Quote:
Originally Posted by DroneandDone
I just checked the website for SoCal dealer claiming 6.25% APR for 800 or better credit. Is this for real?
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I think it's a bit of shady tactics from the dealership. When you apply through the dealership you're giving them carte blanche with your credit report. They can apply with any lender out there to find THEMSELVES the best deal for you. I was pre-approved with my bank (USAA) for 3.24%/72 mos or 3.09%/60 mos. BMW offered 2.89%/60 mos with $3K rebates. So I told the dealership I would use BMW or my financing only....not some other lender. In the end I used BMW since it was the best rate and offered rebates.
I think if you can't get approved through BMW, they'll throw your credit report to all other lenders to find you a loan. But OTOH, I think they might throw your credit out there to any lender anyways so they can get you a 72 month or 84 month loan or maybe even a better APR to get you a lower monthly payment so they can sell you additional warranties and paint protections, etc. It's all sleazy sales shit.