Anyone else disappointed with financing?

[subiesailor]

You can still go and get financing through your choice and simply pay off the loan they set you up with. The dealer doesn't care given at this point they can't do anything about it anyway - you own the loan with the bank they were simply the middle man who has no say on what you do from here.

[subiesailor]

Originally Posted by Se7enLC

Yeah, and when I called them just now they seemed genuinely uninterested in my complaint and made no attempt to make it right. When I got off the phone with them, I said "I hope your dealer enjoys the incentive at the expense of your customers experience"



I may just do that. I had intended on paying off a large chunk as soon as the first bill came in anyway, but now I may just pay the whole thing, instead. Problem is, it's much more difficult because my money is mostly in online accounts that I can't write a check from.

We use Orange money market account which you have old school checks for if you want. We simply drop market money into that account and cut checks for big ticket items that way. And if some cash sits in there you still get a tiny bit of interest on it LOL.

[statueim]

Originally Posted by Se7enLC

I may just do that. I had intended on paying off a large chunk as soon as the first bill came in anyway, but now I may just pay the whole thing, instead. Problem is, it's much more difficult because my money is mostly in online accounts that I can't write a check from.

Be careful with this option and make sure to read the fine print about fees for paying off your car loan too early. Might still be worth it to pay the fees and get out rather than waiting and ending up paying more than you intend in interest (especially since your main complaint is inconvenient payment options).

[jogosub]

I've used Subaru/Chase Financing on all my Subarus that I own/or have owned, except the first one, that I have financed through local Credit Union. Going through "local banks" is simply an additional revenue for the selling dealer!

[Se7enLC]

Originally Posted by statueim

Be careful with this option and make sure to read the fine print about fees for paying off your car loan too early. Might still be worth it to pay the fees and get out rather than waiting and ending up paying more than you intend in interest (especially since your main complaint is inconvenient payment options).

That one I made sure of ahead of time, because I intended to pay off a large chunk of it as soon as the first bill came in - no fees for an early payoff.

[jogosub]

Se7enLC
If you refer to Ing Direct Orange - 100% online bank - I have used this bank ever since they came to the US (from the Netherlands). As you know, they have been bought by Capital One and they will change the name starting February 2013 to Orange 360. That seems to be the best bank in the U.S. for several years now.... Ally Bank is breathing on their necks but cannot match their services.

[subiesailor]

Originally Posted by jogosub

Se7enLC
If you refer to Ing Direct Orange - 100% online bank - I have used this bank ever since they came to the US (from the Netherlands). As you know, they have been bought by Capital One and they will change the name starting February 2013 to Orange 360. That seems to be the best bank in the U.S. for several years now.... Ally Bank is breathing on their necks but cannot match their services.

Yep

[Se7enLC]

Originally Posted by subiesailor

You can still go and get financing through your choice and simply pay off the loan they set you up with. The dealer doesn't care given at this point they can't do anything about it anyway - you own the loan with the bank they were simply the middle man who has no say on what you do from here.

Well, "simply" is oversimplifying it. "New Car" is a very specific kind of loan that is a very low rate. The rate I got quoted for a new car, I cannot get with another bank now that I am no longer looking for a "New Car" loan - I am refinancing a loan, which is a much higher rate. I did look around for rates, and I'm not unhappy with the 1.9 that they gave me, but I guess this just goes to show that interest rate is not the whole picture. I wouldn't have been able to get a quote from subarufinancial without actually going through the dealer anyway. The only thing I could have done differently would have been to specifically ask for other bank options from the finance guy at the dealership. If I knew than what I know now!

So while I *can* still go through whatever financing I want, I missed out on the opportunity to get a "New Car" loan at a competitive rate from a decent bank. My options now are much more limited and all involve a much higher rate.

"Can't do anything about it" is not the same as "doesn't care". It's not good for a dealership to have a brand new customer unhappy with their experience when it's something they were fully in control of. Sure, they can't do much about it now, but they didn't even pretend to be interested in finding out what went wrong or apologize for not giving me all my options.

In the end it was my mistake for believing them when they surprised me with "Belmont Savings", but since the rate was agreeable and I didn't know there was an alternative, I didn't put up much of a fuss. I guess I should have!

[rico567]

Having learned our lesson many years ago in a mortgage refinance, we will never take out a loan anyplace that doesn't service the loan themselves (i.e., they guarantee they will not sell the loan). That is rolling the dice, and if they come up snake eyes a constant and recurring hassle is the result. I would certainly never base a decision on where to take out a loan simply on the interest rate.

[Se7enLC]

Originally Posted by rico567

Having learned our lesson many years ago in a mortgage refinance, we will never take out a loan anyplace that doesn't service the loan themselves (i.e., they guarantee they will not sell the loan). That is rolling the dice, and if they come up snake eyes a constant and recurring hassle is the result. I would certainly never base a decision on where to take out a loan simply on the interest rate.

I think my flexibility ended up being my downfall for this one. If I'd been overly concerned with the loan, I probably would have paid more attention to the process and nitpicked a lot more. Dealers LOVE to work with monthly payments, because it's easy to mask the total price for a car when you take trade-in, down-payments, and loan terms into account. Because I had the money to just pay outright if the loan wasn't favorable, I was able to keep the discussions on the total price of the car, rather than the financing. When it finally came down to the financing, I think they knew that it wasn't going to make or break the deal for me no matter what they offered. Why not take the incentives at that point, I guess. I should have cut them a deal and split the incentive with them :-P.