<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">Originally posted by kloh
Thanks for the words of caution. I did talk to my dealership about using e-loan and the first question they asked was "why?" Obviously, the answer was the interest rate -- but they did say they would do everything they could to either match it or come close.
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impatiently waiting for my Diamond Graphite...
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Therein lies the problem, e-loan ran your credit, which means an inquiry on your credit report. Then the dealer tells you they won't take e-loan checks, and runs your credit, which means another inquiry on your report. So, even though he matches the rate (most likely he will), you still have a black mark on your credit. On a more positive note, you can and should use this as leverage. The dealer makes money both through an interest rate spread and on the basis of the number of loans they run through a given lender. I asked my dealer what he made off this and he told me about $200. Offer to split the difference for your inconvenience. I was caught off guard and did not do this...
Then, if you shop around for insurance for your new G, you will get another inquiry... I like to keep these inquiries down to a minimum b/c some lenders frown upon too many inquiries. Especially since I am going through a refinance on my house...