My friend bought a 13RX350 a month ago and now he just found out that he get 3.49% instead of 2.9% The salesman told him before the deal were done that he will get 2.9% ( I understand he should have read it before sign it)..He not experience of buying new car. I know .5% is not big but still that's not right from the dealership had done that to him. He called the salesperson, he said that he couldn't remember he got so many customer and said why didn't he read it before sign it. I guess he gotta to take it as an experience for the future.

 

He probably did not qualify for the bottom line loan...they go byy FICO score! FYI, only 24% of people that apply for the 0% and other low interest buy down loans actually get them; most get a slightly higher interest rate!!!

 

Still a competitive rate, most credit union have 5%.
While the banks have 8%.

Bottomline, it's all based on the FICO Score ( credit score).
If you're not over 720 on all 3 bureaus, don't expect to get Tier 1 Plus

 

Anyway, he went again and bought his dad a venza 2013 at Toyota dealer.. They said he can get 2.9% but when they did the paper work they did 3.9%.... This I recently last week the reason he found out because when he negotiated with the salesperson he called me. I told him he has to check the interest rate and the total drive out numbers. He did fight with them about the rates were different and they changed it to 2.9%.... It's a long story. He did not find out about the Lexus rates until the other night when he checked again on the paper that he signs a month ago.

 

San Diego county Credit Union is 1.9 % for new cars...all the way to 3.99% for a 2002!! Don't know why yours are so much higher??? Most banks down here don't do cars anymore; they don't find it profitable!