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These rates are going to DESTROY sales. Precisely what the Fed is trying to do.
I'm not so sure, some customers don't need to finance but did because money was so cheap that it made so sense not to, and others who prefer to finance but for now are caught with these these higher rates can always refinance their auto loan at a better rate when things cool down a bit and rates start to drop. No one needs a Defender, they are vehicles people buy because they want one and because they can. For customers who prefer to lease, JLR can lessen the impact of higher money factors by inflating the residual a little. I can see demand softening a bit but it will still outstrip supply. We're not going to see too many unallocated units in inventory for quite a while yet.
ALWAYS.... get your own financing approval before going to the dealer. I have BOA and got 1.79% through them. I then didn't tell the dealer that I had that yet and was exploring leasing vs financing. They told me that the best possible lease rate I could get from them was with BOA for 5.5% . I asked if it was at all possible to go lower and they said given the times they just couldn't. So, I then told them ok that's funny I have 1.79 with BOA already and will go with that. They somehow then magically came back saying they could do the same number. So annoying that put me off to the sales department. Wish people would just be upfront and real.
ALWAYS.... get your own financing approval before going to the dealer. I have BOA and got 1.79% through them. I then didn't tell the dealer that I had that yet and was exploring leasing vs financing. They told me that the best possible lease rate I could get from them was with BOA for 5.5% . I asked if it was at all possible to go lower and they said given the times they just couldn't. So, I then told them ok that's funny I have 1.79 with BOA already and will go with that. They somehow then magically came back saying they could do the same number. So annoying that put me off to the sales department. Wish people would just be upfront and real.
nice deal! how recent was this? I did the same thing when I bought my last car in 2018. BOA gave me a better deal than going with JLR’s in-house financing. Once my delivery date is a little closer I’m going to shop it around before going in.
ALWAYS.... get your own financing approval before going to the dealer. I have BOA and got 1.79% through them. I then didn't tell the dealer that I had that yet and was exploring leasing vs financing. They told me that the best possible lease rate I could get from them was with BOA for 5.5% . I asked if it was at all possible to go lower and they said given the times they just couldn't. So, I then told them ok that's funny I have 1.79 with BOA already and will go with that. They somehow then magically came back saying they could do the same number. So annoying that put me off to the sales department. Wish people would just be upfront and real.
Hi, When did you secure 1.79% with BofA ? I'm a Platinum member yada yada and 4% @ 60 months was BofA's best rate last week. There is a credit union here at 3.25%. But this is ALL changing tomorrow as the Feds are jacking rates again this week.
Hi, When did you secure 1.79% with BofA ? I'm a Platinum member yada yada and 4% @ 60 months was BofA's best rate last week. There is a credit union here at 3.25%. But this is ALL changing tomorrow as the Feds are jacking rates again this week.
Apologize for leaving this out... This was in December so a while ago. I was also a platinum member and that was the best I could find when shopping around. The really cool thing about BOA is they will auto lower the rate if a better one becomes available after your quote. So I was approved for like 1.89% the two weeks before then after signing the deal I got a notice from BOA saying that a better rate was available and my app and everything auto-updated to the lower 1.79%. Have been nothing but happy with BOA from the time I have been with them.
I may be a contrarian and showing my age here, but the current rates would have been considered dirt cheap a few years ago. Rates north of 5% didn't seem to dent sales in the past. The real killer is the mark-up on new and used cars. (Bracing for the OK boomer replies).
I may be a contrarian and showing my age here, but the current rates would have been considered dirt cheap a few years ago. Rates north of 5% didn't seem to dent sales in the past. The real killer is the mark-up on new and used cars. (Bracing for the OK boomer replies).
I was in Santa Barbara and saw a Bronco and Raptor on the lot and went to check them out... The Raptor markup was 30k for a total price of 115k and the bronco MSRP was 40k I think with a 30k markup insanity. Hopefully, it all stops soon.
I may be a contrarian and showing my age here, but the current rates would have been considered dirt cheap a few years ago. Rates north of 5% didn't seem to dent sales in the past. The real killer is the mark-up on new and used cars. (Bracing for the OK boomer replies).
So this thread got me curious to check their website. I didn’t realize you could get a 30 day rate lock on a car! I thought rate locks were just for real estate. I think I’m going to start the application now ahead of the Fed meeting this week. My car’s delivery date is two weeks away so I figured I was going to be affected by the coming rate hike but this is awesome that I might be able to side step it! Sharing in case anyone else is also taking delivery in the next 30 days! As low as 4.24 right now
I asked if it was at all possible to go lower and they said given the times they just couldn't. So, I then told them ok that's funny I have 1.79 with BOA already and will go with that. They somehow then magically came back saying they could do the same number. So annoying that put me off to the sales department. Wish people would just be upfront and real.
