We just had an 810 credit score get quoted 8% from Wells Fargo and 10% from Ally for a CAR LOAN. Have never seen that before, 33 years of car sales experience here.
Horrible times.
19 replies (most recent on top)
Are you not paying attention to the market? Inflation is high. The Federal Reserve continues to raise the fed funds rate which pushes consumer debt interest rates higher (it shouldn't, but it does). Maybe watch some financial news once in a while and try to keep up.
We now return back to your regularly scheduled program...."fRTO with Layoff's on the side".
All very noble to say to pay cash...some just can't do that. Cost of everything is higher and wages are NOT keeping up. A terrible cycle.
Wait a minute... Didn't they do an episode about all this on Ray Bradbury Theater in the 80s?
@1ocn+1k9Wrr3Q That's great that you are going to bat for the noble people willing to part you and your money for the privilege of undercoating on your car, but the point was the post itself is fishy. As in: why on earth would a car salesman come to a bank layoff message board, and then be compelled to write this weird trollish OP?
The humblebrag about how long he's been in sales is just there to add a veneer of authority, since half the people on this site believe anything they read on facebook if whichever clown posts it claims to be some expert (or ROGUE IMMUNOLOGIST or what have you). It's just more economic fearmongering from the apocalyptic weirdos who seem to love this site, they post these little tall tales all the time.
To @pdl+1k9Wrr3Q in response to your rude comment, "Boy, nothing says "credible" like being a used car salesman for over 30 years.", this person has lasted in a difficult industry and obviously has gained experience. I doubt would still be in the business if not. Many rely on a financed car to get to work. And assuming you work at WF with its "great" sales reputation, I'd be careful with the slurs regarding sales.
This all seems like bullsh-t. My credit union is 3.25% on 24 months up to a whopping 4.25% on 84 months. EIGHTY FOUR months is under 5%.
@1nid isn't very fun at parties.
It's you that's insane, not the banks. Banks are in business to make loans and earn an interest rate spread to borrowers. The more debt you got, the more they make money, in general. The more you stay poor. Debt prevents you from saving $.
So don't buy the car and sign up to pay 8 or 10% like millions of fools do. Think about it, you are paying interest every month to a SC-M BAG bank for an asset (car) that depreciates in value once you drive it off the lot, and drive it every day. Why would you do that!? Buy a used one or invest in your current car until you save enough to trade with cash. You borrow and pay interest when you want to buy something that APPRECIATES in such as a home, a business, or land.
Do you not got any financial sense?! Watch some Dave Ramsey shows or get some more financial education. I drove an old Ford Ranger for 9 years (it was clean and well maintained) and paid for repairs on it until I saved enough money to a pay cash for a new Toyota. Thanks for Wells' bonus I got one year, I used part of it to pay cash for a new truck. No loan on the new truck, then I started saving for my next one even though it was 4-5 years out before I traded again, so then by the time I got that new Toyota worn out, I had saved enough to pay cash to trade for a new Tacoma (which is pretty minimal cash trade value since they maintain their trade value even with 100k miles on them). I trade Toyotas every 4-5 years and pay cash for the new trade. I drive off the lot and go pay cash for a cold beer and don't have to think about a car payment. It wasn't easy to get there. People say nice truck, I say don't laugh it's paid for.
I happen to also be a CPA and know how to save and manage money. I did without for years! If you save, pay off debt and live like no one else (i.e. the Joneses who are broke) then some day you can live like no one else (debt free and less stress). I even paid off my student loans in FULL, early! Uncle Joe never gave me a f-ing dime for my student loans! It's called being responsible and managing debt wisely.
Pay cash or drive your old one until you can save enough to not borrow on credit.
Banks exist to keep you in debt.
Thanks
Dave Ramsey
- 125% APR at my credit union.
Check out DCU.org. I see APR of 5.24% on their website. Since the yield is high it is causing all fixed and variable rates to be higher.
https://www.dcu.org/borrow/vehicle-loans/auto-loans.html
You will need to wait minimum 1.5 / 2 years to get APR less than 3.5%
good luck!
Go to a credit union.
I'm shocked that Wells has a much better rate than Ally, if this is true. I'm curious what Capital One is as they have amazing rates for auto loans. Or they used to at least.
Pay cash like a normal person
Boy, nothing says "credible" like being a used car salesman for over 30 years
Wife got quoted 24% with an 880 credit score because she never finances anything. On a $15k used car… Crazy times indeed.
I'm running my car until the wheels fall off. Unfortunately thanks to the stupidity that is RTO, I'll get to that stage much faster than necessary.
Well don’t buy a car and use Wells Fargo lol