Financing Options

[Gladiator Overland]

Where are people finding the best rates? Over 720 on my credit last time I checked. Want options before I go in to pick up my order at Gupton.

Sponsored

 

[Jefe1018]

Doesn’t Gupton make you use one of their lenders? If you opted out, I usually find that local credit unions offer the best rates.

 

[ShadowsPapa]

One time when we financed (several years ago) we got the loan through the dealership and then later transferred to our credit union. We got cash for transferring an existing loan, and a great rate.
Another time the dealer had a list of financial institutions and our credit union was on that list and gave the best rate - so it was easy for us.

But we haven't financed for years so all I can add is - do check credit unions, often they have better rates. I doubt you'll find too many "incentives" like low or no interest through dealers or Jeep these days.

 

[Gladiator Overland]

Doesn’t Gupton make you use one of their lenders? If you opted out, I usually find that local credit unions offer the best rates.

no they don’t require. If you douse their financing it would be an extra 1% off of the costs. That said depending on what rates I can find may offset any upfront savings.

 

[USMC-SSGT]

no they don’t require. If you douse their financing it would be an extra 1% off of the costs. That said depending on what rates I can find may offset any upfront savings.

I’m going through this right now for a new order. Break even on their 1% is basically 1/2% interest point. I’d give that up in a heartbeat for a better rate. For the amount you’ll finance, each 1% of interest equals roughly $1k over 60 months.

For me, they offer even better, $1000 off to use their financing. Sounds great at first, then you realize they could give you something awful like 3.9% when you could get 1.9 or even .9 and save yourself $1500.

My plan- take the $1000 and do their financing. As soon as I get home I’ll transfer to a local credit union for .9%. Just need to verify with their finance office there is no early payment penalty.

 

[Gladiator Overland]

I’m going through this right now for a new order. Break even on their 1% is basically 1/2% interest point. I’d give that up in a heartbeat for a better rate. For the amount you’ll finance, each 1% of interest equals roughly $1k over 60 months.

For me, they offer even better, $1000 off to use their financing. Sounds great at first, then you realize they could give you something awful like 3.9% when you could get 1.9 or even .9 and save yourself $1500.

My plan- take the $1000 and do their financing. As soon as I get home I’ll transfer to a local credit union for .9%. Just need to verify with their finance office there is no early payment penalty.

The lowest I’ve seen is 1.79% at USAA for up to 84 months. Penfed was 1.99% at 60. where did you see .9% shit

 

[dcmdon]

I’m going through this right now for a new order. Break even on their 1% is basically 1/2% interest point. I’d give that up in a heartbeat for a better rate. For the amount you’ll finance, each 1% of interest equals roughly $1k over 60 months.

Your math assumes that you use Gupton's financing for the full term of the loan.

If I remember correctly they ask that you keep the loan for 6 months before refinancing.

I used to be a Finance Manger at a dealer so I remember this stuff clearly. If you re-fi or pay off the loan prior to a certain time the finance company "charges back" the commission they paid you when you wrote the loan.

Lets run some numbers.

If you have a 45K loan at 2.9% for 72 months your payment is $682 / mo.

If you have the same loan at 3.4% for the same term you are at $691 / mo
So if you run it for 6 months then refi you are only out $54.

So in almost all cases it is worth it to finance with Gupton. From what I have seen their rates are competitive with other lenders.

The reality is that this is a roughly $500 question. (1% of 50K is $500). So its not worth staying up at night over.

My intention is to finance with Gupton. My wife and I have ~800 credit and low debt to income so we should get the best rates. If he is high, I will honor my end of the deal and not refi until after he asks, I believe 6 months.

For me, they offer even better, $1000 off to use their financing. Sounds great at first, then you realize they could give you something awful like 3.9% when you could get 1.9 or even .9 and save yourself $1500.

Exactly. If a good market rate is 2% and Gupton charges 4% on 45k for 72 months that is a $40 per month difference. ($663 vs $704/mo)

Absolutely not worth taking the extra discount unless you plan to refinance. And even then at 6 months you are out $240 so its worth it.

My plan- take the $1000 and do their financing. As soon as I get home I’ll transfer to a local credit union for .9%. Just need to verify with their finance office there is no early payment penalty.

They want you to wait about 6 months before refi. But even then its worth it.

 

[ShirtlessCubsFan]

Just a heads up, Gupton's requirements are to hold the loan for 7 months, not 6.

Unless things change with Oklahoma dealerships, this won't be the last time I deal with Gupton, so it they have a rate that benefits me with the lower OTD price, I'll gladly abide by their 7 months request instead of burning that bridge as soon as I get home.

Here's a screenshot of Daniel's email to me when I was getting my order started.

 

[ShadowsPapa]

Just a heads up, Gupton's requirements are to hold the loan for 7 months, not 6.

Unless things change with Oklahoma dealerships, this won't be the last time I deal with Gupton, so it they have a rate that benefits me with the lower OTD price, I'll gladly abide by their 7 months request instead of burning that bridge as soon as I get home.

Here's a screenshot of Daniel's email to me when I was getting my order started.

Looks like they are very clear on their requirements. It's spelled out plainly and logically. Wish all dealers were that clear on things.

 

[sdk131]

Looks like they are very clear on their requirements. It's spelled out plainly and logically. Wish all dealers were that clear on things.

I have no experience with Gupton and my comment does not relate to them.

Let me just say I used one of the other high volume internet dealers for my custom order. What the finance manager verbally told me and what was printed on my actual loan documents was very different when it came to early payoff of the dealer offered financing. The dealer finance manager straight up lied to my face several times saying that I could not pay it off early, there were penalties, etc. I just smiled and mumbled "oh ok" as i sat at his desk and made him wait while i read the actual loan documents i was signing that clearly said there was no pre-payment penalty. Just a good reminder to always be careful about what a finance manager says, and any actual documents you sign. Again - NOT a comment on Gupton.

 

[ShadowsPapa]

I have no experience with Gupton and my comment does not relate to them.

Let me just say I used one of the other high volume internet dealers for my custom order. What the finance manager verbally told me and what was printed on my actual loan documents was very different when it came to early payoff of the dealer offered financing. The dealer finance manager straight up lied to my face several times saying that I could not pay it off early, there were penalties, etc. I just smiled and mumbled "oh ok" as i sat at his desk and made him wait while i read the actual loan documents i was signing that clearly said there was no pre-payment penalty. Just a good reminder to always be careful about what a finance manager says, and any actual documents you sign. Again - NOT a comment on Gupton.

Missed that point.
Yeah, it drives 'em nuts when my wife and I are in with vehicles (exception was Spencer, Spirit Lake) because I want to read everything and I ask questions if something seems different. As far as pre-payment, my wife always asks that - beats me to the punch as she hates taking any loan to to full term and wants to be free to either pay faster or pay it off early. She makes them show her in the document where it says "no penalty for................."
Most of these people whip the papers past you so fast pointing and saying simply "sign here", and I pause to read - you can see they are irritated.
Many years ago we did have a loan - I actually think it was a home mortgage, where there was a penalty for early payment. My wife said never ever again.
15 year home mortgage this last time - she'll have it paid off in under 10. Currently no vehicle loans.

 

[dcmdon]

Based on my discussions with Daniel, it seems to be a request, more than a requirement.

That makes sense considering the fact that different customers may finance with different lenders.

It would be a nightmare for them to constantly try to manage loan terms with all of these companies.

considering how straight this dealership is with all of us. An unwritten agreement to hold a note for six or seven months is not unreasonable.

 

[ShadowsPapa]

Based on my discussions with Daniel, it seems to be a request, more than a requirement.

That makes sense considering the fact that different customers may finance with different lenders.

It would be a nightmare for them to constantly try to manage loan terms with all of these companies.

considering how straight this dealership is with all of us. An unwritten agreement to hold a note for six or seven months is not unreasonable.

And isn't going to cost that much more as you pointed out - while potentially saving on the deal to begin with, meaning lower loan amount, less interest in the end.

 

[glassjawkid32]

I have multiple banks who offered great rates and tuttle click was able to beat it. Get approved on your own before you go in. Then give the dealership the opportunity to beat them. Lenders are offering aggressive rates right now.

 

[Gladiator Overland]

I have multiple banks who offered great rates and tuttle click was able to beat it. Get approved on your own before you go in. Then give the dealership the opportunity to beat them. Lenders are offering aggressive rates right now.

1.79% was my best rate for up to 84months. Doubt they’ll be able to beat it. My credits excellent and it’s a boon to get these good rates.

Sponsored