I use Navy Federal, they're great for me but dealers apparently hate them 😂. Why I always haggle the price of the car first, THEN tell them I'm bringing my own check from my credit union. So I get the price of the car down as low as possible, then tell them they aren't making kickback on the financing 😅
More and more dealers are refusing to work with Navy Federal. They're probably the worst credit union and have an archaic funding process. If you do run into problems, remember that you can always take dealer financing and immediately refinance with Navy Fed, they're fine when working with the consumer, it's just their dealer unit that's always chaos.
@@dean68w19 But you also pay a fee to initiate a loan, so I'd be paying extra. My dealer said Navy Federal was fine with the new car payment, but getting the title from my previous car took a couple weeks. Which I know is a hassle. But for a buyer, it's so easy to purchase with
Towards the beginning of covid my dad was looking at getting a new used truck. Prices hadn't gone crazy at this point. I found one he liked about an hour away at a used car dealership so we drove up to get it. They wanted 27000 for it. We walked in after a test drive and sat down at the table and my dad put 27k in 100 dollar bills on the table and said "I'll take it." They acted like the cash was the original source of covid. They wouldn't touch it and said they had it "priced wrong". They were very insistent on financing. Luckily we left with no truck. I found a much nicer truck with way more options a week later. Unfortunately that dealership couldn't take that much cash on a Saturday because they didn't want to "hold" the cash until Monday. They wrote up a finance ticket for it and he paid it off the following Monday. I always thought cash was king.
With interest rates the way they are, my wife and i decided to just finance through the dealer. Got 4.29% in September of 2023. Much better than the 7%+ that private banks were offering at the time.
I was ready to pay cash for my 911. The dealer asked me to finance for 3 months to help their metrics. I left 3 pre paid check ks with the dealer and they knocked another 1k off for the financing.
cash, keys, title. no one gets all 3. well, except me, when I (private) sell a car, and the buyer leaves it here to go get it registered... AND NEVER COMES BACK!
I normally use the dealer financing. Then right away I would refinance with my lender. That way the dealer thinks that they are making money on the financing and I get a better interest rate.
You’re still paying a loan initiation fee for the first loan, so you’re not really winning. And you’re making the salesman think he’s getting a commission, in fact he will get paid on it, spend that money, and then it will get charged back when you refinance it. You’re playing the same games the dealers do - just negotiate honestly, and you’ll probably come out ahead.
The issue you described wasn't with an outside bank, it was with navy federal. They are horrible! They know there are no consequences for them not doing their jobs, so they just don't do em.
I was pre-approved through my bank for the last car I bought, but the dealer actually got me a better rate! I was surprised. But, they tried to sell me Audi care and the car was a 2 year old, average mileage S5 still under warranty with a CPO warranty. When I took it in for its first service, my local dealer said the car had Audi care, from the previous owner.
@@switchcars I'm listening to the rest of the show, and I wanted to tell you, I paid the car off early. I got the lien release letter from the bank within a couple of weeks, but I didn't get the title. I'm in Ohio, like you, and I think the bank was in Virginia or North Carolina. I called the bank and they said I had to get the title from Ohio. I went to a registrar's office, showed them the release letter and printed me a title. According to who I talked to, you only get a physical copy of the title if you ask for it. Otherwise it just exists digitally. But, in December of 23 my dad gave me cash to buy my 21 year old daughter a new car. I wrote a check, and I got a title in the mail about 3 weeks later.
I see the point with the bank draft, but as a society, we need to snap people back to reality: If you need to finance more than 50% of the car, you CANNOT afford it! Buy a cheaper car FFS! You’re not impressing anyone that matters! All my stuff - I bought cash, no car loans ever. And yes, my first car was a Camry, but guess what, I love my fleet now. (10 years later)
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Sweet, love the shows and many thanks for sharing olive this great information
I use Navy Federal, they're great for me but dealers apparently hate them 😂. Why I always haggle the price of the car first, THEN tell them I'm bringing my own check from my credit union.
So I get the price of the car down as low as possible, then tell them they aren't making kickback on the financing 😅
More and more dealers are refusing to work with Navy Federal. They're probably the worst credit union and have an archaic funding process. If you do run into problems, remember that you can always take dealer financing and immediately refinance with Navy Fed, they're fine when working with the consumer, it's just their dealer unit that's always chaos.
@@dean68w19 But you also pay a fee to initiate a loan, so I'd be paying extra. My dealer said Navy Federal was fine with the new car payment, but getting the title from my previous car took a couple weeks. Which I know is a hassle. But for a buyer, it's so easy to purchase with
Towards the beginning of covid my dad was looking at getting a new used truck. Prices hadn't gone crazy at this point. I found one he liked about an hour away at a used car dealership so we drove up to get it. They wanted 27000 for it. We walked in after a test drive and sat down at the table and my dad put 27k in 100 dollar bills on the table and said "I'll take it." They acted like the cash was the original source of covid. They wouldn't touch it and said they had it "priced wrong". They were very insistent on financing. Luckily we left with no truck. I found a much nicer truck with way more options a week later. Unfortunately that dealership couldn't take that much cash on a Saturday because they didn't want to "hold" the cash until Monday. They wrote up a finance ticket for it and he paid it off the following Monday. I always thought cash was king.
With interest rates the way they are, my wife and i decided to just finance through the dealer. Got 4.29% in September of 2023. Much better than the 7%+ that private banks were offering at the time.
I did personal financing on my car, I was preapproved and had money in the bank before they knew the exact model I bought.
I was ready to pay cash for my 911. The dealer asked me to finance for 3 months to help their metrics. I left 3 pre paid check ks with the dealer and they knocked another 1k off for the financing.
cash, keys, title. no one gets all 3.
well, except me, when I (private) sell a car, and the buyer leaves it here to go get it registered... AND NEVER COMES BACK!
I normally use the dealer financing. Then right away I would refinance with my lender. That way the dealer thinks that they are making money on the financing and I get a better interest rate.
You’re still paying a loan initiation fee for the first loan, so you’re not really winning. And you’re making the salesman think he’s getting a commission, in fact he will get paid on it, spend that money, and then it will get charged back when you refinance it. You’re playing the same games the dealers do - just negotiate honestly, and you’ll probably come out ahead.
The issue you described wasn't with an outside bank, it was with navy federal. They are horrible! They know there are no consequences for them not doing their jobs, so they just don't do em.
I was pre-approved through my bank for the last car I bought, but the dealer actually got me a better rate! I was surprised. But, they tried to sell me Audi care and the car was a 2 year old, average mileage S5 still under warranty with a CPO warranty. When I took it in for its first service, my local dealer said the car had Audi care, from the previous owner.
Those snakes!
@@switchcars I'm listening to the rest of the show, and I wanted to tell you, I paid the car off early. I got the lien release letter from the bank within a couple of weeks, but I didn't get the title. I'm in Ohio, like you, and I think the bank was in Virginia or North Carolina. I called the bank and they said I had to get the title from Ohio. I went to a registrar's office, showed them the release letter and printed me a title. According to who I talked to, you only get a physical copy of the title if you ask for it. Otherwise it just exists digitally. But, in December of 23 my dad gave me cash to buy my 21 year old daughter a new car. I wrote a check, and I got a title in the mail about 3 weeks later.
It's cuz the finance guy wants to add an extra 2% on your approved rate so he can pocket it
"He wrecked it the moment he painted it"
I see the point with the bank draft, but as a society, we need to snap people back to reality: If you need to finance more than 50% of the car, you CANNOT afford it! Buy a cheaper car FFS! You’re not impressing anyone that matters!
All my stuff - I bought cash, no car loans ever. And yes, my first car was a Camry, but guess what, I love my fleet now. (10 years later)
50%? rather arbitrary.. what about houses? cash only?
Cheques? What century are you living in over there?
Love these, keep it up!