I called first thing this morning and the finance guy told me that it was instantly funded last night and cannot be undone. It was worth a try.
We had a quick discussion about E-Loan. He says they really don't like to deal with E-Loan and others like it, that sometimes they don't get their money for a while and it can even take so long that it delays the title and the 30 day tag expires and that's a problem. I have a feeling that's BS.
The E-Loan rate was 6.85% with no fees on a older used car. The credit union rate was less, 6.5% but there were fees. He didn't coerce us or hide any information, it was my mistake in calculating the rate per $1000. We compared and due to my mistake, the credit union loan looked better.
We bought the Corolla to replace my husband's 1996 Ford Ranger pickup truck with 65,000 miles. The Ranger looked great but underneath it had major rust problems. The hanger for the one of the rear leaf springs had rusted so bad that it had collapsed. The chassis was resting on the leaf spring, very close to the brake lines. The hangers on the other side were almost as bad. The front shocks also needed to be replaced. The whole rear of the truck was tilted to one side and there were crunching sounds going over bumps. We knew it needed new shocks, but this got much worse within the last couple of weeks and when we took it in to see what it needed it came to close to $3000. The truck was kind of like that racehorse, Barbaro. Looked just fine but had fatal flaws. My husband doesn't need a truck, it was just a commuter vehicle that was cost efficient in 1995. He had been considering replacing it with a car for a while now.
The suspension was so bad that we thought about having it towed in for the trade. My husband was concerned that the other side could collapse and he could lose control, possibly hurting himself or someone else. But instead we took back roads with me driving right behind him. Yeah, maybe we kept this one a little too long!
We shopped for 2003-2005 Corollas or Honda Civics. We looked at a lot of Certified vehicles and most were $13,000 or more. Our target price was $10,000 - $12,000 and we were starting to think we'd need to adjust the target. We have other Toyotas including a 1990 Camry with 130,000 and a 2003 Camry with 47,000 so we like Toyotas and can see the value in older cars with high mileage.
So we were walking the lot, seeing too many cars above $13,000 and my husband spots a 2001 Corolla with 86,000 miles. It was only $8995. He says, "What the heck, let's test drive it." He surprised me because he's usually the one who spends without thinking and I overthink every dollar.
As we are doing the test drive he says things like, "I think this is the car I need. It still feels tight, I like the body style, I think this is the one." Then he comes up with, "You know, if we are working toward me retiring in 6 years, maybe this will be just fine for what I need." At this point I was almost speechless because this is a major change in his shopping attitude. We all drove it and basically decided that older and cheaper has it's advantages.
We made a cash down payment and needed a loan for just $6000 so the payment is way below what we had budgeted.
Making the wrong decision about which loan is not a huge mistake, it's MINOR when you look at possible financial mistakes one could make. It just bothers me that I'm the one who made it. I'm the type that uses coupons, follows up on rebates, goes for the lowest rate on loans and highest rate on savings.
I guess this will teach me to be more careful, again.
Quote:
Originally Posted by FinanceDude
Let them book the deal, call for a payoff, and let E-loan send them the pay off........
Did you get a regular Corolla, or the S model type?
|
The E-Loan can only be used for a purchase from a dealer. The Corolla is a regular Corolla LE 4 dr sedan. It looks just like this -
http://i20.ebayimg.com/01/i/000/b1/3f/31c2_1.JPG with a nice interior and an aftermarket radio with a CD player. It was very clean and the trunk looked like it had rarely been used.
Linear Mode
