04-12-2012 07:05 PM - edited 04-13-2012 10:03 AM
04-13-2012 05:42 PM
04-16-2012 03:27 PM
I have no idea what Ally's tier structure is but they are the captive lender for Dodge so I would guess that the F&I guy could probably work a deal with them Especially since you are already a Dodge owner. If you don't like the rate they offer you then just check with a few lenders on your own. If your recent refi was with someone other than Ally check with them I would guess that the second auto loan might be a little higher percentage than the first to accommodate the risk factor unless your income is capable of supporting the both without stretching the DTI.
04-17-2012 09:20 AM
04-17-2012 11:12 AM - edited 04-17-2012 11:13 AM
Well we bought the car and it was financed by capital one, the dealer arranged the financing and we got % interest which we aren't happy about but.....we will refinance here pretty quickly. Do dealerships make money by giving you a higher rate?
They can make a few points off the spread (difference between the bank offers them, and what you commit to). The highest I've heard is around 2%, and is part of doing business with dealer financing. That's part of the reason (if you can) to arrange financing beforehand, or at least know where you are from other lenders and may give you a better negotiating position.
Out of curiosity what rate did you get? It's not that much of a challenge to refinance in six months, if it's out of line with your score you might be able to do it sooner.
04-17-2012 04:56 PM
04-18-2012 10:40 AM
Looks like they made a few bucks off the financing to make up for whatever they gave up on the sales price. You should be able to do better when you refinance.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.