@southernblueeyes wrote:APPROVING BANK: NFCU
BUREAU PULLED: Transunion
CREDIT SCORE: 737SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: North Carolina
NEW/USED: New
YEAR OF VEHICLE: 2023
MAKE: Acura
MODEL: TLX Type S
MILEAGE: 2
FINANCE/LEASE: FinancePURCHASE PRICE: $62,226
AMOUNT OF LOAN: $60,000
TERM CONTRACTED: 72
APR/LEASE RATE: 5.04%
MONTHLY PAYMENT: $968
ANNUAL INCOME: $66,000
DEBT TO INCOME RATIO: 32%
MISCELLANEOUS COMMENTARY: Still rebuilding from BK7 filed in 2019
Gotta love Navy. Still a great rate for 72 months. Nice work!
@southernblueeyes wrote:APPROVING BANK: NFCU
BUREAU PULLED: Transunion
CREDIT SCORE: 737SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: North Carolina
NEW/USED: New
YEAR OF VEHICLE: 2023
MAKE: Acura
MODEL: TLX Type S
MILEAGE: 2
FINANCE/LEASE: FinancePURCHASE PRICE: $62,226
AMOUNT OF LOAN: $60,000
TERM CONTRACTED: 72
APR/LEASE RATE: 5.04%
MONTHLY PAYMENT: $968
ANNUAL INCOME: $66,000
DEBT TO INCOME RATIO: 32%
MISCELLANEOUS COMMENTARY: Still rebuilding from BK7 filed in 2019
Not bad at all considering BK7 on file. Curious, did you have auto loan history?
@C_DUBYA wrote:APPROVING BANK: CITIZENS
BUREAU PULLED: Transunion
CREDIT SCORE: 684SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Michigan
NEW/USED: Used (Lease buyout)
YEAR OF VEHICLE: 2020
MAKE: Ram
MODEL: 1500
MILEAGE: 25000
FINANCE/LEASE: FinancePURCHASE PRICE: $32,000 (includes warranty at 2.5k)
TERM CONTRACTED: 72
APR/LEASE RATE: 9.6%
MONTHLY PAYMENT: $585
ANNUAL INCOME: $150,000
MISCELLANEOUS COMMENTARY: Still rebuilding from BK7 filed in 2017
The rate is actually pretty good for 3 year old used car rates, especially rebuilding. Most lenders won't qualify 21 and older for like new rates. Was this your lease buyout? How did it go?
Approved, but did not accept.
2022 Toyota Corrolla - 7 miles
Adjusted price: $21,813
Recon: $3,888
Dealer program: $2,995 (not optional)
So all said and done $28,995 for an LE corrolla?!
$4,000 down, $4,000 trade-in. They did the typical come down by $20 increments every 5 mins and ended up at $373/mo for 84 months?! Lol I know my scores aren't the greatest so I went and got a tier 1 co-signer and I'm sure I could get 7-9% MAX. This estimate puts it above 15%. And then I'm assuming "recon" is reconditioning? Why does a car with 7 miles need a $4k recondition?
So I ate a HP on EX and EQ for this shark of an offer. I dont NEED the car, but the altima has 136k, needs catalytic converter, shifter assembly, and trunk release repairs. So I'd love to get $4,000 trade-in but in theory I'd pay 100% of the total amount financed in interest, if I held the car for the length of the loan. Insane.
@Blender, do not walk, R-U-N away from that dealership, they are criminals. Corolla's are not hot sellers right now and you should easily be able to find one at MSRP, and probably a lot less.
@Blender wrote:Approved, but did not accept.
2022 Toyota Corrolla - 7 miles
Adjusted price: $21,813
Recon: $3,888
Dealer program: $2,995 (not optional)
So all said and done $28,995 for an LE corrolla?!
$4,000 down, $4,000 trade-in. They did the typical come down by $20 increments every 5 mins and ended up at $373/mo for 84 months?! Lol I know my scores aren't the greatest so I went and got a tier 1 co-signer and I'm sure I could get 7-9% MAX. This estimate puts it above 15%. And then I'm assuming "recon" is reconditioning? Why does a car with 7 miles need a $4k recondition?
So I ate a HP on EX and EQ for this shark of an offer. I dont NEED the car, but the altima has 136k, needs catalytic converter, shifter assembly, and trunk release repairs. So I'd love to get $4,000 trade-in but in theory I'd pay 100% of the total amount financed in interest, if I held the car for the length of the loan. Insane.
Send an email to the General Manager of the dealership asking (politely) for clarification of their pricing. Their email should be on the website. Specifically ask why there is a recondioning charge (for this new Corolla) and how it benefits you, the buyer and also what the "$2,995 dealer program" is and how that benefits you, the buyer. Let him/her know you've been asking around on "social media" about their dealerships' recondition and dealer program charges and the people who have seen your posts are highly recommending that you shop elsewhere and you thought before you do that, you would reach out to someone who would give him a direct and clear answer. You'll get a reply and likely a different offer.
@fury1995 wrote:
@Blender wrote:Approved, but did not accept.
2022 Toyota Corrolla - 7 miles
Adjusted price: $21,813
Recon: $3,888
Dealer program: $2,995 (not optional)
So all said and done $28,995 for an LE corrolla?!
$4,000 down, $4,000 trade-in. They did the typical come down by $20 increments every 5 mins and ended up at $373/mo for 84 months?! Lol I know my scores aren't the greatest so I went and got a tier 1 co-signer and I'm sure I could get 7-9% MAX. This estimate puts it above 15%. And then I'm assuming "recon" is reconditioning? Why does a car with 7 miles need a $4k recondition?
So I ate a HP on EX and EQ for this shark of an offer. I dont NEED the car, but the altima has 136k, needs catalytic converter, shifter assembly, and trunk release repairs. So I'd love to get $4,000 trade-in but in theory I'd pay 100% of the total amount financed in interest, if I held the car for the length of the loan. Insane.
Send an email to the General Manager of the dealership asking (politely) for clarification of their pricing. Their email should be on the website. Specifically ask why there is a recondioning charge (for this new Corolla) and how it benefits you, the buyer and also what the "$2,995 dealer program" is and how that benefits you, the buyer. Let him/her know you've been asking around on "social media" about their dealerships' recondition and dealer program charges and the people who have seen your posts are highly recommending that you shop elsewhere and you thought before you do that, you would reach out to someone who would give him a direct and clear answer. You'll get a reply and likely a different offer.
So recon is just a car that the bank considers new. And the 2995 dealer program is a wide array of simple extras (that i dont value at 2995) that they charge for used cars. So Im being charged services for both a new and used car. I did send him an email this morning, Ill update when I talk to them.