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      04-03-2008, 01:23 PM   #23
batchelorc
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Just got an email from Pentagon Federal Credit Union. Says they lowered rates to 4.25%
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      04-03-2008, 01:50 PM   #24
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4.34% from Bank of America
Depends on term. 4.9 for up 60 months. 5.2% for 72 months
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      04-03-2008, 07:02 PM   #25
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My car is coming in on the Independence II and is set to arrive at port this Sunday. I'm going to finance a total of $62,692.00 and have been shopping around the rates. After some back and forth, BMW Finance has offered me 5.49% over 60 months. The monthly payment in VA is $1,155.29. After seeing the PFCU rate of 4.25%, I plugged the same figures into their online calculator and it spits out a higher monthly payment of $1161.65! Wondering how in the world this substantially lower interest rate could result in a higher monthly payment, I called a PFCU rep who had no explanation. It doesn't appear that there are any origination or other hidden fees with PFCU, so what gives? Hoping someone can shed some light on this for the mathematically impaired.
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      04-03-2008, 07:05 PM   #26
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btw - the BMW and the PFCU are both fixed rates, no wacky variable and there's no issue of credit score (770+ on all of the big three reporting agencies)
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      04-03-2008, 08:42 PM   #27
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My car is coming in on the Independence II and is set to arrive at port this Sunday. I'm going to finance a total of $62,692.00 and have been shopping around the rates. After some back and forth, BMW Finance has offered me 5.49% over 60 months. The monthly payment in VA is $1,155.29. After seeing the PFCU rate of 4.25%, I plugged the same figures into their online calculator and it spits out a higher monthly payment of $1161.65! Wondering how in the world this substantially lower interest rate could result in a higher monthly payment, I called a PFCU rep who had no explanation. It doesn't appear that there are any origination or other hidden fees with PFCU, so what gives? Hoping someone can shed some light on this for the mathematically impaired.
It's possible their calculator is broke. Paying more for a lower rate does not compute! I'm sure it would be worked out before you actually sign the paperwork
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      04-03-2008, 09:11 PM   #28
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Quote:
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It's possible their calculator is broke. Paying more for a lower rate does not compute! I'm sure it would be worked out before you actually sign the paperwork
At the 5.49% rate for 60 months, I calculate $1,197.20 per month.

At the 4.25% rate for 60 months, I calculate $1,161.65 per month.

Looks like the BMW FS calculator is broke.
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      04-03-2008, 09:36 PM   #29
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woohoo, my dealer said they are willing to match a competitive rate~
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      04-03-2008, 10:55 PM   #30
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Yeah - it's weird. I'm going to confirm tomorrow that those are the numbers they will honor and will let you know what I hear.
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      04-04-2008, 01:17 AM   #31
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BMW financial matched a 5.44% rate from Bank of America that was quoted from a red book that the dealer pulled out. It was lower than the 6.5% they originally quoted so I took it, but now after reading about these 4.xx% rates, I'm not so sure I did the right thing. This was 2 weeks ago and it was for a term of 60 months.
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      04-04-2008, 01:23 AM   #32
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Quote:
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BMW financial matched a 5.44% rate from Bank of America that was quoted from a red book that the dealer pulled out. It was lower than the 6.5% they originally quoted so I took it, but now after reading about these 4.xx% rates, I'm not so sure I did the right thing. This was 2 weeks ago and it was for a term of 60 months.
Just check on www.bankofamerica.com and go to auto loans.
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      04-04-2008, 01:23 AM   #33
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Thank God for PenFed. I have my current loan with them at 3.99. 4.25 ain't too shabby. Now I just need the f***ing car.
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      04-04-2008, 08:36 AM   #34
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Thank God for PenFed. I have my current loan with them at 3.99. 4.25 ain't too shabby. Now I just need the f***ing car.
My last one with them was 3.9 as well
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      04-04-2008, 08:45 AM   #35
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So can anyone get a loan from Pen Fed?
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      04-04-2008, 09:29 AM   #36
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There's a backdoor into Pen Fed -- you have to join the Military Familes association or something.
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      04-04-2008, 12:16 PM   #37
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There's a backdoor into Pen Fed -- you have to join the Military Familes association or something.
Do you have specifics on how I can go about it?
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      04-04-2008, 07:26 PM   #38
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Free credit report

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Ok, know any good sites for free credit report?
Your entitled to one free report from each agency a year. I tend to spread them out, but you can get all 3 at once too. Note that from the following link, this is just a credit report, it does not include your credit score. Each credit agency does the scores a bit different, so you have to go to the credit agency to get the score (which they will charge you for, and try and sign you up for a nearly worthless credit monitoring subscription).

For the really free credit report with no strings:
https://www.annualcreditreport.com/
The FAQ on the above site is pretty good, and includes links for the reporting agencies if you want your score.

Additional, for a good site that compares loan rates for a bunch of places this site is a great resource: http://www.bankrate.com/

Last edited by Zed; 04-04-2008 at 07:29 PM. Reason: Additional info on bank rates
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      04-04-2008, 07:51 PM   #39
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I just checked with Andrews FCU. They're offering 66 months at 4.99% fixed.
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      04-07-2008, 08:57 PM   #40
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pentagon federal is down to 4.25%
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      06-18-2008, 03:48 PM   #41
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any updates to rates for june?
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      06-18-2008, 08:50 PM   #42
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any updates to rates for june?
PenFed still at 4.25%, there's another thread somewhere. Financing up to 110% of value, fixed rate, they send you a draft check after you get approved. You choose option 6 on the selection and join as a non military person. It costs $20 to join, and you have to put $5 into your account.

Here's the thread, zoom thru the responses
http://www.m3post.com/forums/showthread.php?t=146816
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      06-18-2008, 10:20 PM   #43
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Talking Pentagon Federal 4.25% up to 72 months

Pentagon Federal is off the hook
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      06-18-2008, 11:00 PM   #44
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4.9% BMW Financial Services.
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