E46 BMW Social Directory E46 FAQ 3-Series Discussion Forums BMW Photo Gallery BMW 3-Series Technical Information E46 Fanatics - The Ultimate BMW Resource BMW Vendors General E46 Forum The Tire Rack's Tire Wheel Forum Forced Induction Forum The Off-Topic The E46 BMW Showroom For Sale, For Trade or Wanting to Buy

Welcome to the E46Fanatics forums. E46Fanatics is the premiere website for BMW 3 series owners around the world with interactive forums, a geographical enthusiast directory, photo galleries, and technical information for BMW enthusiasts.

You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

If you have any problems with the registration process or your account login, please contact contact us.

Go Back   E46Fanatics > Everything Else > The Off-Topic > General Off-Topic

General Off-Topic
Everything not about BMWs. Posts must be "primetime" safe and in good taste. You must be logged in to see sub-forums.
Click here to browse all new posts.

Reply
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 10-10-2013, 11:02 PM   #1
jott5555
Registered User
 
Join Date: Jan 2009
Location: salem or
Posts: 275
My Ride: 01 330ci
Buying a new car question..

So unlike Fadetoblack i cannot go out and slap down gold for a car. But were looking at a 08 with 50K on it and dealers keep mentioning this CUDL system they use to run credit. My wife and I have over 750 credit scores and want to get a good rate..

Is it better to let the dealer run with the financing ball or should i hit up my local CU first? Using their system do they get a kick back at my cost?

Thanks in advance!
__________________
jott5555 is offline   Reply With Quote
Old 10-10-2013, 11:55 PM   #2
z00
Registered User
 
Join Date: Oct 2009
Location: Where real estate is expensive
Posts: 338
My Ride: E46 M3 Manual
Go to a credit union, you'll get the best rates from them.
z00 is offline   Reply With Quote
Old 10-10-2013, 11:58 PM   #3
JonJon
Tinfoilhatatarian
 
JonJon's Avatar
 
Join Date: Feb 2004
Location: One of the most evil states ever to exist
Posts: 3,470
My Ride: .
Send a message via AIM to JonJon
Get your own financing and rate.

Dealer doesn't have to give you the rate you are approve for.

The can increase it
__________________
Malo periculosam libertatem quam quietum servitium

Quote:
Originally Posted by 'busa View Post
I agree with JonJon.
JonJon is offline   Reply With Quote
Old 10-11-2013, 12:04 AM   #4
czechchamp
Registered User
 
Join Date: Aug 2006
Location: TX
Posts: 1,511
My Ride: IS 250
get both and compare. Takes 3mins for the dealer to run your score
__________________

2001 330i Sport | Manual | ASA | DICE | H&R | StopTech | ZHP rack | SOLD
czechchamp is offline   Reply With Quote
Old 10-11-2013, 12:15 AM   #5
monkeyjuice5150
Registered User
 
Join Date: Mar 2004
Location: San Ramon, CA
Posts: 1,990
My Ride: ///M3 droptop
Send a message via AIM to monkeyjuice5150
They use their preferred lender, which in turn they get a commission. But sometime their preferred lender also can offer you a competitive rate from a normal institution. Of course a CU is better if you qualify for it. Sometime even the manufacture lender offer the best rate of them all. It all just depend, do you own rate shopping before signing any paperwork.
__________________

Last edited by monkeyjuice5150; 10-11-2013 at 12:17 AM.
monkeyjuice5150 is offline   Reply With Quote
Old 10-11-2013, 12:57 AM   #6
jott5555
Registered User
 
Join Date: Jan 2009
Location: salem or
Posts: 275
My Ride: 01 330ci
I applied at a local CU and i am going to run them through Cudl myself to see what comes up. apparently CUDL runs it through a huge group of nation wide CU's.

Were looking at a Avalanche for a fun/weekend rig!
__________________
jott5555 is offline   Reply With Quote
Old 10-11-2013, 02:57 AM   #7
taxi_driver
Registered User
 
Join Date: Nov 2005
Location: LA
Posts: 109
My Ride: has a meter in it
Quote:
Originally Posted by jott5555 View Post
So unlike Fadetoblack i cannot go out and slap down gold for a car. But were looking at a 08 with 50K on it and dealers keep mentioning this CUDL system they use to run credit. My wife and I have over 750 credit scores and want to get a good rate..

Is it better to let the dealer run with the financing ball or should i hit up my local CU first? Using their system do they get a kick back at my cost?

Thanks in advance!
some CU's have a preferred dealer network that they work with, might be helpful and worth looking into. my mom's a high up at bay area CU, can't remember the dealer group but they have a pretty good deal for their members who get financing through them.
__________________

Currently Driving:
2007 Lexus GS 350
Past Cars:
2007 Honda Accord Coupe EX-L - Sold
2006 BMW 325i - Sold
2004 MB CLK320 - Leased
2001 VW GTI 1.8t - Sold
1995 MB C280 - Totaled
taxi_driver is online now   Reply With Quote
Old 10-11-2013, 02:59 AM   #8
taxi_driver
Registered User
 
Join Date: Nov 2005
Location: LA
Posts: 109
My Ride: has a meter in it
Quote:
Originally Posted by monkeyjuice5150 View Post
They use their preferred lender, which in turn they get a commission. But sometime their preferred lender also can offer you a competitive rate from a normal institution. Of course a CU is better if you qualify for it. Sometime even the manufacture lender offer the best rate of them all. It all just depend, do you own rate shopping before signing any paperwork.
patelco ftw (I keep one acct with em for laons n stuff but my mom works for em)
__________________

Currently Driving:
2007 Lexus GS 350
Past Cars:
2007 Honda Accord Coupe EX-L - Sold
2006 BMW 325i - Sold
2004 MB CLK320 - Leased
2001 VW GTI 1.8t - Sold
1995 MB C280 - Totaled

Last edited by taxi_driver; 10-11-2013 at 02:59 AM.
taxi_driver is online now   Reply With Quote
Old 10-11-2013, 05:28 AM   #9
SPDSKTR
Registered User
 
Join Date: Dec 2010
Location: Birmingham, AL, USA
Posts: 2,143
My Ride: E30 with an S52
Re: Buying a new car question..

Quote:
Originally Posted by jott5555 View Post
Were looking at a Avalanche for a fun/weekend rig!
Rear seats are ridiculously uncomfortable, terrible gas mileage, but chock full of gadgets. 6/10, would rather buy an X5.

[Sent from my Galaxy Nexus.]
__________________
Quote:
Originally Posted by Brucifer325 View Post
I know I suck as an OT poster, but at least I have Edken to make me look good.
SPDSKTR is offline   Reply With Quote
Old 10-11-2013, 06:17 AM   #10
NOVAbimmer
Registered User
 
Join Date: Aug 2006
Location: VA
Posts: 12,461
My Ride: 14 Impala FXST M796
Buying a new car question..

Depends on what the rates are. We got 0% interest from the dealer on our last car. Nobody was beating that.


Sent from BimmerApp mobile app
__________________
NOVAbimmer is offline   Reply With Quote
Old 10-11-2013, 07:42 AM   #11
GlockMan
Registered User
 
GlockMan's Avatar
 
Join Date: Jan 2005
Location: Florida
Posts: 1,963
My Ride: Suburban LT 4x4
Dealers make more on financing than the car.

Get your best pre-approved rate, then see what the dealer can do.

It is my understanding that major purchase inquiries are all considered one inquiry on your credit report if pulled within a month or less (car, home, etc.)
__________________
.
!!! ROLL TIDE ROLL !!!
National Champions: 1925, 1926, 1930, 1934, 1941, 1961, 1964, 1965, 1973, 1978, 1979, 1992, 2009, 2011, 2012, 2014?



Ranting about Panny plasmas, Canon cameras, Glocks, BlueNile, and HDMI cables on a BMW board since 2005.

2007 Chevy Suburban LT 4x4 with Nav/Bose/DVD/JL (works for me)
1968 Ford Mustang with Polk/ADS (my first car)

2007 Lexus GS350 with every option
2000 BMW DINAN M5
2001 BMW 330ci
GlockMan is offline   Reply With Quote
Old 10-11-2013, 09:26 AM   #12
NOVAbimmer
Registered User
 
Join Date: Aug 2006
Location: VA
Posts: 12,461
My Ride: 14 Impala FXST M796
Buying a new car question..

Quote:
Originally Posted by GlockMan View Post
Dealers make more on financing than the car.

Get your best pre-approved rate, then see what the dealer can do.

It is my understanding that major purchase inquiries are all considered one inquiry on your credit report if pulled within a month or less (car, home, etc.)
Buying a house, two cars, and three bikes between 2011 and now hasn't hurt my credit score in the least. I'm actually higher now than I was when we bought the house.


Sent from BimmerApp mobile app
__________________
NOVAbimmer is offline   Reply With Quote
Old 10-11-2013, 09:50 AM   #13
SPDSKTR
Registered User
 
Join Date: Dec 2010
Location: Birmingham, AL, USA
Posts: 2,143
My Ride: E30 with an S52
1) Pimp your wife or girlfriend out on the street corner.
2) Pay cash for vehicle.
3) ????
4) Profit.
__________________
Quote:
Originally Posted by Brucifer325 View Post
I know I suck as an OT poster, but at least I have Edken to make me look good.
SPDSKTR is offline   Reply With Quote
Old 10-11-2013, 10:44 AM   #14
Ynot
Registered User
 
Join Date: Jun 2005
Location: Rockies
Posts: 286
My Ride: 997
Traditionally, penfed.org has the best rates and they can approve you instantly.
__________________
Ynot is offline   Reply With Quote
Old 10-11-2013, 12:10 PM   #15
spotlaser
Registered User
 
Join Date: Jan 2005
Location: NYC
Posts: 65
My Ride: 01 325xi
http://www.reddit.com/r/askcarsales/...r_buying_faqs/
spotlaser is offline   Reply With Quote
Old 10-11-2013, 07:40 PM   #16
RidinBimmerz
Registered User
 
RidinBimmerz's Avatar
 
Join Date: Feb 2005
Location: ATL/SW FL
Posts: 2,748
My Ride: Porsche 997 S
Quote:
Originally Posted by z00 View Post
Go to a credit union, you'll get the best rates from them.
not always true

Quote:
Originally Posted by JonJon View Post
Get your own financing and rate.

Dealer doesn't have to give you the rate you are approve for.

The can increase it
very true but doesn't mean that they will


Quote:
Originally Posted by czechchamp View Post
get both and compare. Takes 3mins for the dealer to run your score
now we're talkin

Quote:
Originally Posted by NOVAbimmer View Post
Depends on what the rates are. We got 0% interest from the dealer on our last car. Nobody was beating that.


Sent from BimmerApp mobile app
Which brings me to my next point, OP -

What exactly are you trying to accomplish? Is there a certain program that a dealer is running that could land you in a 0-1.9% range? With your credit score you would qualify for a preferred tier rate towards a new car.

Please be more specific.
__________________

997S X-51 Pack, PCCB, Full Cocoa leather and MUCH more

Last edited by RidinBimmerz; 10-11-2013 at 07:43 PM.
RidinBimmerz is offline   Reply With Quote
Old 10-11-2013, 08:35 PM   #17
saxual328ci
Registered User
 
Join Date: Jun 2004
Location: Virginia
Posts: 1,508
My Ride: 2004 325ci
Do both and see who has your best interest. You can try negotiating. Like say my bank is giving me blank %, what can you do?
__________________
Clean
saxual328ci is offline   Reply With Quote
Old 10-11-2013, 08:41 PM   #18
ryanwhite74115
Registered User
 
Join Date: Jun 2005
Location: Raleigh, NC
Posts: 1,779
My Ride: 2011 Hyundai Sonata
I got 2.5% on a 3 year old car direct from Hyundai. Cheaper than my CU at the time. I think you just need to shop around. Oh, and I've got no problem with 2.5% (i've paid $2k in interest and something like $30 in interest....no biggie).
__________________
(\ /) or \(`' )/
( . .)
c('')('')
ryanwhite74115 is offline   Reply With Quote
Old 10-11-2013, 09:44 PM   #19
06E46M3
Banned User
 
Join Date: May 2009
Location: LKP
Posts: 35
My Ride: L;KL;KL;KL;LKL;;KLL
beware that doing so may result in a hard pull and lower your credit score for a few months. so if you get your dealer to run your credit and a few other banks your score will drop every time and make your rates worse. it may just be a soft pull tho. dunno
06E46M3 is offline   Reply With Quote
Old 10-12-2013, 04:24 AM   #20
Brad W
Registered User
 
Join Date: Jul 2013
Location: Vancouver, WA
Posts: 441
My Ride: 2003 330ci
if you are a CU member already, talk to them first.

If the dealer goes through the CUDL network, that loan would end up being through a credit union too.

Dealers do get a bit for the loan, but they get more from add on crap like extended warranties, GAP, and a variety of other fees. Always go direct with your CU for GAP, which I highly recommend. For those that don't know, it is a rather small monthly fee that will cover the gap between what you owe and what your insurance company pays you if the car is totaled. The way value drops out on cars, you can get caught having to shell out cash on a car you no longer get to drive just to get out from the loan.

As far as multiple credit pulls, its about the number of inquiries over time. If you spend a month or two trying to buy a car and keep letting dealers run reports on you, it can start to have a negative effect. If you have a handful of inquiries over a few days, the bureaus recognize this as a natural part of car buying and typically only record it as one single inquiry
__________________

ZPP, ZSP, ZCW
Brad W is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Censor is ON





All times are GMT -5. The time now is 07:47 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
(c) 1999 - 2011 performanceIX Inc - privacy policy - terms of use