How I have scored invoice pricing with 3.99% APR on my 370Z?

thisistony213 · 11-29-2009, 10:34 PM

Quote:

Originally Posted by AK370Z

Third Step: Financing

I was told even with my great credit (790+ FICO score), I am only going to get 6.99% APR. To me that was absolutely unacceptable! I have worked hard to keep my credit score where it is today and I deserve a better rate. So, I went to my nearest credit union and they told me I will get 5.74% APR from their financial institution. I was okay with it but not totally happy. So, I start researching how I can get a better rate. Then I found out about the Pentagon Federal Credit Union. They are offering 3.99% APR on all new car purchase!!! I was sold! But there was a problem. I am not in the Army, Coast Guard or Air Force. How can I get such rate? Well, answer is simple. You can pay $20 and become member of NMFA (National Military Family Association - Option 7) and you’ll get the loan with desired APR. I was surprised to see the knowledge of these customer service reps. I had a very good experience with them. Once you’re member, you’ll have to fill out a loan application ONLINE and you’ll instantly know if you’re approved or no for the 3.99% APR. Then they will FEDEX you check the next day or you can go pick it up at your nearest branch. I opted for the next day FEDEX.

Wait a second, its you sign up for this NMFA. Would you have to join the army? I am not getting it. What is the catch of signing up for it, getting enrolled into the army?

AK370Z · 11-30-2009, 12:02 AM

Quote:

Originally Posted by thisistony213

Wait a second, its you sign up for this NMFA. Would you have to join the army? I am not getting it. What is the catch of signing up for it, getting enrolled into the army?

No, you're not enrolling in ARMY. Take a look at option 7 again

You can pay $20 and become a member of "National Military Family Association". You don't even have to remain as a member after 1 year if you don't want to . Hope this helps.

fatcat777 · 12-05-2009, 08:50 PM

has anyone used penfed for used cars?

vcdporn · 12-14-2009, 06:27 PM

so what is the lowest APR available now? i keep seeing lower and lower!

Harris Bank 3.49%
Bank of America 3.70%
Chase/Nissan 3.79%
US Bank 3.99%
PenFED 3.99%

FuszNissan · 12-14-2009, 07:34 PM

What you listed above is about it. Some banks will have qualifications, no less then 25k Loan. 80% LTV, just check around. I think harris is the best deal out right now.

Soygen · 12-25-2009, 09:02 PM

Quick question about financing through Pen or anywhere else really. If I'm putting down 12,000 on the car and the bank is financing the rest, do I provide the dealership with two checks(my own for 12,000 and the bank financed one) or do I send the 12,000 to the bank and get one check for the total amount from the bank to provide to the dealership? Thanks!

AK370Z · 12-25-2009, 10:27 PM

Quote:

Originally Posted by Soygen

Quick question about financing through Pen or anywhere else really. If I'm putting down 12,000 on the car and the bank is financing the rest, do I provide the dealership with two checks(my own for 12,000 and the bank financed one) or do I send the 12,000 to the bank and get one check for the total amount from the bank to provide to the dealership? Thanks!

I had a trade in so I can't really answer your question. I hope someone chimes in to answer it. But if I have to guess, I would say you give both checks to the dealer. The reason I say this because, they gave me X amount for my trade in, I had Y amount as a down payment (personal check). Then I had the check from PedFed. So the dealer added X + Y money + Pedfed check on the day of delivery. Hope this helps.

Soygen · 12-26-2009, 09:33 AM

Thanks, that pretty much answers my question. I started a thread about leasing a few days ago, but after seeing this, I think I'll save a couple more months and make the purchase!

JasonG · 12-26-2009, 10:09 AM

I am a recent college graduate, and I have been saving for a car for a little while so I could get something after I graduated. Now that I have secured a job (from a previous internship), I intended to purchase a late 90's-early 00' economy car. Then I got suckered by a convincing car salesmen to test drive a 370z.

Instantly I fell in love with it, nostalgia set in from the days of my MR2 Turbo (had to sell for college

). I felt alive once again, it was simply amazing. I could not think of a better car to make my ~hr commute to work more enjoyable and bearable. Now I find myself running the numbers in my large spreadsheet that contains a 5 year monthly outlook. Considering the savings this time of year and the willingness of the local dealers to meet or go below invoice, I believe I can reasonably afford a base model with the sport package.

I found this forum, and I have been reading up on the car non stop for the past few days. I now find myself at a crossroads where I believe I am ready to pull the trigger, but I am hesitant due to fear of credit rejection.

My credit score is only 695, as I have student loans that I have not yet started to pay on and I do not start my full time job employment until mid January. My salary is fairly competitive for the area, and likely above the mean for my location and field of industry, but I have not yet started to collect my first paycheck. I am able to make a $5-8k down payment if that has any effect on my interest rate approval. I would really love to make this my first real car, but I can't justify the expense unless the interest rate is below 5%.

Ideally, I know I should wait until I feel out the new job, although I really enjoyed it during my previous internship, and then wait and save until I can pay as much cash for the car as I can. However, I do need a car, and I would hate to spend a considerable down payment on a car I don't intend to keep for more than a year and would depreciate considerably with my yearly mileage.

Can anyone offer their thoughts? How many points am I likely to loose for applying? Is 695 just too low?

FuszNissan · 12-26-2009, 12:11 PM

First,
I think you answered your question with

"Ideally, I know I should wait until I feel out the new job, although I really enjoyed it during my previous internship, and then wait and save until I can pay as much cash for the car as I can. However, I do need a car, and I would hate to spend a considerable down payment on a car I don't intend to keep for more than a year and would depreciate considerably with my yearly mileage."

Second,
Your credit score won't drop if you have someone look at it. Now if you are shot gunned to 10 banks then it will drop maybe 10 points. 695 is not too low, but will be too low for 5%

I would wait and see what this job is going to bring for you first. With only student loans on your credit, you may need a co-signer also.

Lou

JasonG · 12-26-2009, 12:36 PM

Any thoughts on how willing you think dealers will be to negotiate once the "end of year savings" are over? I know a lot of the "savings" is just hype, and the dealer is going to still want to sell vehicles after December is up. But, a difference of 1-4k would be extra incentive to at least try my credit union and the resource provided.

FWIW, the only variable I am iffy about on the job is the exact percentage to allot for taxes and other withholdings, since this is my first full-time real job. In my spreadsheets I accounted for about 34% in total withholdings, but I have some buffer built into other calculations. Of course it seems nothing is a sure thing in this economy

.

FuszNissan · 12-26-2009, 02:02 PM

You should be able to get an 09 for invoice or for a little below. If you are with a credit union, I would give them a chance first, typically you will get a better rate.

JasonG · 12-26-2009, 02:08 PM

I think I'll take the the plung on Monday when they open back up

. If not then it's just not meant to be, and I will wait a little while. (Crossing fingers for PG though!)

FuszNissan · 12-26-2009, 02:45 PM

Good Luck!

Soygen · 01-01-2010, 11:35 AM

Is the destination charge added pre or post sales tax?

12-14-2009, 07:34 PM	#155 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 542	What you listed above is about it. Some banks will have qualifications, no less then 25k Loan. 80% LTV, just check around. I think harris is the best deal out right now. __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

12-26-2009, 12:11 PM	#160 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 542	First, I think you answered your question with "Ideally, I know I should wait until I feel out the new job, although I really enjoyed it during my previous internship, and then wait and save until I can pay as much cash for the car as I can. However, I do need a car, and I would hate to spend a considerable down payment on a car I don't intend to keep for more than a year and would depreciate considerably with my yearly mileage." Second, Your credit score won't drop if you have someone look at it. Now if you are shot gunned to 10 banks then it will drop maybe 10 points. 695 is not too low, but will be too low for 5% I would wait and see what this job is going to bring for you first. With only student loans on your credit, you may need a co-signer also. Lou __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

12-26-2009, 02:02 PM	#162 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 542	You should be able to get an 09 for invoice or for a little below. If you are with a credit union, I would give them a chance first, typically you will get a better rate. __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

12-26-2009, 02:45 PM	#164 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 542	Good Luck! __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

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12-05-2009, 08:50 PM	#153 (permalink)
fatcat777 Base Member Join Date: Nov 2009 Location: Charlotte NC Posts: 220 Drives: BlackPersimmonSport Rep Power: 16	has anyone used penfed for used cars?

12-14-2009, 06:27 PM	#154 (permalink)
vcdporn Base Member Join Date: Jun 2009 Location: CA Posts: 47 Drives: 2009 PW 370z Rep Power: 16	so what is the lowest APR available now? i keep seeing lower and lower! Harris Bank 3.49% Bank of America 3.70% Chase/Nissan 3.79% US Bank 3.99% PenFED 3.99%

12-25-2009, 09:02 PM	#156 (permalink)
Soygen Base Member Join Date: Dec 2009 Location: Ft. Lauderdale, FL Posts: 163 Drives: 2017 BMW M2 6MT Rep Power: 16	Quick question about financing through Pen or anywhere else really. If I'm putting down 12,000 on the car and the bank is financing the rest, do I provide the dealership with two checks(my own for 12,000 and the bank financed one) or do I send the 12,000 to the bank and get one check for the total amount from the bank to provide to the dealership? Thanks!

12-26-2009, 09:33 AM	#158 (permalink)
Soygen Base Member Join Date: Dec 2009 Location: Ft. Lauderdale, FL Posts: 163 Drives: 2017 BMW M2 6MT Rep Power: 16	Thanks, that pretty much answers my question. I started a thread about leasing a few days ago, but after seeing this, I think I'll save a couple more months and make the purchase!

12-26-2009, 10:09 AM	#159 (permalink)
JasonG Base Member Join Date: Dec 2009 Location: Raleigh, NC Posts: 4 Drives: n/a Rep Power: 15	I am a recent college graduate, and I have been saving for a car for a little while so I could get something after I graduated. Now that I have secured a job (from a previous internship), I intended to purchase a late 90's-early 00' economy car. Then I got suckered by a convincing car salesmen to test drive a 370z. Instantly I fell in love with it, nostalgia set in from the days of my MR2 Turbo (had to sell for college ). I felt alive once again, it was simply amazing. I could not think of a better car to make my ~hr commute to work more enjoyable and bearable. Now I find myself running the numbers in my large spreadsheet that contains a 5 year monthly outlook. Considering the savings this time of year and the willingness of the local dealers to meet or go below invoice, I believe I can reasonably afford a base model with the sport package. I found this forum, and I have been reading up on the car non stop for the past few days. I now find myself at a crossroads where I believe I am ready to pull the trigger, but I am hesitant due to fear of credit rejection. My credit score is only 695, as I have student loans that I have not yet started to pay on and I do not start my full time job employment until mid January. My salary is fairly competitive for the area, and likely above the mean for my location and field of industry, but I have not yet started to collect my first paycheck. I am able to make a $5-8k down payment if that has any effect on my interest rate approval. I would really love to make this my first real car, but I can't justify the expense unless the interest rate is below 5%. Ideally, I know I should wait until I feel out the new job, although I really enjoyed it during my previous internship, and then wait and save until I can pay as much cash for the car as I can. However, I do need a car, and I would hate to spend a considerable down payment on a car I don't intend to keep for more than a year and would depreciate considerably with my yearly mileage. Can anyone offer their thoughts? How many points am I likely to loose for applying? Is 695 just too low?

12-26-2009, 12:36 PM	#161 (permalink)
JasonG Base Member Join Date: Dec 2009 Location: Raleigh, NC Posts: 4 Drives: n/a Rep Power: 15	Any thoughts on how willing you think dealers will be to negotiate once the "end of year savings" are over? I know a lot of the "savings" is just hype, and the dealer is going to still want to sell vehicles after December is up. But, a difference of 1-4k would be extra incentive to at least try my credit union and the resource provided. FWIW, the only variable I am iffy about on the job is the exact percentage to allot for taxes and other withholdings, since this is my first full-time real job. In my spreadsheets I accounted for about 34% in total withholdings, but I have some buffer built into other calculations. Of course it seems nothing is a sure thing in this economy .

12-26-2009, 02:08 PM	#163 (permalink)
JasonG Base Member Join Date: Dec 2009 Location: Raleigh, NC Posts: 4 Drives: n/a Rep Power: 15	I think I'll take the the plung on Monday when they open back up . If not then it's just not meant to be, and I will wait a little while. (Crossing fingers for PG though!)

01-01-2010, 11:35 AM	#165 (permalink)
Soygen Base Member Join Date: Dec 2009 Location: Ft. Lauderdale, FL Posts: 163 Drives: 2017 BMW M2 6MT Rep Power: 16	Is the destination charge added pre or post sales tax?