There were a lot of posts over the last few weeks regarding pre-approval financing & many banks were mentioned as a good place to secure a low rate. Having never used this method, I was curious to try it out b/c it seemed more convienent to show up at the dealer with a blank check, sign a couple forms & be on my way. I tried lendingtree, but ultimately chose to go with Etrade bank. I received their loan package & expect to get "the" call from my dealer this coming week, but I called today to check the delivery status & also mentioned that I'd be using a check from an online bank & was surprised to hear that my dealer didn't want to accept that as a form of payment. He cited bad past experience that delayed payment to the dealer for up to 2 months & said that he would match their offer with Nissan financing I assume. Since I know that a bunch of you are planning on using eloan or peoplefirst to finance the Z, I was curious if you had encountered any problems with your respective dealers. Are financing rates up to the dealer, or determined by results from a loan application? I just don't want to get stuck with a higher rate, if the dealer can't match Etrade's offer, maybe due to the unsually high number of loan requests over the last 2 weeks. Does anyone know if the dealer can technically refuse to accept a check that would get approved/verified by whatever check processing company they might use?
thanks
-J

 

Your contract/sales agreement should say final payment should be via bank check, etc., and this is a bank check......If they match or beat your rate with another, I would go with whomever they want.......what difference does it make who we send the monthly payment too, as long as the rate is same or lower.....

 

I bought a new PT Cruiser last week with a blank check from Roadloans. No problems, it was so easy. I have another with eloans for the Z, I don't expect any problems either.

 

BEWARE! That's all I can say. That sounds like the beginnings of a dealer scam designed to get your $$$. Read here to see what I mean.


Dealer Scams

 

Dealers make money on financing - that's why they like to do it. The diealer is just saying this to get you to give him the business instead of you giving it to someone else. If he matches their offer, you might want to consider it. But he can't make you finance it through him and if you've got a bank check from your lender its as good as cash. It never takes months to clear - thats total BS, pure and simple.

joe

 

thanks for the info guys. I thought it was strange that they didn't want me using another bank to finance the car. A couple of my friends know the owner of the dealership, so if I feel I'm being taken advantage of, I can always use that card...

 

J350,

Hey, could you tell me what the APR and length of the loan you were trying to get from Etrade. I have to finance too, but I'm not sure what the best way is. Thanks.

 

esk01998,
check out the 2 threads listed below that contain info on getting low rates from various online banks. Etrade bank offers a .25% reduction on the interest rate quoted, if you debit the monthly payment from a new or existing bank account through them.

https://my350z.com/forum/showthread....t&pagenumber=1

https://my350z.com/forum/showthread....t&pagenumber=1

 

thought this might help:
i have finaced 2 cars with on-line loans none of them had the blank check i have to tell you i love them but the dealers hate them with a passion it was hard telling them to just stfu and run my credit with them as they always require a down payment and with the online banks you dont. it was horrible experiance getting the dealer to accept my bring your own finacing so if you hate your dealer and want to shaft them some extra commision bring your own finacing haha thats all i can say

 

ooo one last note sopme dealers mark up the price on the car just because you have this financing but since we all got this all down on a prchase agreement i dont know how the dealers will take it

 

Hey All,
I just happen to get a telemarketing person call me on the phone about a home equity loan. Normally I just tell them to ****-off and hang up. I'm glad I did not on this one.
Here's the scoop: I securied a equity loan of $35,000.00. For the first six months the the APR is just 1.99% , after that the APR is at PRIME + 0. Which prime is at 4.75. I'm hearing that Greenspan is looking at lowering the rate another 1/4 to 1/2 a point. If that happens my rate will go down also. Now if he decides to raise the rate mine will go up. The great thing about a equity loan is that it is tax deductible.
Also, I will not have to pay closing costs because I pulled $10,000.00 within the first 45 days and just deposited in a cd account and I'm drawing 2.50 %.
Their website is http://www.compassbank.com
Their phone # is1-800-compass

good luck