Can I even qualify for an auto loan?

[Remember0]

CapOne is good for subprime, yes. If you want, wait till you hear back from the local CU before applying to Cap One. If you get approved at the CU, I imagine the rate they will offer will be lower than what Cap One would offer.

Also too late now, but don't bother with the online form for honda finance. Even if it declines, ignore it. A dealer (esp. a high volume one) can often "override" the system declines. Also the form will only say approved or declined typically. It won't give you the APR at all.

EDIT: Irrelevant, but I don't get it. So looking at your prior posts, back in Jan. you stated that you "live with your wife." But now you stated that this info is for your girlfriend? I'm confused haha...but you don't have to bother clarifying. It doesn't really matter.

[oceanbay]

As far as the wife post.. Yeah forget that.

I went ahead and applied for the cap one auto loan. Not surprisingly, they couldn't offer me a 60 second approval.

[oceanbay]

Update: Heard back from Cap one, got approved for up to $22,000 with 9.81% financing for 72 months. Still waiting to hear back from my credit union, though.

Also, since I am looking into getting a honda civic, I found a dealer that I called up that seemed to be very non-sellsy...in fact, I had to lead the phone conversation. Seem to be pretty honest, told me they sell cars at $200 above invoice (listed price is verified with Edmunds TMV) and is offering $500 Honda flex cash + will accept my grad progam +$500 more, meaning the price (before doc fees) will be around $800 below Invoice. However, I have to finance with Honda to get the extra $1,000. Although already pre-approved, Honda college grad is *supposed* to offer competitive rates that wouldnt be available otherwise (unless I had good credit).

So my decision will be interesting, depending on what the CU says and what Honda says. If I can get Honda to beat the 9.81% +$1,000 and end up leaving the dealership $300-500 below invoice, that would be ideal.

[Remember0]

I'd push Honda for <6% honestly. Round your CapOne approval down a bit when mentioning it to the dealer if you get what I'm saying. 800 below invoice is a good price (depending on your state/geographical area). You could probably get to 1k or maybe 1.5k below if you pushed hard or waited till the month end AND this is important, are willing to travel (maybe a lot depending on your state). How much are the doc fees, approximately? It varies wildly by geography.

Also a member reported that they got a first time auto loan with Hughes FCU through their first time auto loan program @ 4.5% here: http://ficoforums.myfico.com/t5/Auto-Loans/Student-First-Loan-Success-Hughes-FCU/td-p/3054262

They can be another one to consider, but honestly, see what Honda says first. Also I'm not sure what Hughes' rules for membership are. But I really think Honda should get you under 6%. In fact, under the college grad program, you may well qualify for 1.9% or 0.9% (for 60 months) esp. with no baddies.

[oceanbay]

Hughes sucked they were super rude.

So I took a test drive of the civic, I'd say for the money it was pretty decent. The sales guy I had was nice and non pushy (he did,however choose the car out of the 3 they had and said it was his favorite because it had continental brand tires and not Firestone and said they were better...need confirmation of this). For the most part wasn't pushy or salesy, did give me the "there's a reason I work here and not x y z company". He mentioned to me that its the last day of the month tomorrow and asked if.I knew what that meant. I said yeah and he told me basically that he was willing to do whatever to strike a good deal including discussing a decent slide from msrp.

I let him know I had done my homework and know what the invoice is and what the average Customer pays.

One thing bugging me is that he told me some online pricing tools don't include the 800 destination fee that is non negiotable and standard. I think it should be negotiable, am I right?

[Remember0]

Well...Continental vs Firestone is like Saying Toyota vs Honda. It matters if it's Toyota Camry vs Honda Civic or Toyota Corolla vs Honda Accord. If you could get the trim, I could look up prices. Generally, though, I agree with your sales guy. The average Continental probably edges out your average Firestone. But the exact trim (and threadwear # (it'll range from 300-800, printed on tire sidewall next to temp and traction rating) matters.

Destination is sort of charged by manufacturer to the dealer. I vote not that negotiable. BUT it's included in the TrueCar price! Truecar doesn't include doc though. Look on edmunds. Destination is seperated and included in their price.

[HiFromSeattle]

So my offer to them was $19,500 (500 off of MSRP). This, however, does not include the Honda Flex Cash OR College grad program ($500+) that I will get if financed through Honda. If I just got the extra $500, then I would be at 19,000...which is what Edmunds TMV is telling me is a "fair price" to pay. So i can definitely live with that. If they can't finance me, though or offer less cash, then Im going to cut my offer to $19,000.

Oh, and they also said the doc fee (and car registration) is an extra $350...this isn't included in the $19,000.

[Remember0]

IMO if they don't hand you the keys and tell you to please take it off the lot at the price you've offered, I think they're being stupid/greedy. Seems like a very fair offer (if anything I'd fault you for not squeezing another $400-$800 out of them haha). But I understand that mostpeople value convenience and ease over driving hours upon hours and haggling with dozens of dealers, so I can't fault you. Let us know what they say!