Yes, the 2006 Azera is a very nice car. I'm not sure how many were sold, but even after expanding my radius to 500 miles from Albany, I still found only 61 cars listed. The 2006 Toyota Avalon on the other hand (comparable model to the Azera) is abundant - over 275 listed within a 500 mile radius.
You should consider looking on ebay. You can usually have a car delivered for 500.00 from and to many cities. The pricing usually more than makes up for that and this adds just another option for selection. I do agree that it is not the ideal time to buy a used car. I am in the process of buying my second car on ebay and the price and selection is not the best. Oh well, I get still get to take advantage of big apprectiation and get an almost new car and leave more money to invest in my 401K.
I went onto econsumer and had my credit score pulled from Myfico.com. It said I had a 630. I am looking at a new car since prices are so good right now. I don't HAVE to buy a car but I would like to. I am looking at 2 cars both "new" Outlander and an Equinox. they range from 18k to 20k I have 2k to put down. I dont know if I'll be able to get a loan. I do have a repo on my report from 2.5 years ago when I was out of work. My parents bought out the loan and I pay back THEIR bank in their name every month. I have actually started paying extra. I have been working for 2 years now and at my present job for a 11 months..
Do I have any chance? I have a call in to my bank but they haven't called me back yet.
I'm in the market for a 2009 Honda Fit and live in the North Texas area. I plan on having 20% to put down.
My problems are, I don't even know if I will get financing and if I do what kind of rate I'll get. Here's some of my basics:
- My FICO scores are 710 for TransUnion and 707 for Equifax. - I have no late or slow pays on my credit, though I do have a relatively short credit history. - I've been at my job for 8 years and make about $50k. - I do not have any car loan history. When I was younger I got a bad deal that ended up in a repo, but that has fallen off all three of my credit reports. I have never financed a car purchase since. I do not have that luxury any longer. - I also have a car that, according to KBB, is technically worthless so no trade-in.
So what's the collective wisdom here? Do I have a decent chance of getting financing and at a reasonable rate, or should I break down and finally learn how to ride a bike?
If you apply at different places, be sure to do it in a relatively short period of time (within 2 weeks). That way, your FICO score isn't hit as hard with the numerous inquiries. www.eloan.com is a good source, as is your Credit Union. There are forums that are interesting to read on www.myfico.com, where you will see you have pretty good scores!
Have another question. To get the exact color/trim I want, I'm considering ordering the car if they can't find an exact match somewhere. That requires a negotiable deposit and then approx 6 weeks for it to arrive. When would be a good time to secure financing? I know that when you the "blank check" from lenders (CapitalOne, etc) it's only good for a set amount of time. Don't use it and then you have to reapply, and take another hit on your credit. Should I try to find financing before I order the car or close to when it's scheduled to arrive? Or is it necessarily worth the juggling? Would it be better to try to get the dealer to knock off some on the price for the crushing disappointment of settling for the red one?
When I used e-loan, I set the whole thing up and then just gave them a call to sort of "activate" the check--that's when they sent me the packet I needed ASAP.
I used e-Loan for my home re-fi a few years ago. In PERSON Wells Fargo qualified me for 10% :confuse: ......going through e-Loan got me a re-fi rate for 6%.......from Wells Fargo, of all places! :P I've been happy with e-Loan, too!
I plan to go out of state to buy the vehicle I want and I plan to buy at the end of May. I am disregarding the current incentives on the GMC truck I want, since the incentives end at the end of the month. My credit score is just under 800. Has anyone dealt with 0% financing in the past? I know I will be negotiating a higher price for the vehicle but I'm not "giving away the farm". If they want to sell the vehicle, they will have to work with ME and not the other way around. Any suggestions are appreciated.
Thanks for the response. I'm aware that I won't get both the 0% and the rebate but do you have any idea how flexiible a dealer will be? If the MSRP is $52,000 and they think by coming down $3,000, I'm going to get stimulated, they are out of their minds. I know that trucks aren't selling right now and I don't expect them to give the vehicle away but I expect them to negotiate in a fair way and not give me a "take it or leave it" attitude.
Remember that most of the discount offered by a dealer is in the form of rebates and incentives. If you remove those by taking the Zero percent, you remove the possibility of a big discount. $3000 is a lot of markup for a domestic car. A dealer isn't going to lose money to sell you a car. If they are at the bottom, then it does become a take it or leave it situation.
We are buying a new Honda in May and got approved for a chase loan with 5.6% for 10000. The car is going to be about 18,000. I am confused on the process. Basically we find the exact car we want (dealership, vin, make, an model) and fax all that info to chase who makes up all the loan paperwork for us to sign. We then go to the local branch and sign away. My questions are when do we pay the 8000 to the dealership and how (cash, check, credit card??) how do we make sure our car doesn’t get sold under us, and when do we actually get the car? Basically how do we avoid being scammed. One dealer said we pay the 8,000 leave with the car and give them the check for 10000 when the paper work is all done. Is this the right way to do this? ,
Typically if you're arranging your own loan then yes, you have to find the car you like, put a deposit on it (typically anywhere from $2000 to the $8000 you mentioned)so that it doesn't get sold from underneath you, give the dealer an estimate when you expect the rest of the loan to be completed, and when you do have the check in hand from Chase, bring that in to the honda dealer, along with the balance, if you haven't given that in the form of a deposit.
You can make the $8000 payment in bank draft, check, sometimes cash or credit card. Most dealers however accept only up to $2000 from credit cards because they get charged service fees from the cc companies.
So your dealer is correct in how you should go about with the process, but I wouldn't leave as mu8ch as $8k for a deposit. $2k should do the trick.
thanks for the tips! i am just worried from reading all the scams that ppl are trying now. it seems like arranging a loan before hand helps save $$ and avoid getting screwed. now i just have to be strong enough to walk away from the car to sign papers and come back another day!!
i guess we are thinking that if we have our ducks in a row as far as how we will pay before we go into the dealership we wont get tricked. the guy did tell me they have lower rates that what i was quoted from chase. neither of us have bought a car and i am worried about becoming all starry eyed over the shiny new cars...
Although it is good to be prepared and to know your options before you go in, I think you're worried too much.
You know the rate you're getting from Chase. Go into Honda.com and go into their payment calculator, and work out the payments on your own. The calculator will show you the current rates, and what your payments will be.
The only tyhing that might not be on there might be a documentation fee, and insurance, title, taxes.
Print out the payments, go into a dealer, find the car you like that you worked out payments on buy it. If you can get a lower rate from Honda then take it. If not (if at Honda in the finance office they'll tell you you don't qualify for the low Honda rate), then just leave your depsoit, and say you have other financing arranged, and go finish up your Chase loan, come back a day or two later, pay the honda people and take the car. Simple as that.
For my last 3 cars, (CL, TSX, Civic) I've gotten Honda financing and I've always gotten a 3.9% type rate from a promo they were running. (loans paid off perfectly)
I want to buy a new TSX with 10K down, 807 credit score, income just below 100K.
So right now Acura isn't offering any financing deals on the TSX. In this market can I demand a 2.9% rate from Honda financing as part of my offer to the dealer? Or will they not entertain any interest rate as part of the deal. Ie just the price and then the money is my business, at whatever rate I can get from Honda or from pvt banks?
Can I demand the rate and will Honda entertain it, or do I have to wait until they offer a deal on the TSX again? It seems everyone is falling over backwards to offer 0% financing, so I feel I deserve something from Honda in this market.
Also, if I get a 2.9% promo rate, can I still get the car at invoice? It seems to be selling for that right now.
I don't see Honda financing responding to "offers". It's really up to the dealer to make the deal work for you. Once again, the bottom line here is what you end up paying for the car--that's the only real number.
What I mean is---the difference in car payments over the course of a loan between say 2% and 6% might be $2000-----so if you pay $30K for car X at 2%, or $28K for car X at 6%, it's the same deal.
So right now Acura isn't offering any financing deals on the TSX. In this market can I demand a 2.9% rate from Honda financing as part of my offer to the dealer?
How can you demand something that doesn't exist????
Work out the best price you can and get your own financing. Demanding a rate that doesn't exist just tells the dealer that you don't know what you are doing.
So right now Acura isn't offering any financing deals on the TSX. In this market can I demand a 2.9% rate from Honda financing as part of my offer to the dealer?
There are two sources of loan interest rates: 1. What you or anyone can get from a Bank or Credit Union
2. What you can get from the Car Company's 'captive' finance unit (e.g. Honda Financial). Special 'below market rates' are sometimes offered by car company's in order to help sell cars..... but if there's no program going on company wide, they're never going to create one for an individual.
You can improve on the interest rate you'll pay buy doing a little comparative shopping for your loan, and then a little negotiating with your salesman.
What I've regularly done in the past is to go out to banks and credit unions shopping interest rates and finding out what the absolute best interest rate I can obtain will be.
Then when negotiating with the car salesman, when we get to the financing discussion, I'll tell him or her that I've got my own financing but that I'll finance through the dealer, if he can get me a better rate. (Sometimes I've been know to drop accidently misstate the rate that I can actually get from a bank or credit union by 1/4 or 1/2 percent).
The salesman almost always comes back with a lower rate than I could get myself, and so I've been able to cut my interest rates that way.
Of course, if the car company is offering below market interest rates, like 2.9% when the market is 6.9% - telling the salesman that I can get that 2.9% rate somewhere else and I therefore want 2.8% is sort of a fool's errand....so I wouldn't recommend that.
No you can't demand a special rate from the dealer, or Honda financing for that matter.
The dealer doesn't have the pull to give you subsidized finance rates from the manufacturer, and the manufacturer won't negotiate on rates with individual consumers.
If Honda Finance has a promo on at that time, then yes, you'll get if you qualify for it. But if they're not offering special rates, then you won't get them.
If a manufacturer sees the need to move more units of a certain model, then they'll put on a subsidized rate for that model to help with sales. But usually if the car is a hot seller, or if it's meeting the manufacturer's sales targets, then chances are there won'tbe any rebates or subsidized rates on them.
Your only option if you really want a special rate, is to wait until Honda Finance comes out with a special on the car of your choice.
Your only option if you really want a special rate, is to wait until Honda Finance comes out with a special on the car of your choice.
Exactly. Now the good news, if you can be patient, is that this happens frequently. I've bought a few Hondas in my time and have always gotten a subsidized rate.
2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
the difference in car payments over the course of a loan between say 2% and 6% might be $2000
Over 60 months, that $30,000 loan will cost you $1,550 in interest at the 2% rate or $4,800 at the 6% rate. That's about $50 difference per month in car payments and over $3,000 difference overall.
Ah, okay. I was calculating interest rate differences recently on a new MINI (they are offering 1.9%) but of course you have to load one up pretty hard to get to $30K (it's possible though).
People need to keep their eye on the PRICE OF THE CAR--what they are paying for it---if one drifts off that, one can get waylaid.
I find it hard to beleive that in this climate Honda won't negioate financing with the customer. Consider:
0% is available from almost everyone, or other special rates. 4 companies now have some type of assurance program, which Honda doesn't. The Japanese govt gave their auto co's billions of $ at 0% for car loans. (A few weeks ago). (The Japanese govt has 1 trillion in cash sitting around). The fed rate is near 0%, meaning even giving me 2.9% means they are making money.
From an article: Japan's Finance Ministry has said it will use $5 billion from its $1 trillion foreign currency stockpile to help keep credit flowing. Of Japan's major automakers, only Honda predicts a profit for the fiscal year that ends March 31. --
Honda finance will tell you to take a hike is what they'll do.
Their incentives are national policy (or regional). They aren't going to tailor fit a finance plan for one individual. Having good credit is highly commendable, but it's not like a gold medal in the Olympics or anything. :P
The reason that other4 manufacturers might offer more incentives then say Honda, is becausxe they have to to keep sales going. If a manufacturer doesn't need to give away money/rates/incentives and their cars keep selling fine without any prmotions, then why would they?
And although the assurance programs might sound like great ideas to drive traffic into the showroom, it might turn to a potential disaster if the folks who bought cars start losing their jobs, and cars will start coming back at a loss to the company. It's same thging as heavily subsidized leased vehicles that are coming back with thousands of dollars in loss per unit.
I bet you gotta have AAA credit to even qualify for the assurance program.
Negative. Everyone gets it that buys a new car regardless who they finance with. It does not even have to be financed with the captive. If you finance with your own credit union you are covered. At least that is how Fords works.
To the other poster, yes you can demand 2.9% jump up and down and hold your breath till they give it to you.
I'm not sure how much of a discount I'm going to plan on at this point. I usually do a CR before I plan to shop and I had done one in late 2008 when I first was shopping. I wasn't able to find the truck I wanted during their red tag sale so I just waited for the 2009's. I will run another report after the first of May and see what the rebates are at that time. Basing the discounts listed on the 2008 report that I have, I would expect a $52,000 vehicle I could get for around $45,000 or better. The lower the price, the more I can put down. Since I'm buying out of state and evidently the 0% doesn't apply to 2500's, then I'll pay the tax up front and deal with Arizona on the licensing when I get home. I assume I can get a "one trip" permit from Texas and I will confirm that before I make the trip.
Don't wait too long for bargains. Dealers are cutting back inventory so the longer you wait the fewer your choices and, by extension, if the remaining vehicles in inventory are loaded up with options, the dealer is not going to bargain down too much because he can't. Also he may or may not wish to factory order a car with few options.
If I have to sacrifice the color that I'm after, I will. If I do so, then that opens up a whole new geographical area that includes AZ. However, I refuse to bow before the altar of GMC. Either they bargain with me or I won't buy. Technically, I've waited two years to buy this truck and if I have to, I'll wait another year but I won't be some dealers "big fish".
Bargaining is good. But if you are expecting a give-away, that's not going to happen. The dealership would dissolve and the vehicles trucked off to auction before a dealer would sell to you below what he paid for the vehicle.
Shiftright is correct, if you are expecting some arbitary discount number,you will end up disappointed. Even in this economy, smart dealers are making money. Research what a REASONABLE price is and buy a car.
Hard times for dealers doesn't mean they have to make it even harder on themselves by selling everything at a loss.
If padres waited 2 years already, then he either has unreasonable discount expectiations, or is just not really ready to buy anything. That's just my opinion.
Comments
Do I have any chance? I have a call in to my bank but they haven't called me back yet.
You won't get a great rate if you do get a loan.
I'm in the market for a 2009 Honda Fit and live in the North Texas area. I plan on having 20% to put down.
My problems are, I don't even know if I will get financing and if I do what kind of rate I'll get. Here's some of my basics:
- My FICO scores are 710 for TransUnion and 707 for Equifax.
- I have no late or slow pays on my credit, though I do have a relatively short credit history.
- I've been at my job for 8 years and make about $50k.
- I do not have any car loan history. When I was younger I got a bad deal that ended up in a repo, but that has fallen off all three of my credit reports. I have never financed a car purchase since. I do not have that luxury any longer.
- I also have a car that, according to KBB, is technically worthless so no trade-in.
So what's the collective wisdom here? Do I have a decent chance of getting financing and at a reasonable rate, or should I break down and finally learn how to ride a bike?
1. Stability
2. Capacity
3. Collateral
If you apply at different places, be sure to do it in a relatively short period of time (within 2 weeks). That way, your FICO score isn't hit as hard with the numerous
inquiries. www.eloan.com is a good source, as is your Credit Union. There are forums that are interesting to read on www.myfico.com, where you will see you have pretty good scores!
Good luck with your car purchase!
I was very happy with e-Loan by the way.
So, I would wait until you are in the month that the car is due to arrive.
If you choose 0% financing, you most likely won't get the large reabte, but you might be able to negotiate a little bit off the MSRP.
Having said that, yes they have to work with you, but don't expect them to give you both 0% financing and a large rebate.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
If you remove those by taking the Zero percent, you remove the possibility of a big discount.
$3000 is a lot of markup for a domestic car. A dealer isn't going to lose money to sell you a car. If they are at the bottom, then it does become a take it or leave it situation.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
,
You can make the $8000 payment in bank draft, check, sometimes cash or credit card. Most dealers however accept only up to $2000 from credit cards because they get charged service fees from the cc companies.
So your dealer is correct in how you should go about with the process, but I wouldn't leave as mu8ch as $8k for a deposit. $2k should do the trick.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
I'm surprised you wouldn't go with honda's financing, Not sure about your area but they should have pretty good rates right now.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
You know the rate you're getting from Chase. Go into Honda.com and go into their payment calculator, and work out the payments on your own. The calculator will show you the current rates, and what your payments will be.
The only tyhing that might not be on there might be a documentation fee, and insurance, title, taxes.
Print out the payments, go into a dealer, find the car you like that you worked out payments on buy it. If you can get a lower rate from Honda then take it. If not (if at Honda in the finance office they'll tell you you don't qualify for the low Honda rate), then just leave your depsoit, and say you have other financing arranged, and go finish up your Chase loan, come back a day or two later, pay the honda people and take the car. Simple as that.
Good luck!
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
I want to buy a new TSX with 10K down, 807 credit score, income just below 100K.
So right now Acura isn't offering any financing deals on the TSX. In this market can I demand a 2.9% rate from Honda financing as part of my offer to the dealer?
Or will they not entertain any interest rate as part of the deal. Ie just the price and then the money is my business, at whatever rate I can get from Honda or from pvt banks?
Can I demand the rate and will Honda entertain it, or do I have to wait until they offer a deal on the TSX again? It seems everyone is falling over backwards to offer 0% financing, so I feel I deserve something from Honda in this market.
Also, if I get a 2.9% promo rate, can I still get the car at invoice? It seems to be selling for that right now.
Thanks.
Sounds like you've done your homework. Just don't buy anything else at the F&I office.
What I mean is---the difference in car payments over the course of a loan between say 2% and 6% might be $2000-----so if you pay $30K for car X at 2%, or $28K for car X at 6%, it's the same deal.
How can you demand something that doesn't exist????
Work out the best price you can and get your own financing.
Demanding a rate that doesn't exist just tells the dealer that you don't know what you are doing.
There are two sources of loan interest rates:
1. What you or anyone can get from a Bank or Credit Union
2. What you can get from the Car Company's 'captive' finance unit (e.g. Honda Financial). Special 'below market rates' are sometimes offered by car company's in order to help sell cars..... but if there's no program going on company wide, they're never going to create one for an individual.
You can improve on the interest rate you'll pay buy doing a little comparative shopping for your loan, and then a little negotiating with your salesman.
What I've regularly done in the past is to go out to banks and credit unions shopping interest rates and finding out what the absolute best interest rate I can obtain will be.
Then when negotiating with the car salesman, when we get to the financing discussion, I'll tell him or her that I've got my own financing but that I'll finance through the dealer, if he can get me a better rate. (Sometimes I've been know to
dropaccidently misstate the rate that I can actually get from a bank or credit union by 1/4 or 1/2 percent).The salesman almost always comes back with a lower rate than I could get myself, and so I've been able to cut my interest rates that way.
Of course, if the car company is offering below market interest rates, like 2.9% when the market is 6.9% - telling the salesman that I can get that 2.9% rate somewhere else and I therefore want 2.8% is sort of a fool's errand....so I wouldn't recommend that.
The dealer doesn't have the pull to give you subsidized finance rates from the manufacturer, and the manufacturer won't negotiate on rates with individual consumers.
If Honda Finance has a promo on at that time, then yes, you'll get if you qualify for it. But if they're not offering special rates, then you won't get them.
If a manufacturer sees the need to move more units of a certain model, then they'll put on a subsidized rate for that model to help with sales. But usually if the car is a hot seller, or if it's meeting the manufacturer's sales targets, then chances are there won'tbe any rebates or subsidized rates on them.
Your only option if you really want a special rate, is to wait until Honda Finance comes out with a special on the car of your choice.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Exactly. Now the good news, if you can be patient, is that this happens frequently. I've bought a few Hondas in my time and have always gotten a subsidized rate.
Over 60 months, that $30,000 loan will cost you $1,550 in interest at the 2% rate or $4,800 at the 6% rate. That's about $50 difference per month in car payments and over $3,000 difference overall.
tidester, host
SUVs and Smart Shopper
People need to keep their eye on the PRICE OF THE CAR--what they are paying for it---if one drifts off that, one can get waylaid.
0% is available from almost everyone, or other special rates.
4 companies now have some type of assurance program, which Honda doesn't.
The Japanese govt gave their auto co's billions of $ at 0% for car loans. (A few weeks ago). (The Japanese govt has 1 trillion in cash sitting around).
The fed rate is near 0%, meaning even giving me 2.9% means they are making money.
From an article:
Japan's Finance Ministry has said it will use $5 billion from its $1 trillion foreign currency stockpile to help keep credit flowing. Of Japan's major automakers, only Honda predicts a profit for the fiscal year that ends March 31.
--
Their incentives are national policy (or regional). They aren't going to tailor fit a finance plan for one individual. Having good credit is highly commendable, but it's not like a gold medal in the Olympics or anything. :P
And although the assurance programs might sound like great ideas to drive traffic into the showroom, it might turn to a potential disaster if the folks who bought cars start losing their jobs, and cars will start coming back at a loss to the company. It's same thging as heavily subsidized leased vehicles that are coming back with thousands of dollars in loss per unit.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
I bet you gotta have AAA credit to even qualify for the assurance program.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Negative. Everyone gets it that buys a new car regardless who they finance with. It does not even have to be financed with the captive. If you finance with your own credit union you are covered. At least that is how Fords works.
To the other poster, yes you can demand 2.9% jump up and down and hold your breath till they give it to you.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Even in this economy, smart dealers are making money.
Research what a REASONABLE price is and buy a car.
If padres waited 2 years already, then he either has unreasonable discount expectiations, or is just not really ready to buy anything. That's just my opinion.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX