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View Full Version : 0.9% 36 months and 2.9% financing dead?



JTNY
03-18-2012, 11:30 PM
don't see it on the Mazda site anymore, wondering if that special is gone now??

vfrguy
03-19-2012, 08:00 AM
Talk and haggle with the dealer you're going to use. We were able to get 2.19% to get the payment we wanted.

inodes
03-19-2012, 08:12 AM
Another thread that makes me cry.
Last time I saw 2.9% for a loan was.... Um, never!
http://www.tradingeconomics.com/charts/interest-rate-major-countries.png

Here the economy needs the brakes applied. So 2.9% is impossible! NOT going to happen.
Consider yourself lucky :)

Best rate I can get for a new vehicle here is 8.6%, but most will offer about 11%.

But see Mazda Canada offers this...

http://cfi.thismoment.com/other/1325626293-938.JPG

Scratching my head.... isn't it interests like this on mortgages that caused the GFC in the first place??

DougNuts
03-19-2012, 10:43 AM
Scratching my head.... isn't it interests like this on mortgages that caused the GFC in the first place??

Not exactly.

kobec
03-19-2012, 11:06 AM
Not exactly.

yea, dougnuts is right....the mortgage issue is not about the rates themselves, but the accessibility to the rates and the loans themselves. The tactic of advertising ridiculously low rates to get people into the door hasn't changed, but when you go into the back office, i'm pretty sure you'll find stringent controls in place which run checks on the persons credit history, income levels and a host of other factors to come out with a decision on whether those rates or even a loan can be considered for the individual. what happened with the GFC was that a lot of these controls weren't enforced and were only "red flags" in the system...so every frickin loan officer would override those warnings and dish out loans at variable rates (with low initial starting rates to reel the customers in) with the key intention of making commission money and not thinking of whether those same customers would be able to pay those loans off when the rates jumped up ten-fold in the future.

Not sure if that's the same way in Canada since they actually did "great" or at least better through the financial crisis...but that's how it is in the US now with the way things are...

inodes
03-19-2012, 06:04 PM
i'm pretty sure you'll find stringent controls in place which run checks on the persons credit history, income levels and a host of other factors to come out with a decision on whether those rates or even a loan can be considered for the individual.

You hit the nail on the head. My comment was a short flippant remark, but checking an individual is key. Interest rates attract more customers at the low rate, than the high - some of whom are borderline able to pay.

http://en.wikipedia.org/wiki/Subprime_lending

To apply for a loan in Australia, it's taken approximately 4 weeks. My entire financial history going back 15 years was repeated to me on a phone. It included a 10 year stint as the company director of a charity. The loaner wanted the company I was director of, to draw up a letter confirming I had no more liabilities with that company.
In this country it's always been practically impossible to get a loan.

It's also why when we heard the news post GFC down here, we were stumped. How could such a thing happen. We got through it far better than even Canada, but we're still in a situation where you can't simply get finance. You've got to practically prove you're going to pay back every single cent.

Thankfully car loans are basic! Secure.... take the car if one doesn't pay.
It's not a Californian mortgage that someone is going to walk out on.

joepro
03-19-2012, 06:19 PM
Meh, not so sure about the situation in Canada.
We may have delayed a catastrophe, but the Canadian government is currently the biggest sub-prime lender in the world.

Time will tell.

swoope
03-20-2012, 02:37 AM
was never offered on the cx5.

and no owner loyalty off money either. new car
btw, drove two.. great car..

beers

inodes
03-20-2012, 04:30 AM
but the Canadian government is currently the biggest sub-prime lender in the world.
Time will tell.

Bugger! Sorry to hear.

inodes
03-20-2012, 04:32 AM
was never offered on the cx5.


Makes sense. They're not going to have an issue selling the CX-5. I know at least sales figures in Australian and Japan are extremely impressive.
Meanwhile they're trying to push CX-7's out the door for $10k off.