I was told by the dealer that Chrysler's pre-approval (in my case $48k) was at a high rate... 10-13%. (That might explain why it wasn't listed on the pre-approval when I apped online)
I got a 4.49% rate with a local CU... not bad given my scores and the fact I put $0 down on a $40k car.
Chrysler's pre-approval may just be a marketing gimmick... I don't know. I am pretty confident however that the rate wouldn't have been as good as the one I got.
As far as additional pulls go... I had another pre-approval from my home CU ($28k) but was told by both dealers I went to that my credit had to be pulled again regardless due to homeland security... identity verification... etc... etc...
Not sure how truthful that statement is but it made sense so I didn't argue it.
@TRC_WA wrote:I was told by the dealer that Chrysler's pre-approval (in my case $48k) was at a high rate... 10-13%. (That might explain why it wasn't listed on the pre-approval when I apped online)
I got a 4.49% rate with a local CU... not bad given my scores and the fact I put $0 down on a $40k car.
Chrysler's pre-approval may just be a marketing gimmick... I don't know. I am pretty confident however that the rate wouldn't have been as good as the one I got.
As far as additional pulls go... I had another pre-approval from my home CU ($28k) but was told by both dealers I went to that my credit had to be pulled again regardless due to homeland security... identity verification... etc... etc...
Not sure how truthful that statement is but it made sense so I didn't argue it.
Chrysler Captial is really Santander which doesn't have a favorable customer experience for most, so going the Credit Union route is definately a great move on your part along with the prefered rates major congrats. You were wise not to allow anymore pulls most of those linger on your CR for 6 years I believe which is ridiculous it really upsets me when some dealers go shopping with multiple lenders all because they just want to sell a car not caring how it effects their customer.
What did you end up buying?
~Cheers
@joedtx wrote:
@TRC_WA wrote:I was told by the dealer that Chrysler's pre-approval (in my case $48k) was at a high rate... 10-13%. (That might explain why it wasn't listed on the pre-approval when I apped online)
I got a 4.49% rate with a local CU... not bad given my scores and the fact I put $0 down on a $40k car.
Chrysler's pre-approval may just be a marketing gimmick... I don't know. I am pretty confident however that the rate wouldn't have been as good as the one I got.
As far as additional pulls go... I had another pre-approval from my home CU ($28k) but was told by both dealers I went to that my credit had to be pulled again regardless due to homeland security... identity verification... etc... etc...
Not sure how truthful that statement is but it made sense so I didn't argue it.
Chrysler Captial is really Santander which doesn't have a favorable customer experience for most, so going the Credit Union route is definately a great move on your part along with the prefered rates major congrats. You were wise not to allow anymore pulls most of those linger on your CR for 6 years I believe which is ridiculous it really upsets me when some dealers go shopping with multiple lenders all because they just want to sell a car not caring how it effects their customer.
What did you end up buying?
~Cheers
Cool thanks... didn't know that about Chrysler Capital but now I definitely feel great about my choice. 
I went with a 2015 Dodge Challenger... 5.7L, 375 HP, fastest time so far 0-60 is 5.5 sec and yes the car has a timer in it... just one of the many bells and whistles. The 2015 model year was given a refresh with a new front and rear end, LED lights as well as a redesigned interior so the car is MUCH better looking than previous year models.
I've been thinking about this for 3 years and with the new changes I pulled the trigger...
Here she is currently...
Still waiting on my red/black custom plate to arrive and am going to go to black rims which will give me this look for the wheels...
Then I'll be able to say... "I'm done" pimping my ride.
@flan wrote:
marketing gimmick... I don't know. I am pretty confident however that the rate wouldn't have been as good as the one I got.
As far as additional pulls go... I had another pre-approval from my home CU ($28k) but was told by both dealers I went to that my credit had to be pulled again regardless due to homeland security... identity verification... etc... etc...
Not sure how truthful that statement is but it made sense so I didn't argue it.
It's not true. It is, at it's best, pure laziness on the part of hte dealer. It's usually used as an opportunity to try and sell you their financing. It's just another lie that car dealers tell. And then complain when nobody believes them about anything and don't trust them.
I went through the lies...
Dealer #1 told me I had to put $7k down to close the deal.
Dealer #2 sold me the car at 4.49% with $0 down. I wanted the car with $0 down... I just added GAP insurance.
It was my first new car and it was an experience... I did make sure to text Dealer #1 the photos of my new Challenger and thank the salesman for being just a bit too greedy. As far as the additional credit pulls... whatever. It's over and done with and I can't do anything about it now. I got the car I wanted at a decent rate and am gardening for the year anyway... I lost 1 FICO point on EQ for the car purchase. None on TU and EX. Not worried about it...
Congratulations on your NEW sweet ride! Way to go on not letting them put the screws to you like they do to SO many!
