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Frequent Contributor
CreditJim
Posts: 272
Registered: ‎09-17-2012

Strange... VW Credit

So I was approved for a loan over 48 months at 4.74%. I've just had the paperwork through and signed up online and it says my interest rate is 3.74%, 1% less than I signed for. I ran the figures through the payment calculator on Autotrader and my payments match the lower interest rate? Has this ever happened to anyone else? I'm certainly not complaining.

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Revelate
Posts: 8,335
Registered: ‎12-30-2011

Re: Strange... VW Credit

[ Edited ]

breedo wrote:

So I was approved for a loan over 48 months at 4.74%. I've just had the paperwork through and signed up online and it says my interest rate is 3.74%, 1% less than I signed for. I ran the figures through the payment calculator on Autotrader and my payments match the lower interest rate? Has this ever happened to anyone else? I'm certainly not complaining.


I had it similarly happen when I went through a dealer for financing, the payment and interest rate were slightly lower than I expected; at the dealership at least in my case they simply gave me terms based on what they expected they could get me approved at plus whatever their standard markup is (mandated max of 2% I think).  It wasn't approved immediately as they go loan shopping, and I think that's the case with most dealerships actually.

 

What likely happened in my case was that the lender came in lower than expected, and as such they had to match based on legal guidelines so I wound up a little less than I originally expected.  In your case if you were going manufacturer financing anyway I'm not sure, but I'd certainly be pleased too in your case heh.

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Frequent Contributor
CreditJim
Posts: 272
Registered: ‎09-17-2012

Re: Strange... VW Credit

I'm definitely not complaining. It saves me a little bit of money over the course of the loan, every little helps!

Barclays Arrival Plus WEMC $17.2k | Citi Executive AA WEMC $15k | Quicksilver World MC 15k | SWACU Visa $15k | Amex Business Platinum | Amex PRG | Amex SPG $3.5k | Spark Visa $8k | Chase BA Visa Sig $7.5k | Chase Freedom $4.5k | Citi AA World MC $2k | Quicksilver MC $5k | Lowe's Store $17k | Walmart Store $3300 | Amazon Store $2500 | J Crew $2600
Valued Contributor
Epcot
Posts: 2,777
Registered: ‎10-10-2012

Re: Strange... VW Credit

That's great, Congrats!

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