twisted Posted November 26, 2004 Share Posted November 26, 2004 Hey all, Just trying to get a feel for the Finance rates you all managed to get compared to your Credit Score from SOA My bro is a 620 with 33 accounts (most with $0 balances) and a total balance on all of $1500. Thats really not a lot of money to owe since most consumers owe way higher that that. His only downside is that he has 3 accounts for a total of $400 (old phone bills from college days we think). Needless to say he will correct those. These 3 accounts are causing low score. What rate can we expect from SOA with his score? (Also if anyone can tell me what tier corresponds to what range of credit score would help) Example Credit Score of 800 Recd 2.9% APR from SOA Link to comment Share on other sites More sharing options...
Rockinblue Posted November 26, 2004 Share Posted November 26, 2004 Why not call up a local dealer and ask? :cool: Link to comment Share on other sites More sharing options...
CDubbs Posted November 28, 2004 Share Posted November 28, 2004 My credit score was horrible due to student loans that I have that the Nat'l guard is paying off. So my debt to income ratio looks worse than it is. My wife had a 708 so we proceeded with her as the primary buyer. On the plus side the way the dealership worked we negotiated a monthly payment and as part of the deal they had to give me that amt so if they had trouble getting me a rate low enough for that payment, they would have to manipulate the purchase price of the car. So with my crappy score and her 708 I got 5.9 percent at the agreed upon payment of 400/mo. Fortunately I am refinancing for 3 percent when I get home with a military only bank so I got a deal off of having my crappy credit and an alternate way to finance. Not sure if it helps, but I figure one real world outcome reply is better than 0 at this point. No, the name has nothing to do with bragging about 20 inch wheels... Link to comment Share on other sites More sharing options...
PGT Posted November 28, 2004 Share Posted November 28, 2004 The dealer told me a 720 is the threshold to get 2.9%. Luckily, I was able to get that. On a side note, my girlfriend went through Costco to get her loan on her new Mini Cooper S convertible. They work with CapitalOne and offer a 4.04% rate for executive members. She didn't qualify for that rate, but they did offer her 5% for 60 months. Not bad considering she had some marks on her credit record from debts her ex incurred (in both their names) while she was married. I belong to NFCU and USAA (both military personnel-related organizations) and they couldn't go below 4% up front, though USAA said they match the best deal I could find. I didn't see any reason to go with them over the SOA financing (gap insurance was the only benefit). Anyways, hope this helps! Link to comment Share on other sites More sharing options...
carman493 Posted November 28, 2004 Share Posted November 28, 2004 700+ credit score, 3.9% for 72 mos. Link to comment Share on other sites More sharing options...
KTM 525 Posted November 28, 2004 Share Posted November 28, 2004 I have the Subaru Motors finance sheet right in front of me.These are thru Nov,30 FICO score of 700+ as stated above is 2.9% for 37-48 or 48-63 months.FICO of 660-699 is 3.9% and 659 or below is 4.9%. Link to comment Share on other sites More sharing options...
05USdmGTgUy Posted November 29, 2004 Share Posted November 29, 2004 620 would be a tier 3/4 and "SOA" which you should call Chase Manhattan bank would not do you at all. I am also a 620 AND I work for a Subie dealer for 6 years. They had to call in a favor at a local bank and got me 7.9 That should be around where you get. At least that was the best in Illinois , and rates can change state to state. Mike..... Link to comment Share on other sites More sharing options...
Flanders Posted November 29, 2004 Share Posted November 29, 2004 Does anyone know which credit company they check with? For those with bad credit check out [url]www.lexingtonlaw.com[/url] I recently started working with them to fix up my credit. Things are looking better after the first round. Link to comment Share on other sites More sharing options...
Beanboy Posted November 29, 2004 Share Posted November 29, 2004 700+ needed for the 1.9% for 36 month deal I assume? -B -B http://www.standardshift.com Link to comment Share on other sites More sharing options...
KTM 525 Posted November 30, 2004 Share Posted November 30, 2004 Yup 1.9% is 0-24 months or 25-36 months on Tier 1 (700+) Link to comment Share on other sites More sharing options...
Legacy05 Posted November 30, 2004 Share Posted November 30, 2004 Nice .. so at least this gives me an idea, I ran a credit score check on myself not too long ago and it was close to 770 ... so at least I now know I should be able to get a good interest rate. I can't wait until after taxes next year! Link to comment Share on other sites More sharing options...
Driver72 Posted December 1, 2004 Share Posted December 1, 2004 33 accounts!!!!! Yikes. that's what's giving him a lower credit score. More accounts doesn't mean better credit. Too many accounts scare credit bureaus...they think and rightfully so, that if you have that many open accounts, it's possible and plausible that you could max out each one of them and be neck deep in debt. Unless your limit is low, is there a need for more than one or two credit cards? NO. EVERY time you sign up for a new card, or something, they run a credit check. Too many credit checks in a short period of time also lowers your credit score. Credit bureaus again wondering what you are up to. Tell him to close all his accounts that he doesn't NEED or has zero balances on. Make sure he gets it in WRITING that the account was CLOSED. Sometimes they say they'll close them for you and really leave them open. So it's important to get that letter that the account has been completely closed. As the one poster said, just call up a sales manager, tell him you have a 620 score and owe about $1,500. Ask him what kind of finance rate he thinks you could get. Link to comment Share on other sites More sharing options...
Boostjunkie Posted December 1, 2004 Share Posted December 1, 2004 Closing accounts is a good idea when you have too many open accounts. 33 is too much. However, if you don't have an excessive number of accounts, closing some can do more harm than good. Part of your credit score is based on the average age and total length of credit history. By closing accounts, especially your oldest ones, you will effectively make your average open account time shorter. This can lower your score. You really have to find the right balance. Definately get the open delinquent balances paid off now. Some creditors will even negotiate a settlement for less than the amount owed, especially if the outstanding balance is old. Building good credit isn't hard. I went from a 570 score about 2 years ago and I'm around 750 now. Just pay your bills on time and don't go out and apply for more credit than you need, and understand the difference between NEED and WANT in your purchases. Link to comment Share on other sites More sharing options...
plunk10 Posted December 2, 2004 Share Posted December 2, 2004 call your favorite bank to find out what rate you qualify for. You need to have a comparison BEFORE you set foot in the dealership. This insures that the dealer won't rape you (because many will try). Remember, dealers make commissions on selling higher finance rates too. Link to comment Share on other sites More sharing options...
twisted Posted December 2, 2004 Author Share Posted December 2, 2004 Yea he has a lot of cards from college days for emergencies. But he has a very low balance of $1500 total. He will close a lot of those accounts because all those open accounts are a high risk from the bank/lenders side. That should help him out. We went to the local dealership and they offered us 4.9 APR and we are not thrilled about it. He did say the Invoice was 28800 (and i was like yea right, like i dont know what the invoice is on the LGT LTD with 5EAT) He did leave us room for negotiating but we were in a hurry and not looking to buy that day but just looking to see what APR we can get, so we got out without getting hasseled much. We have deferred purchase plans for a month or two. But we plan on goin to the same dealer and work on that 28800 price. I want the car for 1200 below the real invoice (not his invoice price of 28800) He did say that since Feds are raising rates by a point the 4.9 may actually go up so thats not good news but we'll see. Also we'll try my bro's local bank that hes a had a good relationship with for years past.Thx for posting all your experiences. Link to comment Share on other sites More sharing options...
twisted Posted December 2, 2004 Author Share Posted December 2, 2004 [quote name='Boostjunkie']Closing accounts is a good idea when you have too many open accounts. 33 is too much. However, if you don't have an excessive number of accounts, closing some can do more harm than good. Part of your credit score is based on the average age and total length of credit history. By closing accounts, especially your oldest ones, you will effectively make your average open account time shorter. This can lower your score.[/QUOTE] I have asked my bro to close at least 10 accounts that he does not use. Like stupid best buy card and marshall field and other store cards that havent been used in at least 2 years (as you can tell we are not shop-aholics) [quote name='Boostjunkie']You really have to find the right balance. Definately get the open delinquent balances paid off now. Some creditors will even negotiate a settlement for less than the amount owed, especially if the outstanding balance is old.[/QUOTE] Actually all delinquent accounts have been long cleared (i didnt read the report correctly). Its just that they show up on the report none the less. Link to comment Share on other sites More sharing options...
plunk10 Posted December 2, 2004 Share Posted December 2, 2004 [quote name='twisted']He did say that since Feds are raising rates by a point the 4.9 may actually go up so thats not good news but we'll see. Also we'll try my bro's local bank that hes a had a good relationship with for years past.Thx for posting all your experiences.[/QUOTE] another reason to talk to other banks. Salesmen will use anything to convince you to buy today. I doubt the Feds will raise rates a whole point in the short term. Still he needs to have other financing available in case the dealership won't budge on their interest rate (profit!!). Once the dealer calls your bluff, and you show him the approval letter from a separate bank, the dealer will then budge on their rates to try and beat the other bank's. For some financing tips, here's a slightly dated, but decent resource for car buying. [url]http://www.carbuyingtips.com[/url] Link to comment Share on other sites More sharing options...
Beanboy Posted December 2, 2004 Share Posted December 2, 2004 Well, I guess I have a rough idea of my credit rating now, hehe. -B -B http://www.standardshift.com Link to comment Share on other sites More sharing options...
KTM 525 Posted December 2, 2004 Share Posted December 2, 2004 [quote name='twisted']we plan on goin to the same dealer and work on that 28800 price. I want the car for 1200 below the real invoice (not his invoice price of 28800) [/QUOTE] 1,200 below invoice wow that would be a steal and a half. I just inked an order on my LGT on Monday and paid 350 below invoice. I thought I did pretty good. Considering from the info here the dealer is making about 700 dollars on my car 1,200 below invioce would be less than the dealer paid for the car including the holdback. Link to comment Share on other sites More sharing options...
frontrangeSubie Posted December 3, 2004 Share Posted December 3, 2004 [quote name='twisted'] I want the car for 1200 below the real invoice (not his invoice price of 28800)[/QUOTE] Uh....right....... Link to comment Share on other sites More sharing options...
PGT Posted December 4, 2004 Share Posted December 4, 2004 [quote name='KTM 525']1,200 below invoice wow that would be a steal and a half. I just inked an order on my LGT on Monday and paid 350 below invoice. I thought I did pretty good. Considering from the info here the dealer is making about 700 dollars on my car 1,200 below invioce would be less than the dealer paid for the car including the holdback.[/QUOTE] I got my car for $975 below invoice, but they made me pay the $250 SOA advertising fee. So, call it $725 below invoice. Some dealers are willing to sell a car at no profit if it is the end of the month and they need the sale for their volume target. Link to comment Share on other sites More sharing options...
anthony496 Posted December 4, 2004 Share Posted December 4, 2004 So what was the actual cost of your new Subie, and what options did it come with? 3 weeks ago I purchased my 05 LGT 5spd MT (not a Limited) with Security System Upgrade, Auto Diming Mirror, and All weather floor mats for $24,806, Edmunds.com confirms this as the invoice price. Sticker was $27,006.00. I got the 2.9% financing as well. I can't imagine they would have gave me this car for any less and still gave me the 2.9% financing. Link to comment Share on other sites More sharing options...
KTM 525 Posted December 4, 2004 Share Posted December 4, 2004 The price you settle for on the car should have nothing to do with the interest rate you get. Interest rate should be given solely on your credit scores. Link to comment Share on other sites More sharing options...
twisted Posted December 15, 2004 Author Share Posted December 15, 2004 Hey if avishar can do it so can i !!!!!i want it way below invoice!!! Link to comment Share on other sites More sharing options...
dklansky Posted July 18, 2005 Share Posted July 18, 2005 Do you happen to know what the current FICO brackets are for the rates? [quote name='KTM 525']I have the Subaru Motors finance sheet right in front of me.These are thru Nov,30 FICO score of 700+ as stated above is 2.9% for 37-48 or 48-63 months.FICO of 660-699 is 3.9% and 659 or below is 4.9%.[/QUOTE] Link to comment Share on other sites More sharing options...
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