exceptions

would still buy from them again though

Why wouldn't you just get your own financing before hand?

That's what I've always done. Bring in my own, if they beat it that's great but you know they will likely try. If they can't, I'm out the door just as quickly, and I already know what I'll be paying.

It makes no sense to show up with out it.

 

[Blythkd1]

I told him I would be doing a re-fi the minute as soon as I can find one. He still wouldn't budge. He seemed like he really didn't have anything else left to give me. His loss, he is getting the chargeback on mine as well.

He's betting that you won't get the re-fi done. Even when folks tell him that they will refinance it at a better rate, most of them will never get it done due to laziness, or just forget about it or whatever. He knows this and he's playing the odds. He's got the statistics and it's probably something like 8 or 9 out of 10 deals stay done and don't get refinanced. Occasionally someone comes along that tells him they will refinance at a lower rate as soon as they get home and back it up. Not everyone gets things done like you and I!

 

[Blythkd1]

Why wouldn't you just get your own financing before hand?

That's what I've always done. Bring in my own, if they beat it that's great but you know they will likely try. If they can't, I'm out the door just as quickly, and I already know what I'll be paying.

It makes no sense to show up with out it.

I couldn't agree more. But.....

Some finance guys will still try to play games. Last year I struck a deal with a large GM dealer in Kansas City, I had it in writing via email. Shortly after we arrived at the deal, a finance guy called me wanting to discuss financing. I said no thanks, I'll be paying cash. I already had the financing lined up with our local credit union for 2%. The guy then proceeded to tell me that if I didn't finance with them, the truck would be $1500 higher. I said, no, it won't. He stayed after me and said the rate would be a bit higher with them but I could refinance after 5 months if I wanted to. I said no, I will be paying cash. He never gave up and I basically hung up on him. I immediately called my salesman and said hey, you need to go get in the middle of this before the finance guy wrecks your deal. Wasn't 5 minutes until I had a call from a high level manager that told me he'd get my financing and it would be less than 2%. I said fine, if you beat 2% more power to ya. When I went to do the paperwork and pick up the truck, I got about 1.7% and didn't even see the douche bag that told me the truck was going to cost $1500 more. It's probably a good thing too as my filter doesn't work very well anymore and I likely would have told him what I thought of him.

Moral of the story, get your deal in writing, preferably prior to discussing financing.

 

[IVANROD]

After reading this I guess I got lucky Schools First in Komiefornia 2.64% for 72 month and MD will accept the convince check win win all around

 

[Thisnthat]

Why wouldn't you just get your own financing before hand?

That's what I've always done. Bring in my own, if they beat it that's great but you know they will likely try. If they can't, I'm out the door just as quickly, and I already know what I'll be paying.

It makes no sense to show up with out it.

usually I do - then again I usually have stalked the vehicle online and driven by and looked at it before going in to buy...

I knew the truck had been shipped, but didn't have a timeline of when it was going to show up to the dealer...got an email on a tues morning that i should be expecting another email with info on the truck, which that email said four days to complete the deal and call now, went through a zoom finance call about 4 hrs later...

the real truth is out of about 8-10 vehicles we've bought over the past decade, none of the finance guys have given us any trouble. I've also been able to tell the salesman what we are wanting as far as interest rates and ask if they'll be competitive....that's a piece of the online buying/ordering that can get lost in the shuffle

bought a 2021 hemi from a dealer a couple hours away last year....walked in and he said 2.15% was the best he could do...sure some of them will bump it a point or so and then you can use other financing as leverage, but 200+ basis points? guess he was trying to make a couple mortgage payments.

just thought it was odd seeing how many trucks that go through...and after reading on here, didn't notice anyone else having a similar experience

 

[RONKO73]

Thanks to the wife's higher score we got 3.45% on my new truck and refinanced her vehicle at the same rate. All with my local credit union. Told the dealership the rate my credit union had for me and they didn't put up a fight at all.

 

[DragginAWagon]

Going through finance process with Mark Dodge now. They offered 0% for 36mo or 1.9% for 48mo. Ended up finding 2.19% for 60mo with a local credit union which seems pretty good considering all the rate increases over the last few months.

 

[mcarey]

Regarding the 401K loan option, I just recently saw something come up in my work finance-related Slack group that I thought may be worth sharing here.

You'll definitely want to look into your plans rules and limitations. Many plans don't allow contributions, thus also missing out on the match, while you have a loan outstanding. So unless you plan on paying it off extremely aggressively, you're likely to lose quite a bit of ground pretty quickly - in my case, it'd be costing me north of 25K a year in missed contributions, with 5K of that being free money.

You're also limited to 50K, so if that matters that matters I guess.

 

[Jsboening]

I did the 0% for 36 months through Chrysler Capital.

 

[SeaBee-1]

I did the 0% for 36 months through Chrysler Capital.

They’ve had that. It’s nice if you have 2k a month for a truck payment.

 

[Jsboening]

They’ve had that. It’s nice if you have 2k a month for a truck payment.

Or put enough down to cushion the payment.

 

[762fmj]

Fyi, Suncoast CU in FL is doing 3.25 up to 72 months for anyone looking for a longer term but still a reasonable rate. Eligible for membership by living, working, or going to church in the state.

 

[slowindown]

The 2.9% for 60 has been extended until 9/6. It appears the 0% is still available too.

 

[762fmj]

Wish we would have gotten some actual rebates for August since it seems that's when delivery will be for my truck...

 

[mgeiger72]

The 2.9% for 60 has been extended until 9/6. It appears the 0% is still available too.

They had to. Buyers (myself included) will be hesitant with the 2nd straight negative GDP news.

 

[Thisnthat]

it's going to get back to where the incentivized rates from the manufacturer are about the only way to go...

our employee credit union just bumped their rates up from 1.99 to 2.49...granted that's still extremely low for the current market, but just goes to show that the interest rate bumps will continue to have an effect on even the low end of the market

 

[mcarey]

but just goes to show that the interest rate bumps will continue to have an effect on even the low end of the market

Yessir. Sucks, but the writing has been on the wall for years now. Cheap money has taken a breather. Definitely sucks for those that missed the boat, but based on our jobs report today, I'd be getting approved/locked in today if I needed it.

I'm shocked your CU is still so low. ****, I'd be tempted to take out money for any reason at that rate right now.

 

[Blythkd1]

I know interest is headed up but money is still cheap. It's just been insanely cheap for so many years, low single digit interest has seemed to become the norm. Not many years ago 6-8% was the typical local bank rate for used cars. We can still get less than 3% here now. Sounds like it's going up more but there's already talk of leveling out, maybe even going back down next year.

 

[KT.CUMMINS]

Why wouldn't you just get your own financing before hand?

That's what I've always done. Bring in my own, if they beat it that's great but you know they will likely try. If they can't, I'm out the door just as quickly, and I already know what I'll be paying.

It makes no sense to show up with out it.

I got the call that the truck was ready out of the blue. I had to get my truck traded in before 150k miles to keep the "deal" they gave me on the trade (had less than a few hundred miles and I drive ALOT for work). I had a pre-approval but it had expired 4 days before the truck showed up. And I was not planning to have to use outside financing because normally do not have any issues with this dealer.

That being said, I refinanced before my first payment to a 2.85%. It was the best I could find with the Fed's recent activity.