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Discussion Starter · #1 ·
So, I've been waiting a long time to purchase a new car for my wife. She's got a 95 Explorer, that has done well, but it's time to get something more reliable. We both have great credit, mine being over 730 and we have no debt. So, we found an Acadia with the options we wanted (the one in my sig). I'm a believer in that, if you're going to spend over 1,000, might as well get exactly what you want, or just don't spend money at all. Well, I dropped by the local credit union that i've been a member of for over 6 years and they only approved me for 2/3 of what I wanted. I had 7k to put down, but that didn't seem to matter. So, pretty much, because I am 22 and only 5 years of credit history, they don't want to loan me money.

I'm really frustrated- because I was hoping to get their 5.9% financing, instead of the dealerships (who knows how high). I'm now waiting on the dealership to tell me what they can do for me on a used 2008 Acadia with ~2,500 miles. It seems like everyone else I know in college and around town, rides around in these crazy priced cars and make less than half of what I make every year. What's the deal!?!?!
 

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Good question. I think that the economy and the banking situation has significantly tightened things up. I bet 1 year ago you would have gotten the money with no questions.
 

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Sounds kind of strange to me. One of the areas that is used to figure your credit score is the number of years you have had credit. To have a score of 730 is excellent at your age as far as I'm concerned. I would shop around at other banks and credit unions and see if there are any takers. Did you ask about GMAC financing through GM?

I'm a bit older, but my finacee is 27 and my score was 769 and hers was 780 and our credit union was almost drooling when we came to get a loan for our Acadia in September.
 

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My wife and I have credit scores above 750. My credit union will give us 4.49% for 60 months but I will probably use the dealer's 4.49% financing when I go buy my Acadia tonight. This saves me an extra trip back and forth from the dealership to the credit union with the window sticker and buyer's order. The 4.49% is with automatic payment withdrawal from our checking account and less than 80% loan to value. The discount off sticker, $6,000 in rebates, and $500 deposit cover the 20% equity. We each have about 10 years of credit history and never a late payment.
 

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4LitreRR - Do I understand correctly that you are buying used? I think when buying used it is more difficult to get a loan as you don't have all the discounts, rebates, etc. that can make the loan to value ratio look better. I am also pretty sure that used car loans have higher rates than new car loans. Let us know what the dealer offers.
 

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Discussion Starter · #6 ·
Yes, I am buying a used 2008 Acadia with about 2,500 miles. The dealership did approve me for the car, but I haven't gotten any details yet. All I know is they approved me with 5k down. The F&I person hasn't called me back yet to discuss interest rates and such.
 

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Take a look at Pentagon Federal Credit Union (don't need to be in the military), their rate is 4.75% for new (up to 72 months) or used (up to 60 months). We used them for our purchase and it worked out great. Their web address is: www.penfed.org
 

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If nothing else, congrats on the FICO score. We breezed through in September also @ 5.19% w/ 0 down. I get the impression that it would be a good bit more difficult now, so I'm paying cash for the next vehicle (if it ever gets built LOL). Stuff like this is why some are upset with the banks (again)- the bailout was for them to loan money, not hoard it.
 

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Discussion Starter · #9 ·
Thanks for the info about Penfed. That's a great rate- I guess the interest rate is not going to be a huge factor in the end for our case. As we will be paying off the car in the first year. I would have waited to pay cash in the beginning, but I just don't trust our explorer on long trips anymore. Also, my wife will be pursuing her Harp career a bit more than before. She'll most likely have gigs almost every weekend, so it's a little embarrassing sometimes pulling up to these extremely nice hotels in a 95 Explorer that has a little character (althought not bad for 95). Of course, there's nothing wrong with driving an older car, but it does make a better impression if you drive a nice car in her profession.

By the way... if anyone needs a harpist for their Wedding or Special event in Florida, let me know! :thumb:
 

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Wedding is out- Mrs. Blue is a keeper! As far as special events, I'd go for it when I bring the Challenger back, but the guys at the other forum would never let me live it down. :-[
 

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I also think that the reason they are not lending you the money is due to the financial mess. But with your credit I don't see a problem you just got to try other places.

I just bought a 2008 used. I got it on a Sunday at Carmax which does not do Credit Unions but told me that I had 5 days to get a better deal locally. Carmax approved me for 100% at 7.5% and I took it since I knew I could get bettter at my CU. I have a 780 credit score. My CU approved me for no down up to 7 years at 5.09%. We decided to just take the loan for 3 years and put some moeny down.

After I got the loan I asked the gir who was helping me If I could have gotten a better rate and she told me that I got the 1st tier intrest. The second tier was 5.99% at around 750 FICO. So paying the bills on time and never missing a payment helped me here. :cheers:
 

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Welcome to the "credit crunch"...try a different financial institution, you should find favorable loan terms from another bank based on your overall credit profile.
 

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Discussion Starter · #13 ·
Alright- Got approved at 7.5% with 6k down for 72 months. I'm happy with that right now. Going to pick up the car on Monday and say goodbye to our faithful Explorer. Getting tint put on next week as well to make it match the back two windows. Have to say, I am pretty dang excited. This car will be my first car purchase, as well as most expensive purchase so far. Although if I hadn't gotten married last year, then I would have a Z06 sitting in my driveway right now- :eek:hno:

Kidding of course. Marriage is GREAT! As long as you keep working on it....

Anyway, new car! Sweet!
 

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CREDIT UNIONS PLEDGE $10 BILLION IN AUTO LOANS ... A group of credit unions from Michigan, Ohio, Indiana and Illinois is pledging $10 billion in low-cost auto financing to its more than 12 million members for the purchase of General Motors vehicles, according to a report in Automotive News. The plan is called Invest in America, according to a news release posted on the Michigan Credit Union League’s Web site.
“This new arrangement with Midwest credit unions creates a tremendous value for GM and for thousands of credit union members,” said Mark LaNeve, GM vice president of vehicle sales, service and marketing, in the release. “We appreciate the credit unions’ promotional support and are pleased to make this offer.”
The program will run through June 30. It offers eligible vehicles at a price discount to credit union members and their households. Members who buy cars under the program also are eligible for $250 in bonus cash until Jan. 5.
Automotive News said the program will be tested in four states, possibly going nationwide next year, and added that the Michigan Credit Union League is also talking to Ford Motor Co. and Chrysler LLC about similar programs. Read the full article here:
http://communicator.gm.com/newswire/uploads/intlnews/MW_CU.pdf
 

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4LitreRR said:
...Although if I hadn't gotten married last year, then I would have a Z06 sitting in my driveway right now- :eek:hno:

Kidding of course. Marriage is GREAT! As long as you keep working on it....

Anyway, new car! Sweet!
Congrats on becoming an owner!

Hang in there! You have a few mid-life crisis events to weather look forward to- usually solved by a Corvette, Trans Am, etc. :)
 

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Blue_2009_SLT2 said:
Hang in there! You have a few mid-life crisis events to weather look forward to- usually solved by a Corvette, Trans Am, etc. :)
I've gotta talk to my wife. I understood that the solution was expensive clothes or jewelry. :)
 

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GAR said:
Blue_2009_SLT2 said:
Hang in there! You have a few mid-life crisis events to weather look forward to- usually solved by a Corvette, Trans Am, etc. :)
I've gotta talk to my wife. I understood that the solution was expensive clothes or jewelry. :)
This all depends on which way your flag is flying!
 
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