Financing interest rates

[Hughesonthenet]

I've talked to 6+ credit unions. They vary the rate by month duration (60, 72, ect) ... also the rate varies by whether you have a mortgage from them, having a credit card through them, having a chk'g and savings account with them, auto pay the car loan via their chk'g account and putting down 20% (through the dealer).

Does Langley require 20% down, or is that simply what you're putting down?

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[Sierra Nevada]

Does Langley require 20% down, or is that simply what you're putting down?

That's just generic over all CU's I've called. Langley never told me that ... it was some other CU.

@pickles61 says to establish a chk'g and saving account first for Langley. I know you have to ask "do you have a lower rate if I follow your guidelines for it"? Sometimes the person is just tired and has to be gently reminded of those special offers. I asked this twice to Langley when they told me 1.8% ... since I'm a week or so (holding in KZ status) before pulling the trigger, the rates may change btwn now and then.

 

[simpleJL]

Does Langley require 20% down, or is that simply what you're putting down?

No money down.

 

[misanthrope]

Rem

That's just generic over all CU's I've called. Langley never told me that ... it was some other CU.

@pickles61 says to establish a chk'g and saving account first for Langley. I know you have to ask "do you have a lower rate if I follow your guidelines for it"? Sometimes the person is just tired and has to be gently reminded of those special offers. I asked this twice to Langley when they told me 1.8% ... since I'm a week or so (holding in KZ status) before pulling the trigger, the rates may change btwn now and then.

Remember that 5% under invoice will show as a 10-12% down payment in their loan to value ratio. They usually go off of MSRP to determine that, so by negotiating well you put yourself in a better borrowing position.

 

[PewPewDie]

Wasn't there a thing with FCA doing 3% APR and $1,000 Off if you financed through them via affiliates program?

 

[Swanny297]

Wasn't there a thing with FCA doing 3% APR and $1,000 Off if you financed through them via affiliates program?

I have the affiliates program through work this was never offered at least not to me. They aren’t going to give any additional incentives on the JLs right now, especially an extra grand.

 

[The Z]

Langley question so setup checking and savings and make the payment for the Jeep from the Langley checking and once a month prior to payment move money to the Langley checking account?. My main bank Chase has direct deposit to another bank is not an option unless it is an employee or a vendor and it costs $25 per month. Can it be I just write a check from my main bank to CCU account deposit by online picture of it? Does Langley require a direct deposit for the checking account? Trying to work out how this would work what if much hassle it is going to be. I wish they had branches in my state no love for Chase. I would make it my main bank but I like being able to go to branch just in case. And addition to that does Langley need any more activity for the Checking Account as a requirement?

 

[cjsam2004]

So let me clear up some confusion that others might have.

I just got approved for the refinance loan as advertised on their website for *1.8% APR / 48 months (*Need to be Active Rewards Member).

No, you do not need to set up any direct deposit to your newly opened checking account as long as it is LangleyPays Checking account. I know some customer service reps will tell you that initially, but that is incorrect and misleading information. They have it clearly spelled out on their own website how to become an active rewards member.



Here are the steps to open the account without direct deposit.

Step 1) First open their LangleyPays Checking account along with a savings account.
Step 2) Once you’re able to register online for your checking account enroll for estatement
Step 3) Apply for vehicle loan get it approved.
Step 4) Call back the General Customer Service Rep (Ph: 757-827-5328) - Have them verify that you finished all there steps and have him/her mark you as active rewards member in the system.
Step 5) Call back the Loan dept Customer Service Rep (Ph: 757-825-7172) - Have him/her confirm that they’re able to see you as an active rewards member and then lock down the final qualified %APR rate.

Just don’t mention or talk about Direct Deposit. If somehow they bring it up you can point them back to their own website about the Active Rewards Member min requirement.

https://www.langleyfcu.org/benefit-programs

Hope this helps. Good Luck!

 

[Sierra Nevada]

Thx! @cjsam2004

Doing this next wk.

Glad you confirmed the process and the 1.8%. Sounds like great people at Langley.

 

[lonz]

Thanks @cjsam2004! So you were able to do all of this remotely, in Wisconsin? Looks like the credit union is located on the East coast, around the Virginia area. If so, are they going to mail you the check? Trying to understand the logistics around this

 

[Mid-life Wrangler]

Thought about shopping around but Im still a month + away from seeing anything like shipping date

Im good for now with 11k down + trade in .....just need low monthly's for awhile

Before you go in, look around for the best rate you can find. Get pre-approved right before going to pick up your vehicle and tell the dealer you’ll go with their financing if they can get a better rate. As long as all the credit checks are done within a two week period, it will only count as one hard inquiry. I did this thinking the dealer could not beat it because I had a credit score of 815 and had a good rate from Navy Federal CU, but they did, so I went with it. We both benefited and I did not get ripped off.

 

[cjsam2004]

Thanks @cjsam2004! So you were able to do all of this remotely, in Wisconsin? Looks like the credit union is located on the East coast, around the Virginia area. If so, are they going to mail you the check? Trying to understand the logistics around this

Yes, I did it all over the phone from Wisconsin. As per their eligibility rules you can become their member by simply donating $5 to any one of their listed non-profit organization.

I did refinancing so they did a loan payoff directly to the lender, but if you’re trying to get preapproved for a new vehicle that is yet to be purchased I don’t see any reason why they would not earn your business and send you a check if you satisfy all their loan requirements.

Besides, always keep a backup lender just in case things don't work out.

 

[James888]

Hello folks,

I already got my plate and registration. I am wondering who hold the title, dealer or lender ? When I can receive the title ?
Thanks

 

[The Z]

Lender should hold the title until you pay it off.

 

[snelldogg]

So let me clear up some confusion that others might have.

I just got approved for the refinance loan as advertised on their website for *1.8% APR / 48 months (*Need to be Active Rewards Member).

No, you do not need to set up any direct deposit to your newly opened checking account as long as it is LangleyPays Checking account. I know some customer service reps will tell you that initially, but that is incorrect and misleading information. They have it clearly spelled out on their own website how to become an active rewards member.



Here are the steps to open the account without direct deposit.

Step 1) First open their LangleyPays Checking account along with a savings account.
Step 2) Once you’re able to register online for your checking account enroll for estatement
Step 3) Apply for vehicle loan get it approved.
Step 4) Call back the General Customer Service Rep (Ph: 757-827-5328) - Have them verify that you finished all there steps and have him/her mark you as active rewards member in the system.
Step 5) Call back the Loan dept Customer Service Rep (Ph: 757-825-7172) - Have him/her confirm that they’re able to see you as an active rewards member and then lock down the final qualified %APR rate.

Just don’t mention or talk about Direct Deposit. If somehow they bring it up you can point them back to their own website about the Active Rewards Member min requirement.

https://www.langleyfcu.org/benefit-programs

Hope this helps. Good Luck!

Seems as of today the best rate is 2.0 with the .5% reduction you get for active membership. Was really hoping for the 1.8. No its negligible but...

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