Auto Loan Approvals!

[mtrsprt]

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@scorpiostinger07 wrote:

APPROVING BANK: Ally
BUREAU PULLED: TU
CREDIT SCORE: 660
CUSTOMER STATE OF RESIDENCE: AZ
NEW/USED: New
YEAR OF VEHICLE: 2013

MAKE: Chevrolet

MODEL: Equinox
MILEAGE: 11
RETAIL/LEASE: Finance
AMOUNT OF LOAN: $34,000
TERM CONTRACTED: 72
APR/LEASE RATE: 8.9
MONTHLY PAYMENT: $589

ANNUAL INCOME: $52,000
MISCELLANEOUS COMMENTARY:

 Got approved through Ally fincance guy said I came in at a Tier B which got me 8.9%. Going back later to cancel the warranty as I found it cheaper online. Will update with new info once I get back from dealer later this morning.

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$34,000.00  72 month loan for an Equinox?...... OH MY......... You'll be upside down in that note within 6 months.

[GetAHouse]

'AMOUNT OF LOAN: $34,000
TERM CONTRACTED: 72"

Wow seems a little steep for a Chevy Equinox. Is $34,000 the out the door price? You can get a top of the line LTZ for 34K or less, I know because I looked at one for my wife who is thinking about trading in her 2006 Toyota Rav4 this spring/summer. I live in N.Y., and in May 2012 I bought a 2012 Toyota Highlander SE(pearl white) loaded with 5 miles on it for $35 out the door. This included tax & tags and 0.9% financing from Toyota Financial with a  654(lowest score was used by Toyota at time). Your finance rate seems a bit high also. Don't want to sound like a jerk, just saying. 

[scorpiostinger07]

No the car its self was 30,200 with tax tags and $1,000 negarive equity. They sold me on extras which will be cancelled this morning when I got to the dealer.  $2800 for warranty which I found online for $1500 ish depedning on term and miles.

[GetAHouse]

oh ok.

[Anonymous]

Congrats on the new ride. $30k isn't bad. Ditch the extended warranty. Everyone is upside down on a new car purchase unless you put $10k down. Which in my book, you're still upside down because you still lose that money, you're just not upside down on the note.

[scorpiostinger07]

Thanks!! I'm def going to get the warranty and a few other things cancelled. I knew better but fell for it anyway.

[GetAHouse]

It's not neccesarily bad to get an extended warranty for a new car. You just really have to do your homework and know what to look for, and get a fair price. I bought a 2012 Highlander SE in May 2012, and just last month purchased a Toyota VSA Platinum(extended warranty 7yr/75,000) for $710. They offer like 8 different levels of warranties, different combination of yr's/miles and Platinum, Gold or Silver as far as whats covered for those yr's/miles. I only put about 8,000 miles per yr. on my car, because I only live about 1 mile away from where I work. My warranty covers everything except for things like brakes, tires, rims, glass, windshield wipers, spark plugs, weather stripping, shiny metal, sheet metal, seat covers, rust/corrosion,paint, light bulbs/lamps, ashtray, cupholders, battery, heating hoses, door hinges, headliners, fluids and filters, dash cover pad, bumpers and accesory drive belts. Anything else in the car goes wrong it's covered and there's no deductible. The car comes with 3 yr/36,000 bumper to bumper and 5yr/60,000 powertrain, 5yr rust through. So for $710 I have peace of mind for another 4yrs/39,000 bumper to bumper and 2 yrs/15,000 powertrain. To me that money well spent, however if I had to pay over 2 or 3,000 for the warranty I wouldn't have done it. I can take my car to any Toyota Certified repair shop. They also throw in free towing, reimbursement for lodging and food if you break down awat from home

Most important things to know when purchasing a warranty(in order imho is) 1. Who backs the warranty(You don't want the company going out of business soon after buying warranty), 2. What it Covers, 3. Price, 4. Deductible 

Good Luck.

[Anonymous]

I also learned it is important to know what is required with the warranty. We bought a warranty on our van and if something with the engine goes wrong, in order for the warranty to cover it we have to provide documentation that we do regular oil changes through a dealership (can't do them ourselves), etc. So some things these warranties are good for. ($150 for a new keyfob that costs $600, for example) other things.. well, they're a pain. Kind of like a home warranty.

[sccredit]

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@mtrsprt wrote:

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@scorpiostinger07 wrote:

APPROVING BANK: Ally
BUREAU PULLED: TU
CREDIT SCORE: 660
CUSTOMER STATE OF RESIDENCE: AZ
NEW/USED: New
YEAR OF VEHICLE: 2013

MAKE: Chevrolet

MODEL: Equinox
MILEAGE: 11
RETAIL/LEASE: Finance
AMOUNT OF LOAN: $34,000
TERM CONTRACTED: 72
APR/LEASE RATE: 8.9
MONTHLY PAYMENT: $589

ANNUAL INCOME: $52,000
MISCELLANEOUS COMMENTARY:

 Got approved through Ally fincance guy said I came in at a Tier B which got me 8.9%. Going back later to cancel the warranty as I found it cheaper online. Will update with new info once I get back from dealer later this morning.

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$34,000.00  72 month loan for an Equinox?...... OH MY......... You'll be upside down in that note within 6 months.

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Why is that necessary?

[scorpiostinger07]

Thanks for all the feedback...Just got back from the dealer and spoke to the finance manager which he was not happy about me wanting to cancel the extended warranty and we kinda got into a heated conversation. I remained calm and explained to him that they had marked up the warranty so much and that i found it cheaper online. So he matched the price that I was quoted online rewrote the contract which saved me almost $1500. As far as the comment about $34,000 for 72 months I realize that Im going to be upside down and i plan on making extra payments toward princliple to try and keep ahead of the game. The $34000 also includes negative equity of $1000 from my trade in that was finacnced through Santander at 25.99%. I'm happy with my purchase and I happy to be done with santander and look forward to building a good relationship with Ally.