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Is there a way to shop financing without too many hits?

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Valued Contributor

Re: Is there a way to shop financing without too many hits?


@Bellasmom15 wrote:
I heard from DCU and AAA today and they were both an unfortunate no due to negatives that are set to age off within the next year. Which sucks because our payment history for the last year is 100% on everything. And last reported missed payment on anything was 6 years ago since we didn't apply for anything for a while because we knew we'd get denied. His income is 55k a year at the very least, but that didn't make a difference.

I'm curious to see what Chrysler capital would give us for terms since I've seen other posts from people saying that they haven't been quite as bad as their counterpart. I just wish I could do it without going to the dealership lol

I heard from a lemon lawyer today and it's unclear whether or not we'll qualify since its unclear if it's the car or the service department. 99% of their service department is useless, but after talking to a GM at the dealership, only one of the techs is allowed anywhere near my car when it comes in because he's the only one who hasn't tried to mansplain things away and has taken me seriously. He just hasn't the slightest clue what could be going on.

I've called other dealerships about looking at it and they said they could do so for a "Diag fee of $130" which is only refundable if they actually find something wrong AND their tech determines it's not my fault. So, Its literally a gamble as to whether or not their tech is going to be just as blind and deaf after driving their jackhammer to work.

The $130 is a small gamble (even if you do have to pay and go to a few dealerships) vs. taking a $5k or more loss on the car or whatever.

 

Online reviews are your friend . . find the one with the best reviews within a resonable drive for your area and go there.

 

I have had night and day horrific and fantastic experiences with different dealerships.

 

I think you are probably stuck dealing with one since it's warranty work you're seeking. Stay the course and don't go further into debt over it, though.

Ch 7 Discharge May 2015
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EQ/EX/TU: FICO 8's November 2019: 696/679/668, 14% utilization, AZE2 (w/ those 2 cards reporting 30% util), INQ's: 4/2/1
Message 11 of 43
Frequent Contributor

Re: Is there a way to shop financing without too many hits?

Would you want to keep the car if it was trouble free? If so , GO TO ANOTHER DEALERSHIP. They should not charge you to look at vehicle under manufacturer warranty. If you just don't like the vehicle that is a different story.
My 2018 Toyota was a year old and had dashboard rattling and was shaking at stoplights badly, almost stalling. Yes, a Toyota, the poster child for reliability. One dealership where I bought the car told me my tires were a little worn causing rattles and shaking is normal for a Corolla, it's not as smooth as Camry. Told me new tires and changing air filter would be the remedy.
I changed the air filter myself, went to another dealership who fixed the issues, gave me a loaner while it was in the shop. The only thing it cost me was time and gas to drive there.
Message 12 of 43
Valued Member

Re: Is there a way to shop financing without too many hits?

I'm pretty sure I was just reading your post from 2015 about your Chrysler capital pre-approval!

If I'm going to be honest.... I don't know if I would. Out of 14,500 miles, we've had about 1,000 collective miles that were trouble free, and it was a bit of an impulse purchase. When we bought it, we knew at the time we needed to upgrade sooner rather than later but had only gone in to the dealership for an oil change and were pipe dreaming over the Telluride when we started chatting with a sales person.

I put in a call to the finance manager at another jeep dealer other than the one Chrysler capital sent my preapproval to and he said he needed to look at our credit profile but he could see what he could do about getting us in at around 6.99-8.99% which would actually make it easier for us to pay down ALL our debt quicker than we have been already.

Idk if it would help matters any if I'd be willing to show that we have a bank account dedicated to JUST our car payment and that every friday, at least $150 gets transferred from our main account into that one. And since we've already budgeted our current $605 payment, I'd make sure to round up on any new loan that would end up being less
Message 13 of 43
Frequent Contributor

Re: Is there a way to shop financing without too many hits?

If you don't mind me asking, what are your scores that enabled the finance manager at Jeep to estimate that rate for you. Rates seem to be higher now than 2015. Thanks.
Message 14 of 43
Valued Member

Re: Is there a way to shop financing without too many hits?

I told him that our best scores are with Equifax Auto score 5... mine is at 645 and my Fiance is at 652 with that one. And although it's an older model, it's the best out of all the ones My FICO gave us. Before we decided to look into trading this in, I had only really used educational scores from the freebie sites. But, about a week ago, I finally bit the bullet and spent the $50 on the my fico family report to get all the FICO scores available to us.

Also, on a side note... I just signed In to Experian and saw 20+ point increases as of this week for both of us... and on credit Karma, although I know its educational, had a spike of 30+. I've literally never seen spikes that big on either of our scores since I really started paying attention to them and really working on things
Message 15 of 43
Frequent Contributor

Re: Is there a way to shop financing without too many hits?

Got it Thanks. Chrysler gave me 8.10 four years ago, was at 565 for pre-approval hard pull and 517 day I purchased vehicle. Today's rates are higher though so rate they quoted you depending on LTV sounds about right. Which Jeep are you looking at? I am in market as my wife wants one.
Message 16 of 43
Valued Member

Re: Is there a way to shop financing without too many hits?

We're looking at the 2019 Cherokee limited 4x4 with the 3.2L engine right now. It appears a couple dealers In Massachusetts over ordered this year and they've got some heavy dealer discounts on them, as well as the Jeep incentive for customers. Assuming I'm unable to talk them into adding to their discount a little bit more, we're looking at a $31,000 loan with our negative equity included, and a payment reduced by roughly $40 than we're paying now.

During my research, I noticed the cherokees have had a couple recalls this year, but not many of them apply to the 3.2L that I know of. And honestly, after all I've learned about Kia during this nightmare, I'd rather switch to a product who OWNS their mistakes and let's their customers know. Kia and Hyundai, on the other hand, have had some pretty serious recalls In the past and would much rather hide their mistakes in technical service bulletins that don't get sent to consumers even tho they probably should've done a recall. Wasn't too found of having my electric power steering go to sleep on me and only realizing it when I needed it the most.... then having to scour the internet for what the hell was up with my car
Message 17 of 43
Frequent Contributor

Re: Is there a way to shop financing without too many hits?

My wife wants a Cherokee as well. Without neg equity how much for LTD trim with 6 cyl. Thanks.
Message 18 of 43
Valued Member

Re: Is there a way to shop financing without too many hits?

The MSRP around here, with freight included is about $35,940, give or take a little bit. My biggest selling factor on the limited trim was the Alpine speakers coming standard on it... we could've gotten the latitude or latitude plus for a little bit less, but having alpines installed after the fact would've negated the difference.
Message 19 of 43
Frequent Contributor

Re: Is there a way to shop financing without too many hits?

What is the dealers price I meant to ask?

Message 20 of 43
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