So today I pulled the plug on my day off of work. I purchased a BO with stone leather G37 journey. I was unable to get the loan through the infiniti dealer but my bank (Bank of America) was able to approve me at a 9% interest rate for 72 months. I established my credit a half year ago so this was expected. So this is basically what I got


2009 G37 Journey 7AT

Sport package

Premium Package

Navigation Package

Tech Package (I really fought with myself about this one but the sound of having AFS and pre crash seatbelts sounded good)

Vehicle Impact Sensor Alarm (Nice! and probably worth it)

Splash guards

Illuminated Kick Plates

All together it was $44,500 ( about $2000 under MSRP)

I put $9,600 down. I was originally going to put 5 g's down but they wouldn't approve me so I offered up 9 g's and got approved. They also considered that I am a member of the bank. I own a couple credit cards with them and have a checking and savings with them. I know it's a high interest rate but hey I don't have a long credit history and my score is only a 673 so to be even considered for getting a loan satisfied me. How long should the delivery take? I forgot what the guy told me. Oh yeah and I haven't got insurance decided yet. I need to be under my parents but I don't know if the title is suppose to be in my name or my parents if I'm registered under their insurance. Also does the dealer make me get insurance on the spot or can I drive off the lot without insurance and keep it in the garage intil I can decide how I will be doing this.

 

Since your purchasing it, and not getting a loan through Infiniti, I think B of A would be more so concerned with insurance. You'd need at a minimum full coverage since you have a loan, as for your limits and such they'll let you know if you have any minimum requirements other than comp. and collision. As for driving it off the lot, you'll probably need to show proof that you have at least insurance on another vehicle.

 

Congrats.

 

Very nice and let the modding begin!

 

like i told you just now bro:

1) call around and compare insurance rates with 3-4 big companies then get that setup first
2) try your local credit union and some online banks like capital one to see what rates they offer you. you can use that to negotiate with the dealer possibly but financing is separate from the car purchase remember. the longer your loan, the more you end up paying but it helps knock your monthly down a bit.

 

The credit rate sounds high and definitely could help you out if you didn't pick it up yet. Didn't the dealer you went to try and help you get a better rate at all?

 

Thats going to be one xpensive ride ...How old are you ???

 

Based on his Screen name, I would say 18...

 

Wow you are paying about 11.6k in interest, bad financial decision.

 

9% interest??!?!?! wow....

 

I know I got a bad interest rate but I didn't have a long credit history. I expected this. What I might do within the next year is pay it all off actually at once just not right now cause it would nearly deplete my bank account.

 

Assuming you paid it off by 2009, your interest would be still $3300

 

I don't mean to rub it in, but that interest is way too high! Especially with the current 08 G37 promo 0.0% APR. I know you mentioned your credit is not good enough to qualify, however, couldn't you ask somebody in your family to co-sign? You are going to be paying through the nose with that high APR and 7 year loan. $9,500 and a 675 FICO score is not all that bad. You could of work something out.

I love my G37s but I am not going to make a bad financial decision just to drive one. But you will learn from this lesson (I also learned that when I was 19) the hard way... I hope you'll really enjoy the car because you sure won't enjoy paying for it. Congrats on the sweet car though.

 

Hey, don't feel bad about that interest rate!! I borrowed $15K from my father when I purchased my G, and asked him for a 3% family rate. He bumped me up to a 5% rate and then laughed at me when I agreed. At least you're getting screwed by the bank!! I ended up just paying him the $15K a few months later and then laughing at him while he put it in the bank making <2%. Just pay it off when you get a chance and you'll be fine.

 

Congrats! I'm a newbie to this site myself and am taking delivery of a Athens Blue '08 6MT tomorrow. Pretty excited about it.

Recommendations for you... Do shop around for insurance. I'm with State Farm and have been since I've been driving. State Farm offers financing and refinancing. You should give your local State Farm agent a call for rates and inquire about refinancing. They will most likely beat your current rate. They also offer GAP insurance at no additional cost. This insurance protects you in the event that your car is stolen or totaled in an accident and you owe more than the car is worth.

Dan
Cincinnati