Refund Possibility???
Man, I have a bigger problem than this now.
Not sure if my 2.9% financing will fall through due to my short credit history. I place a large down payment so that I can try to get 2.9-3.9, but now I'm getting some BS from the dealership that if this doesn't fall through, I already have a loan preapproved for 7.74%, which is complete crap. There's no way I'm going to settle for that rate, especially since the whole reason I shopped for the G this month is so that I can get the good rate.
My sales contract specifically says 2.9, so at least if I don't get it, I think I have the right to cancel. I hope everything works out...worst case scenario, my G might have to go back...
Not sure if my 2.9% financing will fall through due to my short credit history. I place a large down payment so that I can try to get 2.9-3.9, but now I'm getting some BS from the dealership that if this doesn't fall through, I already have a loan preapproved for 7.74%, which is complete crap. There's no way I'm going to settle for that rate, especially since the whole reason I shopped for the G this month is so that I can get the good rate.
My sales contract specifically says 2.9, so at least if I don't get it, I think I have the right to cancel. I hope everything works out...worst case scenario, my G might have to go back...
I posted this on another thread, but since we're on the same subject in both, I'll place it here as well.
For option 2, they're trying to push for the college graduate rate, but the problem is, it's been 2 years and 2 months since I graduated (instead of the 2 year limit), so I don't know if that will fall through yet. The finance lady said that the person she talked to on the other end is really good and the guy told her "if I can't push this loan through, no one can." I hope this guy is as good as he says he is.
She also said a couple things yesterday that didn't make much sense to me:
"The loan approval won't be affected if you put more money down, or if you have a co-signer."
- In both instances, I'm reducing their risk. How can that not positively impact my chances of getting approved for the loan??
"If you get a loan from your work credit union and it's not well-established, it will help you much more in the future when you get a mortgage loan if your car loan came from an FDIC insured institution. The credit unions are not FDIC insured."
- So you build more effective credit if you loan through an FDIC insured lender?
Anyway, I'm still going to stand firm on 2.9, 3.9, or return the car. As I said before, the reason I bought the damn car this month was to take advantage of 2.9. There's a snowball's chance in hell that I'll walk out with 7.74%.
For option 2, they're trying to push for the college graduate rate, but the problem is, it's been 2 years and 2 months since I graduated (instead of the 2 year limit), so I don't know if that will fall through yet. The finance lady said that the person she talked to on the other end is really good and the guy told her "if I can't push this loan through, no one can." I hope this guy is as good as he says he is.
She also said a couple things yesterday that didn't make much sense to me:
"The loan approval won't be affected if you put more money down, or if you have a co-signer."
- In both instances, I'm reducing their risk. How can that not positively impact my chances of getting approved for the loan??
"If you get a loan from your work credit union and it's not well-established, it will help you much more in the future when you get a mortgage loan if your car loan came from an FDIC insured institution. The credit unions are not FDIC insured."
- So you build more effective credit if you loan through an FDIC insured lender?
Anyway, I'm still going to stand firm on 2.9, 3.9, or return the car. As I said before, the reason I bought the damn car this month was to take advantage of 2.9. There's a snowball's chance in hell that I'll walk out with 7.74%.
Registered User
Joined: Apr 2006
Posts: 1,499
Likes: 8
From: Los Angeles
good for you to stand your ground. that is just completely BS.
try another dealer...if not tell them 'geez...those 335is don't look half bad'
..trust me, these stealerships don't want to lose a sale during the holidays.
try another dealer...if not tell them 'geez...those 335is don't look half bad'
..trust me, these stealerships don't want to lose a sale during the holidays.
Registered User
Joined: Nov 2007
Posts: 293
Likes: 0
From: MA
I posted this on another thread, but since we're on the same subject in both, I'll place it here as well.
For option 2, they're trying to push for the college graduate rate, but the problem is, it's been 2 years and 2 months since I graduated (instead of the 2 year limit), so I don't know if that will fall through yet. The finance lady said that the person she talked to on the other end is really good and the guy told her "if I can't push this loan through, no one can." I hope this guy is as good as he says he is.
She also said a couple things yesterday that didn't make much sense to me:
"The loan approval won't be affected if you put more money down, or if you have a co-signer."
- In both instances, I'm reducing their risk. How can that not positively impact my chances of getting approved for the loan??
"If you get a loan from your work credit union and it's not well-established, it will help you much more in the future when you get a mortgage loan if your car loan came from an FDIC insured institution. The credit unions are not FDIC insured."
- So you build more effective credit if you loan through an FDIC insured lender?
Anyway, I'm still going to stand firm on 2.9, 3.9, or return the car. As I said before, the reason I bought the damn car this month was to take advantage of 2.9. There's a snowball's chance in hell that I'll walk out with 7.74%.
For option 2, they're trying to push for the college graduate rate, but the problem is, it's been 2 years and 2 months since I graduated (instead of the 2 year limit), so I don't know if that will fall through yet. The finance lady said that the person she talked to on the other end is really good and the guy told her "if I can't push this loan through, no one can." I hope this guy is as good as he says he is.
She also said a couple things yesterday that didn't make much sense to me:
"The loan approval won't be affected if you put more money down, or if you have a co-signer."
- In both instances, I'm reducing their risk. How can that not positively impact my chances of getting approved for the loan??
"If you get a loan from your work credit union and it's not well-established, it will help you much more in the future when you get a mortgage loan if your car loan came from an FDIC insured institution. The credit unions are not FDIC insured."
- So you build more effective credit if you loan through an FDIC insured lender?
Anyway, I'm still going to stand firm on 2.9, 3.9, or return the car. As I said before, the reason I bought the damn car this month was to take advantage of 2.9. There's a snowball's chance in hell that I'll walk out with 7.74%.
I heard the same thing about Credit Union vs. Bank...credit union is supposedly the money of the members (your money) so it doesn't give the same amount of bump to your credit rating...and if my loan officer is to be believed it doesn't count at all.
I just bought a used car and got 5.54%....granted I have impeccable credit and have been doing this for many years but 7.74 sounds high.
Looks like each 1% is going to cost you about $16/$1000 +/- at 35K for 5 years
hope you don't have to turn that car in...good luck
Yeah well I hope I don't have to turn it in either. I'd be paying $2000 more if I went from 2.9 to 7.74...not exactly what I originally had in mind. I will try leveraging the fact that the dealership is already losing a couple grand or so if they take back the car since it's used now...I'm sure they'd rather I have it anyway. I do understand the difficulty of getting this through with my short (but spotless) credit history, but to let me have the car and drive it off without having this finalized is unacceptable. I'll be glad to accept the 3.9 if that plan falls through, but I'll probably ask for at least some all-weather floor mats, license frame, and a key chain on top if I have to resort to this.
Dude Down Doesnt MATTER!
It means nothing to them, if you go to a bank and ask for a loan, they will just ask you how much money you need for the new car, not how much its worth and than how much you want Financed?
If I wanted a G37 and Car is $41k and I pay $40k Cash and Finance $1000, THey Will Finance the $1000 Based on if I am eligible to get $1000 to my name based on my credit, not that the Car is Worth so much and I am putting Down, Down helps your Score Sometimes and percentage, but it wont help You get a Loan if You dont Qualify
It means nothing to them, if you go to a bank and ask for a loan, they will just ask you how much money you need for the new car, not how much its worth and than how much you want Financed?
If I wanted a G37 and Car is $41k and I pay $40k Cash and Finance $1000, THey Will Finance the $1000 Based on if I am eligible to get $1000 to my name based on my credit, not that the Car is Worth so much and I am putting Down, Down helps your Score Sometimes and percentage, but it wont help You get a Loan if You dont Qualify
If I'm reading your post correctly, how does the down payment not matter? I wouldn't even have a chance acquiring this car if I didn't put down a larger down payment. I do agree when you say you won't get a loan if you don't qualify, but I'm pretty sure the amount financed DOES dictate the chances of getting that loan.
Joined: Oct 2007
Posts: 2,335
Likes: 1
From: Metro Detroit, MI [Sterling Hts.]
Weird I hav limited credit history and was rated at 8.00% which was of course horrible...I had my dad co-sign and threw 12G's on the Down an with both of those weighed in I walked away with 5.80% which is not horrible but still kinda shabby.
After x number of mos. is it possible to call and haggle for a lower rate U think?
Also does paying more and chipping away at the principal get the interest taking away less $$$ per payment or is it fixed for a while? Does anyone know?
After x number of mos. is it possible to call and haggle for a lower rate U think?
Also does paying more and chipping away at the principal get the interest taking away less $$$ per payment or is it fixed for a while? Does anyone know?
I believe the interest is fixed, which means it stays the same no matter how much you pay. The thing here is that your duration of payment will be shorter, which in effect, chips away at the overall interest for the maximum term.
However, I remember reading something on the contract about a fee/penalty for paying it off too early. I don't have the contract in front of me, but does that sound right at all?
...and I'm still waiting on that call from Infiniti....PLEEEAASSEE be good news...
However, I remember reading something on the contract about a fee/penalty for paying it off too early. I don't have the contract in front of me, but does that sound right at all?
...and I'm still waiting on that call from Infiniti....PLEEEAASSEE be good news...
No, I have the 2.9 APR, there is no pre-pay penalty.
Let us know what you did with the warranty please, I'm also thinking if I should cancel it.
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Let us know what you did with the warranty please, I'm also thinking if I should cancel it.
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Well, if I can, I want to cancel it. I think the dealer's reaction may depend on how much you paid for the warranty. Obviously if they made a killing off it, they're probably going to be reluctant to let you out the door with more money in your pockets. I got a good deal at cost, so I'm hoping that will work to my advantage.
Worst case scenario, I'll be returning more than a warranty...
Worst case scenario, I'll be returning more than a warranty...
Bad news is, the original loan plan didn't go through. Good news is, they still managed to get me into the college grad program...i am in a great freakin moood...WOOOOO!!!! Thanks for the support guys, I really appreciate it.
