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Finance Question

Hokie_5

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Looking for options on what I should do. I plan on putting a 15K down payment when I pick up my 4R. I am out of state so they will not let me bring my own financing. They are offering 7.31% Interest on the loan, I have been pre approved to get 5.13% from a local credit union. The dealer has made it seem they won't budge and told me to just refinance with the local credit union when I get back in town. The question I have is should I just not put any money down with the dealership and put it down when I do the refinance? Or does it not really matter?
 

zgreen

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Looking for options on what I should do. I plan on putting a 15K down payment when I pick up my 4R. I am out of state so they will not let me bring my own financing. They are offering 7.31% Interest on the loan, I have been pre approved to get 5.13% from a local credit union. The dealer has made it seem they won't budge and told me to just refinance with the local credit union when I get back in town. The question I have is should I just not put any money down with the dealership and put it down when I do the refinance? Or does it not really matter?
I’m not super up on these sort of things, but if you finance with your credit union, won’t they just cut a check to the dealer in your name to pay the balance of what’s owed after your $15k check? I’d give the CU a call and see what they say. If the dealer says they won’t accept an out of town check, how were you going to pay for your $15k? I would think they aren’t going to turn down a check from whomever to pay for it. Just a thought!
 

Mudbath

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A lot of times dealers will want you to finance with them as they get a piece of the action. Did they actually "run the numbers" for you, or did they put together a hypothetical deal to show you the payments, with a 15k down payment? I experienced the latter when I bought mine, I had 5.75 lined up, they put together a deal showing me payments with TRD at 7.25. When I showed up with my down payment, they were able to get me 6.25, which came down .5 once I signed up for eBilling and AutoPay.

I have also had the experience where I brought a third-party check (Credit Union) for the full amount, but the dealership insisted on an approved credit app incase the check didn't clear šŸ˜‚

Never mind that it was drawn from Boeing Employees' Credit Union, the 3rd largest in the country 😁
 

72and10bulls

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Looking for options on what I should do. I plan on putting a 15K down payment when I pick up my 4R. I am out of state so they will not let me bring my own financing. They are offering 7.31% Interest on the loan, I have been pre approved to get 5.13% from a local credit union. The dealer has made it seem they won't budge and told me to just refinance with the local credit union when I get back in town. The question I have is should I just not put any money down with the dealership and put it down when I do the refinance? Or does it not really matter?
That is the dumbest thing I have ever heard. $$$ is $$$. I brought an approval authorization to my dealership and they could not match the 72 month 5.94% from BofA. Ask the finance manager to provide you written literature on the dealership letterhead stating you can't bring $$$ from out of state. Also someone mentioned what about your down payment from out of state. Do you have to go to the local bank and exchange your states greenbacks for their states greenbacks. Watch for another tricks up that dealerships sleeves. You may end up with a different price than agreed on in the finance office.
 

Stormie_SS

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I just bought mine out of state and they also would not let me bring my own financing. That’s ok, I will just refinance with my bank when I get home. I’ve done this numerous times (refinancing after the fact) and they will want your buyers order so you will need to put the money down as planned. Then all your CU has to do is cut a check to whatever bank they got approval through and it’ll be like that other bank didn’t exist. Heck if you’re lucky, you may not have a payment for 2 months depending on when you do the refinance.
 

4RunnerTony

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The dealer is getting a commission on the financing. Make sure there is no prepayment penalty. You can then go to your credit union and refi the dealers loan. I have done this many times.
 

T4R_Pro

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Dealerships who know you will refinance try to tell you to do it after 3-6 months, i just say ā€œyesā€, ā€œokā€ .. LOL.
You dont need to do that. I always refinance the moment i receive my first bill. Then you already have the account number where your bank can send the payment to.
As far as when you need to put your lump downpayment, i would do it at the dealership. That initial 45-days waiting for your first due bill, the interest is already accumulating. The more downpayment you make, the less interest you pay on the first payment. Refinancing with your bank just continues upon that remaining amount with their lower rates.
Hope that helps.
 

Xhale760

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I put 20k down through Toyota and got 5.5% my first Toyota purchase as well.
 

4RunnerStan

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The dealer saying they won't let you bring your own financing because you're at out-of-towner is a red herring. They are using that as an excuse, but the real reason is they get a kick back from the bank they use for financing, but don't want to tell you that.

i used to sell cars and we straight up asked people to just use our financing to get a better deal because we got a kick back, and then they could go refi.

as far as answering the question at hand, I would call the CU as other people said and see what they say. I would lean towards just putting the 15k down when you refi, but banks also may not approve you for a loan if you have no money down, but that depends on your credit.
 
 







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