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Discussion Starter · #1 ·
Is it me, or have any of you seen the interest rates offered from companies like FORD and KIA and Nissan? Its shocking! I called just to make sure, 8.5% and 7% etc are the order of the day! Where the heck does Alfa still come with mandatory prime + 3...as they told me...and that's what they told me over the phone, not yet looking at my perfect non-credit history! If they look they'll say...but sir, you are not credit worhty...with guys like Frost dictating how you should live your life, one would imagine that NOT having credit would be grrrrrrreat! Nope...its like the guy who went for the job interview, and was told he needs work experience, he told them, "you want me to get work experience yet you don't want to give me work so that I can gain experience!" Obviously catch 22's are thrown around!

But jeez...when Alfa's DON'T sell...why do they still insist on having such huge interest rates for people who WANT to buy their cars!

Like Frost says, I made a dumb decision when they charged me 19.5% fixed interest rate for my car in Feb 2009...jeez this time I'm much more matured and will be looking for things like this...its just shocking that while other car makers or dealers go around flaunting interest rates like this...struggling ones still want to nitpick out of a handfull of people.
 

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interest rates are not manditory as you can finance the car with whoever the hell you want.. you can actually get finance and walk in and say there i got it now gimme my car.. as long as its signed in front of an FnI.. they make it so hight casue they get a huge kick back but if u know the law a little and finance. you can get around it
 

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Discussion Starter · #3 ·
interest rates are not manditory as you can finance the car with whoever the hell you want.. you can actually get finance and walk in and say there i got it now gimme my car.. as long as its signed in front of an FnI.. they make it so hight casue they get a huge kick back but if u know the law a little and finance. you can get around it
Ya well I didn't know it and still don't...maybe AlfaMale can chirp in, but I heard that WESBANK gives dealer's prizes if they sell cars at HIGHER interst rates???

The thing is...if these companies can offer interest at prime - to ALL, why the heck does Alfa not do the same?Interest rates overseas have dropped as everyone cried economic crises...here, we cried the same tune, but never REALLY lowered interest rates to like 5%!
 

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wesbank?? they ALLLL do.. sharks all of dem
 

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I deal with this everyday of my life, Interest rates charged on vehicle finance is probably the question I get asked the most by customers. Firstly the Prime lending rate is 10%. Banks only make money on loans by charging interest, they borrow the money from the reserve bank at 7% (Repo Rate). Banks will never loan you money to buy a ford, kia or nissan and only make 1% return. When they advertise those low rates then the dealer (Manufacturer) is subsidising the rate so that you think you getiing that rate. If you were to say to them you buying cash and not financing then they could give you that subsidy as discount (Highly unlikely that they would cos they all after money). If Alfa are quoting you 13% minimum then their F&I is an idiot. The rate that a deal is done at is dependant on the person financing the vehicle and the rate is dictated by their credit worthiness and the equity in the deal for the bank (Risk).
This where having debt makes getting a loan easier, you have to have debt that is being paid regularly and on time to get a credit score. For example: You have only ever bought cash and dont have any debt, your score is 0. How must a bank decide your credit worthiness if you haven't shown them that you are responsible. Too much debt can also be a bad thing because of exposure, say you have a credit card, a home loan, a edgars account, Jet, woolies etc. even if you owe nothing on them the bank could say you are too exposed.

If Alfa are saying 13% then its probably a fixed rate thats being quoted and because Alfa SA are useless they will never subsidise the rates. Do an application with them, ask the F&I for bank refrence numbers and phone the banks for a better rate. Remember the dealers get paid an incentive to quote high rates and sometimes end up screwing the customers in the process. I will give you the bank numbers if you need.

Now my fingers are tired...
 

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u type pretty
 

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Discussion Starter · #7 ·
Ja he does, no spelling mistakes damn. So, what rate should I be charged? I only ever had a car debt and credit card...dat's it.
 

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so no debt wellthen u shoulf be raped buy the banks as you have no credit record
 

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Discussion Starter · #9 ·
so no debt wellthen u shoulf be raped buy the banks as you have no credit record
I don't gerrit then...that to me is a credit record, I've paid the car with analy-raped high interst rate for nearly 2 years, and I've had the credit card for almost a year which I square every month...that to me sounds like a grrrrrreat credit record.
:cheese:
 

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Guilias, welcome to my Dad's world, he has never, and I mean NEVR, had any debt...... all the cars, houses, furniture etc. he has ever owned were bought cash. He believed that "if you cannot pay for it, you do not need it". Even the house I grew up in was bought cash (ok it was a bit of a hovel, but I never slept cold or wet).

He once applied for a loan to buy a car, got rejected as he had no credit rating, and he then also said "screw it, my current car is still good enough till I can afford to buy the car I want cash".

I suffered badly as a child :cheese:
 

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When I apply for finance for my customers I apply at Prime +2. The banks come back with an approved and a recomended rate. If the recomended rate is the same as the requested rate then I can usually negotiate a better rate for the customer. What you need to do is apply for the finance at the dealer, and ask them to fax/email the banks "Podium" to you. They are not allowed, by law (In the National Credit Act) to refuse to send you the podium (Approval). They pretty easy to understand, you can then see what the dealer is making on kickback, again its your right to know. If the kick back is high (in the thousands) then you qualify for a better rate than they applied for.

Just remember the rate is based on your rating and the equity in the deal. (Equity is the amount financed against full retail of the vehicle vs the age of the vehicle) Customers with high ratings can finance 115% of retail of vehicles newer than 5 yrs.
 

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Guilias, welcome to my Dad's world, he has never, and I mean NEVR, had any debt...... all the cars, houses, furniture etc. he has ever owned were bought cash. He believed that "if you cannot pay for it, you do not need it". Even the house I grew up in was bought cash (ok it was a bit of a hovel, but I never slept cold or wet).

He once applied for a loan to buy a car, got rejected as he had no credit rating, and he then also said "screw it, my current car is still good enough till I can afford to buy the car I want cash".

I suffered badly as a child :cheese:
:lol: :lol: :lol:

Alfa has had very good deals in the past. 2004/2005 when the facelifted 156 and GT's came on the scene deal could be had for Prime -5%.

I think you need to shop around for the best deals. You ask the dealer that you want 4 qoutes in writing. They will get it within 10 min and you can pick the one you want.

My last 2 cars was with MFC and now the Sportswagon is also with them and I have had no problems.
 

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Dirk, when did you get the Sproutwagon ?
 

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Dirk, when did you get the Sproutwagon ?
Friday :D I hope

BTW W-Bank offered me a 15.25% interest on it....:cheese:....MFC came in on 13.75% so I called them back amd is waiting for them to come back to me with a better rate..lets hope
 

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i had to learn the hard way even though my dad told me over and over again before I started working how I should handle my money.
I had a few credit cards, a petrol card, and a few clothing accounts, I opened these accounts because they offered it to me and they kept on increasing my limit till I didn't get a contract I applied for so I was without work for two months, couldn't pay for a few things and the creditors kept on phoning, came across a good deal for a runx rsi and my application was declined(maybe for the better:p)...I then decided to pay up all my debt and to cancel most of them, it was difficult at first but a few years on its become my way of life to have a minimal amount of creditors.

you on the right track lance, don't swerve too much into other lanes.
 

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I got my Wagon 3 months ago... It was the best one out there at the time... Now I see theres a couple of beuts available, all in the cape though.. I'm still happy cos I's the only 3L SW that I know about.
 

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Discussion Starter · #20 ·
There's a 3.0 156 on Autotrader...
 
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