I was shopping used trucks and came across a 2017 Ram 1500 with 55,000 miles that was priced nicely at $20,999.
Because I already have a credit card with them (and they have begged me to pre-qual), I went through their auto pre-qualification tool...and sure enough, the dealership was on their list. They gave me a 4.9% pre-qualification, which I printed out and took to the dealership.
I get there with $1,000 in cash to put down. But according to their finance manager, because my pre-qual wasn't run with a down payment, COAF offered me 3.9% due to the $1,000 cash I was paying up front.
Needless to say, I'm pleasantly surprised by both the low interest rate AND low payment!
@4sallypat wrote:That is excellent news and a super good rate for a used truck!
It's nice to know that Cap 1 Auto finance does not allow the dealer to mark up the rates.
Did you happen to get the new body styled, upgraded interior RAM ?
I have been eyeing the Rebel 3.6L RAM 1500 w/ Ramboxes.
Honestly, this is a pretty garden variety Ram 1500...no real bells and whistles, though I didn't really want them anyway. It's super clean and well-maintained.
Funny thing about having that pre-approval in hand and a mind full of credit knowledge: Auto dealers just know to cut the tricks and proceed with an honest sale.
They were having a promo giving $3,000 more than normal trade-in value. I had receved a wonderful quote for my trade that exceeded what I owed. I more or less told the finance manager my terms...and that I expected those terms to be met or I'd walk.
Deal was done, signed and off the lot in about an hour.
