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Discussion Starter #1
Anyone know what the MAC % rates are 24/36/48/60? I have >750 FICO so I'm assuming I'll get tier 1 rates, but I'd like to know what they are BEFORE going to a dealer. Thanks!
 

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Anyone know what the MAC % rates are 24/36/48/60? I have >750 FICO so I'm assuming I'll get tier 1 rates, but I'd like to know what they are BEFORE going to a dealer. Thanks!
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They suck, I am Tier 1 and the rate I got was 8.99%. No biggie, paying off with cash in 90days once I qualify for my $1000 rebate. Others have been just refinancing with a local bank or credit union. I do think the dealers are taking advantage of this and padding the sale a little with the rate or MAC could just be that bad.
 

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They suck, I am Tier 1 and the rate I got was 8.99%. No biggie, paying off with cash in 90days once I qualify for my $1000 rebate. Others have been just refinancing with a local bank or credit union. I do think the dealers are taking advantage of this and padding the sale a little with the rate or MAC could just be that bad.
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Totally agree, I went in with my Tier-1 beacon score from Transunion and Experian and they said the best they could do was 8.99%. They must be trying to make up the 7K off in interest. I'm going to refi once I get to 3 months, too. Wish I had the bucks to pay it all off at once :)
 

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You don't have to wait 3 months... if you search a little this has been discussed thoroughly... so go refinance now :)
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So Mazda lied again - big surprise :)

Thanks, I'll call my credit union now!
 

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Discussion Starter #6
Hmm, my credit union has 5.74% for up to 72 mo. I was really hoping mac would do better in order to move these cars. oh well.
 

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Guys remember Prime Rate is at 8.25% (the rate at which most banks trade money) so anything below Prime is good. I financed through USAA and their rates were awesome. Mazda Financing was really bad.
 

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Anyone know what the MAC % rates are 24/36/48/60? I have >750 FICO so I'm assuming I'll get tier 1 rates, but I'd like to know what they are BEFORE going to a dealer. Thanks!
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750 FICO is high, you can get a loan anywhere!

If you own a home... you can try to do a no cost home equity line of credit (HELOC) with lower rates and write off the interest when you do your taxes. If you're interested let me know. I'm a loan officer for Smith Barney/Citimortgage. There are many options.
 

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I got the same rate with tier 1 credit, 8.99%. I was told that there isnt a 3 month period for the rebate. I asked the finance person 3 times. I only borrowed 10k so it costs me about 89 dollars for holding for the 1 month because I am not keeping a 9% loan. I can get cheaper money from my credit cards.
 

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I got 5% from Mazda, but that was before Mazda decided to sell MS6 for 5k less than what I paid.
 

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Discussion Starter #11
Guys remember Prime Rate is at 8.25% (the rate at which most banks trade money) so anything below Prime is good. I financed through USAA and their rates were awesome. Mazda Financing was really bad.
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MAC isn't an investment bank. If that money isn't lent out to customers, it isn't making them any profit.

750 FICO is high, you can get a loan anywhere!

If you own a home... you can try to do a no cost home equity line of credit (HELOC) with lower rates and write off the interest when you do your taxes. If you're interested let me know. I'm a loan officer for Smith Barney/Citimortgage. There are many options.
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Ah, and the whales attract the sharks...

A variable rate HELOC would actually run me more (like 7.5%) than the the 5.75% i can get from my credit union. And at least with them, it's a fixed rate. Rates aren't headed down anytime soon.
 

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Guys remember Prime Rate is at 8.25% (the rate at which most banks trade money) so anything below Prime is good. I financed through USAA and their rates were awesome. Mazda Financing was really bad.
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I used them as well - best rate I could find. Then, the day after I took delivery mazda rolled out the promotional financing. Ouch.

Plus, rates have been heading down all summer. Not enough to justify refinancing, but they're .3% to .4% lower than 3 months ago.
 

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I took the Mazda Financing to get the additional $1000 off the vehicle. Clocked in at 6.0% when I bought last month. I needed an 810 credit rating to get it though...

My options were 0% for 36 months, 1.9% for 48 months, 2.9% for 5 years or $2500 cash back getting my own financing (which I could have got 5.25%) or $3500.00 cash back with 6.0% financing.

After negotiations on my trade and employee pricing...the 6.0% + $3500 worked out better than the 5.25% +$2500.

I was pretty happy with the deal...
 

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A variable rate HELOC would actually run me more (like 7.5%) than the the 5.75% i can get from my credit union. And at least with them, it's a fixed rate. Rates aren't headed down anytime soon.
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Fix rate also available AND... interest is tax deductable. So the 7.5% will be approx 4.5% at tax time. :nana:
Prime rate won't go down soon, but we discount the rates.

Credit Union you have pay annual fees/dues.
 

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Discussion Starter #15
Fix rate also available AND... interest is tax deductable. So the 7.5% will be approx 4.5% at tax time. :nana:
Prime rate won't go down soon, but we discount the rates.

Credit Union you have pay annual fees/dues.
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I don't pay dues or fees at my credit union (penfed). All I had to do was make a donation >$5 to aid for military families. Which seemed a worthy cause.
 

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I took the Mazda Financing to get the additional $1000 off the vehicle. Clocked in at 6.0% when I bought last month. I needed an 810 credit rating to get it though...

My options were 0% for 36 months, 1.9% for 48 months, 2.9% for 5 years or $2500 cash back getting my own financing (which I could have got 5.25%) or $3500.00 cash back with 6.0% financing.

After negotiations on my trade and employee pricing...the 6.0% + $3500 worked out better than the 5.25% +$2500.

I was pretty happy with the deal...
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I bought mine right at the end of July. Traded a 90K mile 2003 Mazda6 Sport and got $750 over Edmund Blue Book trade in (car was in great shape, but for a couple of rock pecks and sandblasted windshield). They took of $5000.0 and gave me MAC financing of .9% for 36 months. I had planned to pay cash, but can make more than .9% in a Credit Union savings account. They offered an additional $500.00 if I paid cash, but I ran the numbers and the .9% still saved me money.
 

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PenFed is where I get all my car loans... all I had to do was throw $5 into a savings account to be an member. I dont think any place can beat my 5.15% on a 98 Honda! I work at a local bank and we are at 12% for a 1999 and older....

If you have any family in the military you can qualify to be a member... My dad was in the army for a short while, so that is how i got it. I would suggest them to anyone.
 

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Where exactly are the rules about how long you have to keep MAC financing to keep the rebate written?
One dealer I went to and told I would get a lower rate through my credit union suggested I refi after 90 days. Where did the 90 day number come from? I just want to find something in writing.
 

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Where exactly are the rules about how long you have to keep MAC financing to keep the rebate written?
One dealer I went to and told I would get a lower rate through my credit union suggested I refi after 90 days. Where did the 90 day number come from? I just want to find something in writing.
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90 days is what Mazda says...

There was a thread a while ago... i'll see if I can dig it up, where multiple owners refinanced immediately and still got the 1K off...
 

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90 days is what Mazda says...

There was a thread a while ago... i'll see if I can dig it up, where multiple owners refinanced immediately and still got the 1K off...
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I'll prolly hold off on the 90 days just to be safe. That way I should be able to hack away a bit at the principal on the car as well.
 
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