Hello,

I'm looking into purchasing a TSX in the next couple months; was wondering about the internet loan sites such as Capital One Auto Finance and E-Loan.

What I'd like to do is have one of their checks in my hand to eliminate alot of the haggling in the finance department.

My question is, if Acura financing gives me a better rate and I don't sign these checks, is it truly no obligation (and I don't owe the internet loan site anything)?

Does anyone have any experience with this?

Thanks

 

Yup.

My wife had an e-loan check in hand when she bought her vehicle. She didn't use the check and just tore it up. We didn't have to pay e-loan anything. (In those days you didn't need to inform e-loan you weren't using the check; these days you do.)

 

There is no obligation, but know that each time someone checks your credit score you take a hit of 2 or 3 points. And lots of instances when credit is extended but not used can look bad on the credit report as well. It can really add up.

Know, too, that some dealers might try to tell you they don't accept Eloan or Capitol One financing because "there are just so many hoops to jump through in order for them to get paid." Then they'll try to steer you to their financing. It happened to me, and I ended up walking. However, as you'll see in some recent posts in the "Dealer's Lot" section, they called me back and although I still took Honda financing, I ended up with a good deal.

 

Acura finaning will try everything to get you to use their loan department. They dropped their loan rate to .1% below what I had on my bank note (3.9%) to entice me. I kept with my bank though... .1% isn't worth losing the advantages of using my own bank.

Remember... negotiate price of the car #1, then negotiate trade-in value #2. Once you lock the total cost, it gives you room to use edmunds for your trade in and get a fair amount.

If you do your homework, you should have a good idea what your payment should be based on loan amount. This is where people get in trouble using the dealer financing- the dealer will give you a great montly payment and not tell you until the end that you are now on a 6 or 7 year loan and paying an extra $2,000!

 

Great, thanks everyone. I'm actually looking forward to trying to get the best price, and of course, getting the TSX. Luckily I'm able to sell my current car on the side and eliminate the trade-in factor. Want to see if I can do it "right" this time! =)

 

i got financed a month and a half ago for 3.85% from Householdauto.com. it's an instant application and approval process and if you are approved, they will fedex your check the next business day. the rate is based on your credit worthiness and my beacon is 700, so if you're in that close range, take a chance. i asked for $30k, but they overapproved me and sent a check for up to $35k. just write the check to the dealer for what you want financed, the dealer calls to authorize the check and they do a final underwriting of your loan for the amount you ended up using.
super simple and now i'm driving an incredible car!!!