I bought a Certified 2023 Lexus RX 350h last week and ended up financing through Lexus. I also had applied at Navy but the approval did not come in time to use it but did sho up finally. The RX was a great deal and being basically a new car with a certified warrantee in my preffered color, interior, options etc.. it was not to be passed up. The downside my rate was 8.75% through the dealer. A couple questions...
1) NFCU pulled EQ5 (mortgage) which is far, far lower than any other version (713). NFCU will not tell me the rate yet since I will have to switch the loan to a refinance. Again, I am approved but have nopt idea on rate. I am a long time NFCU customer, perfect history, plenty of income and less than 15% DTI. Ideas, guesses?
2) NFCU or anyone is going to need the payoff. I have recieved nothing from Toyota / Lexus as yet and the site does not recognize me in terms of having a loan with them yet. It seems like they would know me by now as I owe them a nice chunk of change. How long might it take to have them establish my account?
The idea is to refinance right away so that by the time the original loan reports it does so as paid. First payment is due October 17th or something. That is best case but I realize I may not luck out...
It's kind of odd they can't give you a rate. When I went through them they were able to give me all the rates for all the scenarios. Not sure about what their refinancing rates are right now, but it should show the range or starting on the website.
I ended up going through LFS also. It took them 10 days before I could register online.
@Brian_Earl_Spilner wrote:It's kind of odd they can't give you a rate. When I went through them they were able to give me all the rates for all the scenarios. Not sure about what their refinancing rates are right now, but it should show the range or starting on the website.
I ended up going through LFS also. It took them 10 days before I could register online.
Thank you. I guess they did not give me the rate due to having to reapply for a refinance. I was told that it would be considered a New auto refinance which has the same rates as "New". I suppose I should be expecting an invitation from Lexus Financial soon then. I think this is day nine.
Update:
Lexus Financial finally allowed me to register so I could get the payoff amount. I had to submit another application with NFCU due to it being a refinance. They pulled TU this time and I don't know what model of FICO but suspect it was TU FICO 4. They pulled EQ05 previously. I did not get their best rate but it will work as I will be knocking down the interest by throwing money at the loan.
NFCU Refi Loan, New Car (2023 Certified with 7.2k miles)
84 Months @ 8.26%
I had no vehicle loan on my CR as we have financed autos through DW and mine have been through the Biz and do not show up on my CR.
Also:
Consumers Credit Union pursued me to apply with them and then turned me down. They pulled TU04 also (my lowest score across the board @ 711)
@CreditCuriosity wrote:I basically was in same boat with MB last year new AMG on lot would of been gone that day if didn't jump on it. Went with MB financial at 6.99. Crazy rate from june of last year for 800+ scores. Took the loan then next day applied for refinance with NFCU went to review for a few hours later came back at I think 3.79 or whatever the best rate they offered at the time. Was treated as a refinance, but believe it had the same rate as new if I recall correctly. Title was a PITA to get all figured out and had I think 90 days with NFCU to get it under their name, but partially due to refinancing so quickly and partially state issue etc.. 84 months is kinda ouch at that rate, but guess you have your reasons I personally won't due over 60 months ever myself. Also GAP was a lot cheaper with NFCU as well vs dealer if you opted for that. Ended up opting for both. Got refunded from dealer several months later for GAP
Yes, the plan is to use the NFCU auto loan like an SSL as I have no open installment loan. My daughter did it on a smaller scale with a used late model car. She did 72 months but paid it down to 8% and it has been boosting her for years now. I think she owes like 3% but her next payment is in 2027 or something. I will throw extra at it and it will be paid down to under 9% in a year or so and sit there as long as I need it. I have no mortgage on the horizon so...