Chase lowered my APR

[kiem]

At the time of the deal, I signed a 60month with 4.9%. Just got the letter in the mail saying my APR was lowered to a 3.9%.

 

I wonder if anyone has the same experience. My first installment, I paid $2,000 instead of the monthly of $455. I dont know if they lowered because they sense that I'm trying to pay it off as soon as possible or what.

[inthedeck]

Wow, I wish I got a letter like that...that would be the bomb! So, did your payment go down as well? or did they just adjust everything, and keep the payment the same?

[starlabs]

My bet is on that nice $2k first payment. I've never heard of a credit card company or bank lowering the apr (unless a customer requests it first, in the case of credit cards).

 

Those sneaky companies.. wanting you to pay more interest

[bmorrisj]

oh a lower apr would be so great....

[elle]

if u find out a reason why they did that, pm me. my apr is 5.9 or so, and i'd REALLY like to bring that down... by what percent did you bring down the total of the loaned amount when you paid 2000? let me know, because if the reason is that 2000 extra payment, i'd like to do the same! i could totally use a lower apr.

[RuskiTrombone]

If you lower it from 5.9 to a 4.9 you'll save what about 8 bucks a month? Thats a total of 400 dollars in a whole five years.

 

I sell cars and work with lenders all the time so I have no idea why/how your bank would lower your interest rate out of nowhere. It just does not make sense. I would reread the letter and talk with the bank to find out exactly what is going on. Interest rates are on the rise yet they lower your rate due to what? The 2000 dollar down that you put simply bypassed any interest and lowered your total borrowed amount and has nothing to do with interest.

[PGT]

I got 2.9% for 60 months.

[RuskiTrombone]

Elle,

 

If you want to bring down your payment you can simply refinance through a different bank or credit union.

 

I financed my used legacy through my credit union and got a 4.5% apr. If you do not belong to the millitary or a credit union I can arrange for you to join a credit union to get that 4.5%.

[kiem]

My payment goes from $455 to $444 a month as a result - so merely $450 savings for the next 5 years.

 

I just called up chase to ask about this. They said the dealer had mistakenly given my a higher rate than what I should get. My FICO score is 749 and I put in $8000 for downpayment.

 

Patagonia got 2.9% - did you get the $1500 rebate though?

[PGT]

I paid $975 below invoice and got 2.9% for 60 months, plus $17200 on the WRX in trade (Guaranteed Trade-In Program). It was the best deal around back in November.

[rallispec]

I paid $975 below invoice and got 2.9% for 60 months, plus $17200 on the WRX in trade (Guaranteed Trade-In Program). It was the best deal around back in November.

 

thats more or less the same deal I got on my LGT, minus the trade on a WRX. that was at the end of January.