Just trying to see why the big difference in rates, here Buffalo, NY, as an example. 60 Mo New Car, Bank of America, N.A., 2.99 No application fee. $200 document preparation fee may apply 60 Mo New Car, HSBC Bank USA, N.A., 9.69 Avg; range: 6.99-12.39%; no fee http://www.bankrate.com/funnel/auto/auto-results.aspx?market=68&prods=41
When were these quotes updated? I have a feeling the final quotes will depend on your credit.
That’s today.
BofA wants to do car loans, HSBC doesn’t (or doesn’t like your credit profile).
These are published rates, not offered to me personally. I still find the huge difference between the rates of two big and well-known banks puzzling. You would think that auto loans is a fairly competitive business where you wouldn’t see this kind of a gap within the same city, for the same loan. Anyone works in this business?
Dreary Wrote: ------------------------------------------------------- > These are published rates, not offered to me > personally. I still find the huge difference > between the rates of two big and well-known banks > puzzling. You would think that auto loans is a > fairly competitive business where you wouldn’t see > this kind of a gap within the same city, for the > same loan. Anyone works in this business? It’s like when a broker/dealer wants to get out of a holding, they shift the range up or down. HSBC must not be wanting to originate auto loans.
jcole21 Wrote: > It’s like when a broker/dealer wants to get out of > a holding, they shift the range up or down. HSBC > must not be wanting to originate auto loans. In my opinion, that would not be a wise thing to do as it could result in a long-term damage for HSBC, as customers start to view the bank as too pricey, uncompetitive, or downright crooked.
It just means those rates are not accurate. They’ll need your info to give you a real quote.