Went shopping yesterday - holy interest rates Batman

[Rainman519]

It's very expensive to borrow money right now. Got 2.9% APR back in 2020 when I bought mine, and the climate being what it is for the foreseeable future, figured I was going to keep it for a while so paid it off (more $$ for mods). Figure Jeeps hold their value pretty consistently, so I'll keep it for a good many years. Lease rates are starting to be advertised as being pretty attractive, until you look at the terms and most are for 48 months and 10K miles p/year. I figure the best strategy is just to sit tight for a while.

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[BourbonRunner]

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.

No argument there. I'm a realtor and have seen it slam my industry especially hard. Not that they're that awful in the long term but the American consumer has the attention span of a fruit fly. 30 year average is around 7%. Lead up to the Great Recession was around 7-8% on average.

The problem is we got drunk on cheap money for way too long.

Regardless of that, the finance arms of the manufacturers used to bank on promo rates to boost sales. Was talking with a Jeep salesman last week and he flat out said the high dollar vehicles (GC, JTR, JTM, Wagoneer) are not moving like they normally would. 7.26% on a $120K Grand Wagoneer is a lot of interest.

 

[kb5zcr]

Just saw an ad on TV for 1/2 ton Ram p/u for 2.9%. Wish jeep would do the same.

 

[BourbonRunner]

Just saw an ad on TV for 1/2 ton Ram p/u for 2.9%. Wish jeep would do the same.

Sales may be down and/or they need to clear inventory before the 2024's come out.

Other thing: The light truck segment is extremely competitive and very profitable for the manufacturers. They can afford an internally subsidized APR to push sales while spreading out the "loss" on the other models. 7.26% on a Grand Wagoneer makes up a lot of profit.

 

[Sandevino]

So….I took my daughter’s Grand Cherokee in for an oil change today and came home with a Gladiator Rubicon.

The EcoDiesel has a pending fuel system code indicative of pump failure and was running lean. I’ve got it for the next 72 hours to swap over all my upgrades.

The dealer knocked $14k off the Rubicon, I got full fare for my trade and my interest rate from my credit union beat their rate.

 

[rr11]

Rates are way up but it could be worse. I bought my first new car while Carter was president. Credit union bragged about 12.5%. Last month I had a call trying to get me to do a refi on my home loan. I told him I have a 2.5 are we talking about 2? he said 5.5.

 

[Minty JL]

So….I took my daughter’s Grand Cherokee in for an oil change today and came home with a Gladiator Rubicon.

The EcoDiesel has a pending fuel system code indicative of pump failure and was running lean. I’ve got it for the next 72 hours to swap over all my upgrades.

The dealer knocked $14k off the Rubicon, I got full fare for my trade and my interest rate from my credit union beat their rate.

Good deal, the 3.6 isn't that bad. I'm pleasantly happy with mine

 

[legacy_etu]

So….I took my daughter’s Grand Cherokee in for an oil change today and came home with a Gladiator Rubicon.

The EcoDiesel has a pending fuel system code indicative of pump failure and was running lean. I’ve got it for the next 72 hours to swap over all my upgrades.

The dealer knocked $14k off the Rubicon, I got full fare for my trade and my interest rate from my credit union beat their rate.

I assume the new one has the 3.6? Nice dodging that bullet.

$14k off?! Holy crap man. That’s more than the discount I got on my custom order I’m waiting on.

 

[Cspence]

So….I took my daughter’s Grand Cherokee in for an oil change today and came home with a Gladiator Rubicon.

The EcoDiesel has a pending fuel system code indicative of pump failure and was running lean. I’ve got it for the next 72 hours to swap over all my upgrades.

The dealer knocked $14k off the Rubicon, I got full fare for my trade and my interest rate from my credit union beat their rate.

What did you end up getting for a rate from your credit union? Just curious as I'm starting to shop around myself.

 

[Sandevino]

What did you end up getting for a rate from your credit union? Just curious as I'm starting to shop around myself.

6.49%. I’m well under msrp on the loan so I’ll refinance if rates drop.

 

[Ghosts40]

So….I took my daughter’s Grand Cherokee in for an oil change today and came home with a Gladiator Rubicon.

The EcoDiesel has a pending fuel system code indicative of pump failure and was running lean. I’ve got it for the next 72 hours to swap over all my upgrades.

The dealer knocked $14k off the Rubicon, I got full fare for my trade and my interest rate from my credit union beat their rate.

LOL, an oil change is how i always end up with a new Jeep! My wife gets nervous every time I go in for an oil change!

 

[Ghosts40]

Holy crap!! I was looking at a High Tide Wrangler, inquired via internet and phone with a salesman. Told him where my credit was at (Very Good credit) Didn't let him shop around to banks so i didn't give him my Social. Not sure what the term was he had in mind but he said $0 down would be $1144/Month payment!!!! No Thanks!

 

[Cspence]

6.49%. I’m well under msrp on the loan so I’ll refinance if rates drop.

Thanks for sharing, that's encouraging, I was hoping to hear a rate sub 7%. That's what I'm planning to do as well. Figure I can take it on the chin for a year or so and then hopefully refi if/when rates drop. Or, if the market eventually cooperates, just pay it off in cash.

 

[22EcoDs]

So….I took my daughter’s Grand Cherokee in for an oil change today and came home with a Gladiator Rubicon.

The EcoDiesel has a pending fuel system code indicative of pump failure and was running lean. I’ve got it for the next 72 hours to swap over all my upgrades.

The dealer knocked $14k off the Rubicon, I got full fare for my trade and my interest rate from my credit union beat their rate.

Traitor, you're dead to us.

 

[bleda2002]

Traitor, you're dead to us.

That's why he had to trade, he was trying to avoid his gladiator being dead lol

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