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I'm just curious what the current interest rate everyone is getting on their new 02's. I just got a call from my dealer and my RP EX is being unloaded off the truck RIGHT NOW! I can't make it in to pick it up until Friday evening
and of course they won't talk interest rate over the phone. My Credit Union has 6.49% for 60 months. I wonder if Chase or someone else has a lower rate due to car sales being in the toilet.

I'll post pictures ASAP. I have yet to see a RedRock Ody in person. I hope it's as good as it looks in the brochure.

Thanks to all.

-John
 

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Discussion Starter #4
odyodyody,

I just called my Credit Union and said that I was thinking about purchasing a new van. He had to run a credit check on me first but after that was done he quoted me the 6.49%. I haven't even talked to the dealer yet. I just wanted to go in with some more ammunition.

-John
 

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Where are you getting rates like 5.99%? I've got 6.24% through Peoplefirst.com, but the Honda dealership says they don't take the blank check drafts because they have had trouble getting the banks to make good on them. Peoplefirst said they are willing to do a cashier's check if necessary.

I don't belong to any credit union, so that's not an option.
 

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<font face="Verdana, Arial" size="2">Originally posted by odyodyody:
Was that rate from the dealer? Our credit union is at 8% for 72 months, which I think stinks.</font>
Just for laughs I put $30k and 72 months into the PeopleFirst loan calculator and got 6.99%. 8% really does stink!
 

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Another idea for financing:
If you own your home, consider using a home equity line of credit to pay for your new car. That way your interest payments are tax deductible. A 7% rate could effectively become something like 4.5%. Plus, there is no lienholder on your title, not that it makes a big difference anyway.

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2001 EX-NAVI, SS
1997 Accord EX-L, Forest Green
Previous Hondas:
1992 Accord EX, White
1982 Accord DX, Silver
 

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<font face="Verdana, Arial" size="2">Originally posted by SloopJohnB:
I'm just curious what the current interest rate everyone is getting on their new 02's.
-John
</font>
6.19% for 60 mo in Dallas area.



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SS EX-L 2002
 

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<font face="Verdana, Arial" size="2">Originally posted by adam1991:
I got 6.19 for 72 months. Could have gotten 5.94 for 60 months.</font>
I got 5.80 for 60mths, picked up my SS EX the following day after putting the ink on paper. You can likely get a better rate after the fed meets on Oct 2, the fed rate is said to go down another 1/4 ~ 1/2 point. Hopefully this will translate to a lower loan rate. The best place for rates are: AAA.com then bestrate.com. Good Luck.
 

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Just have to brag...I got 5.25% for 6 years at my credit union (Kern Schools Federal) in Bakersfield last April. They should repeat the deal in October.

Cheers,

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gbaxley
'01 TW EX
 

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My C.U. has a special promotion going through October.
12 mos.= 1.2%
24 mos.= 2.4%
36 mos.= 3.6%
48 mos.= 4.8%
60 mos.= 6.0%
etc. etc....
I may go for the 4.8% even though the payments will be a little high for 48 mos.

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On the waiting list for my '02 EX Nav in RED!
GOD BLESS AMERICA!!

[This message has been edited by ody (edited 09-27-2001).]
 

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I agree 100% with the home equity option. I used to do Home Equity Loans for a big bank. 100% tax deductable interest is huge. Go to www.bankrate.com for rates. You shouldnt have to pay any fees and you can choose either an open credt line or installment loan.

I have 6.40% fixed home equity loan in progess(effective rate about 4% after tax deduction) with NO COSTS thru a credt union.
FYI on your bank auto loans... they will often time lower the rate to get your business if your credit is great. 1/4% is not much to a lender... peoplefirst will lower it to 5.99% if you press them and your credt is good.

NEVER accept the first rate a dealer quotes you even if it sounds good. Always say "they will have to do better than than to get my business." Whats the worst they can say? With rates so low, dealers make whats called "participation". Meaning if their "buy rate" from a lender is 6.5%, and they get you to pay 7.5% (historically a still a great rate for a car loan), they make profit on the overage. This is the end of the month of the dealers and if you make them think you wont close due to terms until october, you may be surprised what they will do to make you happy. Granted, "participation" doesnt happen as often with great credit risks, they are typically more educated, but it still can happen.
 

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SloopJohnB- I don't know if you can wait until later next week or not, but I heard on the radio the other day that the Fed might drop the interest rates another 1/2 point on October 1st. Don't know how that would effect car loan rates, or how quickly. BTW - I will be looking for on the streets of Columbia. I have already seen a red and a beige 2002 on the streets here - looking forward to my red one in November.
 

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Instead of looking to the banks and CUs, I think we should be trying to get Honda to come down on their rates some... like the big three. I know vehicle quality--and sales volume--is better, so I'm not hoping for a match of 0%, just a reduced rate. Like 4.9% for 60 mos. BTW, our local CU rates stink. Best we have so far is 6.49 from PeopleFirst.

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OkieOdy

96 Accord
02 Odyssoon
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Instead of looking to the banks and CUs, I think we should be trying to get Honda to come down on their rates some... like the big three. I know vehicle quality--and sales volume--is better, so I'm not hoping for a match of 0%, just a reduced rate. Like 4.9% for 60 mos. BTW, our local CU rates stink. Best we have so far is 6.49 from PeopleFirst.

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OkieOdy

96 Accord
02 Odyssoon
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Good point about in house financing being more competitive..but it wont happen on the ody. The purpose of incentive financing by a car maker in one fold...drive sales. It is not to help the customer or even the dealer per se.

Thats the bottom line. What benefit does honda have to lend money on the Ody at say 4.9% when they have to borrow money on the open market as a lender at bond rates of 6-8%? There is no need to at this time. Your low apr financing offered by an auto maker is made up somewhere in the trasaction. thats why they usually dont offer rebates with the low apr.
 

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I was able to get the 5.9% for 60 months. It was through the Harris Bank in Palatine, IL, even though the dealership I purchased the van from is about 200 miles south in Springfield, IL

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RRP EX - Delivered 09/25/01 Pickup on 09/26/01
 
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