Bought a 2017 Lexus GS350 F sport today.
I originally pre-qualified with Cap1 Auto Navigator (50k) and NFCU (49.5k). NFCU offered a few options and I chose new at 3.99% for 72 mos. Cap1 ran between 4 - 8% depending on car and term.
The first 3 cars I looked at fell through for various reasons. I then came across the GS, but it was used. Car price was $38.9k and Cap1 was offering 7.19% for 72 mos, but I needed to put an additional $3k down because of LTV. I called NFCU and they verified that the pre-approval was open ended and could be used for a new or a used car, but the rate would change. They then gave me an estimate that the rate would change to 6.99%, but in 12 months, I could do an internal refinance.
Went to dealer and told them I don't want to have my app shotgunned. They were very accommodating. I decided to use NFCU to build some history at the expense of a few %. During the financing, the dealer needs to call NFCU to verify the check and funding. Both of the Navy reps I spoke to said it was a 24 hour line. It isn't. They were closed for the day. Because I was over it after 6 hours, I let the finance guy convince me to try Lexus Financial Services (showed up as Toyota FS). What was explained to me is LFS (TFS) will use your highest score (auto8), but they need EX for the pull because of location.
I unfroze EX and after the pull, EQ auto 8 was used (683). Was approved for 4.99%, dropping the monthly $100 to $649 for 75 months. Was very happy with the purchase and terms.
Forgot to add, prior to speaking with finance, they did a pull using credco (corelogic). No other pulls until LFS.
Congratulations on your approval!
Congratulations!
Congratulations @Brian_Earl_Spilner!!! TFS for the win again. When I bought my Mazda, TFS beat out every offer I received. So glad it worked out for you!
@KLEXH25 wrote:Congratulations @Brian_Earl_Spilner!!! TFS for the win again. When I bought my Mazda, TFS beat out every offer I received. So glad it worked out for you!
Thanks, me too. Having navy almost double my rate for a used car left me in shock. I'm going to assume that was a worst case scenario and they would have changed it depending on the numbers, but only 0.99% higher from LFS was great. I wonder what I would have got for a new vehicle. 🤔 Definitely not 0%, but pretty close to the 1.9% I would think. Or at least I'd like to think so. 😅
@Brian_Earl_Spilner wrote:
@KLEXH25 wrote:Congratulations @Brian_Earl_Spilner!!! TFS for the win again. When I bought my Mazda, TFS beat out every offer I received. So glad it worked out for you!
Thanks, me too. Having navy almost double my rate for a used car left me in shock. I'm going to assume that was a worst case scenario and they would have changed it depending on the numbers, but only 0.99% higher from LFS was great. I wonder what I would have got for a new vehicle. 🤔 Definitely not 0%, but pretty close to the 1.9% I would think. Or at least I'd like to think so. 😅
Lol, probably! Now that you know, you can start planning for your next car 😝
@BearsCubsOtters wrote:Did you get rid of the Mazda?
Yes, I did. Without a turbo or aftermarket, it just wasn't worth it for me anymore. There are a lot of things I really liked about it, but the rough ride with no power to justify it was the nail in the coffin. The GS rides a little rough compared to my LS, but at least it has a decent amount of power and plenty of aftermarket support.