Reply
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

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!
Frequent Contributor
lajntx
Posts: 267
Registered: ‎06-26-2009
0

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!
Established Contributor
SamsungHDTV
Posts: 566
Registered: ‎10-25-2011
0

Re: Bought son a new car today

nice rate, congrats.

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
Established Contributor
eddie84
Posts: 601
Registered: ‎05-28-2013
0

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. :smileyhappy:

9/21/14 EQ 704 | AmEx Platinum NPSL | Discover it $11k | BofA Travel Rewards Visa Sig $7k | Citi Platinum Select AAdvantage WMC $10k | Barclaycard Arrival+ WMC $9.7k | Jared/Kay $5.1k | Chase Sapphire Preferred $5k | BofA Cash Rewards Visa Sig $5k | DFS $5k | PayPal SC $5.6k | PayPal Credit $6.5k | Citi Diamond Preferred MC $4.7k | BofA Better Balance Rewards MC $7k | Chase Freedom Visa $4k | Zales $5k | US Bank Visa Platinum $3k | Bloomingdale's $3k | Amex Hilton HHonors $2k | Macy's $2.5k | Amex Delta SkyMiles $1k | Chase Amazon $800
Frequent Contributor
OptimalCS
Posts: 405
Registered: ‎07-31-2010
0

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

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

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!
Frequent Contributor
dabrian
Posts: 343
Registered: ‎12-10-2012
0

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
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

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.....  :smileyhappy:


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!
Valued Contributor
Luscher
Posts: 1,153
Registered: ‎03-24-2013
0

Re: Bought son a new car today

so thats a yes? lol
CHASE FREEDOM | CHASE RITZ | AMEX BCE | | BOFA REWARDS | CITI TYP | DISCOVER IT | CHASE CSP
--------$32,000-------------$25,000---------$22,700-----------$18,000------------$11,000--------$8,750----------$5,000----

FICO - TU: 780 EX: 785 EQ: 760
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Bought son a new car today


Luscher wrote:
so thats a yes? lol

LOL... nope... :smileyhappy:


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!

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}