8.5 percent at Chase or 4.25 at the Credit Union.

[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.

[alfredo]

1. I love my credit union. I recommend them to everyone who

is tired of being nickel and dimed by their bankers.

[sarcasmo]

3. Exactly. Told the wife if we can't borrow it from the Credit Union we will not borrow.

[alfredo]

17. I've been member for nearly thirty years.

The Postal Credit Union

[roguevalley]

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.

[abelenkpe]

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.'

[sarcasmo]

5. It was nearly a six thousand dollar savings over the course of the loan.

[abelenkpe]

15. So you went with the CU then?

Definitely a good move. :)

[sarcasmo]

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.

[Lionel Mandrake]

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).

[CountAllVotes]

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. ;)

[sarcasmo]

6. It was a shock to me the volt only goes 40 miles on the charge.

[CountAllVotes]

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! :)

[dkf]

8. That can't be true! So short?

Does it have a gas backup?

[CountAllVotes]

9. it is unimpressive to me

I don't know the answer to your question but my gawd. :(

[dkf]

13. Dang it would be like my iPhone, needs to be charged morning, afternoon and night.

[Luminous Animal]

20. Do you drive 120 miles a day?

[Edweird]

26. I do. That's my current ( no pun intended) daily commute.

[Luminous Animal]

11. Yes. 40 miles is undoable for some but for many metro drivers, 40 miles is plenty.

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.

[alfredo]

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.

[sarcasmo]

21. Yes on the gas back up but only 40 miles on electric needs to be fixed.

[CreekDog]

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:

[aquart]

10. Getting into my credit union was the smartest thing I ever did.

Mostly I tend to do dumb.

[dionysus]

12. jesus, you got a 8.5 for a car loan? my wachovia car loan is 5%

[PBS Poll-435]

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...)

[sarcasmo]

22. I really think the dealer was screwing us with that rate and thankfully we have the credit union.

[PBS Poll-435]

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.

[Obamanaut]

25. I didn't know that. Thanks. nt

[sarcasmo]

28. Thanks, that is what happened to us hrere in Michigan. Greed plain ole Greed.