Pontiac Solstice Forum banner

1 - 20 of 62 Posts

·
Registered
Joined
·
4,135 Posts
Discussion Starter #1 (Edited)
I read a couple post where people didn't set up financing before the car came in and were getting taken advantage of by the dealership with the financing.

Just wanted to advise people that after there car is built get pre-approved for you loan. You can go to your credit union or use Capital One blank check. Even if you plan on getting financed at the dealer get a Blank check from Capital one in case your dealer pulls crap by giving you a higher intrest rate then you agreed upon.( This happens often) Then they make you take insurance on the loan also, around $500.00. If you get the blank check you don't have to use it( When you write the check the loan goes into affect) you can still go with the dealer if you want but at least you have a back up plan if he starts playing games. The pre approval is good for 4 weeks and then they extend it for 2 or 3 weeks if you don't use it. But don't get it too early because it does expire.
 

·
Senior Member
Joined
·
2,574 Posts
deluke said:
I read a couple post where people didn't set up financing before the car came in and were getting taken advantage of by the dealership with the financing.

Just wanted to advise people that after there car is built get pre-approved for you loan. You can go to your credit union or use Capital One blank check. Even if you plan on getting financed at the dealer get a Blank check from Capital one in case your dealer pulls crap by giving you a higher intrest rate then you agreed upon.( This happens often) Then they make you take insurance on the loan also, around $500.00. If you get the blank check you don't have to use it( When you write the check the loan goes into affect) you can still go with the dealer if you want but at least you have a back up plan if he starts playing games. The pre approval is good for 4 weeks and then they extend it for 2 or 3 weeks if you don't use it. But don't get it too early because it does expire.

What if anything do they require before mailing you a check?
 

·
Registered
Joined
·
4,135 Posts
Discussion Starter #3 (Edited)
birdliver said:
What if anything do they require before mailing you a check?
They don't require anything.( As far as I know) You go on line to Capital one Blank Check and fill out the form and they let you know back in minutes.
 

·
Senior Member
Joined
·
2,574 Posts
deluke said:
They don't require anything. You go on line to Capital one Blank Check and fill out the form and they let you know back in minutes.
Cool, thanks. Been holding with AAA. They have approved me at 4.74% but require an Insurance binder which I got from GEICO, a signed P&S agreement and the vehicle delivered to the dealership. Don't have last two requirements. Rules could cost them business here if a check is available from the other guys! ;)
 

·
Registered
Joined
·
8,664 Posts
birdliver said:
Cool, thanks. Been holding with AAA. They have approved me at 4.74% but require an Insurance binder which I got from GEICO, a signed P&S agreement and the vehicle delivered to the dealership. Don't have last two requirements. Rules could cost them business here if a check is available from the other guys! ;)
That was a GREAT post, deluke! :grouphug:

birdliver and others: you don't necessarily have to have the check in hand when you pick up your Sosltice. My dealer, the skunks at Champion Pontiac of North Houston, owned by AutoNation, let me pick up the car on Saturday and I gave them the credit union check on Wednesday. I had to wait for the check to come in the mail. Even scummy people like Champion has no problem with that. Ask your dealer what their policy is.

.
 

·
Registered
Joined
·
976 Posts
gizmo2004 said:
That was a GREAT post, deluke! :grouphug:

birdliver and others: you don't necessarily have to have the check in hand when you pick up your Sosltice. My dealer, the skunks at Champion Pontiac of North Houston, owned by AutoNation, let me pick up the car on Saturday and I gave them the credit union check on Wednesday. I had to wait for the check to come in the mail. Even scummy people like Champion has no problem with that. Ask your dealer what their policy is.

.
That is funny, cause you all know what kind of dealer I am, an I would NEVER release a car without some form of payment. Usually payment in full is better.

Suggestion, if your dealer goes through a local credit union, usually credit unions won't let a dealer adjust rates for profit, etc. And I am not sure if these types of laws are state by state, bt dealers in Missouri are not allowed to FORCE insurance or warranties, however sometimes the banks do require gap coverage, which is generally a good idea any way.
 

·
Registered
Joined
·
201 Posts
All the posts about interest rates on loans have really made me start to worry. I'm calling my (honest) dealer on Monday to talk about financing, and I'm not expecting to be screwed going through GMAC as a lot of people are worried over. Is it nuts that I expect below 5% on a 60 month note if I'm financing less than $20K ($7K down payment)? I expect if I have to I could add my father on to the note (I'm using his GM Card earnings anyway) and get it for about 2.5%. Have things changed so much in the past few years that this just isn't the case any more? Is 8% for GOOD credit the standard now? That just seems crazy to me.
 

·
Registered
Joined
·
2,961 Posts
ralph_on_me said:
Is it nuts that I expect below 5% on a 60 month note if I'm financing less than $20K ($7K down payment)?
No. I expect somewhere just under 5% on 60 months with $10k down on $26,000.... hopefully better since I'm "first time buyer with co-signer."
 

·
Registered
Joined
·
8,664 Posts
ralph_on_me said:
All the posts about interest rates on loans have really made me start to worry. I'm calling my (honest) dealer on Monday to talk about financing, and I'm not expecting to be screwed going through GMAC as a lot of people are worried over. Is it nuts that I expect below 5% on a 60 month note if I'm financing less than $20K ($7K down payment)? I expect if I have to I could add my father on to the note (I'm using his GM Card earnings anyway) and get it for about 2.5%. Have things changed so much in the past few years that this just isn't the case any more? Is 8% for GOOD credit the standard now? That just seems crazy to me.
cricket: I did, of course, have to sign a bailment document so if I did not turn over the balance of the purchase, they would get the car back and I would have to pay rent on my use of the car.

ralph: I can't see you getting 2.5% from ANYONE. Yes, I've had zero percent car loans, but that's because the dealer and/or manufacturing company is subsidizing the rate out of the profit. I expect that the best you will find is 5% for 60 months. Of course, if you have one of those special credit card deals where you can write a check and have low interest for the life of the loan, that would be fantastic. But most of them have the low or zero rate for 6 months to a year.

Good luck with the financing.

EDIT NOTE: I meant to add that interest rates have gone up .25 to .50% in the past month. They've gone up something like 5% in the past 2 or 3 years. In mho, this is one thing killing the economy, but what do I know?

.
 

·
Registered
Joined
·
4,135 Posts
Discussion Starter #10
ralph_on_me said:
All the posts about interest rates on loans have really made me start to worry. I'm calling my (honest) dealer on Monday to talk about financing, and I'm not expecting to be screwed going through GMAC as a lot of people are worried over. Is it nuts that I expect below 5% on a 60 month note if I'm financing less than $20K ($7K down payment)? I expect if I have to I could add my father on to the note (I'm using his GM Card earnings anyway) and get it for about 2.5%. Have things changed so much in the past few years that this just isn't the case any more? Is 8% for GOOD credit the standard now? That just seems crazy to me.
No 8% is not good for someone with good credit. Rates have gone up but you should be able to get 5 1/4 or 5 1/2. Alot of dealers don't tell you about raising the rate, they just do it and add insurance. When they ask you to sign your name if you don't look closely ( because your so excited ) Your screw**. This happened to me years and years ago, I was around 22 and it will never happen again.
 

·
Registered
Joined
·
474 Posts
We are going the blank check route. Already got approval and should have the check next week. The only thing they want you to do is fax over proof of employment (check stubs or income tax forms). This is just one less thing we have to stress over and can stress more on the delivery of the car :willy:
 

·
Registered
Joined
·
4,135 Posts
Discussion Starter #12 (Edited)
Solitud said:
We are going the blank check route. Already got approval and should have the check next week. The only thing they want you to do is fax over proof of employment (check stubs or income tax forms). This is just one less thing we have to stress over and can stress more on the delivery of the car :willy:
We didn't even have to do that. Maybe because we have a couple Capital one credit card.
But doing this is one way to get leverage if your even considering going with a dealership loan.
 

·
Senior Member
Joined
·
2,574 Posts
Solitud said:
We are going the blank check route. Already got approval and should have the check next week. The only thing they want you to do is fax over proof of employment (check stubs or income tax forms). This is just one less thing we have to stress over and can stress more on the delivery of the car :willy:
What rate did they offer?
 

·
Registered
Joined
·
474 Posts
birdliver said:
What rate did they offer?
For 60 months it was 5.6%
 

·
Premium Member
Joined
·
940 Posts
ralph_on_me said:
Is it nuts that I expect below 5% on a 60 month note if I'm financing less than $20K ($7K down payment)?
Yes. GMAC financing for 60 months is 7.25%. I have excellent credit, and put down $14,000 and financed $11,600.00. This is the rate I got. In one day the rates has jumped about 1/2%. You can get better rates if you shop around. But the days of 5% are over. I didn’t have the time and the difference a ½ point makes on a $11,000.00 loan is small. I’ll likely pay the car off much sooner so it didn’t really matter at this time.
 

·
Registered
Joined
·
1,143 Posts
ralph_on_me said:
... I'm not expecting to be screwed going through GMAC...
Then you won't be using them :nonod:

GMAC is great when GM is trying to move a vehicle - on the Solstice you'll probably be paying at least 3 points higher than you should :yesnod:
 

·
Senior Member
Joined
·
2,574 Posts
Solitud said:
For 60 months it was 5.6%
Same here. AAA is 4.74% which includes .25% for paying by automatic deduction, full rate is 4.99%. I can also do a credit card check thing with Chase by 11/30 for 3.99% but if it matters to you your credit history reflects this as a personal loan rather than a car note and your credit score may take a hit as a result. Trying to decide.
 

·
Registered
Joined
·
201 Posts
TY all for the input. I guess I'll see what my dealer tells me in the morning, but I'll be prepared to grab it somewhere else. At least my car wont be in until the weekend so I'll have some time to get it sorted out.
 

·
Registered
Joined
·
8,664 Posts
I'd like to point out that anyone with a military connection, veteran or current, should consider the Pentagon Federal Credit Union. I'm not sure if a couple years of active duty is enough to become a member, but their rates are very good.

3, 4 or 5 years = 4.99%
6 years = 5.49%
7 years = 6.49%

FAST approval. I applied and got the approval within minutes on a Friday night. The check was mailed out on Monday.

.
 

·
Registered
Joined
·
124 Posts
I just got the Capital ne Blank Check. It was the easiest process I have ever had. They can also send the check overnight for $15. The rate was 5.6 for 60 mouths, lower for a 36 month loan. . I would think some will find the lack of hassle worth it.
 
1 - 20 of 62 Posts
Top