12-04-2013 12:22 PM - edited 12-04-2013 12:24 PM
I recently went to a dealership to test drive a couple of cars I had my eye on. Long story short, I liked one of the cars and the price was really good (used vehicle). I ended up purchasing the car that day. Since I hadn't plan to do that, I wasn't able to apply for car loans prior to the purchase. I ended up financing through Wells Fargo Dealer Services at 6%. I bank with a credit union which is at 4.5% and USAA which I'm pretty sure would at least match my CU's rate if not beat it.
Now, to my question...is it possible to call Wells Fargo and try to negotiate a lower interest rate on the loan? Or would I just be better off applying through USAA and refinancing a month or so after the loan through Wells Fargo has been established? As long as I can get below 4%, I don't really care who it is financed through of the 3 banks. Just wondering if anyone has negotiated with Wells Fargo post auto purchase. Thanks!
12-04-2013 03:06 PM
I'd look into refinancing to a better rate now, if you think you can qualify for ~4% or less. You can also call WF but I doubt they'll lower your rate at this point since you've already bought the car.
12-04-2013 03:26 PM - edited 12-04-2013 03:30 PM
I doubt you'll get much help from Wells Fargo... +1 on the refi, though. Next time look at USAA or Penfed, if you qualify. They are in the 1's and 2's, and both will give you instant approval over the phone, even if you're in the middle of an "impulse buy."
Once I used my laptop in the deler's office to log on to USAA and get a loan approval, which I emailed to the sales guy to print. My best refi so far has been by Penfed, at 1.49%.
12-05-2013 09:18 PM
I believe most contracts when you obtain finacning at the dealership allow you to go obtain different financing within 30 days or something so you can just have it redone like you are buying the car, not even refi... if it even matters.... but maybe for fees!
12-08-2013 08:23 AM
I tried to get WFDS to lower my rate down from 9.9, no dice. I refied at my local CU @1.9. Screw them!
Congrats on your excellent refi!
I have never seen a lender 'refi' their own auto loan (or modify it to a lower interest rate) after you have signed the contract. After all, the lender is betting you won't take the time and energy to go out and refi. You showed them! Kudos to you
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