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Discussion Starter #1
Not lease...

Folks

Early days yet but a quick whizz around the finance companies shows Capital One as coming up with about the best rates for a sensible lender (e.g. not Italian in an ill-fitting suit with a bulge in the pocket).

Alas I've never been in the military or any large company so it seems credit unions are out for me (before you all suggest "my grandfathers uncle once worked for GE and I got a great rate from his sisters nephew....").

Has anybody got any other useful pointers? It's East coast if that matters...

Perhaps.

Paul :)
 

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I think Capital One and Eloan were about the same interest rates, which were better than other places I look (Bank of America, Wells Fargo, etc.).

If you are/were an employee of IBM or are just living in the Northern California area, you could become a member of MeriWest Credit Union. Thier rates with 20% down payment start at 2.99%. I went with 100% financing and got a rate of 4.75. Terms can go as far as 84 months:

http://www.meriwest.com/mw/CDA/RTE01/1,2546,10,00.html
 

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See if you have an Educational credit union in the area. The one here in Jacksonville has 4.65% if you open a checking account with a min of $100- does'nt matter if you are in the industry
 

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shay2nak
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Re: Re: Finance

Allan Gibbs said:
I think Capital One and Eloan were about the same interest rates, which were better than other places I look (Bank of America, Wells Fargo, etc.).

If you are/were an employee of IBM or are just living in the Northern California area, you could become a member of MeriWest Credit Union. Thier rates with 20% down payment start at 2.99%. I went with 100% financing and got a rate of 4.75. Terms can go as far as 84 months:

http://www.meriwest.com/mw/CDA/RTE01/1,2546,10,00.html
Can I get a loan through Meriwest or do I have to be a member or something. I planning on a 6 year loan with an interest rate in the 4% range.
 

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Don't count out Credit Unions - their "rules" for joining are usually pretty loose. We once joined my sister-in-laws credit union for $5 because they gave a better loan rate than my CU did. The only requirement was to be somehow related to someone who worked for...
 

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Re: Re: Re: Finance

shay2nak said:
Can I get a loan through Meriwest or do I have to be a member or something.
I spoke to MerriWest last week and you do have to become a member. To be elligible, you have to either work or have worked for IBM (International Business Machine) OR live in the Northern California region.

Here's their eligibiltiy requirements:

Membership Eligibility

Membership in Meriwest Credit Union is open to all individuals who live, work, or study in Alameda, Contra Costa, San Francisco, San Mateo and Santa Clara counties. Membership is also open to both active and retired employees of International Business Machines Corporation (IBM) and partially or wholly owned subsidiaries who live in our geographic field of membership. We also welcome membership from employees of affiliated companies and Select Employer Groups as approved by the Credit Union's Board of Directors. The Credit Union has a complete list of eligible Employer Groups. Family members of qualified employees or unrelated persons sharing the same household are also eligible to join the Credit Union. Opening an account with Meriwest is fast and easy. Membership is established in Meriwest Credit Union by paying a $5 non-refundable membership entrance fee. We offer a Regular Savings Account for our members under 21 years of age or full-time students 23 years of age or under. We may require proof of full-time student status.
http://www.meriwest.com/mw/CDA/GEN01/1,2526,-BGE02,00.html
 

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Try Bankrate.com to find out the best rates or apply to Lending Tree.com and they forward it on to several banks. The only thing is that banks have to pay join lendtree.com and some of the credit unions that offer lower rates do not have the computers to operate using lendingtrees technogly. Also banks have to pay to advertise and be listed on bankrate, so it might be good to search around your town for smaller banks or credit unions.

I got a home equity loan instead so the interest is deductable.
 

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try Capital One Auto Finance. I have a 5 year loan at 4.50 with them. Also I would sugesst to being very carefull with Lending Tree. My experience on the mortgage side is that you will not get anything close to the best deal
 

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Discussion Starter #13
Thanks Dan

Here's a weird thing... checked out your search site - Maryland is not a search option under 'state'... errrr.... why's that then???

Baffled of Baltimore :confused:
 

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I didn't get as good a rate as you guys, but I decided to finance mine without my wife's salary since we were teetering on the edge of divorce last summer. I don't make as much and had been at my job only 6 months, so my rate is around 6% through Chase Manhattan Bank. The dealer arranged it for me.

The marriage stabilized, so I should refi with her as co-signer.
 

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Try this guy, he's awesome! Here's my post from another forum...

Financing!!!
I decided to buy an Elise just a week or so ago, trading in the Bimmer for it. Seems Lotus doesn't have their own financing, or at least my dealer doesn't offer it, but they do work through Chase Bank. Well, Chase wanted nothing to do with me. No matter that the payments I'm making on the BMW are almost twice what the Elise would cost, and my record with BMW is perfect...

I had seen a post elsewhere about a guy who does leasing, so I called him. Faxed him some paperwork and had the approval the next morning. It's an interesting concept; lease payments for 3 years, then either pay it off or sell it - can't turn it in, they don't want the car, just the money. So it's a balloon payment to keep the car. A small one, too.

They were FANTASTIC!!!! They deal in Ferraris and cars like that, high end sports and performance cars. Easy to deal with, pleasant, and so forth. Seems they're nationwide. I had the option of going to them to sign everything or having them send the papework to my dealer. Since they're local, for me, I went there. I highly recommend these folks to everyone!!!

Contact: Mitchell Katz
Premier Financial Services (not Putnam, as posted elsewhere)
203-267-7700
[email protected]
Tell him Heidi sent you!
 

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I just bought my Elise Saturday. I used NetBank and got 4.25% for 5 years. No down payment, 100% financed which was $47k. Simple interest, no fees, no pre-payment penalty. Interest rate obtained is a large function of ones credit and how hungry a bank is and the bank's overhead costs.
 

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4.25% is pretty good, I will probably do a combo home equity/loan...that is if I can afford it when "the call" comes...

I would like to have a payment near $600 all-in and will probably put 10k down
 

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Looks like I would need $15k down not $10k to get to the magical $600/month cost....the more I think about this financially the less likely I am to take delivery...of course it is snowing/ice outside and when it is spring and I take another test drive the oulook will be better...

I still may wait an extra year-18 months and try to pick up a used Elise in the 30-35k range.
 

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Again, check Credit Unions. My Credit Union rate was 3.74%. Not bad at all...
 
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