Quote:
Originally Posted by Vic55
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.
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AHHH gotcha. I tried that angle but sadly I was met with this exact response from the dealer “[finance manager] said submit to [my bank] they have rate we can’t beat”
That felt low effort and I was annoyed they didn’t even care to try. But I didn’t have a choice, I had to close that deal one way or another.
But I’m only keeping this M5 for a year or so, so the actual delta in interest paid in a year on 2.75% vs 2% is negligible. I regret nothing...except bragging rights on a 2% 6 year used auto loan hahaha