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  #11  
Old 10-10-2013, 08:52 PM
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GTyankee GTyankee is online now
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I went to my Dealership & told them that i belonged to a Credit Union & wanted to buy a new Ram 1500
The dealership shopped around & got me a good rate with a different Credit Union other then my own C.U. They beat the rate by .5, my own CU could not match it
That was a few years back & i didn't know that you can get pre qualified, before you go shopping

My CU is currently offering 1.99 %
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  #12  
Old 10-11-2013, 08:53 AM
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I got 1.39 for 60 months with nothing down from the dealer. My guess is they had to incentivize the bank a bit to get that rate, but they were determined not to let me use my own bank, who had offered 1.49.
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Old 10-11-2013, 10:21 AM
tev9999 tev9999 is offline
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Subprime lenders don't give car loans at 1.69%. I have never heard of the bank name affecting your credit score. Half the time the bank name that shows up on your report is not even close to who you think you have a relationship with. If you are being offered those low rates, your credit is fine.

If they offer the best terms, go for it.
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Old 10-11-2013, 11:08 AM
crabjoe crabjoe is offline
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Quote:
Originally Posted by tev9999 View Post
Subprime lenders don't give car loans at 1.69%. I have never heard of the bank name affecting your credit score. Half the time the bank name that shows up on your report is not even close to who you think you have a relationship with. If you are being offered those low rates, your credit is fine.

If they offer the best terms, go for it.
Subprime lenders can and do give prime rates... You just have to be a prime borrower. Capital One Auto Finance is a known subprime lender. Just google "subprime auto loan" or "subprime auto lender", Cap 1 will come up. That's how they got into the business, and even though they do lend to prime borrowers, they are known as subprime... It's hard to shake, once you get a rap...

My issue with Cap 1 isn't my credit ... My auto enhanced FICO came in at 813 and it's not that the name effects the credit score, it's what happens during a manual review... It's what others are telling me about Cap 1's tactics.. some times posting payments late, posting extra cash toward the next months payment versus toward the principle... etc.. The other issue is from my understanding, lenders don't like to see subprime lenders on a credit report. For example... let's say you need a loan and the the lenders guideline is 40% DTI. You come in at 41% DTI.. Lender sees a subprime lender, so they decline versus them approving, because they see only prime lenders.. I've been told my a few loan underwriters they will do this, because a subprime lender, on a report, adds risk, even if everything else is perfect.
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Old 10-12-2013, 03:00 AM
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Quote:
Originally Posted by crabjoe View Post
Reactivating thread!!

My truck is now at the local rail yard, waiting to be delivered to the dealer.

As of yesterday, I had my dealer run my credit to see what rate they could get me on a 72 month loan... They came back with 1.89% with BoA and 1.69% with Capital One Auto. I can go Alliante CU @ 1.89%, with a $100 bonus or 1.49% with auto draft..
Contact BoA and tell them you want to have the loan through them but Cap1 is given you a better APR and ask if they can beat it or atleast match it. At my dealer they started me at 2.99 but i already had a pre approved amount at 1.99 with my bank, i told dealer they would have to do better. They returned with 1.59. So, i called my bank said this is their offer and they matched it for me.
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