Quote:
Originally Posted by Darkshear
on 1/15 I got a 2019 M5 Comp from a Mercedes dealer. 2.75% for 72 mos on a $59k loan, 872 score, low DTI. I couldn't pull off any better than that from any other lender. But in fairness if lenders are offering rates that aren't advertised publicly, I wouldn't know. Normally Wells Fargo isn't on the list of people I'd call to ask.
Just goes to show that right now, you can find cheaper money in places you aren't expecting. So ask every bank you do business with--don't just look at rates on their site, actually call and have a conversation. Especially if you already have a relationship with the bank.
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My point was indirect, not direct loans. You wont know the rates as its on the dealer side of the lender program. Thats where all the monster banks like Ally (largest auto stand alone lender), Wells, Chase, do the most of their retail installment contracts. It is not thru the end user going into their branch. Direct rates suck.
So the play is when you are at the dealer to ask them what banks they have. Based on what you told me Ill fathom the buyrate was lower and the dealer made some money in reserve. Its all good, it keeps them in business and 2.75 isnt that bad at all.