Just wondering what people are doing about financing. Anyone know what Daimler Chrysler interest rates are for the Smart? Mine should be here in a month and I'm wondering if I should just prearrange financing or do it through the dealer.
When bought my smart in April the dealer said the DCFS rate would be 6.25% so I arranged my own financing at 5.75%. When the dealer saw my financing they offered to match it, so I took the Daimler financing at 5.75%.
There's a good chance that the DCFS rate has dropped slightly since April.
All the quotes I got were for at least 4.5% and I have excellent credit.
And great credit cards. I wrote myself a credit card check at 1.99%, deposited it in my checking account, paid "cash" with my personal check and will have Marta paid off by the time the 18 month 1.99% promotion ends.
FYI- in Wisconsin you cannot "charge" an auto purchase on a credit card....at least that is what I was told. Can you "put it on my VISA" any where else????
CITI Bank (VISA) sends me 4 checks about every month that ranges from 1.99% - 4.99% until paid in full. They always specify that IF I want to use one (or all) of them, it has to be within 30 days of receiving them. I've not used any for over 2 years but everyone of them says I can write myself a loan, deposit it in my checking and do with it as I please.. They do not say an auto isn't allowed. It's just like AMY said in her response. Unless my Credit Union can beat CITI's promotion at the time I get my smart, I will be doing exactally as she has done.
I arranged my own financing through USAA for 5.39% before I got to the dealership. They offered a higher rate which I declined. Then they agreed to match USAA. I put $2,200 down on my credit card (there’s 2,200 more miles) which I’ll pay when the bill arrives.
Alan, you have a very good point! You are correct that many of them do have an addtitional "balance transfer" fee or similar - I always look for that and NEVER use those. Also, now many of the offers are a great rate for "purchases" within a time period IF you transfer a balance. The rate for the balance transfer is a much higher rate - not a good deal.
Read carefully, call the card company with questions, and verify your understanding of the terms if you have any questions.
And remember, be sure you have a plan to pay off the entire balance before the promotion time runs out!!!
Also, shred those unwanted checks before tossing in the trash!!!!
HI, just wondering why you think that Daimler Chrysler is in charge of financing the Smart? The Penske group brought the vehicles to the USA. Our Smart came through a Mercedes dealer (although I understand that not all dealers are Mercedes dealers). Have you talked with your local dealer? I would check with them to see how they would finance it and the going rate, then I would check around to get the best deal if I were you.
just wondering why you think that Daimler Chrysler is in charge of financing the Smart? The Penske group brought the vehicles to the USA.
I think it because when I mentioned talking to my credit union for financing, my dealer wrote back: "We should also see if we can save you some money by using Daimler financial instead of the credit union."
The auto group that my dealer is part of does not include Mercedes.
Check around for new car loan rates - the dealer's finance manager may match or beat the lowest rate you can find. In my case, I asked the finance manager what the rate would be and she gave me 6.25%. I checked at my credit union's web site, and that was 5.85%. The finance manager came back with "I can beat that by 0.1%" and so I now have a 5.75% rate on my car loan.