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

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Valued Member

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

The one I have written down and easily accessible was marked down to $33016 before any customer incentives, original MSRP is $36,853 on that one.
Message 21 of 43
Valued Member

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

Just heard from a finance guy at the dealership further away from us.... Chrysler capital approved us at a disgusting 18% interest rate which was 4% higher than what Santander was going to give us when our kia dealership was trying to "make things right" by trying to get us into an even worse position than we were already in to begin with.

They said most lenders don't use equifax at all now because of what happened 2 years ago. So, looks like I'm hanging up the dreams of a jeep and keeping my fingers crossed that I'm actually able to get kia to refund my money sooner rather than later or that its 2.4L theta 2 engine spontaneously combusts like previous model years Haha
Message 22 of 43
Frequent Contributor

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

Makes me feel not so bad about the 16.74% rate Chrysler approved me for last week which I did not take, my scores are lower than yours. They pulled Equifax for me. I may re try this weekend now that my mortgage is reporting accurately to see if I can land a single digits interest rate with them again. Your experience suggests I'm probably wasting my time.
Message 23 of 43
Valued Member

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

It honestly shocked me to hear that they gave me a rate that much higher than Santander... especially since the "purchase price" at the sleazy kia dealership was about 11K HIGHER than what the purchase price would be with with the Jeep... both seem 100% predatory tbh since the loan we could've gotten if we went to a sorento would've raised our payment by $134 a month to a disgusting $739 instead of $605 for our sportage. Giving us a lower interest rate that keeps our payment at what we know we can afford doesn't make them any money though. I have one more place I can to see what their lenders look for, because our scores aren't really considered deep subprime, which is where chrysler capital put us.
Message 24 of 43
Frequent Contributor

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

LTV is the culprit
Message 25 of 43
Valued Member

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

Interesting you should say that.... the loan in question with Santander was a 2019 Kia sorrento with a $5k dealer markup... a sorento isn't worth any where neark $41K and the way the dealership did it all up, we'd be taking out a loan for $34k for a $36k car. With the Jeep, it would've been a $32k WITH the negative equity for a $36K car
Message 26 of 43
Frequent Contributor

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

 
Message 27 of 43
Frequent Contributor

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

Oops ignore last post.
Try Chevy Equinox, I liked it but my wife did not. If you can find a 2019 equipped the way you want, they approved me for 7.9 rolling in 6k on sub 600 scores. Tons of rebates, also Ford Escape/ Edge 2019
Message 28 of 43
Valued Member

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

Was that through GM financial? I'll have to look In to it. I don't mind the equinox, and when we went to the chevy dealership my dad works at, they said we had to pay down the loan a bit before they could do anything.... we're expecting a Vehicle service contract cancelation check to be processed and applied this week, which would bring us down to about $22,075 on our loan.... and I know we can easily get 16-17K at most dealers here for our car... we've been looking at 2019s with incentives at dealers that over ordered and don't have room for 2020's to get the best deal possible to cover the negative equity
Message 29 of 43
Frequent Contributor

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

Yes, it was through GM Financial.
Have you had your vehicle appraised at CarMax to see low end what it's worth?
Message 30 of 43
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