Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
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A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/22 for details.
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Car_man
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My sister work for GM and she gave me one of her monthly code to buy a new GM car or truck.
I understand there are $6000 GM discount on some of their vehicles. Plus the discount from individual dealer.
My question is can my employee discount apply with 1. GM $6k discount and 2. dealer discount.
and when I buy a car should I mention to the dealer that I am using the employee discount up front?
Thanks for advantage.
I am looking at purchasing a 2004 Nissan Murano. The local dealer offered the auto at an inflated MSRP to begin with, then on the sheet to take home offered various payments based upon various loans. The loans were at interest rates of 8.93%, 9.54% and 9.86%.
On the Edmunds Rebates, Incentives, Etc. page, Nissan is offering 2.0% for up to 60 months on this vehicle. Or am I wrong? Why didn't the dealer even bring it up? I am in Ohio. The dealer did not check my credit, that I am aware of, however, all he had to do was ask. Based upon credit and income, I know I would qualify for the best available interest rate.
Is this common? I want to phone the dealer today to discuss this, however, I want to be armed with the facts and would appreciate your feedback.
Thank you!
Car_man
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For consumers who elect not to finance the 2004 Murano through NMAC, Nissan is offering $1,000 customer cash. Perhaps the dealer that you are working with used this cash to reduce the Murano's selling price and then tried to arrange financing on it for you through an independent bank. By doing to, it could mark-up the bank's buy rate and possibly make additional back-end profit on your deal. The marking up of rates is completely legal, so in order to avoid it one should get pre-approved to finance the vehicle that they want prior to negotiating with any dealers. Getting pre-approved serves two purposes. First, it gives you an idea of what sort of interest rate to expect. Secondly, it often motivates dealers to beat the rate that you have already been approved at.
It sounds to me as though this dealer was trying to make a ton of money by financing you this vehicle at a very high rate. If you really want a 2004 Murano, you may want to consider shopping at another dealer, make this dealer finance you it at the special interest rate that Nissan is offering, or get pre-approved to finance it on your own.
Car_man
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We have to buy one within the next 30-45 days. My lease is up and my car inspected and paid off. I can return it any time. I just need to find the car and purchase it.
There are other dealers here in town. I will e-mail the internet managers and look for quotes.
I appreciate the time. Again. You are great. Really. :-)
1) Decide what kind of car you want.
2) Do research here on Edmunds to determine a price.
3) Find a dealer that has the car you want to buy.
4) Go there and make and offer. If you have computed your price in a reasonable way, your offer will be accepted.
Besides, if you ask for a quote, they will probably not give you a very good price. When we wanted to buy a car last year, I called a dealer to see if they had one in stock. They said Yes and said they would give me a good price.
I asked, "OK, so what is your OTD price?". They said $22000.
A couple days later we went there and offered $20500 OTD and they accepted.
The moral to this story? Don't ask for a price. Determine your price and see if they will accept it.
A voice over the phone gets a whole lot more done than a few letters and words on the computer .. a face in front of someone can change the world ...
Terry.
Car_man
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Thanks!
Car_man
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Close .. they need to have sold one out of inventory already, basically they are trying to "award" the dealers that have shown an aggressive sales attitude .. lets see if that works, doubt it ......
Terry.
Car_man
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Any idea if the GM "Instant Value Certificates"
are still around for this month. I am looking at getting a new Chevy Silverado 1500 truck for light plowing this winter. Thanks for your help.
Dillydill
Car_man
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Car_man
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2004 GMC Envoy: In its Northeast region, General Motors is currently providing 0% financing for up to 6 years or $4,000 customer cash on this truck. If you choose to finance it through GMAC using its standard financing rate, which is never very attractive, you can add an additional $1,000 to the customer cash. Instead of either of these offers, you can combine 0.9% financing for up to 3 years, 1.9% for 4 years, 2.9% for 5 years, or 3.9% for 6 years with $2,500 customer cash. GM is providing $500 "Value Certificates" to its dealers that will help them increase their sales. Dealers were not provided enough certificates to use one on every deal, but the fact that you know about them and most other consumers do not will give you an advantage in your negotiations.
2004 Chevrolet Trailblazer: In its Northeast region, General Motors is currently providing 0% financing for up to 6 years or $4,000 customer cash on this truck. If you choose to finance it through GMAC using its standard financing rate you can add an additional $1,000 to the customer cash. Instead of either of these offers, you can combine 0.9% financing for up to 3 years, 1.9% for 4 years, 2.9% for 5 years, or 3.9% for 6 years with $2,500 customer cash. The $500 certificates are available on this model as well.
2005 Chevrolet Silverado 1500 Extended Cab / 1500 Crew Cab: In its Northeast region, General Motors is currently providing 0% financing for up to 5 years and 1.9% for 6 years or $3,500 customer cash on these trucks. If you choose to finance them through GMAC using its standard financing rate you can add an additional $1,000 to the customer cash. Instead of either of these offers, you can combine 0.9% financing for up to 3 years, 1.9% for 4 years, 2.9% for 5 years, or 3.9% for 6 years with $2,500 customer cash. The $500 certificates are available on these models as well.
That pretty much sums it up, but let me know if you have any other questions.
Car_man
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Car_man
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Also how difficult is it to get the 1.9% for 72 months?
General Motors' lowest special financing rates are not that difficult to qualify for. I believe that as long as you qualify for one of its top four credit tiers, I am not sure of the exact score that is necessary to do so, you can get the 1.9% rate for 72 months.
Car_man
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Can you finance thru GMAC to get the extra 1,000 on the Trailblazer, Envoy, etc. and then turn around and obtain a loan through a credit union and pay off the GMAC loan? Or do they write something into the contract that prevents people from doing this.
You said the regular percentage rate is unattractive....how bad is unattractive? My credit union offers 4.25% for 60 months and 4.75 for 72. I know they used to give you .25% off if you had auto pay withdrawal, but I'm not sure if they still do this.
Car_man
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I know when I went to the dealership last the guy was able to do a look up for the vehicle I wanted throughout the state.
Also as a side note we just refinanced our house and have payed off all our outstanding debts (ie credit cards, computer loan). How long would it take for the paid off/account closed information to be updated on our credit? I figure its best to go into the dealership with the best credit score possible right? As of today we are waiting on one last account to receive the check in the mail and close the account.
edited: Another question. GM is doing 1.9% financing at 72 months with $1,000.00. What if you go with the $5,000 instead what kind of percentage could you be looking at?
I believe that General Motors allows consumers to search dealers' inventory through the GM BuyPower web site.
If you opt to finance your new vehicle through GMAC using its standard interest rate so that you can add the GMAC cash to its normal customer cash incentive then you will probably have to pay an interest rate of around 7% to 8%, assuming that your credit is in good shape. As you can see this is a much higher rate than someone who qualifies for it would be able to get through an independent bank at this time.
Car_man
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Car_man
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My 93 Sentra is destined to car heaven in a few weeks or months. I just want a new commuter, but have almost nothing to put down.
1) Do I go after the rebates/cash back as a down?
A) Should I hold out for year end?
on 10k-12k cars.
I) Mitsu over Kia, right?
II) Are there any others to look at?
C) What's this MFR to DLR "Marketing Assistance"
I) Is this a potential bargaing chip for $$?
2)Should I try to impove my credit quickly?
A) A secured credit card would give me some
current credit.
I}How long does it take to hit the report?
II)How much does it actually help?
I think you get the picture. I know I'm screwed every which way, but I'll be more screwed if I cant get to work.
I hope this all makes sense, I appreciate any input.
Hmmm, sounds like you are going to be laughing and waving for some time .. because thats what it's going to take -- some big cash ..........
Terry.
Before you go any further, you need to check your current credit score. It sounds like last check was 2 yrs ago, so you need to know your current situation first.
kirstie_h
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MODERATOR /ADMINISTRATOR
Find me at kirstie_h@edmunds.com - or send a private message by clicking on my name.
2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
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Just about to sign a deal TODAY on a new 2005 f-150 fx4 4x4. I have read in other forums that if you finance $7,000+through Ford there is a $1,000 incentive. But the dealer denies this, called Ford credit and they played dumb. If anyone knows the details please post a response ASAP - I need ammunition! Thanks!!!!!!
Once you have made sure that your credit reports do not contain any mistakes, you should begin trying to repair your damaged credit right away. One way to do so is to take out a small loan and pay it off. Even starting a new regular or store credit card and making payments on it on time will help. Applying for a credit card or loan from a bank that you have a savings or checking account at will increase your chance of getting approved. If you do not qualify for a normal credit card because of your current credit problems, you may want to think about getting a "secured" credit card. This means that the credit card that you use is guaranteed with a deposit that you make with the bank that it is through. If you decide to open a new account or two, just make sure not to go crazy with it. Use it in moderation and pay more than the minimum balance every month.
You also may want to consider finding someone who will co-sign the loan for your new car or truck for you. A co-signer will definitely increase your chances of getting approved for a loan.
As you have already found, a substantial down payment will dramatically increase your chances of being approved for a loan on the vehicle that you want. Rather than laughing when you are asked for a large down payment, work on saving so that you can make one. Try to hold onto your current car while you save a little money each week to put down on your next vehicle You also could temporarily do some extra work or a second job in order to help you save enough for a substantial down payment.
Another thing to consider is getting a less expensive vehicle. Rather than spending $10,000 to $12,000 on a brand new model, purchase a late model used vehicle that has already depreciated several thousand dollars for $5,000 to $8,000.
Car_man
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Car_man
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Car_man
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Thank you for your time. I am taking your advice on repairing what I can now. Can you elaborate on the small loan please (who from? how much?) I don't know of anyone will give me a loan now, do you? I can't get a store card, so the first step will be the secured card. I can handle that & I ordered a free credit report moments ago, that will also give me a score.
As far as saving money, I am a single father living in the most expensive place in the US (SF Bay). A couple hundred a month is all, and ther isn't time. I can't really do side work or OT because of my boy. I had a friend take a look at my sentra, and a cylinder is only at half pressure. I'm no mechanic, but he said the days are limmited.
I take it you don't think the rebate is the way to go because it has to be a new car. I agree, I cringe at the thought of paying thousands for the smell. But IF it can happen, then I will sleep at night again knowing that I will be able to take my son to daycare and get to work. I just need a fix for now, while I work on my credit.
Thanks man,
Jeremy
I don't think anyone is picking on you, but a reality check sometimes helps .. rebuilding your credit is a good way to start .............
Terry.
Most banks do not look at cash incentives as a down payment, and even if they did, I don't think that there is a new vehicle out there with a large enough cash incentive available on it for you to use it as they sort of down payment that you probably will need to get a loan.
Car_man
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Car_man
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2004 Chevrolet Malibu LS Maxx.
There seems to be some discrepancy with the info on your website vs what they told me at the dealer.
- Standard interest rate for 72 mos of 8.9% (what they offer), vs 3.9% (edmunds website rebate info section specific for this car)
- $3500 financing incentive - which I am aware is only available if I finance thru GMAC. They say it is not available with a 72 mos financing. Only with a 60 month at standard rate of 8.9%. This seems to disagree with what edmunds rebate section says. I was not offered a 72 month financing option at a standard rate. Only offered a zero percent, which I understand can not combine with the $3500. I was looking for 72 mos at a standard rate & also be able to get the $3500. This was not an option the dealer was offering me.
Thank you!!
A)$3,500 Consumer Cash rebate. (Not a GMAC Bonus) That may not be combined with low rates.
B)72M at 1.9% if you do not take the rebate I listed in A.
C) $1,000 GMAC Finance Bonus for using any GMAC program.
D) $1,000 Consumer Cash Rebate and 3.9% 72M financing.
E) While no listed at Edmunds. I have read that GM has returned the 72m 0.0% program on 2004 models. It is not compatible with the $1,000 GMAC Bonus.
Are you a GM dealer? I'd really like to get Carman's opinion. My first question is what is the standard 72 month rate - not the special rate. Second question is - per edmunds it shows that the $3500 rebate must be combined with GM financing, which I am doing. Why am I not eligible for it? Thanks!!
Car_man
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