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Old 11-22-2013, 12:06 AM   #1
AWDPLZ
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Member#: 264900
Join Date: Nov 2010
Location: Canton MI
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2014 WRX STI
World Rally Blue

Default Auto Loan Approved! Now what?

Just got approved for a $36,000 loan at 1.71% interest through Capital One. They're overnighting me the 'Blank Check' tomorrow. Hoping to only spend $30,000 of it, and use a $4000 down payment from what I've saved in the bank.

What's the next step in the car buying process? I'm trying to find a 2014 WRX STI in World Rally Blue. Absolute base model STI, no options.

None of the five dealerships around here even have an STI. How difficult is it to work with them to find one in another dealer's inventory and get it here?

Any advice appreciated, thanks!
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Old 11-22-2013, 12:08 AM   #2
aerosaaber
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usually it's a good idea to have a physical car (like one you SAW on a local lot) in mind prior getting a check (that I assume has a time limit on it)

So now you have to find a car. Chances are a '14 STI in WRB is going to be hard to find on a lot. From what I can tell people are ordering and sitting and waiting for the car to show up.
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Old 11-22-2013, 12:29 AM   #3
Flyboy86
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like Aerosaaber said.. its going to be tough to find a WRB 14' STI. For a base STI you are looking at around just under 36K, dont forget tag, title and tax as well. They will also try to get you to buy all kinds of added warranties. Be careful they are tricky with this sometimes and will try to slip it in while you are back signing the papers. Good luck on your adventure.
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Old 11-22-2013, 12:31 AM   #4
AWDPLZ
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The blank check is good for 45 days, I'm hoping it won't take that long?
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Old 11-22-2013, 12:45 AM   #5
jdm_wrx95
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i think that a 2014 is quite expensive why not go for a 2012 and while youre making such big purchase id say go all out with a fully loaded you will enjoy your car much more !
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Old 11-22-2013, 01:01 AM   #6
crschneiderwrx
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I purchased a 2011 Wrx in spw for 28000 out the door. Base model, tax, tag, title. If your on nasioc enough, you can make your car just how you want to with the xtra cash. Having an Sti doesn't really help you unless you really track the car. I still track the car a lot but I modded mine with the money I saved. My buddy bought a 2013 Sti around the same time and he can't keep up with my wrx. He spent 37k out the door and mine outperformed him on the strip, autox, and off the line! I bought wheels with bigger tires, 6 pot wilwoods for my front brakes, Sti headlights for the oem hids, intake, exhaust and a access port. And still kept everything under 30k. Bought everything either slightly used or new off of other members on nasioc so I saved a lot of money. Just my experience to share.
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Old 11-22-2013, 01:07 AM   #7
fushnica2
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There's a base model WRB STI in Pittsburgh, Pa. Looks like it's about 4 hours from you. Willing to travel?

It's a 4 door and has a couple of minor options, but you'll have a hard time finding a bare bones STI anywhere with zero options. You could probably get the dealer throw some of these in.

http://www.bowsersubaru.com/new/Suba...65c0b5704e.htm
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Old 11-22-2013, 11:34 AM   #8
sc00by4life
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30k out the door? Hahahaha.


Even a base model with zero options (which you'll never find) is going to be ~34k once everything is said and done.

And 4k down on that much car. Lol.
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Old 11-22-2013, 11:40 AM   #9
HinshawWRX
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Find a dealer, tell them what you want, wait for them to do the work for you, expect to pay more then 31K out the door.
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Old 11-22-2013, 12:32 PM   #10
OPJr
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If you read his post correctly, he said he wants to spend 30k of his 36k approval, plus 4k down. 34k out the door, not 30k. Not very likely to happen, but not as ridiculous as you make it sound.
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Old 11-22-2013, 12:39 PM   #11
Notch 8
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Quote:
Originally Posted by OPJr View Post
If you read his post correctly, he said he wants to spend 30k of his 36k approval, plus 4k down. 34k out the door, not 30k. Not very likely to happen, but not as ridiculous as you make it sound.
Reading comprehension, ^ guy has it.
And equals plus, means $34k.
It'll be close out the door, but if you find one on a lot...it's a lot more possible.
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Old 11-22-2013, 12:44 PM   #12
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Quote:
Originally Posted by sc00by4life View Post

And 4k down on that much car. Lol.
At 1.71% interest, I'd argue he shouldn't be putting ANY money down.

That's as cheap as money gets. I'd borrow all day at that rate. Jesus, you can almost get that from a CD, let alone a bond fund, or some type of conservative investment. I'd actually toss it into whatever mutual funds you're already in. 99% assured you'll return way over 1.7% over the long haul.

And if he ever wants to buy a house, he's much better with the extra cash to put down against a mortgage which will surely be above 1.7%...

We could go on and on. It's pretty amazing people don't stop and think about why they put so much money down with rates where they are. Sometimes it's to meet some arbitrary payment/month number...which again, invest it, and pull out the difference each month between what you owe and what you want to pay. In the meantime, let your money work for you. Don't let them earn the interest on it, you earn it.

^^^All that doesn't mean buy a car you can't afford.

And that concludes today's rant.

Last edited by SoapBox; 11-22-2013 at 07:02 PM.
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Old 11-22-2013, 12:48 PM   #13
Turd Nugget
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Go to the dealer, they can pull up a list of nearby inventory they can get for you. They will ship the car to that dealer but that dealer has to have one to exchange it with or have one on its way to exchange it with. I dont think you're going to get away waith even a base 14' STi for less than 36k out the door. Your best bet is to search dealers websites and hope they have a New 13' left in the color you want. It will be the same exact car as a 14 and probaly 2k less.
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Old 11-22-2013, 12:53 PM   #14
AutoWagon_Swag
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Please tell me you're going to buy a wagon!
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Old 11-22-2013, 01:14 PM   #15
OPJr
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When/If you find your car, don't tell them you're pre-approved for 36k and have 4k down or you'll walk out with a 40k car. They'll never lower your price knowing you have what they want and more.
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Old 11-22-2013, 01:53 PM   #16
SoapBox
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At this point, how are you NOT waiting for a 2015 WRX? Or at least seeing what the STi is bringing to the table?
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Old 11-22-2013, 03:57 PM   #17
GEE-OTTO
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Same thing happened to me except I want a 2008/09 Legacy also thru Cap1 insane APR for a used loan 2.13% APR fixed and I have an amount up to 20K. Looking to NOT spend it all and I shouldnt have to as the ones I am looking at are in the $17K range.

If you have a big lump of cash on Hand I wouldnt blow it all on a D/P i would use the payment calc tool on their website and see what amount equals youre ideal payment. For me I could spend $19K with no DP and have a payment in the lower $300's @ 55 mos.

I could put $2500 down and my payment would drop to the teens. Still a great rate and I hope you find a sweet car. Also "New" is a relative term Cap1 told me that if I change my mind and want a new I could buy 13' under 6K miles
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Old 11-22-2013, 04:04 PM   #18
J_mythsuby
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OP, take a look around the country to see what other dealers have and what they're offering. Get in touch with the internet sales manager (or fleet sales as some are called) and see what they offer you.

Some dealers will ship the car across country to you (Heuberger Motor's in Colorado Springs being one, currently no sti's matching your wants on their lot), and will overnight the paperwork to you.
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Old 11-22-2013, 04:39 PM   #19
SCHM1AN
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How are you guys getting such low rates on auto loans??

I have pretty good credit (for a 24 year old) and I got a 4.25% on my wife's Forester this summer
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Old 11-22-2013, 04:42 PM   #20
etirums
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1.71% is an excellent interest rate. However, there is very little likelihood you'll get out the door on a '14 STi for 34k.
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Old 11-22-2013, 05:01 PM   #21
fushnica2
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Quote:
Originally Posted by SoapBox View Post
At this point, how are you NOT waiting for a 2015 WRX? Or at least seeing what the STi is bringing to the table?
I would never buy the first year of a new model revision. I'd let them work out all the bugs for a good year or two.
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Old 11-22-2013, 05:40 PM   #22
GEE-OTTO
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Quote:
Originally Posted by SCHM1AN View Post
How are you guys getting such low rates on auto loans??

I have pretty good credit (for a 24 year old) and I got a 4.25% on my wife's Forester this summer
Long time Cap1 customer, one auto loan with them and multiple accounts all in great standing since day one. That and a high beacon score I reckon.
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Old 11-22-2013, 05:47 PM   #23
Spenk
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Quote:
Originally Posted by SoapBox View Post
At 1.71% interest, I'd argue he shouldn't be putting ANY money down.
Bingo.

Float it all and buy gap insurance.
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Old 11-22-2013, 05:58 PM   #24
jbwrx
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. Andrewtech
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Quote:
Originally Posted by SCHM1AN View Post
How are you guys getting such low rates on auto loans??

I have pretty good credit (for a 24 year old) and I got a 4.25% on my wife's Forester this summer
The dealer probably made some money off you in finance reserve.
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Old 11-22-2013, 06:12 PM   #25
CZDeaver
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WRB

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Great way to think about money. I have my loan at 0.9 and put down a decent amount of money and am in no rush to pay it off faster because thats basically free money. I make more off my 401K and even my Roth IRA its crazy

This way of thinking of money should be taught in our schools haha.

Quote:
Originally Posted by SoapBox View Post
At 1.71% interest, I'd argue he shouldn't be putting ANY money down.

That's as cheap as money gets. I'd borrow all day at that rate. Jesus, you can almost get that from a CD, let alone a bond fund, or some type of conservative investment. I'd actually toss it into whatever mutual funds you're already in. 99% assured you'll return way over 1.7% over the long haul.

And if he ever wants to buy a house, he's much better with the extra cash to put down against a mortgage which will surely be above 1.7%...

We could go on and on. It's pretty amazing people don't stop and think about why they put so much money down with rates where they are. Sometimes it's to meet some arbitrary payment/month number...which again, invest it, and pull out the difference each money between what you owe and what you want to pay. In the meantime, let your money work for you. Don't let them earn the interest on it, you earn it.

And that concludes today's rant.
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