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Old 12-18-2008, 01:50 PM   #1
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My Christmas present to 986Forum Members

www.penfed.org has got to be the best place to pick up an auto loan, new or used. I'm on my third, locked 4.75% for 60 months. You DO NOT have to be in the military or affiliated with DOD (although that would be nice) to become a member, $5 deposit into a savings account is all it takes.

Also, I just switched to Geico today, 3 cars (01 Boxster, 06 Cayenne, 05 CLK320), full coverage, $1,560.00 per year. Saved over $1,300.00 per year over my previous AIG policy.

Now go save some money! If you do, post here with details on how much you saved.

Merry Christmas!



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Old 12-18-2008, 02:48 PM   #2
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My sister just bought a brand new something from a Honda dealer at 1.7% finance. She suggested they come up with something under 2% to work a deal - it wasn't a promo or advertised rate.

I have used Geico for 18 months. So far, nice savings no complaints.

I bought a new tv Monday. Excellent price, but it just doesn't feel like I saved money. It feels like I spent money.
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Old 12-18-2008, 04:17 PM   #3
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AIG ' HA ripoff artists.
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Old 12-18-2008, 05:22 PM   #4
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Good tips. I need to shop my insurance too! All of it, house, car, liability etc.

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Old 12-18-2008, 08:14 PM   #5
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We've used GEICO for many years for our DDs and have always been satisfied. I shop it every 6 mos. and they have always beaten the other guys.

My Boxster is on specialty car ins. because it's stored every winter, but I get 5k mi./yr. (w/ rollover), 12 mos. coverage, am not restricted to parades or events or parking overnight at home, and it's only $244/yr. w/ PCA membership (so really it's $286).
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Old 12-19-2008, 03:16 AM   #6
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Try Response Insurance Company. I have been with them for 5 years and their rates are consistently lower than Geico. I have 2 teenagers (19 and 16) who drive and their rates for teenagers were the best I found.

Eric
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Old 12-19-2008, 05:15 AM   #7
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Insurance-wise, I've been with USAA for quite a few years, based largely on their reputation of fairness on handling of claims (a reputation which, fortunately, I've not had to test yet). But I haven't taken the time to closely compare rates with (for example) GEICO. (Our situation is made somewhat more complicated by having a son who drives and who, naturally, ends up jacking our rates up a bit!)

Anybody else have USAA experience, and (if so), how do you think they stack up?
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Old 12-19-2008, 06:41 AM   #8
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Just realize that when comparing rates with some of the people posting here that your state, zipcode, age, driving record and even your credit score all play a role in what your final rate will be for the same coverage. There will be very few people here who's rates are identical because of these variables. But, it's always a good idea to shop rates everytime your policy comes up for renewal.

Also don't forget to shop services. Some companies offer low rates, but then do not have their own collision centers and such when you make a claim, using 3rd party adjusters, etc. Also, a good thing to have is accident forgiveness. There are several cos. out there which will significantly raise your rates (sometimes doubling them) if you make the slightest claim.
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Old 12-19-2008, 06:47 AM   #9
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Quote:
Originally Posted by Lil bastard
We've used GEICO for many years for our DDs and have always been satisfied. I shop it every 6 mos. and they have always beaten the other guys.

My Boxster is on specialty car ins. because it's stored every winter, but I get 5k mi./yr. (w/ rollover), 12 mos. coverage, am not restricted to parades or events or parking overnight at home, and it's only $244/yr. w/ PCA membership (so really it's $286).
GEICO gives PCA discounts?
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Old 12-19-2008, 06:53 AM   #10
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I have had Grange Insurance for over 20 years. They do the house and cars, so I get a muti policy and car discounts. Excellent service and rates. I have hit two deer and one guard rail and my rates only changed slightly. All repairs were done with no "screwing around".
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Old 12-19-2008, 07:13 AM   #11
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Credit Unions for your car loans

Credit unions are stepping into the auto-finance gap, striking deals with U.S. auto makers to provide loans for cars and trucks sold at discounted prices.

Anchored by institutions in the Midwest, credit unions from a dozen states have agreed over the past week to make $22 billion in loans available to members to finance purchases of any vehicle.

For U.S. auto makers, credit-union members could become an important lifeline as they struggle to compete against foreign-based auto makers that generally have healthier finance arms. Chrysler agreed this week to give discounts of $500 to $1,000 to credit-union members in 12 states in the Midwest, South and Southwest. Last week, General Motors Corp. agreed to a similar deal, offering "supplier" discounts of roughly 5% plus $250 off the price of GM. Ford Motor Co. isn't in talks on a similar deal, as it believes its finance arm, Ford Financial, can meet buyers' needs.


GM, Ford and Chrysler are struggling amid auto sales that are at their lowest levels in a quarter-century. Tight credit markets have made the situation worse by hobbling "captive finance" companies such as GMAC LLC and Chrysler Financial, which for years have been the primary source of loans for buyers of their cars.

The predicament of the U.S. auto makers presents an opportunity for credit unions, which have been less affected by the meltdown of the U.S. housing market and financial system and ensuing lack of access to credit. Credit-union rates on auto loans average 5.4%, compared with 6.9% for average bank rates, according to the credit union group, which cited data from Datatrac, a survey company that tracks auto-loan rates.

"Credit unions are in a uniquely positive position to make these billions of dollars in auto loans," said David Adams, chief executive officer of the Michigan Credit Union League, in a conference call with reporters.


The participating institutions make up about 10% of the nation's total credit unions and have roughly $23 billion available to lend, he said.

GM has been hit hard as its auto-finance arm, GMAC, clamped down on lending and all but ended the practice of vehicle leasing. GMAC has sustained deep losses in its mortgage and leasing businesses, leading the finance company to sharply limit lending starting last summer. GM sold a majority stake in GMAC to Cerberus Capital Management in 2006.

GMAC's moves to limit exposure to money-losing loans -- from ending vehicle leasing to refusing to extend loans to anyone with a credit score below 700 -- have contributed to GM's sharp sales decline.

The auto maker has tried to convince consumers that auto loans remain available from lenders other than GMAC, but GM remains at a disadvantage to rivals with healthier finance companies, such as Toyota Motor Corp., which has heavily marketed zero-interest loans to consumers.

The offer by credit unions represents something of a turnabout in the industry. Over the years, captive lending companies such as GMAC took much of the auto-lending business from banks and credit unions. Auto makers subsidize loans from captive lenders, thus allowing the companies to offer attractive lending terms, such as cheap lease deals and zero-interest loans.

"Access to credit is a huge deal," GM Sales Chief Mark LaNeve said during a conference call. "Our industry has been hard hit."

Mr. LaNeve noted that years ago Americans typically relied on credit unions for auto loans -- before competition from captive auto-finance companies. "As things are sorting themselves out," he said, "a lot of the business will go back."
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Old 12-19-2008, 09:58 AM   #12
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Quote:
Originally Posted by FTD
GEICO gives PCA discounts?
No, at least I don't think so. My boxster is with a specialty car ins. co. - Leland West Ins. Brokers out of fresno, ca. (a sponsor of Panorama - the PCA monthly magazine). The actual insurer is Am. Home Ins. co.

I have used them for several past fun cars over the last 10 yrs. or so. They do have some requirements which may not suit all people; You need to be a PCA member, You need to have the car 'regularly' (but not always) garaged at your residence and must incl. a pic of your car and garage with your policy application, You must have one other DD car for every licensed driver in the household. You are restricted to mostly pleasure driving and events and have a 5kmi./yr. mileage allowance (but any unused miles rollover to the next policy year). You can drive out-of-state, and keep the car overnight at other places such as a hotel, etc., and the car must be mostly stock (meaning beefed-up Porsche parts are OK). We meet all these requirements, owning 4 other cars w/ only 2 drivers.

Unlike some other specialty ins., this is a full 12 mo. policy. The coverage I have is 500k/500k/100k w/ 1k deductible for Comp and Collision and includes glass coverage with an agreed upon value of $23k and car rental. My cost is $244/yr. (+ $42 for the PCA membership totalling $286/yr.) - a little under $24/mo.

They were reluctant at first to insure the Boxster, saying it was a current model and not a classic. But, I told them it was a discontinued 986 and they then classified it as an exotic (in no small part because of my long history with them I'm sure).

While I've never had a claim with them over the years, I know of several others who have, and every one of them reported that everything was settled smoothly, quickly and to their satisfaction.
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Last edited by Lil bastard; 12-19-2008 at 10:19 AM.
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Old 12-19-2008, 10:17 AM   #13
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Quote:
Originally Posted by Brucelee
Credit unions are stepping into the auto-finance gap, striking deals with U.S. auto makers to provide loans for cars and trucks sold at discounted prices...
My credit union was actually founded as the Ford Motor Company Employees Credit Union, though they now serve the entire community. And I believe currently they're offering 3.5% on a 60 mo. new car deal (plus they'll match any other bone fide deal).
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Old 12-19-2008, 10:19 AM   #14
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Interesting, Lil bastard, MNBoxster also had Leland West :

Cancel insurance during storage?

Nick
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Old 12-19-2008, 10:22 AM   #15
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Quote:
Originally Posted by NickCats
Interesting, Lil bastard, MNBoxster also had Leland West :

Cancel insurance during storage?

Nick
They're a fairly well known co. with ads in many major car mags, so I'm not surprised. I bet there are other forum members using them too.
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Old 12-19-2008, 10:46 AM   #16
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I've dealt with Leland West (American Modern Home) for years on my 911s. My current '73 with coverage as LB described runs $230 Yr. I'll be moving the Box S over to them come spring; couldn't before because we had three licensed drivers and four cars. Just bought my son a Jeep Liberty for the fifth, so the Box will be eligible to be moved.

My biggest problem is my 18 yo's coverage which is more than the other four cars combined; and his sister will commence driving next year on top of it.

I'll look into Response Ins Co, as E Kaplan recommended. Also, anyone know if I apply to AARP for coverage (I'm 52), can I get teenagers on the poilicy, as well? My friend is saving big money by joining them this year.

Hope I haven't taken the thread too far off topic. I don't finance cars; always pay cash, so the tip doesn't help me much, but appreciate the insurance talk.

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