Put a deposit down on 2017 BRZ - Financing / Trade Questions

[vroomvroom1]

I have been looking at 2017 black BRZ for a little while now, and the one I test drove at the dealership ended up selling. So I went ahead and put a deposit down at a different dealership for a new black one that should be here in a few weeks. So now that I have pretty much made the decision to get one, I have a few questions I was hoping you guys could help me with.

1. Will I be able to get my deposit back so I don't have that charge left on a high interest card? I'm hoping to get that back and go with 0 down.

2. I was approved through Subaru for 4.9%. Does anyone know if you can typically get a lower rate if you let the dealership apply to credit unions, etc.?

3. I was able to get a quote for my car without even going to the dealership. I gave them my vin # and they came back with a few thousand more than toyota offered me when I ran the numbers for an 86. Will they most likely stick near this number when they see my car in person? My car is still in pretty good shape, fyi.

Thanks for any help.

[faseljd]

go to the credit unions yourself and get pre-approved for your financing on your own.
they will give you a new number for your vehicle once they see it regardless of what they told you on the phone.

[Veloist]

1) Ask your dealer this. It also depends on the credit card company, and if the dealer gets charged a fee for running the deposit.

2) Since you have a "high interest card" chances are you will not qualify for Banks' or Credit Unions' best rates. You were fortunate enough to get qualified at 4.9%, which is Tier 2 for Subaru Motors Finance. You could shop around for a rate but I would do it closer to the arrival date of the car because if you shop too early and don't take out a loan, you run the risk of getting hit with a hard inquiry that could drop your score and the potential approval (which is only good for 30 days).

3) People call it a stealership for a reason. They will do what they can to squeeze more money into their profit. You can't blame them though because they are a business. The business model has been this way for years so complaining won't help. That said, when they see your car in person and say "So we didn't know the condition of your car was like this..." you cannot be surprised. Unfortunately for you, you have the approval from Subaru Motors Finance so they have a little negotiating power over the trade. In other words you can't simply walk away from the deal because in your situation getting another approval would be you working uphill again.

Alternatively, they can just be a really really good dealership and offer you the number they told you, but I'm just letting you know the worst case scenario.

[Mr. Kurtz]

I assume you're settled on the BRZ, but I picked up a '17 86 about four weeks ago, and the dealer was able to get me approved through Toyota credit for 2.9%...and my credit score is "fair." My local credit union offered me much higher, 6.24%.

In my case, the dealer was a very reputable local dealer, who took some time to get me a lower rate, when they knew I was buying the car either way.

I'm no expert, but friends who do/have work at car dealers have explained that dealers make money on finance; meaning the bank may approve you at 1% and the dealer will charge you 2% and keep the difference(this is perfectly legal). The car manufacturer's finance arm exists for only two reasons; to enable you to buy your car, and to help dealers make money. Maybe check with a Toyota dealer and have them run your credit, see what they could offer you? If nothing else, you can then go back to Subaru and tell them, see if they can(miraculously...) get you a better rate?

[prj3ctm4yh3m]

Originally Posted by vroomvroom1

I have been looking at 2017 black BRZ for a little while now, and the one I test drove at the dealership ended up selling. So I went ahead and put a deposit down at a different dealership for a new black one that should be here in a few weeks. So now that I have pretty much made the decision to get one, I have a few questions I was hoping you guys could help me with.

1. Will I be able to get my deposit back so I don't have that charge left on a high interest card? I'm hoping to get that back and go with 0 down.

2. I was approved through Subaru for 4.9%. Does anyone know if you can typically get a lower rate if you let the dealership apply to credit unions, etc.?

3. I was able to get a quote for my car without even going to the dealership. I gave them my vin # and they came back with a few thousand more than toyota offered me when I ran the numbers for an 86. Will they most likely stick near this number when they see my car in person? My car is still in pretty good shape, fyi.

Thanks for any help.

your 4.9 most likely includes ~2 points of APR markup fyi.

credit unions are 2.2ish right now or thereabouts

you should be able to get deposit back once you contract on the car.

used values are a crapshoot and the most frustrating thing as a salesperson "give me a ballpark" always turns into "you TOLD me it was worth X" - just take it in person - a big factor is: how motivated they are to sell you the new car and how much profit they have on the new one to cover any deficit in trade value to "show" a higher trade allowance.

bottom line - just take your car in and prepare to negotiate.

[Xxyion]

Yes credit unions. I have 1.45% APR through Patelco on my BRZ