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Many Americans Are Overpaying for Their Car Loans - Consumer Reports

ntx
Regular Contributor

Many Americans Are Overpaying for Their Car Loans - Consumer Reports

https://www.consumerreports.org/car-financing/many-americans-overpay-for-car-loans-a8076436935/

 

Long article but very interesting. I guess the games lenders can play shouldn't be a surprise. Makes me happy my last auto loan was @2.69% from NFCU.  Smiley Happy

 

My only card: NFCU Cash Rewards Visa $20K 04/20 @10.99% - I'll deal with any adverse action when and if it comes.
I'm keeping things simple as I near retirement, and I can't be bothered with more cards.
EQ8 690 TU8 651 EX8 670 ( as of 08/18/21 )
EQ9 744 TU9 724 EX9 689 ( as of 08/18/21 )
BK7 03/14, 1 CO 05/16
Message 1 of 6
5 REPLIES 5
TIPPY-BOB
Regular Contributor

Re: Many Americans Are Overpaying for Their Car Loans - Consumer Reports

Thanks for sharing 👏👍😊

Message 2 of 6
olivifos
New Visitor

Re: Many Americans Are Overpaying for Their Car Loans - Consumer Reports

For me it loan was @3% 

Message 3 of 6
racole82
Established Member

Re: Many Americans Are Overpaying for Their Car Loans - Consumer Reports

@ntx If you don't mind me asking what was your credit score when you got the 2.69% from NFCU? I'm looking to refinance. 

Started EXP: 535 Feb 21 Current EXP: 676 - EQ: 700 - TU: 685
Quicksilver C1: $1,950 CL
Quicksilver One C1: $1,250 CL
Savor One C1: $1,000 CL
Walmart Rewards C1: $750 CL
Secured N Rewards NF: $1,000 CL
Checking Line of Credit NF: $1,000 CL
Discover It: $4,000 CL
Cash Rewards NFCU: $6,100 CL
Shane Co. TD Bank : $2,500
Total CL: $19,554‬
Message 4 of 6
ntx
Regular Contributor

Re: Many Americans Are Overpaying for Their Car Loans - Consumer Reports

Hi @racole82 ,

 

I don't remember my scores exactly, but TU9 & EX9 were in the 680-690 range, EQ9 was around 650-660. 

 

It was a new Corolla 100% loan Feb. 2021, ~$23K, 60 months. ( NFCU pre-approval was $25K. ) I had actually financed a different vehicle with them in Sept. 2020 @2.29%, ~$28K loan with $32.5K preappoval, roughly same scores. Vehicle didn't work out for me and luckily I was able to sell it to Carvana for a ridiculously high price ( like those we're seeing now ) before I bought the Corolla. Cost me about $400 / month to drive it for 4-5 months and I was good with that. 

 

Good luck on your refinance Smiley Happy

 

NTX

My only card: NFCU Cash Rewards Visa $20K 04/20 @10.99% - I'll deal with any adverse action when and if it comes.
I'm keeping things simple as I near retirement, and I can't be bothered with more cards.
EQ8 690 TU8 651 EX8 670 ( as of 08/18/21 )
EQ9 744 TU9 724 EX9 689 ( as of 08/18/21 )
BK7 03/14, 1 CO 05/16
Message 5 of 6
mark3038
Established Contributor

Re: Many Americans Are Overpaying for Their Car Loans - Consumer Reports

When I bought my new 2022 BMW a few months back the dealer tried to rip me off on the interest rate.

I came on here and posted what was going on. There where several replies telling me based on my DP the dealer should be giving me 0.9% on the car. They found some sort of special financing that I was not aware of and the dealer sure was not going to tell me. So with the advice from my post on here I went back to the dealer and got the 0.9%. If not for my post on here I would be paying 2.9%.

Thank you FICO people

Mark

Please note; My postings are my opinion only. They may be fact or fiction. You can accept them or reject them. Thanks, Mark
Message 6 of 6
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