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Bought son a new car today

Moderator Emeritus

Bought son a new car today

     Went shopping for my son a new car today, he'll be a freshman in college so I wanted him to have a good reliable vehicle.  He somehow convinced me to spend a little more, he got the electronics package, heated seats, bluetooth and the LTX model.  But he's a good kid.

 

     Went into the finance office, I told them my bank offered me 3.6% and my CU offered 1.9%, so if he could beat that, he's more than welcome to try.  FICO came in at 806 and BOA picked up the loan at 1.74%, so he beat them.

 

     Took a total of 10 minutes in the finance dept. till keys were in hand and putting the tag on it.  I LOVE myFICO!!!!!!!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 1 of 12
11 REPLIES
Frequent Contributor

Re: Bought son a new car today


Shogun wrote:

     Went shopping for my son a new car today, he'll be a freshman in college so I wanted him to have a good reliable vehicle.  He somehow convinced me to spend a little more, he got the electronics package, heated seats, bluetooth and the LTX model.  But he's a good kid.

 

     Went into the finance office, I told them my bank offered me 3.6% and my CU offered 1.9%, so if he could beat that, he's more than welcome to try.  FICO came in at 806 and BOA picked up the loan at 1.74%, so he beat them.

 

     Took a total of 10 minutes in the finance dept. till keys were in hand and putting the tag on it.  I LOVE myFICO!!!!!!!


LTX? Did he get a truck?.

It sounds like the finance manager took off the dealer holdback to beat that 1.9% Did you buy the extended warranties, GAP, etc, and stuff? Usually they are willing to take the holdback off if you get those because those are highly profitable and the money comes in right away vs the small amounts that comes in from the lender on the hold back

EQ- 647, EX- 641, TU- 644
Sept `13 - ZERO Debt, 100% Liquid, AND a climbing credit score. Eat your heart out Dave Ramsey!
Message 2 of 12
Established Contributor

Re: Bought son a new car today

nice rate, congrats.

Message 3 of 12
Community Leader
Valued Contributor

Re: Bought son a new car today


Shogun wrote:

Took a total of 10 minutes in the finance dept. till keys were in hand and putting the tag on it.


With your scores, I'm not surprised.   Congrats on the purchase. Smiley Happy

Message 4 of 12
Frequent Contributor

Re: Bought son a new car today


Shogun wrote:

     Went shopping for my son a new car today, he'll be a freshman in college so I wanted him to have a good reliable vehicle.  He somehow convinced me to spend a little more, he got the electronics package, heated seats, bluetooth and the LTX model.  But he's a good kid.

 

     Went into the finance office, I told them my bank offered me 3.6% and my CU offered 1.9%, so if he could beat that, he's more than welcome to try.  FICO came in at 806 and BOA picked up the loan at 1.74%, so he beat them.

 

     Took a total of 10 minutes in the finance dept. till keys were in hand and putting the tag on it.  I LOVE myFICO!!!!!!!


Congrats!!!

 

How did you get the offers from your bank and CU? Was it a hard pull?

CARDS.jpg

Message 5 of 12
Moderator Emeritus

Re: Bought son a new car today

No, I called my CU and asked what their rate was.  As for my bank, my LO calls me constantly asking if I need anything.  They are one of the frendliest institutions I've ever dealt with.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 6 of 12
Frequent Contributor

Re: Bought son a new car today

You looking for another son? 

NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k
Message 7 of 12
Moderator Emeritus

Re: Bought son a new car today


dabrian wrote:

You looking for another son? 


Unfortunately I have a 14 year old daughter that's right behind him.   Sheeshhh.....  Smiley Happy

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 8 of 12
Highlighted
Valued Contributor

Re: Bought son a new car today

so thats a yes? lol
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Message 9 of 12
Moderator Emeritus

Re: Bought son a new car today


Luscher wrote:
so thats a yes? lol

LOL... nope... Smiley Happy

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 10 of 12