Nissan 370Z Forum - View Single Post

dongugi · 01-09-2012, 08:18 PM

A little bit late update but I finally got my Z in Nov. last year.
It is 2011 Touring model (no sports pkg) with AT + floor mats + trunk mat + splash guards + illuminated kick pad (Gun Metallic color).

I was able to get 37,000 OTD (+ free wheel locks).
FYI, I'm in San Jose, CA and sales tax is about 8.25%.
Basically I persuaded the dealer to make the number begin with '370'.

Thanks to the sticky post here, I also got 1.99% APR through PenFed (no downpayment at all) and would like to share my experience here.

From my previous experience, when I get a financing from a dealer, they typically contact several financial institutions and each of them makes a 'hard inquiry' to you credit report which will last in your report for 2 years, negatively affecting your credit. Although I heard that any similar requests within a fixed time frame will only count as one, they do show in your credit report anyway (5-6 inquiries over 3 credit bureaus).

So, to avoid that this time, I told the dealer that I'll get the pre-approval letter from PenFed and they said they're okay with it. But one surprise I had at the dealership is that they need a 'backup' loan option just in case my loan (from PenFed) doesn't get approved (even with the pre-approval letter).
I argued with them that it's been already pre-approved but they insisted on getting a backup loan since they didn't get any check yet.

After some fruitless argument, I ended up letting them run the credit check (about 6 inquiries overall).
(BTW, they couldn't beat the PenFed rate eventually.)

I was just trying to get my Z as soon as possible with the pre-approval letter (before I get the check from PenFed) but I'd rather waited a week than have more hard inquiries on my credit report.

So, my advise to you all considering an auto loan from PenFed (or any other credit union)...
Please wait until you have the check on your hand instead of simply going to the dealership with the pre-approval letter.
Of course, if you don't care about your credit, you can do whatever you want.

For this purchase, I communicated with an Internet Salesman from Stevens Creek Nissan, San Jose, and I really like the the salesman (although I don't really want to recommend the finance guy there). He's honest and straightforward from the beginning and hence I'd like to mention his name here. 'Amar' is the guy and if you live in San Jose area, you may want to consider working with him.

Now, I'm getting used to driving my Z which is quite different from my Murano.

BTW, can we still get the window sticker from this forum?

Anyway, I really appreciate all the information from this forum.
It really helped me a lot getting my Z.

Thank you all!!

01-09-2012, 08:18 PM	#3 (permalink)
dongugi Base Member Join Date: Oct 2011 Location: CA, USA Posts: 2 Drives: 11 Touring Auto GM Rep Power: 14	A little bit late update but I finally got my Z in Nov. last year. It is 2011 Touring model (no sports pkg) with AT + floor mats + trunk mat + splash guards + illuminated kick pad (Gun Metallic color). I was able to get 37,000 OTD (+ free wheel locks). FYI, I'm in San Jose, CA and sales tax is about 8.25%. Basically I persuaded the dealer to make the number begin with '370'. Thanks to the sticky post here, I also got 1.99% APR through PenFed (no downpayment at all) and would like to share my experience here. From my previous experience, when I get a financing from a dealer, they typically contact several financial institutions and each of them makes a 'hard inquiry' to you credit report which will last in your report for 2 years, negatively affecting your credit. Although I heard that any similar requests within a fixed time frame will only count as one, they do show in your credit report anyway (5-6 inquiries over 3 credit bureaus). So, to avoid that this time, I told the dealer that I'll get the pre-approval letter from PenFed and they said they're okay with it. But one surprise I had at the dealership is that they need a 'backup' loan option just in case my loan (from PenFed) doesn't get approved (even with the pre-approval letter). I argued with them that it's been already pre-approved but they insisted on getting a backup loan since they didn't get any check yet. After some fruitless argument, I ended up letting them run the credit check (about 6 inquiries overall). (BTW, they couldn't beat the PenFed rate eventually.) I was just trying to get my Z as soon as possible with the pre-approval letter (before I get the check from PenFed) but I'd rather waited a week than have more hard inquiries on my credit report. So, my advise to you all considering an auto loan from PenFed (or any other credit union)... Please wait until you have the check on your hand instead of simply going to the dealership with the pre-approval letter. Of course, if you don't care about your credit, you can do whatever you want. For this purchase, I communicated with an Internet Salesman from Stevens Creek Nissan, San Jose, and I really like the the salesman (although I don't really want to recommend the finance guy there). He's honest and straightforward from the beginning and hence I'd like to mention his name here. 'Amar' is the guy and if you live in San Jose area, you may want to consider working with him. Now, I'm getting used to driving my Z which is quite different from my Murano. BTW, can we still get the window sticker from this forum? Anyway, I really appreciate all the information from this forum. It really helped me a lot getting my Z. Thank you all!!