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

kailua · 03-13-2009, 01:45 AM

Bottom line, if the dealer is "losing" money, they will not sell the vehicle to you. Their motivation is to make as much money as possible and the consumers goal is to pay the least. That's it. That simple. Thus if the dealer can make money back in finance or extended warranties, "teflon coating, so you never have to wax", other crap, etc., then they may decide to discount the price more than usual.

Regardless, this post is not about why a particular salesman hates customers who share their buying experiences, but rather ak's buying experiences and how it may help other 370z buyers.

shumby · 03-13-2009, 06:31 AM

wo hoooooooooooo dealer answered GTR-man's question. NOw it is time to say bye bye to GTR-MAN.

stinhambo · 03-13-2009, 08:25 AM

Hey GTR Man, I'd like to know why you think someone would take 72 hours off work to wait for emails? I think the true figure is about 8 hours of time which is a sick day.

Money well spent

PS. Is there a method of finding the invoice price of a car? I am Australia based so I can't go on those figure (obviously!).

antennahead · 03-15-2009, 11:08 PM

Quote:

Originally Posted by theDreamer

I will answer your question seriously:
~Service department
~Extended warranties
~Rebates (Manufacturer give rebates, but dealership does not always have to extend to customer)
~Financing

Dealers usually get the car for about 3-4% below invoice, more with rebates from manufacturer, but of course this is on the average car which is currently about 23-25,000USD. Not really sure on premium cars (40+) or super cheap (<15), but dealerships will on average make more than 200USD on a car, probably 650 or more.

Then again, with the market in its decline and everyone looking to cut corners, we could see some prices slashed in hopes to bring in buyers. Which would cut "profit" for the dealership greatly as they just try to move inventory.

This is very true. I used to have the dealer finance department under me in a prior career. They make very little money on the actual sale of the vehicle. Rebates bring in some, as most buyers know little of, or don't understand, "holdback". Next is "backend product", extended warranties being the biggie there. After that, financing is very large, the more the dealer can charge you interest rate wise above the "buy rate", the rate the financial intitution charges them, the more they make. Most buyers buy "monthly payment", not interest rate. Finally the service department. This is a major profit center for the dealership. Warranty work gets billed to the manufacturer. They sell cars to enable all the other profit centers. Don't get me wrong, they still make money on some sales, but that it not the priority.

John

pdevabhaktuni · 03-17-2009, 02:55 PM

that post was very helpful. thank you

bboypuertoroc · 03-27-2009, 08:25 PM

GT-R man should just go ahead and delete his account now.

AK, excellent info in your OP.

ThePher · 03-31-2009, 03:43 PM

What kind of credit do you need to get that 3.9% apr? I have a credit score in the 720's but have a short credit history with three low limit credit cards. I'll be putting $20k down on the car and need to finance $17k. Do you guys even think I'll get approved in the first place since I have a short credit history?

Akirasoft · 04-01-2009, 10:28 PM

Quote:

Originally Posted by ThePher

What kind of credit do you need to get that 3.9% apr? I have a credit score in the 720's but have a short credit history with three low limit credit cards. I'll be putting $20k down on the car and need to finance $17k. Do you guys even think I'll get approved in the first place since I have a short credit history?

Capital One was offering 4.29% to Nissan for customers with 730+ FICO scores. 3.99% if the amount financed was less than or equal to 90% of invoice price.

ThePher · 04-02-2009, 09:40 AM

Quote:

Originally Posted by Akirasoft

Capital One was offering 4.29% to Nissan for customers with 730+ FICO scores. 3.99% if the amount financed was less than or equal to 90% of invoice price.

How can I find out more about this? I really don't want to apply and risk getting denied worsening my score.

theDreamer · 04-02-2009, 09:54 AM

Since a car with my name on it is coming I went to my bank to see what rate I could get, was able to score 4.5% (lowest they went), but since I am putting 20% (and more) down I get a 1 point discount making my rate 3.5%. Only problem is my car will probably arrive just after my 30 days which is how long my rate is good for, but my application is good for 90 days so I just get the lowest rate when I go to buy my car.

ThePher · 04-02-2009, 10:34 AM

Quote:

Originally Posted by theDreamer

Since a car with my name on it is coming I went to my bank to see what rate I could get, was able to score 4.5% (lowest they went), but since I am putting 20% (and more) down I get a 1 point discount making my rate 3.5%. Only problem is my car will probably arrive just after my 30 days which is how long my rate is good for, but my application is good for 90 days so I just get the lowest rate when I go to buy my car.

What bank and what kind of credit do you have?

theDreamer · 04-02-2009, 10:36 AM

Quote:

Originally Posted by ThePher

What bank and what kind of credit do you have?

Cy-Fair FCU, it is a local bank here in Houston, I have a 778 score.

Akirasoft · 04-05-2009, 01:02 PM

Quote:

Originally Posted by ThePher

How can I find out more about this? I really don't want to apply and risk getting denied worsening my score.

the only way you can really "find more" is to ask your dealer if they have that rate and/or try applying. This rate was only available when applying through the dealer, if you actually go to capital one's site they do not list that rate..

mspeasl · 04-19-2009, 11:17 PM

Quote:

Originally Posted by AK370Z

Yes, here’s how I have scored invoice pricing from the convenience of my living room couch!

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.

I am very happy how things turn out for me. I am not going to bore you with my long story anymore. The Z looks great, drives great. Thanks for reading.

AK370Z,

Thank you for the tip about the Pentagon Federal Credit Union and their 3.99% loans. I went to their web site and joined as a Veteran and applied for a new car loan at the same time. I then got a VPP number from Robert Nash of Nissan North America, went to my dealer and purchased our new 370Z. Got a fantastic (below invoice) price on the new car and a great rate on the loan.

Thanks again

AK370Z · 04-20-2009, 02:25 AM

You're welcome. I'm just glad everything worked out for you. I'm actually thinking about paying it off early. Maybe pay it off in 3 instead of 5 years? Also, unlike some banks where they penalize you for paying off early, PENFED doesn't do that!

03-13-2009, 01:45 AM	#91 (permalink)
kailua Base Member Join Date: Feb 2009 Location: Earth Posts: 82 Drives: 09 STI Rep Power: 16	Bottom line, if the dealer is "losing" money, they will not sell the vehicle to you. Their motivation is to make as much money as possible and the consumers goal is to pay the least. That's it. That simple. Thus if the dealer can make money back in finance or extended warranties, "teflon coating, so you never have to wax", other crap, etc., then they may decide to discount the price more than usual. Regardless, this post is not about why a particular salesman hates customers who share their buying experiences, but rather ak's buying experiences and how it may help other 370z buyers. Last edited by kailua; 03-13-2009 at 01:47 AM.

03-13-2009, 06:31 AM	#92 (permalink)
shumby Captin Canuck Join Date: Dec 2008 Location: with your mom Age: 44 Posts: 6,288 Drives: your sister Rep Power: 237	wo hoooooooooooo dealer answered GTR-man's question. NOw it is time to say bye bye to GTR-MAN. __________________ Originally Posted by SAM@GTM Engine detonation is not normal and it should never never happen, and whoever told that need to do something else for living . Sam

03-27-2009, 08:25 PM	#96 (permalink)
bboypuertoroc Enthusiast Member Join Date: Dec 2008 Location: Get out my way pimpin, HI Posts: 419 Drives: '06 Evo IX GSR Rep Power: 389	GT-R man should just go ahead and delete his account now. AK, excellent info in your OP. __________________ Evo IX GSR - FPBlack, 30psi... 10's on pump? Let's find out...

04-02-2009, 09:54 AM	#100 (permalink)
theDreamer A True Z Fanatic Join Date: Feb 2009 Location: Texas Posts: 30,879 Drives: 370z Rep Power: 4210	Since a car with my name on it is coming I went to my bank to see what rate I could get, was able to score 4.5% (lowest they went), but since I am putting 20% (and more) down I get a 1 point discount making my rate 3.5%. Only problem is my car will probably arrive just after my 30 days which is how long my rate is good for, but my application is good for 90 days so I just get the lowest rate when I go to buy my car. __________________ theDreamer's Z // Fast Intentions // Uprev // GTM // HKS // TEIN theDreamer's Silvia // URAS // GREDDY Houston Zs // Facebook // Twitter // Instagram

04-20-2009, 02:25 AM	#105 (permalink)
AK370Z Administrator Join Date: Sep 2008 Location: NJ Posts: 9,930 Drives: 09 370Z MB Sports M6 Rep Power: 10	You're welcome. I'm just glad everything worked out for you. I'm actually thinking about paying it off early. Maybe pay it off in 3 instead of 5 years? Also, unlike some banks where they penalize you for paying off early, PENFED doesn't do that! __________________ The370Z Signature Pictures ll Want to rock our forum decals on your car? Then click here! ll How to Embed YouTube Videos In a Post STOP! (Hammertime) ll Become a Premium Member Click HERE ll F.A.Q. Are You a Nissan Dealer? Click Here to Become A "Supporting Dealer" and Start Listing Your 370Zs In Our Inventory Section My Monterey Blue Z ll My Exhaust --> My Intake --> G3 Nissan's Official Response Regarding Oil Temp Issue: CLICK HERE Need a Set of Cheap Winter wheels /Tires? Then Visit The Banner Link Below and Place Your Order. You'll Help Keep The370Z Alive.

03-13-2009, 08:25 AM	#93 (permalink)
stinhambo Base Member Join Date: Mar 2009 Location: Cairns, Australia Posts: 45 Drives: Kia Rio :) Rep Power: 16	Hey GTR Man, I'd like to know why you think someone would take 72 hours off work to wait for emails? I think the true figure is about 8 hours of time which is a sick day. Money well spent PS. Is there a method of finding the invoice price of a car? I am Australia based so I can't go on those figure (obviously!).

03-17-2009, 02:55 PM	#95 (permalink)
pdevabhaktuni Base Member Join Date: Mar 2009 Location: Kansas Posts: 8 Drives: 09 Nissan 370z Rep Power: 16	that post was very helpful. thank you

03-31-2009, 03:43 PM	#97 (permalink)
ThePher Base Member Join Date: Mar 2009 Location: NY Posts: 3 Drives: Nissan Maxima Rep Power: 16	What kind of credit do you need to get that 3.9% apr? I have a credit score in the 720's but have a short credit history with three low limit credit cards. I'll be putting $20k down on the car and need to finance $17k. Do you guys even think I'll get approved in the first place since I have a short credit history?

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