@C7LT1 wrote:
@armedxwithxaxmind wrote:MISCELLANEOUS COMMENTARY: Just actually got called back to the dealer, they found me a credit union that would give me a loan at 3.49% apr & lowered my monthly payments to $300.54 a month if I accepted GAP insurance & a full warrenty to cover 100% of any damage or car failure. So I think I did good for a first time buyer
I think I would need to go down to the dealer and see where they said you have to buy and extended warranty. Gap I can understand but not the warranty. I am not saying warranties are bad but be very careful with the extended warranty and make sure you are getting the best price. I would get some online quotes from 3rd party companies to compare with the dealer. This is only if the CU said they will only finance you if you buy an extended warranty which I doubt that they said. Check out USAA https://www.usaa.com/inet/pages/extended_vehicle_protection_program_main_page?akredirect=true
I know I don't have to, when I drove the car off the lot I declined it but witht he offer from the CU they said they accept me at the 3.49% rate if I got both GAP & Extended warrenty. It all comes out cheaper than if I stayed with the 14.99% loan from Cap One.
Brief update on my car search/financing:
Orginally I had been approved for $27,000 @ 3.09% by bank of america. I went to the dealership yesterday and the Car came out to $29,898 after all rebates. I told him I wasnt prepared to spend that much and he said what would I be comfortable with. I told him the $27,000. He worked it out to $27,898 and I put $1,000 down because my mother convinced me to put SOMETHING down. Originally, the sales guy told me I was declined by the financing people they applied to and that I would have to use the BOA financing.
Me and mom waited for like an hour and a half to speak with the finance manager. By then they had my 2013 Camaro cleaned, and had handed me the keys already. When I got in with the finance guy he told me it took him so long because he was working out a deal for me. He got me approved with PNC bank, which I orginally was declined when I applied online for the blank check, for 2.89% for 72 months which includes GAP insurance with the financing and NO additional warranties. WIth my payments at about 431 a month. Over the life of the loan I will only pay about $2500 in interest. I chose the 72 month option because it has the lower payents, even though I plan on paying $600 a month, but if I have a month where I cant do the overage my note minimum will only be the $431.
Finance guy said he talked with the guy he knew at PNC and they went over my report and he was able to get them to come in under BOA. Plus I have an account with them as well, so they rescinded their original denial. This was a very interesting and trying process but I am glad I was well prepared and well versed due to MY FICO. And for a first time buyer 2.89% is not bad at all. I am really enjoyin my camaro!!!!
Starting Score: 624
APPROVING BANK: Ally
BUREAU PULLED: EQ
CREDIT SCORE:EQ 618 (MYFICO) EQ 592 (Auto enhanced)
CUSTOMER STATE OF RESIDENCE: MD
NEW/USED: NEW
YEAR OF VEHICLE: 2013
MAKE: Chevrolet
MODEL: Camaro LT
MILEAGE: NEW
RETAIL/LEASE: BUY
AMOUNT OF LOAN: 30,500
TERM CONTRACTED: 60
APR/LEASE RATE: 2.9%
MONTHLY PAYMENT: $542
ANNUAL INCOME: 48,000
Starting Score: 579 (FEB 2013)Oh yeah....and $0 down on the above Ally financed Camaro!!!!!!! 
