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8.5 percent at Chase or 4.25 at the Credit Union.

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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 09:41 PM
Original message
8.5 percent at Chase or 4.25 at the Credit Union.
Edited on Wed Jan-05-11 09:42 PM by sarcasmo
Wanted to dump the Corporate bankers high rates on our car loan. Our credit union rate is 4.25 many here know the credit union is better but over 4 percent better is just GREED.
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alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 09:44 PM
Response to Original message
1. I love my credit union. I recommend them to everyone who
is tired of being nickel and dimed by their bankers.
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 09:45 PM
Response to Reply #1
3. Exactly. Told the wife if we can't borrow it from the Credit Union we will not borrow.
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alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-06-11 01:30 AM
Response to Reply #3
17. I've been member for nearly thirty years.
The Postal Credit Union
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roguevalley Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-06-11 01:35 AM
Response to Reply #1
18. I had a cd that I had to get into and I was upset about penalties
but it was my only choice at the time. The penalty? $22.00. The Credit unions of America rule.
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abelenkpe Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 09:45 PM
Response to Original message
2. Chase needs people to pay higher interest rates
and needs people to pay more in fees. They are technically insolvent propped up by accounting tricks that allows them to mark to fantasy their 'assets.'
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 09:46 PM
Response to Reply #2
5. It was nearly a six thousand dollar savings over the course of the loan.
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abelenkpe Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 10:20 PM
Response to Reply #5
15. So you went with the CU then?
Definitely a good move. :)
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-06-11 11:37 AM
Response to Reply #15
23. Yes with the credit union and they told us yesterday that it dropped from 4.5
to 4.25 at the first of the year. No mega bank would ever tell you the rate dropped.
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Lionel Mandrake Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 10:26 PM
Response to Reply #2
16. Insolvent?
Chase is part of JPMorgan Chase, which acquired Bear Stearns and Washington Mutual under very favorable circumstances and is now the strongest of the "big four" US Banks (the others being Bank of America, Citigroup and Wells Fargo).
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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 09:46 PM
Response to Original message
4. mine is as low as 2.99%
New Auto Loan Rates Untitled 2010/2011 Model Year
2.99% APR* 12 to 36 months less than $7,500
2.99% APR* 12 to 48 months $7,500 - $70,000
2.99% APR* 12 to 60 months $10,000 - $70,000
3.49% APR 61 to 72 months† $20,000 - $70,000
†15% down payment for 72 month loan term is required.

Almost (note the word "almost") makes me want to buy a VOLT. ;)
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 09:47 PM
Response to Reply #4
6. It was a shock to me the volt only goes 40 miles on the charge.
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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 09:48 PM
Response to Reply #6
7. yes, that is a big issue
The car I have now gets 30 MPG on long trips and about 25 in/around town.

Being I don't drive much, I don't really care.

However, this is a great deal on a new car loan! :)

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dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 09:50 PM
Response to Reply #6
8. That can't be true! So short?
Does it have a gas backup?
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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 09:51 PM
Response to Reply #8
9. it is unimpressive to me
I don't know the answer to your question but my gawd. :(

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dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 09:57 PM
Response to Reply #9
13. Dang it would be like my iPhone, needs to be charged morning, afternoon and night.
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Luminous Animal Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-06-11 01:42 AM
Response to Reply #13
20. Do you drive 120 miles a day?
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Edweird Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-06-11 12:15 PM
Response to Reply #20
26. I do. That's my current ( no pun intended) daily commute.
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Luminous Animal Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 09:55 PM
Response to Reply #8
11. Yes. 40 miles is undoable for some but for many metro drivers, 40 miles is plenty.
Edited on Wed Jan-05-11 09:56 PM by Luminous Animal
When I used to have a car, a 40 mile charge could last me a month or two.

I meant to add that it has a gas back-up.
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alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 10:06 PM
Response to Reply #8
14. Yes. They did a study of driving habits and found most
people drive less than 40 miles at a time. The Gas engine kicks in when the batteries get low. The gas engine is to charge the batteries and give an assist in certain circumstances like high speed or situations where more power is needed.

Soon you will see start stop technology in petrol only vehicles. It shuts the engine off on idle, and back on when you hit the gas.

http://news.discovery.com/tech/ford-to-offer-fuel-saving-start-stop-system.html

I think the Prius uses a start stop system.
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-06-11 11:35 AM
Response to Reply #8
21. Yes on the gas back up but only 40 miles on electric needs to be fixed.
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CreekDog Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-06-11 12:24 PM
Response to Reply #21
27. if you don't like it, you can buy something else
40 miles is plenty for most people and changing that probably requires more weight and a bunch of other changes that make the car less desirable.

i understand you want an electric vehicle that goes farther on electric but that doesn't mean *this* car should be changed.

:shrug:
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aquart Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 09:53 PM
Response to Original message
10. Getting into my credit union was the smartest thing I ever did.
Mostly I tend to do dumb.
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dionysus Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-11 09:57 PM
Response to Original message
12. jesus, you got a 8.5 for a car loan? my wachovia car loan is 5%
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PBS Poll-435 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-06-11 01:38 AM
Response to Original message
19. The best rates at the big banks come from "indirect" lending.
Much easier to get a great rate at a credit union.



Chase Auto Finance, right now, has a buy rate of 4.24% if the customer qualifies. (But the dealer has to apply for you...)
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-06-11 11:36 AM
Response to Reply #19
22. I really think the dealer was screwing us with that rate and thankfully we have the credit union.
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PBS Poll-435 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-06-11 12:05 PM
Response to Reply #22
24. Here is how it works...
Assuming good credit...

The dealer will tell you what rate THEY want to charge you. Then...


The dealer will choose captive financing (manufacturer-based) or submit your application to the banks.


Let's say the dealer want's you to sign a contract at 7%. But the bank approved you at 4%. The dealer gets the other 3% of your interest. It is called finance reserve and it is a huge moneymaker for the dealer.


Some states don't let them do this, but here in Texas that is exactly how it works.
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Obamanaut Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-06-11 12:07 PM
Response to Reply #24
25. I didn't know that. Thanks. nt
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-06-11 05:21 PM
Response to Reply #24
28. Thanks, that is what happened to us hrere in Michigan. Greed plain ole Greed.
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