Chrysler Pre-Approvals Experiece?

[Anonymous]

6.9%. Score was 568 Equifax; not sure if it was auto enhanced or not. I have a tough time believing the rate with my score.It is so low due to high utilization, cc chargeoffs & settlements, late cc's, medical junk. Mortgage is current for past 13 months and never any auto baddies, bk's, repo's , forclosures.

[guydiver]

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@Anonymous wrote:

6.9%. Score was 568 Equifax; not sure if it was auto enhanced or not. I have a tough time believing the rate with my score.It is so low due to high utilization, cc chargeoffs & settlements, late cc's, medical junk. Mortgage is current for past 13 months and never any auto baddies, bk's, repo's , forclosures.

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That is impressive for sure.  I would have to see what the dealer says though.......

Best of luck to you.

'diver

[Anonymous]

Did you end up buying since it expired today?

[Anonymous]

Yes. Of course I got rate jacked a little; they got me at 8.04% through Chrysler but is fine in my situation with lousy FICO scores. 6.9% became 8.04% at closing; I told finance manager I knew they marked it up a little and just extended the loan by 3 months so my payment after negotiating price only would stay the same; She denied it and seemed surprised when I said it.

 I also caved in and let her rip me off on GAP ins; probably wise in my case since I rolled in 4K in negative equity and only put down 1K. My prior loan was at 16% so to cut my rate in half by buying a new car I was pleased.  New payment with GAP insurance is 100 more a month ; well worth it IMO. This board was very helpful indeed.

[guydiver]

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@Anonymous wrote:

Yes. Of course I got rate jacked a little; they got me at 8.04% through Chrysler but is fine in my situation with lousy FICO scores. 6.9% became 8.04% at closing; I told finance manager I knew they marked it up a little and just extended the loan by 3 months so my payment after negotiating price only would stay the same; She denied it and seemed surprised when I said it.

 I also caved in and let her rip me off on GAP ins; probably wise in my case since I rolled in 4K in negative equity and only put down 1K. My prior loan was at 16% so to cut my rate in half by buying a new car I was pleased.  New payment with GAP insurance is 100 more a month ; well worth it IMO. This board was very helpful indeed.

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GAP is usually available from your insurance company.  Finance people are there for one purpose, to make more money for themselves and the dealer.  Any trained minimum wage clerical staff could do the paperwork.  It's not rocket science.  The GAP insurance was double chocolate icing on their cake.  Glad you got your car though. 

'diver

[Anonymous]

Not true about GAP. Not all insurance companies sell it. My insurance company, GEICO does not sell it. I priced out switching car insurance but GEICO plus GAP from dealer still way less than other carriers for me.  I love the new car. Thanks.

[flan]

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@Anonymous wrote:

Not true about GAP. Not all insurance companies sell it. My insurance company, GEICO does not sell it. I priced out switching car insurance but GEICO plus GAP from dealer still way less than other carriers for me.  I love the new car. Thanks.

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You can buy it from an insurance broker as a standalone product, typically for much much much much muich much much much much much less than the dealer is charging you for it.  Did I mention it's cheaper when you do that? 

[Anonymous]

I could not find one who would do that. Please let me know of one and I will cancel the one I just purchsed. Thanks.

[TRC_WA]

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@Anonymous wrote:

I could not find one who would do that. Please let me know of one and I will cancel the one I just purchsed. Thanks.

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I have loan/lease payoff thru Progressive and it serves the same purpose as GAP... It's $16 a month and pays 25% of the actual cash value of the vehicle after the insurance claim payment... which 99.9% of the time is more than enough to cover negative equity.

I didn't put anything down on my $40k Challenger... so assuming I'm in the red with a $32k value and total it tomorrow... the LLP would cover 25%... or the $8k I'm in the red.

At $16 a month it would take me 50 months to pay the same $800 that the dealer wanted for GAP.  I will cancel the LLP the moment I am no longer in the red on the vehicle... which will most certainly be before 50 months with a 4.49% interest rate.

[guydiver]

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@Anonymous wrote:

Not true about GAP. Not all insurance companies sell it. My insurance company, GEICO does not sell it. I priced out switching car insurance but GEICO plus GAP from dealer still way less than other carriers for me.  I love the new car. Thanks.

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Usually, if you read my post.  I am aware, as previously posted in these threads, that Geico is an exception.  Others have also posted similar experiences when purchasing GAP. Glad it worked out for you.