UpNComing wrote:
spengbab wrote:I've read in a car buying book that when a dealer gets an offer back from banks, that usually they will add a little bit to the APR that was approved. E.g., if a dealer sent apps and got back an APR of 4.7%, they will say that I'm approved for an APR of 5.7% (or any amount higher than the approved APR) ... is that true?
Yes it is. Depending on the term of the loan and the lender, the dealer can add as much as 2.5 points to a loan.
This seems so shady!!! By the way, do you do sales on new or used vehicles, and which brand do you primarily work with? Also, what do dealerships really think of "Cash" buyers.... if you are buying with cash, wire from bank or something similar.... is it best to keep this information to yourself until after you've haggled the price?
Starting Score: 08/29/2011 TU 671 EQ 674Current Score (myFico + Amex): April 2013 TU 754 EQ 694 EX 694
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Silver Spade Garden Club Member: App Free since 1/1/13. No more apps til 2014
MyFICO Fitness Goal: 800s Club!
Take the myFICO Fitness Challenge
