03-12-2012 04:35 PM
I completed an app for an auto pre-approval through NFCU today and asked for 21K, they countered with 25K at 1.79% for up to 60 months. I couldn't be more pleased. They are mailing me the check now. I am going to purchase a 2012 prius and trade in my old car. I am not sure what credit report they ran or my score. I do know my transunion score from this site is 693.
I have never sought to go in pre-approved so my question is this, should I tell them up front I am pre-approved or wait until a price is decided.
Thanks in advance for any insight.
03-12-2012 04:52 PM
Congrats! That's an awesome rate..quick question..can you apply if you're not a member?
03-12-2012 09:35 PM
Don't discuss payment until price is determined. The dealerships count on a good bit of money from financing, you won't get as good of a deal if they know you won't be financing with through them.(in general) On the otherhand sometimes it's easier to just cut to the chase. It really varies and you just have to get a feel for it.
03-13-2012 10:38 AM
The majority of the "How to buy a car" articles I have read say that you should separate the parts of the deal (Purchase price - Trade in value - Financing) and treat them all as separate transactions. Get the best deal you can on each. And make sure you carefully review the final contract to assure they all reflect what you negotiate. I know when the salesperson pulls out their "Four square" I am about to go for a ride.
I would say that the offer you have for financing from NFCU is very fair. Unless the dealer has some special financing for the particular model you are looking at I probably would not let them shotgun my credit to various banks and load me with inquiries.
Car shopping is not my favorite thing and I always take along a friend to help with the negotiations (And SHE is a CPA / MBA so they don't get much past her). I may have a Y chromosome but that doesn't make me the best negotiator.
03-14-2012 11:30 AM
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