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Need Help - Acura Finance vs. PeopleFirst

2K views 9 replies 8 participants last post by  jepalmer 
#1 ·
All,

Could really use some quick feedback. Have bought a 2003 MDX Touring with all the bells and whistles. Only decision now is to finance using honda or using peoplefirst.com.

I have feeling acura is overcharging on rate to make up for a below MSRP deal...So two questions please:

1) Whats best 5 year financing rate you're seeing from acura. I'm being told 4.74 is cost.

2) Would anyone not use peoplefirst? and why?

many many thanks
 
#2 ·
jepalmer said:

1) Whats best 5 year financing rate you're seeing from acura. I'm being told 4.74 is cost.
If you are being told that, you are being fed a line of bullsh*t. :mad:

I got 3.99 through Honda financing, mainly by leveraging my home equity line of credit rate (4.25% plus I get to deduct the interest on my taxes) as a bargaining tool.
 
#3 ·
It really depends on the deal you get from each. I currently have a loan with peoples first (actually roadloans.com). My credit is a little shaky but roadloans.com actually gave me 72 month financing at 14.95%. Now this may sound horrible given what rates are out there, but trust me my credit was really bad at the time I took out the loan and they were by far the best deal going. In fact NONE of the dealers I spoke with could come anywhere near. Their customer service has been a-1. The entire financing deal was done directly over the web and the day after I was approved I had a fedex package on my door step with a blank check to go where ever I wanted to buy.

I work in the finance business (not auto) and would definitely recommend peoples first if the rate is comparable. Besides when you already have the loan in place before purchasing, the only thing you are negotiating at that point is price.
 
#4 ·
I was offered 4.25% on 48 month or 60 month by the dealer using Chase -- not American Honda Finance Corp. This rate was without any negotiating, so I believe that 3.99% may still be available. I do not know if the interest rate varies by state, but I am in New York. Good luck.
 
#7 ·
I have used peoplefirst to finance several cars and a motorcycle. Always worked great and had good rates. You apply and receive notice almost immediately. Then they send you a check. Overnight is an additional fee. No reason not to use them.
 
#8 ·
20k @ 3.5% for 60 mo through AAA
20k @ 3.99% for 60 mo through peoplesfirst

and my dealer told me that if I did 25K + through Acura finance, they could have done about 3.7%....so make sure you negotiate!!! the initial figure they gave me was 4.7%, but lowered it when they saw I was looking for other loans...

But when i got 3.5%, they said they couldn't match it.
 
#9 ·
marge11 said:
I was offered 4.25% on 48 month or 60 month by the dealer using Chase -- not American Honda Finance Corp. This rate was without any negotiating, so I believe that 3.99% may still be available. I do not know if the interest rate varies by state, but I am in New York. Good luck.
I jumped the gun earlier...I assumed I was getting Honda Financing. Got my statement from the finance company tonight, and it turns out that it is in fact Chase Automotive Finance.

However as stated before, you can do better than "4.7% cost." The finance guy at the dealer gave me 3.99% through Chase as it turns out, after I told him I had a 4.25% home equity line of credit plus I get to deduct the interest from my taxes. I essentially told him he'd have to beat 4.0%, and he did (by the slimmest of margins).

He didn't ask for any proof of this - so if you don't have alternative financing like I did you might try this line anyway and take the risk that they won't call your bluff...:22:
 
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