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Discussion Starter #1
Hi everyone..

I am about to purchase an Abarth!!!
Unfortunately, I have close to NO credit history (Graduated last year and got a job right after) but would like to finance (about $10k) for an 13 Abarth.

I went to a Nissan dealership yesterday and test drove the Juke Nismo, I think its not that bad but the sales were such a ***** (Please forgive me, I was really bad and leave the dealership:mad:)
Actually I did filled up an application form and submit to see what APR I can get, and turned out to be 5.49%, which is not bad I guess:p

Due to many reasons, I chose not to get the funky Juke and decide getting an abarth (The exhaust note is WONDERFUL!!!), what should I do to get the lowest APR on car loan? Should I go to a credit union and get a loan check then visit the dealership?

I saw there's pre-approval in all fiat studios websites, but I am not sure if they are safe once I submit it with my SSN#..
Later on, I saw there's pre-approval on Fiatusa website, which is through chrysler capital, should I submit and see my APR before visitng the dealership? If I am really going to a loan from Chrysler Capital or dealership, am I still eligible to get the factory rebate? (not sure if its 3000 or 4500)

Apologize for asking too many questions with my poor english but I really need some help on the procedures to get a new car (its going to be my first car)

Thank you!!!

Juven ;)
 

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Actually, I did just that the other day. I went to an official fiat dealer website, they have a link to apply online thru chrysler capital. It's done on a secure server (since you have to give it crucial info). And was approved in seconds. The chrysler capital people called an hour later to see if I'd heard from the dealer yet (tho I already had done that).

Here's the link to chrysler capital that I used (note this link is dealer specific, so you'd want to use the one on fiat usa site or the fiat studio you plan to buy from):

https://apply.chryslercapital.com/applylong.aspx?p=dealer&utm_source=dealer&utm_medium=referral&utm_campaign=290&utm_Content=Finance-Tab-Sub-Navigation&dealerid=69026

It's probably your best bet for getting a decent rate. 5.49% is high but it's probably because you don't have extensive credit. Another option is to join a credit union, they typically are easier to get loans from and have good rates.

Financing thru Chrysler capital won't affect your rebate unless you opt for the 0.0% financing, which you might not qualify for anyway.

GOod luck. I picked my abarth up THursday and have been enjoying it.
 

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5.49 really isn't bad, we see people with upwards of 20% on occasion, average is around 4-5%, good is 2-3%
You can try a bank or credit union but usually, dealer rates are pretty competitive, I'd say about 70% of the time we beat credit union rates. When a dealer runs your credit app, they go through several banks at once to get the best rate. If you submit a Chrysler capital app on your dealer's website, they'll use that info to run it through their lenders and see what comes back the best. At the 5.49 rate, they're probably marking it up a point. When a dealer gets a rate from a lender, they get it at a discounted rate, and the bank lets them mark it up a small amount so the dealer makes a little bit (same way all loan providers work, the banks are competing to get the dealer to use them). A lot of times, if someone's really trying to get a good rate, they don't mark it up and the bank gives them a flat fee ($100 or so). Whatever rate they come back with, tell them you're really trying to get it 1% less and ask them if they can mark it down and keep "the flat", you'll either get a better rate or they're probably not marking it up.

also make SURE they apply 3 coupons to your deal, incentives vary a bit from region to region but you should be getting at least $4500 off
 

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Discussion Starter #5
Actually, I did just that the other day. I went to an official fiat dealer website, they have a link to apply online thru chrysler capital. It's done on a secure server (since you have to give it crucial info). And was approved in seconds. The chrysler capital people called an hour later to see if I'd heard from the dealer yet (tho I already had done that).

Here's the link to chrysler capital that I used (note this link is dealer specific, so you'd want to use the one on fiat usa site or the fiat studio you plan to buy from):

https://apply.chryslercapital.com/applylong.aspx?p=dealer&utm_source=dealer&utm_medium=referral&utm_campaign=290&utm_Content=Finance-Tab-Sub-Navigation&dealerid=69026

It's probably your best bet for getting a decent rate. 5.49% is high but it's probably because you don't have extensive credit. Another option is to join a credit union, they typically are easier to get loans from and have good rates.

Financing thru Chrysler capital won't affect your rebate unless you opt for the 0.0% financing, which you might not qualify for anyway.

GOod luck. I picked my abarth up THursday and have been enjoying it.
Do you think its better to apply the Dealership Pre-approval instead of the Fiatusa.com ?

The dealership sales told me the rebates will end this month, so I think I should hurry up and don't miss the chance :)
 

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Discussion Starter #6
5.49 really isn't bad, we see people with upwards of 20% on occasion, average is around 4-5%, good is 2-3%
You can try a bank or credit union but usually, dealer rates are pretty competitive, I'd say about 70% of the time we beat credit union rates. When a dealer runs your credit app, they go through several banks at once to get the best rate. If you submit a Chrysler capital app on your dealer's website, they'll use that info to run it through their lenders and see what comes back the best. At the 5.49 rate, they're probably marking it up a point. When a dealer gets a rate from a lender, they get it at a discounted rate, and the bank lets them mark it up a small amount so the dealer makes a little bit (same way all loan providers work, the banks are competing to get the dealer to use them). A lot of times, if someone's really trying to get a good rate, they don't mark it up and the bank gives them a flat fee ($100 or so). Whatever rate they come back with, tell them you're really trying to get it 1% less and ask them if they can mark it down and keep "the flat", you'll either get a better rate or they're probably not marking it up.

also make SURE they apply 3 coupons to your deal, incentives vary a bit from region to region but you should be getting at least $4500 off
Thanks for your reply!

What do you mean by keep "the flat"? Can you explain a little more? [ Actually I just realized how APR works :( ]

My credit union can match the APR in whatever % the dealership offers, if they offer the same rate, should I go for Credit Union or Dealership?

At least $4500? Do you mean rebate is $4500 and the rest are dealership discount?

:)
 

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Discussion Starter #7
Advice given is better than anything I can offer so I will just welcome you to the forum and hope it goes well and you're driving home in your Abarth soon!
Thanks! Hopefully I can join the family!

My mom have been asking me about the depreciation after a year or two if I have to go back to my country.
Since there is 7k discount from one of the dealership I visited today, which comes to $16000 Net, but I know the abarth is not going to be < $10,000 in the used auto market after 3-5 years =P
 

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Thanks for your reply!

What do you mean by keep "the flat"? Can you explain a little more? [ Actually I just realized how APR works :( ]

My credit union can match the APR in whatever % the dealership offers, if they offer the same rate, should I go for Credit Union or Dealership?

At least $4500? Do you mean rebate is $4500 and the rest are dealership discount?

:)
Rebates change from region to region so I don't know what they are exactly where you are, but if you're getting $7k off, you're doing great, we can't come close to that in my neck of the woods.

The flat is just the flat fee a dealer gets from a lender when they don't mark up the rate any. If they mark it up, they make more, if they don't, they get a flat fee. If you're going for the lowest rate, try to get them to not mark it up.
If you weren't getting such a huge amount off, I would say definitely finance through the dealer just because dealers are much more likely to give you a deal if you finance through them than if you just bring a check (it's the exact opposite of what most people think) but in this case, it probably won't matter. The dealer will be much happier if you finance through them though, they'll make a little bit back that they're probably losing marking the car down THAT much rather than your bank making all the money on it.
 

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I went with the dealer as they beat my credit unions rate and gave me 1.85%, my credit union's best was 1.99%. Not a huge difference in dollars but certainly more convenient to show up to the dealer, sign papers and take the keys! Took about an hour (Thanks again Jon/woodyracing!).

Depreciation. Still expect a pretty substantial depreciation over the course of 1-2 years, even with the big rebate/discount.


Do you think its better to apply the Dealership Pre-approval instead of the Fiatusa.com ?

The dealership sales told me the rebates will end this month, so I think I should hurry up and don't miss the chance :)
 

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Thanks! Hopefully I can join the family!

My mom have been asking me about the depreciation after a year or two if I have to go back to my country.
Since there is 7k discount from one of the dealership I visited today, which comes to $16000 Net, but I know the abarth is not going to be < $10,000 in the used auto market after 3-5 years =P
I just traded one of my previous Abarth customers out of his '12 and into a new '13. He went from:
'12 Abarth, 16"s, white stripes and caps, sunroof, bose, comfort and convenience, cloth
to:
'13 Abarth, white 17"s, white stripes and caps, sunroof, beats, comfort and convenience, leather

We gave him $14k and some change for his and he wrote us a check for $7k and drove out in a brand new Abarth. :)
 

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Discussion Starter #11
Rebates change from region to region so I don't know what they are exactly where you are, but if you're getting $7k off, you're doing great, we can't come close to that in my neck of the woods.

The flat is just the flat fee a dealer gets from a lender when they don't mark up the rate any. If they mark it up, they make more, if they don't, they get a flat fee. If you're going for the lowest rate, try to get them to not mark it up.
If you weren't getting such a huge amount off, I would say definitely finance through the dealer just because dealers are much more likely to give you a deal if you finance through them than if you just bring a check (it's the exact opposite of what most people think) but in this case, it probably won't matter. The dealer will be much happier if you finance through them though, they'll make a little bit back that they're probably losing marking the car down THAT much rather than your bank making all the money on it.
But will my credit went down because i submit 2 times in the past?

I will take which ever is lower ;)
If I choose to loan from dealership, how do I pay them monthly?
 

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I went with the dealer as they beat my credit unions rate and gave me 1.85%, my credit union's best was 1.99%. Not a huge difference in dollars but certainly more convenient to show up to the dealer, sign papers and take the keys! Took about an hour (Thanks again Jon/woodyracing!).

Depreciation. Still expect a pretty substantial depreciation over the course of 1-2 years, even with the big rebate/discount.
Substantial depreciation? Lets say the car is 18k Out-of-door, do I expect it will depreciate 6k in 2 years?
 

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I just traded one of my previous Abarth customers out of his '12 and into a new '13. He went from:
'12 Abarth, 16"s, white stripes and caps, sunroof, bose, comfort and convenience, cloth
to:
'13 Abarth, white 17"s, white stripes and caps, sunroof, beats, comfort and convenience, leather

We gave him $14k and some change for his and he wrote us a check for $7k and drove out in a brand new Abarth. :)
I think that is a huge depreciation rate :(
 

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He bout the Fully Loaded '13 for almost $3k less than he paid for his Mid-Loaded '12. That's pretty dang good!
 

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It's a huge depreciation for the people that bought them at MSRP when they were new because they now have such huge discounts. If you buy it with so many thousands off, you don't have to worry about it depreciating as much
I do understand that!

Now i m considering whether to get Black or Red (I want White, but my dealership doesn't have one)

I remembered I saw a thread about paint peeling off (normal 500), do I have a chance to get this kind of problem for a 2013 built abarth?

Thanks!
 

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I went with the dealer as they beat my credit unions rate and gave me 1.85%, my credit union's best was 1.99%. Not a huge difference in dollars but certainly more convenient to show up to the dealer, sign papers and take the keys! Took about an hour (Thanks again Jon/woodyracing!).

Depreciation. Still expect a pretty substantial depreciation over the course of 1-2 years, even with the big rebate/discount.
only 1.85% ?
so little interest rate?
 

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I advise you to go to a credit union or to apply for bank credit. I think it will be easier for you. Also, you can find more information about companies that offer loan with a good interest rate on https://credit-10.com/mx/prestamos-personales-en-linea/. I remember, when I bought my first car, I also didn't have enough money and I wanted to take a loan, but as it was my first loan experience I didn't even know what bank to choose and how to apply for it. So, a friend of mine recommended the site from above and I easily compared the credit offers from different companies and I chose the one that was suitable for me. I hope it'll be useful for you.
 
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