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#2423 of 2456 Re: Whats is considered to be a good score to qualify for a BMW X5? [indian20]
by kyfdx@Edmunds HOST
May 07, 2012 (1:15 pm)
700+ will usually get you top tier credit on a lease with BMWFS..
I'm not sure how it works with lower than that...
#2424 of 2456 What to bring when shopping rates
May 09, 2012 (7:28 am)
So I know I need to shop around for the best loan rates, but what exactly do I need to bring to the dealership when I do this?
Can I just look at a bunch of banks websites, or do I need to get pre-approved from a bank?
Let's say I'm going with another bank, and not being financed by the dealership, how does that work? Ex: Let's say I've agreed on a price of a car and the F&I guys tell me they can't get me a better rate. At that point do I leave the dealership and go to the bank to get the actual loan before returning to the delearship? Will I be guaranteed to still get the car?
#2426 of 2456 success getting a car loan?
by Stever@Edmunds HOST
Jul 16, 2012 (1:50 pm)
A reporter is interested in talking to someone who had trouble getting a car loan but finally had success within the last couple of months. If you fit this description, please contact predmunds.com with a brief description of your experience and your preferred contact information by the end of day Tuesday, July 17, 2012.
Jul 17, 2012 (6:57 am)
I have a auto loan with chase Morgan. I Paid 29 days late on my 3rd and 4th payment. after 15 days I start to get calls. Lady tells me that even after the first day late I start adding more money to my loan!!!! I thought that was the late fee $15. She tells me that for the last 2 months I put on $480 more on my Loan! what is this? I had a loan with Ford credit and it was not like this.
#2428 of 2456 Re: Auto Loan [sibsoner]
Jul 17, 2012 (7:05 am)
Hmmm... well, maybe I'm wrong here, but I think what she may be referring to is the fact that your daily interest is increased when you don't pay on time. So, for instance, 1 day after your payment is due, you'll gain, let's say, $2.50 interest rather than the $2.45 interest you'd gain if you had paid on time.
In any case, $480 sounds REALLY excessive for 2 late payments if that is in fact what she is referring to.
#2429 of 2456 Re: Auto Loan [qbrozen]
Jul 17, 2012 (7:09 am)
Yes! that is somewhat what she said. She said it like if I paid early or something. but she said i put on $8 a day and that was $240 a month. This is insane to me.
#2430 of 2456 Re: Auto Loan [qbrozen]
Jul 17, 2012 (7:17 am)
I don't understand how this happen to me Am I that dumb? I can't get caught up and now I ad on $240 a month paying 30 days late each month I will never pay this off. Ford credit loan I took was not at all like this. I don't know what to do!
#2431 of 2456 Re: Auto Loan [sibsoner]
by Kirstie@Edmunds HOST
Jul 17, 2012 (7:36 am)
If you are near the beginning of your car loan, then the balance of the loan is high, and the interest is based on the balance of your loan. A higher interest rate could also contribute to the higher per-day charge.
In any case, the finance company does NOT want to repo your car. That is the last thing they want, just as it's the last thing you want. Try calling them back and talking to them about a payment plan to pay off the extra. If you don't get a satisfactory answer, ask to speak to a supervisor. Tell them you want to work with them. That's a good place to start.
#2432 of 2456 Re: Auto Loan [sibsoner]
Jul 17, 2012 (8:22 am)
I'm sure your Ford loan worked that way, too. They just never told you.
I still don't think its quite right, though. How big is your payment?
My guess is she recited the total interest charge to you, not just the difference between the interest if you paid on time and the interest when you pay late.