Reply
Frequent Contributor
Posts: 266
Registered: ‎02-20-2013
0

what is the deal with online approvals?!?!?!!?

How can a consumer make an informed decision if lenders do not provide us with the RATE???

 

I applied with Ally - approved for 20,190.00 (asked for 20k) - no rate listed. It says to see dealer. 

I applied with Chysler - approved for 44,174 (asked for 20K, I would NEVER spend 40K on a car) - no rate listed.....

 

UGH! How can I effectivly bargain RATE when no one will give me the dang rate.........

 

How do I do this??? If I go to the dealer and say "I have financing" I cant tell them to try to beat the rate.... considering I do not know what the rate is. 

 

Someone please advise me on my best course of action........

 

*still waiting to hear back on approval/denials from my local CU and Wells Fargo. 

Established Contributor
Posts: 794
Registered: ‎07-01-2013
0

Re: what is the deal with online approvals?!?!?!!?


beanie7132 wrote:

How can a consumer make an informed decision if lenders do not provide us with the RATE???

 

I applied with Ally - approved for 20,190.00 (asked for 20k) - no rate listed. It says to see dealer. 

I applied with Chysler - approved for 44,174 (asked for 20K, I would NEVER spend 40K on a car) - no rate listed.....

 

UGH! How can I effectivly bargain RATE when no one will give me the dang rate.........

 

How do I do this??? If I go to the dealer and say "I have financing" I cant tell them to try to beat the rate.... considering I do not know what the rate is. 

 

Someone please advise me on my best course of action........

 

*still waiting to hear back on approval/denials from my local CU and Wells Fargo. 


 

That's very dumb, But for Chrysler they start at 3.69%

 

 

I'm assuming since you were approved for 40k+ you're most likely approved for the lowest rate =P

 

Not 100% sure though.

ManiacGamers.comManiacGamers.comManiacGamers.comManiacGamers.comManiacGamers.comManiacGamers.com****$20,000**********$5,000***********$4,100***********$3,500**********$2,500***********$1,000****
EQ - 688 (10/9/13) | TU - 705 (02/18/14) | EX - 701 (10/9/13) | CS Fako - 717 (10/4/13) | CK Fako - 697 (11/05/13)
Established Contributor
Posts: 798
Registered: ‎10-15-2012
0

Re: what is the deal with online approvals?!?!?!!?

Call and ask them.


Starting Score: 515
Current Score: EQ08 698 EX04 710 TU08 727
Goal Score: 700+

Amex BCP $25000 | Discover IT $10250 | PSECU $10000 | Barclay Ring $6500 | Citi DC $6100 | PayPal Extras MC $5045 | DCU $5000 | Chase Freedom $4000 | Barclays Aviator $2400 | Cap 1 Platinum $1700 | Union Plus $1000 | Target $200
Frequent Contributor
Posts: 266
Registered: ‎02-20-2013
0

Re: what is the deal with online approvals?!?!?!!?


RushXTC wrote:

beanie7132 wrote:

How can a consumer make an informed decision if lenders do not provide us with the RATE???

 

I applied with Ally - approved for 20,190.00 (asked for 20k) - no rate listed. It says to see dealer. 

I applied with Chysler - approved for 44,174 (asked for 20K, I would NEVER spend 40K on a car) - no rate listed.....

 

UGH! How can I effectivly bargain RATE when no one will give me the dang rate.........

 

How do I do this??? If I go to the dealer and say "I have financing" I cant tell them to try to beat the rate.... considering I do not know what the rate is. 

 

Someone please advise me on my best course of action........

 

*still waiting to hear back on approval/denials from my local CU and Wells Fargo. 


 

That's very dumb, But for Chrysler they start at 3.69%

 

 

I'm assuming since you were approved for 40k+ you're most likely approved for the lowest rate =P

 

Not 100% sure though.


HA! lowest rate I wish. Not with my credit. I did have a previous loan with Chrysler Financial that had no dings..... I think the 40K amount is crazy and mostly likely based on my income and the fact that I pay 375 a month in rent and have no other debt. lol. 

 

 

** I plan on calling, however, I am not able to be on the phone since I am on-call and have to be available. Otherwise, I would have called to apply instead of doing it online. 

Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
0

Re: what is the deal with online approvals?!?!?!!?

 

I think in some cases the APR can vary based on the make & model of the vehicle you purchase. 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Community Leader
Super Contributor
Posts: 6,468
Registered: ‎03-06-2010
0

Re: what is the deal with online approvals?!?!?!!?

You can do a lot of things on line.

 

Some of those things are not really designed for you at all. Getting a pre-approval from any of the auto loan places is really designed for the dealership as a lead generator for their sales department. (Leads are sold back to the dealerships....) 

If you are looking to get an actual approval, go to your CU or your bank. That you can do online because they are there to service your consumer needs and the approval you get will specify the amount, the rate, the number of years, the dates the approval is valid and the age/milage of the vehicle that you can finance.

 

Then you can go to the dealer and shop your vehicle and rate if you choose to use dealer financing. You will have something in hand to use if the dealer can't beat it.

Frequent Contributor
Posts: 266
Registered: ‎02-20-2013
0

Re: what is the deal with online approvals?!?!?!!?

Some of these banks are not easily accessed for us..... we live in the sticks.

 

I did call Chysler to ask about the rate..... they told me that "because of an incident here with fraud and the patriot act, we cannot disclose the rate." seriously....?

Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
0

Re: what is the deal with online approvals?!?!?!!?

 

Another possibility is that this leaves the door open for the dealer to mark up the interest rate before passing it along to you.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Frequent Contributor
Posts: 266
Registered: ‎02-20-2013
0

Re: what is the deal with online approvals?!?!?!!?

EXACTLY! I argued that point with Chrysler. I told him how can i effectivly rate shop if I do not know what the rate is..... grrrrr. He apologized and quoted the patriot act line again.

 

Oh well.....

Valued Contributor
Posts: 2,110
Registered: ‎12-29-2011
0

Re: what is the deal with online approvals?!?!?!!?

[ Edited ]

You need to call and ask the places you applied to for the rate. It all depends on whether you finance a NEW or USED vehicle so be sure to ask for both NEW and USED rates. When I applied with Chase, my NEW car rate was 2.49 (the lowest available) but my USED car rate was 4.90 (the lowest available) for used.

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.