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Old 08-19-2022 | 12:21 PM
  #31  
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Originally Posted by TXRubicon
So I’m about 45-60ish days out. Curious what you folks are seeing for financing rates right now and with who. Any national banks or CUs have any decent rates?
I'm looking at Carolina Cooperative Credit Union to get my finance quote. On their website they are offering a promotional special (which hasn't seem to have gone away yet) for 2.25% for up to 84 months as long as you have a credit score of 780 or higher. I'm going to take whatever number they give me and then see if Porsche Finance can beat it. I know Porsche Finance would prefer to be the one to do the financing so I'm hoping that will incentivize them to give me a lower rate so I go with them.

I'm also going to be getting a quote from Alliant as well as my own Credit Union Patelco. Just to see what's out there. Patelco unfortunately used to have insanely low rates but I think minimum even with good credit is still something like 3.4% at 60 months for them. I got a quote from Alliant at the beginning of the year and at the time they were offering 3.5% for 84 months, however I expect that number to be higher once I'm ready to start financing the car.
Old 08-20-2022 | 05:08 AM
  #32  
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Originally Posted by ariazad
Currently, if you are doing 60-72 months, most places are hovering around mid 3's to high 3's. I use DCU and got 1.49% in April. They are now at 3.99%. NFCU is mid 3's. PenFed used to be amazing... now in the 5's!! yikes!
Fed is raising rates in Sept so expect rates to get up further.
Old 08-20-2022 | 10:05 AM
  #33  
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With markets crashing so much, I'd rather use the additional capital to DCA into the stock market over the next year or so. Financing makes more sense here to me even with the current rates. For a data point, my friend recently financed through DCU and got a 3.4% interest rate.
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Old 08-20-2022 | 10:58 AM
  #34  
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I am in the camp of wanting to build wealth and using my capital as efficiently as possible. While rates are still historically low, and with so many buy opportunities in equities, I finance/lease auto purchases and put my cash into the markets.

I bought my Spyder just over a year ago and financed through my credit union for 60mos @ 1.49%. 100% of purchase including TTL + dealer fees.
Old 08-20-2022 | 11:30 AM
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Originally Posted by Xxyion
I'm looking at Carolina Cooperative Credit Union to get my finance quote. On their website they are offering a promotional special (which hasn't seem to have gone away yet) for 2.25% for up to 84 months as long as you have a credit score of 780 or higher. I'm going to take whatever number they give me and then see if Porsche Finance can beat it. I know Porsche Finance would prefer to be the one to do the financing so I'm hoping that will incentivize them to give me a lower rate so I go with them.

I'm also going to be getting a quote from Alliant as well as my own Credit Union Patelco. Just to see what's out there. Patelco unfortunately used to have insanely low rates but I think minimum even with good credit is still something like 3.4% at 60 months for them. I got a quote from Alliant at the beginning of the year and at the time they were offering 3.5% for 84 months, however I expect that number to be higher once I'm ready to start financing the car.
Carolina Cooperative will only fund auto loans up to 100% of the cost of the vehicle. In other words, they will not cover TTL last I checked (2021). Not sure how they will view ADM either. You will want to look into this.
Old 08-20-2022 | 02:26 PM
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Originally Posted by Clark_Kent
Carolina Cooperative will only fund auto loans up to 100% of the cost of the vehicle. In other words, they will not cover TTL last I checked (2021). Not sure how they will view ADM either. You will want to look into this.
Do lenders typically/ever consider ADM part of the value of the vehicle (for that matter, how does GAP coverage usually treat it)? I've been assuming that for my LTV target I should be looking at sticker price only for the "value" side of the equation, and expecting to pay the ADM hit out of cash, but I admittedly have not really researched it yet.
Old 08-20-2022 | 02:39 PM
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Originally Posted by Zhao
There is a large dealer group in my region that refuses to sell a car unless it is financed. 20-30 dealerships big. My understanding from people that tried to pay cash for cheap stuff was they’d let you walk rather than take cash and it was like that pre-covid.
That could be interpreted as illegal. If you have negotiated the price of the car and then they force you to finance through them, they are actually forcibly increasing the price of the car outside the contract for sale. Of course, you could finance, then immediately pay off the loan. A good strategy may be to go into the deal appearing as if you are going to finance a lot so you can get the best possible price, terms, etc. then just pay off the loan the first month.
Old 08-20-2022 | 02:41 PM
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Originally Posted by brock256
Do lenders typically/ever consider ADM part of the value of the vehicle (for that matter, how does GAP coverage usually treat it)? I've been assuming that for my LTV target I should be looking at sticker price only for the "value" side of the equation, and expecting to pay the ADM hit out of cash, but I admittedly have not really researched it yet.
We are all in uncharted territory with all the ADMs on even "regular" cars. Not sure any insurance company has meaningful experience on how to handle this.
Old 08-20-2022 | 04:30 PM
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Originally Posted by Xxyion
I'm looking at Carolina Cooperative Credit Union to get my finance quote. On their website they are offering a promotional special (which hasn't seem to have gone away yet) for 2.25% for up to 84 months as long as you have a credit score of 780 or higher. I'm going to take whatever number they give me and then see if Porsche Finance can beat it. I know Porsche Finance would prefer to be the one to do the financing so I'm hoping that will incentivize them to give me a lower rate so I go with them.

I'm also going to be getting a quote from Alliant as well as my own Credit Union Patelco. Just to see what's out there. Patelco unfortunately used to have insanely low rates but I think minimum even with good credit is still something like 3.4% at 60 months for them. I got a quote from Alliant at the beginning of the year and at the time they were offering 3.5% for 84 months, however I expect that number to be higher once I'm ready to start financing the car.
I used Carolina cooperative. Easy process! Would definitely use again
Old 08-21-2022 | 12:04 AM
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Originally Posted by MEM82
I used Carolina cooperative. Easy process! Would definitely use again
Can anyone join or are there restrictions?
Old 08-21-2022 | 12:37 AM
  #41  
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Originally Posted by Clark_Kent
Carolina Cooperative will only fund auto loans up to 100% of the cost of the vehicle. In other words, they will not cover TTL last I checked (2021). Not sure how they will view ADM either. You will want to look into this.
Thats actually fine foe me as i've already paid half my ADM as a deposit and i plan on paying the rest when i get the car and then just financing the rest. So any tax + fees that i have to pay i'll probably just pay off immediately as well. With rates this low i dont mind financing a higher amount than i originally planned to and investing the rest of the money i would have initially put towards the car.
Old 08-21-2022 | 07:41 AM
  #42  
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Originally Posted by usctrojanGT3
Can anyone join or are there restrictions?
On their Application page....
"If you are looking to refinance your current auto loan or lease buyout, please note that we are only able to refinance auto loans for those who reside in North Carolina or its connecting states, and private vehicle sales are only obtainable within the state of North Carolina."
Old 08-21-2022 | 09:46 AM
  #43  
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Originally Posted by GrandPaJohn
On their Application page....
"If you are looking to refinance your current auto loan or lease buyout, please note that we are only able to refinance auto loans for those who reside in North Carolina or its connecting states, and private vehicle sales are only obtainable within the state of North Carolina."
I joined many years ago and at the time you were able to join if you lived, worked, worshiped or studied in Gaston County, NC. Another way into the membership is if you were a member of the North Carolina Consumers Council. I got in by signing up for the NCCC. Not sure if that's still an option.
Old 08-22-2022 | 02:23 PM
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I'm no North Carolina but Navy Federal was offering the same rates as NCCC so I locked in with them.
Old 08-22-2022 | 02:29 PM
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I've used PenFed for about 15 years but switched over to Lightstream a few years back simply because they let me title in my name with no lien. Makes buying and selling cars really easy when you hold the title. Not sure if anyone else allows this.


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