05-06-2012 08:48 AM
Recently, I walked into an acura dealership looking at 04-08 acura TL's before finally deciding on an 05 with 60k miles.... Got it for 16,700, ended up putting 5k down and they said they were able to get the deal done no problem. Went I went in the finance managers office, I tried to talk him down on the rate and warranty options, ended up getting 9.5% for 60 months off scores fairly close to signature.
Anyway, its been about a month now and I've prolly recieved upwards of 10 letters of denial from various lenders. Will all of this count as one inquiry??
Also, initially he said I qualify for 12.5% but I started complaining about the monthly payments so he said he can prolly do 9.5%. I wonder what the lowest rate I could have qualified for was?
05-07-2012 01:56 PM
the rate is controled by your credit profile
the dealer only acts as a service to find a bank that will approve what you are looking for
in some states dealers are allowed to make "backend" rate but this is caped in all sates that allow it
in cali its 2 porints
the dealer may have given you the profit and wrote up at the bank buy rate vs their Sale rate
in most cases tho sale and buy can not be larger then 2 points on an auto loan.. few states do more
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