Stories from the Sales Frontlines

sterlingdog

And there I was, thinking that I was special. Perhaps I could slip in during the lunch hour. I have never known any one to be at work between noon and 2:00pm.

greanpea68

Seems like they are helping the daughter refi her home also. Lot's of that going around now.

Yeah with the Fed's lowering the rate all the banks are offering refi's. My wife told me on Thursday that our bank Wachovia called us and offered us a .5 or a point lower. I can't remember what she said but I remember that she said it would lower our mortgage $240/mo... I am on board with that :shades:

Gp

greanpea68

Slow here today to. It has been very cold here lately.

When you say cold could you tell me how cold... 50 degrees

GP

greanpea68

Is there any manufacture who has stopped producing 2008 models yet? I was told the other day that the car I was looking at couldn't be ordered because they had stopped making the 2008 model and were only producing 2009's. This was the justification for doing a dealer trade.

This happens a lot.

GP

greanpea68

When can I EXPECT delivery???

That was a good laugh... Keep up the good work

GP

stickguy

I did that twice (refi with the same lender). They usually waive almost all the fees, so it takes very little time to make your money back.

I actually did a 2nd refi about 10 months after the first,just because the rates dropped so much.

Veering back to topic, that freed up money for us to go and buy a minivan. It was a friends and family deal, so no horror stories.

greanpea68

"Nissan is a superior import

Mack just a reminder today is your last day of pergatory.... Hope i spelled that right...

I am sure Richard will let me know :surprise:

GP

greanpea68

I did that twice (refi with the same lender). They usually waive almost all the fees, so it takes very little time to make your money back.

All I have to pay for is the appraisal and some other paper work fee totaling $440... What ever it will take care of itself after two months

GP

gogiboy

Mack just a reminder today is your last day of pergatory.... Hope i spelled that right...

I am sure Richard will let me know

GP--

If you mean that state after death where you soul undergoes purification (or not) before ending up in heaven or hell, that's Purgatory.

I suspect the "Nissan" week pales in comparison to other moments of purification that Mack's soul has had to endure both during, and outside of, work.

By the way, I'm not trying to steal Richard's thunder.

Gogiboy (awaiting purification, too)

sterlingdog

For Mike and Mark (Two of my nicest students)---

Bless you my children. You are now purified in the Hall of Spell Check. You will now be moved to the Great Showroom. Go forth and sell automobiles to the weak at heart. Sin no more, less your "ups" shower you with sinful surveys and cast stones through your glass windows.

Richard (That is The Right Reverend Richard)

snakeweasel

I can't remember what she said but I remember that she said it would lower our mortgage $240/mo

I would watch out for that. Unless you have a 3/4 million dollar mortgage or they extend the payments (say you have 20 years to pay and move you into a 30 year mortgage) you are not going to save $240/month with a 0.5% drop in your rate.

sterlingdog

GP, I know that you didn't mean a .5 did you? I would consider a 1.5 drop with minimum closing costs. It would take a nice drop to save $240 a month. Just be careful.

mackabee

Nope, just a 5spd manual. Automatic 4spd with the 1.8L engine and an Auto 5spd with the 2.4L engine.
Mack

"Nissan is a superior product" Tk Gd only 4 and a half hours left of this.

mackabee

I know. I'm anxiously awaiting its end! I hate purgatories.
Mack
"Nissan is a superior product"

mackabee

GP .5 is going to lower your payment by $240.00? I always heard the rule of thumb for re-financing was more than a 2 point drop to make it worthwhile. I'm holding off until the rates drop down another 2 points before I make the jump.
"Nissan is a superior product"
:shades:

kiawah

If the bank is picking up the bulk of the refinance costs, you don't need 2 points. There wouldn't have to be surveys or anything like that.

greanpea68

$370K we just refinanced in August because we has a 2 year arm... first house

GP

so we have 30 years left anyway

snakeweasel

Well I don't see it saving you that much maybe 100-110 a month but not 250.

mackabee

Depends how much the ARM went up. It could be costing him an ARM and a Leg! Sorry couldn't resist.
Mack
"Nissan is a superior product"
2:39 to go!~

sterlingdog

GP, unless you're going to sell within the next three years, get a fixed rate if you can. Unless you have good self-discipline, include your taxes and insurance in with the payment.

Richard

mackabee

An arm and a leg! Only 30 minutes left of purgatory.

"Nissan is a superior product"
That should do it, GP.
:shades:

imidazol97

When refinancing became popular long ago, mrsimidazol and I checked into refinancing our current home. It took a good 2% drop to make it feasible to pay the moderate costs and come out ahead within a few years on the payments.

I used a computer and ran a printout to show that putting the $$$ to pay for refinancing into extrapayments on the mortgage would save me much more over the life of the loan than the lower interest rate would have.

An additional factor is that refinancing puts you back at the beginning of a 15 or 30-year loan where the payment goes 99% toward interest and 1% goes to reducing the obligation. And if refinancing saved consumers so much money, why do the banks who would profit from that money paid push refinancing? It would be in their benefit to keep the original mortgage in place.

sterlingdog

You are absolutely correct. Many people forget that they will be back at the beginning of their new mortgage. If the objective is to lower the monthly payment, send in an extra $50 or $100 each month on your escrow for a year. You can drop your payment by about $100 a month. The added benefit is that you have plenty in the account to pay your taxes and insurance and your payment won't increase on the annual analysis report. If you had rather do an extra house payment once a year, you can save tons in interest and pay off the house earlier.

greanpea68

Sorry guys about the bad spelling I had to run last night. In 2005 we took a 2 year arm out in August of 2005.

In 2007 we refinanced with a fixed rate of 6.9% for 30 years. After reading some posts of last night I asked Mrs. Pea what they had said again. She said that they told her if we pay $440 for appraisal and papaer work fee that it we qualify for for 5.9% and that would lower our payment $240 a month. Now I don't know a lot about mortgages but I know I hated the process of refinancing last August. I think those Mortgage people are worse than sales people!!!! No offense to anyone in the business.

It is through the same bank that we are currently with so I do feel good about that. I guess all I can say is if that one point does lower my payment $240 a month I would have no problem with it. Like I said I signed for a 30 year mortgage 6 months ago.

I appreciate everyones feed back and will keep everyone updated over the next few weeks on what I do.

GP

greanpea68

Thanks for playing along this week. I have to admit I get a chuckle when I think about the fact that we are on a message board but we keep our word in printed value

I hope everyon is having a great month. For me this month slow with 10 deal but 8 of them are used cars. :shades:

GP

greanpea68

I know notice even when I type when I am off sauce I still type words wrong. I notice I am always putting letters in backwards on words. I think I have dyslexia of the keyboard

GP

joel0622

When you say cold could you tell me how cold... 50 degrees

In the teens, single digit wind chill when the sun goes down. Thats cold for Nashville. Probably comparable to it being -30 where you live.

jescue

Tell me about it. My heat is out. :mad:

greanpea68

In the teens, single digit wind chill when the sun goes down.

I will be fine when it is the teens but when you get that wind wind forget about it :surprise: That is when it is cold. I would say that would be cold enough to shut down Tenn.

There must have been plenty of Tennesssee Tea going around To keep warm of course.

GP

jwm40517

I just looked at payments on a 370K mortgage. 7% is $2450.50 and 6% is $2220.00. $240.50 less

mako1a

Per GP> I think those Mortgage people are worse than sales people!!!!

No way. Mortgage folks are easy compared to car salespeople.
They just do interest rate and term.

Salespeople do that and try to jack buyers price whenever possible. Gotta watch these people very closely.

sterlingdog

Don't feel badly about your typing. I do the same thing constantly. I have to proof the posts and do spell check each time. I chalk mine up to old age.

greanpea68

I just looked at payments on a 370K mortgage. 7% is $2450.50 and 6% is $2220.00. $240.50 less

That exactly what I pay. Thank you for runnning that.

So when you look at it that way it is about $200.

200 X 360 = 72,000

SO I would be saving $72,000 over 30 years.

It never ends with this stuff. Houses, cars, utilities, Medical bills, cell phones... it never ends

Thanks for the help guys

GP

greanpea68

Salespeople do that and try to jack buyers price whenever possible. Gotta watch these people very closely.

silently laughing

gP

otto8

For production start and cutoff dates along with deletions/holdups
check out:
http://www.wheels.com/reference/referenceFrame.htm

sterlingdog

"It never ends with this stuff."

It does end, but you wouldn't like the alternative!

jmonroe

...She said that they told her if we pay $440 for appraisal and papaer work fee that it we qualify for for 5.9% and that would lower our payment $240 a month.

I suggest not to jump too fast on that 5.9%. The way things are going, they should fall a little bit more. I’d take the chance but that's your call.

I took the chance and waited 2 weeks in August 2004 (I’m not home now so I’m not sure of the date) and I saved 1 ¼ %.

Don’t feel like you have to go to your existing lender for the best rate. When I called my existing lender they didn’t seem to care about keeping me so I went to an independent broker. Check all the numbers (credit check, surveys, “that’s the way we always do it fee”, etc.). Just because you might pay for a service you could still come out ahead with the final number. Important: Be sure you don’t go for the brokers/banks full MSRP FEE, that fee is negotiable. I know. I did it and it went from MSRP of $1800 to $850, just because I asked. Does this sound like the car biz? :confuse:

Like I told my sons when they went out on their own: “Don’t watch the bouncing ball, watch the hand that’s moving it”.

How’s it feel to be on the other end? :P

jmonroe

madmanmoo

How’s it feel to be on the other end?

Sucks.

-moo

sterlingdog

GP, consider jmonroe's advice. Last time I used an independent broker. They work harder to find the best deal because they want the business. The fees were about $1,000 less because I balked---sort of like I do with car salesmen the first time around.

greanpea68

Like I told my sons when they went out on their own: “Don’t watch the bouncing ball, watch the hand that’s moving it”.

Good advice... i am going to steal that tag line... That's a good one!

Ya know the thing is I wasn't really looking to lower my rate... But our bank Wachovia called and talked to my wife.

I swear to " G$D " it must have been like she heard there was sale at Macy's...

I know the prime rate is dropping and I think I'll be safe not jumping on anything right now. But it is a marriage and I like to sleep peaceful and in my own bed at night.

The good thing is I am busy this wek at work and can put her/them off.

I hope the baby sitters don't throw this in OTC because I am appreciating the advice. Also I don't know how to get the OTC board :confuse:

GP

imidazol97

Isn't the Fed supposed to lower rates by another .5 point this week? That may already be factored into the markets, but I suspect interest rates on mortgages would drop more.

jmonroe

Good advice... i am going to steal that tag line... That's a good one!

OK, maybe when the time comes you might remember me with a good deal. I didn't even get a "thanks dad" from my kids.

I swear to " G$D " it must have been like she heard there was sale at Macy's...

See below as to why you’ll come out of this smelling like a rose.

I know the prime rate is dropping and I think I'll be safe not jumping on anything right now. But it is a marriage and I like to sleep peaceful and in my own bed at night.

If you jump too quick at a higher rate and she hears about it, there will be no peace in your abode, for who knows how long. However, with what you’ll save by having a lower rate, you’ll have the bucks, every month, for those sales at Macy’s.

That’s what I did and Mrs. jmonroe thought I was a genius but it was short lived. Lasted only a month or two, then back to the “what have you done for me lately” thing.

jmonroe

cccompson

I was under the impression that mortgage rates are more closely tied to the bond market.

greanpea68

That’s what I did and Mrs. jmonroe thought I was a genius but it was short lived. Lasted only a month or two, then back to the “what have you done for me lately” thing.


LOL

gP

oldfarmer50

"...I can finally pay off that 30 year car too..."

Must be a Honda. I hear they don't even need gas for the first 20 years or so. :P

oldfarmer50

"...I appreciate everyone's feed back..."

Whatever you do, don't go for the house mop & glo.

jmonroe

Whatever you do, don't go for the house mop & glo.

Which in home mortgage lingo is: HOME WARRANTY. Which when you read the fine print is ABSOLUTELY worthless.

Everyone here knows how I feel about an extended warranty for cars. At least you have a chance to collect with these but there ought to be a law about the home thing, especially when the house is over 5/6 years old. :mad:

jmonroe

mackabee

"I think I have dyslexia of the keyboard "

GP, that's better than having diarrea of the mouth!

"Toyota is a way superior product than Nissan"

snakeweasel

He said he just refinance in august so the ARM didn't go up.

lrguy44

Is this about mortgages or cars or football?