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I call a local credit union and got pre-approved for a very good rate of 2.75%. But the pre-approval only good for 60 days, so I guess is too bad. :( I will have to run my credit again when my car is here.
 

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OneFastMiata said:

They want to see proof of all my stocks, bonds, savings, checking, etc etc. They wanted to know what I had in each account respectively. They also wanted all the information on my 401K, who is it with? How much money is in it? How vested am I? etc. WTF!


OFM, I'm really upset that they didn't accomidate you! I can't believe that they went so overboard.

I feel really bad about their ridiculous needs to simply give you a car loan. I feel directly responsible for backing up the suggestion to use them.

:(

Whatever you do find out, please let us know.


ALSO: Would a forum section/stats page be good on this site that lists banks and rate that people got for their Elise? I think that this could be very useful for quite a few people.

Thoughts?
 

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chrislotusatlanta said:
I have not heard from George yet so could you give me a call if you have a little bit of time. If I don't hear from you I am going to call up your old friend Paul Spruell and sick him on you:)

Chris

Man, that is harsh.;)


I will call you tomorrow. Thanks for the help:)

George
 

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I thought I would revive this thread now that we are getting close (hopefully) to arrival of the first cars....
Current rate for 60 month finance is 4.39% APR at Capital One, somewhat higher than a few months ago...

Costco.com is 4.14

Anyone find a better rate????
 

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I. Financing.
Here's what I've found assuming excellent credit:

Capital One = 4.39 (60months); 5.19 (72 months)
Well Fargo: 4.15 (60 months); 4.95 (72)
E-Loan: 4.39 (60); 5.19 (72)
AAA (Autoclub): 4.39 (60); 5.19 (72)
Virtual Bank: 4.49 (60); 5.49 (72)

If you finance $40K (rest is covered via your down payment) then for a 60 month finance, you'll pay $743.72 a month with total of $44,623.

If you finance $40K for 72 months, you'll pay $647.73 a month with a total of $46,636.

II. Leasing.
Anyone have any lease information on the Elise? I'd rather just do a 3-4 year lease and walk away at the end. For $45K w/ $0 down, I think the 4 year lease would be in the high $500 to mid-$600 a month range. I'll try to get more info on the leasing side*.


*http://www.leasecompare.com/lcforums/viewtopic.php?p=3688#3688
 

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Nothing to add, just a confirmation on the Capital One rate (my lender of choice). I considered putting it on my Capital One credit card (3.99%), but the payments would be really high. They gave a $50,000 frickin credit limit....yikes.
 

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I just got a %4.25 auto loan for $40K through USAA (have to be in the military or have a family member who is/has been).

I was surprised when they asked me if I ordered the luxury package! I was like, "I'm shocked you even have the car in your computer, let alone know the options that are available!". She then went on to impress me by listing them all off (even the Sport package)...
 

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that suggests the insurance industry may now be aware of the car and options as well. anybody check lately? (yeah i know, wrong thread- go search)
 

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Surferjer.. I tried to do that once, but the dealership refused. They don't want to pay the ~2% fee hit that Visa would charge them. I wanted the "1% rebate", so I thought, hey better than cash, right?

Nope. They did let me put $5k on the card, but no the rest. It's negotiable how much they will allow, usually around $2k. If your dealer is already making a fat sale, maybe they'd soak the whole thing.

I know someone who bought a Porche entirely on AmEx, but I'm certain the fee was "No Problem, Sir" considering the lack of price negotiation on his part.
 

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$700 a month!? Did all you folks with a Laser Blue on order clear that with the Mrs? (wringing hands) :)

Dave
 

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Allan Gibbs said:
I. Financing.
Here's what I've found assuming excellent credit:

Capital One = 4.39 (60months); 5.19 (72 months)
Well Fargo: 4.15 (60 months); 4.95 (72)
E-Loan: 4.39 (60); 5.19 (72)
AAA (Autoclub): 4.39 (60); 5.19 (72)
Virtual Bank: 4.49 (60); 5.49 (72)

If you finance $40K (rest is covered via your down payment) then for a 60 month finance, you'll pay $743.72 a month with total of $44,623.

If you finance $40K for 72 months, you'll pay $647.73 a month with a total of $46,636.

II. Leasing.
Anyone have any lease information on the Elise? I'd rather just do a 3-4 year lease and walk away at the end. For $45K w/ $0 down, I think the 4 year lease would be in the high $500 to mid-$600 a month range. I'll try to get more info on the leasing side*.


*http://www.leasecompare.com/lcforums/viewtopic.php?p=3688#3688
do people really take out 60 and 72 month car loans? :eek: :eek: :eek: :eek:
 

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I would because I won't pay $1,000 a month for an Elise even if I owned it after 4 years. There's just too much to buy and too little to earn. :(

My real preference is just to lease it, hopefully for around $500 a month for 3-4 years, because 1) it's cheaper, 2) I be interested in something else before the lease is over. Lease works well for me because I get really excited about a car, and after a few month of having it.... Well, let's just say I have a very short attention spa....
 

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I am taking out a 84 month loan from my credit union to make the payments affordable. I would take out a longer loan if it was available. Call me stupid but at least I get my car.
 

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IMHO this is where the real deals can be done.

The Lotus is a limited production car. The wait list will be long...waiting time long.

What this does, is create a high resale for the car....meaning high residuals, and great leasing deals.

I did this 5 years ago on a Boxster. At that time, Boxsters had waiting lists...things changed, and now Boxsters are everywhere...but back then, I was able to negotiate a great lease deal due to the high residual.

After seeing how high the residual was, I put additional money down and negotiated for a lower residual. I had my company put the money down, not me...it's an expense to the company, since it's a lease, not a purchase. The idea was at the end of the lease, I could buy the car personally for way below market...or, if I decided I didn't want it at that time, instead of just giving back to the leasing company, I could actually sell it myself and pay the leasing company for the residual, and realize some profit myself.

It was a 2 year lease, and at the end of two years, I could buy the car for $24k, which at the time was about $15k below market. After the first lease ended, I renegotiated a new lease with the same company, with an agreed purchase price of $14k at the end of the 2nd year (car would be 4 years old at that time.) This again would be far below what a 4 year old Boxster would be worth.

I ended up selling the car less than a year into the second lease to get a Boxster S, and pocketed about $10k...sold the car for market price, and paid the leasing company off for the balance of the payments plus the $14k residual.

So essentially all the payments were expenses to the company, and at the end all the profit was mine personally.

The other way to take advantage of high residuals, is to get a much better monthly payment...I can't imagine doing 6 or 7 year note to get the payment lower...

YMMV, but leases can work very well if you are business owner....especially if the car has a high residual, which the Lotus definitely should have....


Allan Gibbs said:
MSN has the ability to spec the car with options. I just wish someone had the residual for the Elise.

http://autos.msn.com/research/vip/pricing.aspx?modelid=11168&trimid=-1&src=VIP&tab=1
 

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atyclb said:
do people really take out 60 and 72 month car loans? :eek: :eek: :eek: :eek:
That was my reaction as well...:confused:

So, I guess I'm in the minority then, having saved up hard for the last 2 years and planning on a $20-25k payment up front and only financing the balance?

I know there's a portion who are just rolling it into a home re-fi, but are you doing the full amount? Smells like poll time to me...
 
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