Went shopping yesterday - holy interest rates Batman

[RacerAV]

Yeah my wife and I with our perfect credit scored a sweet 6.9% APR lol, bought her GC-L and my JT-M together... hurts, hurts bad...

ONLY thing that helped, I got $8500 off MSRP, she got $5500 off...

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[Sandevino]

So the dealer called back today. The Monday of the last week of the month and the quarter. The price has come down $2k and dealer discounts have gone up $1.5k so a total additional discount of $3.5k.

I might go sniff around a bit and see what else I can squeeze out of them now that I'm interested. Dad might trade his Overland for a Rubicon this week. We shall see...

EDIT... Nope. That V6 is gutless compared to the diesel.

 

[FinnYyatt]

Long story short my daughter is looking to sell her 2022 Grand Cherokee and pick up a Gladiator as her needs and wants have changed. She’s in the hospitality business (catering and event planning) and is looking at buying a truck or getting a hitch installed and buying an enclosed trailer.

We went shopping and found a 2023 Rubicon (overkill for her) with nearly $10k in discounts and rebates coming in around $55k out the door. After all was said and done the BEST APR we found at our bank and through the finance department was 8.9% equating to a whopping $14k in finance charges over 60 months and a $1200 monthly payment.

She looked the finance manager in the eye and laughed saying no way is she paying $1200 a month and $14k in interest. So, we are now looking at trailers and hitches.

How could this be leveraged in negotiations if doing a cash puchase? Let’s say 6-8% below invoice, incentives, cash…

 

[Sandevino]

How could this be leveraged in negotiations if doing a cash puchase? Let’s say 6-8% below invoice, incentives, cash…

Get to the table with their best OTD (out the door) price in hand in writing.

They ask if you want to finance, you get out the check book and write a check.

The whole trick is to not tip you hand saying you're paying cash as many dealers will pull back on incentives or dealer cash if they think there's no way to recoup it on the back end.

 

[NightFog]

Fed fund rates are 5-5.25 as of May 3rd. The fed skipped raising rates again in June but have said there will likely be 2 more interest rate increases this year . When places like fidelity are paying 5% interest on money and 3 month CD's pay 5.35% is tough to get a low loan rate.

 

[hrw4]

had 1.24% in May 2021 from PenFed.
It's now up to 4.69%

It looks like base price on the gladiators will be going up in 2024, and I'm sure interest rates won't be coming down.

Sucks not knowing if I should jump on a truck now, or wait until the new ones come out.

Rates kind of made the decision for me though, so we'll see what happens come October

 

[Sandevino]

had 1.24% in May 2021 from PenFed.
It's now up to 4.69%

It looks like base price on the gladiators will be going up in 2024, and I'm sure interest rates won't be coming down.

Sucks not knowing if I should jump on a truck now, or wait until the new ones come out.

Rates kind of made the decision for me though, so we'll see what happens come October

Those that wait usually end up kicking themselves as prices and rates increase and features / options change.

Not saying you should rush out and overextend yourself, but if you've got the money go for it. You only live once...

 

[ShadowsPapa]

1980 I was getting 14% on my CDs but my home mortgage was something close to 7%, maybe more if my memory was better. You got paid 4 or 5% on your savings account.
I wish I could recall what my first new car loan cost me in 1977.

 

[ShadowsPapa]

You only live once...

Naw, I'm on number 5 by now.

 

[TheDerb]

About 3 years ago, back in the good ol' days, I bought a loaded full size truck for $5k under sticker and with 0% interest.

My wife bought a Subaru Forester in April of 2020. Sticker was right at $40k. They drove it to our house, and the sales guy had to stand outside of our house per dealership rules while she test drove. The sales guy said "name your price". She said "I want 0% interest and a $500 car payment". They wrote it up. She ended up with everything completely out the door for 72 months @$500/mo. No interest. Those were wild times. That was tax title and tags included.

 

[NightFog]

1980 I was getting 14% on my CDs but my home mortgage was something close to 7%, maybe more if my memory was better. You got paid 4 or 5% on your savings account.
I wish I could recall what my first new car loan cost me in 1977.

My mortgage rate was 10.25% in 1987. I got a 2.85% mortgage rate in 2019.

 

[FinnYyatt]

Those that wait usually end up kicking themselves as prices and rates increase and features / options change.

Not saying you should rush out and overextend yourself, but if you've got the money go for it. You only live once...

Paint on the 24 wrangler went up.

 

[Tommyd]

Dang! Makes me feel good about my 1.7% ?

 

[BourbonRunner]

Rates are bad right now.

In the market for her right now and we've more or less settled on a Bronco Sport Heritage Limited. 5.99 is the best I can get with great credit from our credit union. Ford Motor Credit is doing 4.9. Probably going to do that since we'd be financing for 5 years. Our CU was 1.9% when we bought her Subie in 2013.

Jeep was just advertising 7.26 for "well qualified buyers."

 

[bleda2002]

Rates are bad right now.

In the market for her right now and we've more or less settled on a Bronco Sport Heritage Limited. 5.99 is the best I can get with great credit from our credit union. Ford Motor Credit is doing 4.9. Probably going to do that since we'd be financing for 5 years. Our CU was 1.9% when we bought her Subie in 2013.

Jeep was just advertising 7.26 for "well qualified buyers."

I mean 6% isn't terrible. We just got used to crazy low interest rates, but it wasn't too long ago that 5-6% was a good mortgage rate, much less car rate.

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