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    1. #1
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      Suggested OSD Financing option

      Just an update on financing OSD purchases for those interested.

      If you have good credit, the best choice for OSD financing imo is lightstream.com. While they don't necessarily have the best up-front rates, they will match and beat any other approval at the same terms by 0.10% (their 'rate beat program'), and the whole process is online, fast and easy. But most importantly for OSD deliveries, the loan is unsecured - i.e. they do not need a VIN and do not care about title or lien. (If for some reason your credit is not good enough to get an unsecured loan from lightstream then they will not be a viable option for OSD as they will want the title/lien in short order).

      My second choice was penfed.org credit union because of their lenient terms in the context of OSD - they don't need proof of insurance/taxes, allow 150 days to receive the title (and put a lien on it), and have pretty low rates. Also, anyone can become a member unlike many/most credit unions.

      If you are eligible to become a member of a CU with better rates I would also apply there even if they require title in standard fashion because you can get lightstream to beat their rate. For example, I see that there are lots of CU's in California with rates as low as 2% fo 36 months. Unfortunately I could not find any that I was eligible for and also had lower rates than penfed.

      In the end, I was able to get a 2.89% unsecured loan for 48 months. You can probably get 2.39% or lower for 36 months though rates are moving right now and may be higher. This is the process:

      1. became a member of penfed.org online with an account - I had to donate $17 for a military charity because I do not belong to any of the standard eligible employers/groups. took a few minutes and note that it does do a hard pull of credit from Equifax ... but that pull is also used for the actual loan application as well. Also requires a $5 new account deposit which you can take out later on.
      2. applied for new car auto loan online at penfed.org. rate of 2.99% for 48 months. (2.49% for 36mos). This took another couple of minutes and I was approved immediately online. grabbed a screen shot of the approval screen.
      3. applied online at lightstream.com for same exact terms - amount, 48 months. best advertised rate was 3.69%. Hard pull from Experian and possibly Equifax.
      4. 2 hrs later they emailed me to upload a doc, which i did.
      5. 2 hrs later lightstream approved an unsecured loan at their advertised best rate of 3.69%.
      6. i emailed lightstream customer support with the screenshot of penfed approval at 2.99%.
      7. lightstream automatically adjusted my rate to 2.89%

      next steps:
      8. one e-signs the loan doc online and specifies date you wish to get the funds. (can be same day even!)
      9. lightstream transfers funds into your bank account.
      10. you can then write a check to your OSD dealer whenever you wish.

      hope this helps anyone looking for OSD financing going forward.
      Last edited by nquery; 05-31-2018 at 12:41 PM.
      2018 V90CC Ocean Race, Blond/Charcoal Interior, Polestar (OSD July, 2018)

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    3. #2
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      Hey,

      Thanks for the info.

      Did Lightstream also do a hard pull? Were there any penalties for early payoffs for Lightstream?

      I just went through the whole process with PenFed and not sure if it's worth switching over a .10% interest decrease for a hard pull.

    4. #3
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      Quote Originally Posted by ramainli View Post
      Hey,

      Thanks for the info.

      Did Lightstream also do a hard pull? Were there any penalties for early payoffs for Lightstream?

      I just went through the whole process with PenFed and not sure if it's worth switching over a .10% interest decrease for a hard pull.

      Yes, Lighstream does a hardpull from EX and possibly EQ as well. But if the pulls are within a couple of weeks as the one from penfed - which pulls EQ - then most credit scoring algo's will not penalize you for the multiple pulls. They know that people shop around for multiple auto loans (or mortgages etc) and allow for that in their scoring.

      No fees nor penalties for pre-payments/early-payoffs.

      Agreed that it's not worth it just for 0.10% ... but the unsecured loan is really really nice. There is no lien on the car title - it's clear in your name. Secondly, there is no concern with having to send the title/paperwork to the lender once you have title stateside. In my case, with a 1 month trip to Sweden, and living on the west coast, it was going to be tight even with Penfed's 150 day limit.
      Last edited by nquery; 05-31-2018 at 12:31 PM.
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    6. #4
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      Thanks for the detailed information on using lightstream, nquery.

      I read somewhere in another thread that Navy Federal will do an OSD loan; however, when I called them last month the person I spoke to had never heard of it. I would be interested to hear if anyone has actually obtained an OSD loan through Navy Fed, and if so, how did they go about getting it? We are already members, so that's not a problem.
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    7. #5
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      Quote Originally Posted by NowImHookedOnVolvo View Post
      Thanks for the detailed information on using lightstream, nquery.

      I read somewhere in another thread that Navy Federal will do an OSD loan; however, when I called them last month the person I spoke to had never heard of it. I would be interested to hear if anyone has actually obtained an OSD loan through Navy Fed, and if so, how did they go about getting it? We are already members, so that's not a problem.
      I phoned navy federal and they are similar to PenFed - current rates are similar, they will require a VIN, and don't need proof of insurance/taxes - except that they are a little tighter with receiving title. They will start sending a notice at 30 days, then 60, then 90 days. If title not received by 120 days then they will bump up your rate, and when they do receive title they will bump it back down again - but it's unclear to me if that's to the original rate or current market rates. In my case it was moot as I realized I was not eligible to join navy federal. If you are already a navy federal member and your OSD timing from loan to getting title is comfortably within 120 days then it's definitely a good option.
      Last edited by nquery; 05-31-2018 at 12:44 PM.
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    8. #6
      Quote Originally Posted by nquery View Post
      financing OSD purchases

      My second choice was penfed.org credit union because of their lenient terms in the context of OSD - they don't need proof of insurance/taxes, allow 150 days to receive the title (and put a lien on it), and have pretty low rates. Also, anyone can become a member unlike many/most credit unions.
      Adding a testimonial for Penfed, for all the reasons nquery states. Just financed our upcoming OSD with them. As quick and easy as stated, and rates seem to be the best, if the Lightstream option doesn't appeal to you.

      Can anybody explain to this non-finance guy how and why Lightstream is able to make an unsecured loan at a rate not even the most aggressive competitor in the marketplace charges for a secured loan? But then, I don't understand Bitcoin, either.

    9. #7
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      Thanks for sharing nquery!

      Quote Originally Posted by NowImHookedOnVolvo View Post
      I read somewhere in another thread that Navy Federal will do an OSD loan; however, when I called them last month the person I spoke to had never heard of it. I would be interested to hear if anyone has actually obtained an OSD loan through Navy Fed, and if so, how did they go about getting it? We are already members, so that's not a problem.
      We are going through Navy Federal Credit Union (NFCU). There is no "OSD loan" but rather just a regular auto loan with a default 90 day title receipt extendable to 120 days. You just have to be upfront with NFCU and explain the situation of purchasing a car overseas that will be shipped to the USA.

      Some highlights:
      • I recommend chatting with NFCU (instead of calling) for any questions since all chats can be documented and downloaded.
      • If you've been a member for 25+ years they offer a one-time-never-to-be-used-again 0.25% discount off your APR interest rate - you just have to ask upfront, preferably before any paperwork has started.
      • To avoid any last minute financing surprises I recommend getting a pre-approved loan from NFCU that is good for 60 days. Make sure those 60 days overlap with your full-payment-to-Volvo-date which is 1 month before the OSD delivery date to prevent the potential for another hard credit check. If interest rates go up say, perhaps because of a trade war with our trade-surplus allies leading to global economic depression, then NFCU might have to perform another hard credit check.
      Last edited by likeXC90; 06-01-2018 at 09:02 AM.
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      Quote Originally Posted by likeXC90 View Post
      I recommend chatting with NFCU (instead of calling) for any questions since all chats can be documented and downloaded.
      Thanks for the info. I just did the chat with NFCU and the process seems simple enough. They didn't mention the possibility of extending the title receipt to 120 days, and I failed to ask about that. Hopefully that won't be necessary, though. We take delivery on July 25 and I want my XC40 before September 25. The excitement is killin' me!
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    11. #9
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      Quote Originally Posted by Orphanscribe View Post
      Adding a testimonial for Penfed, for all the reasons nquery states. Just financed our upcoming OSD with them. As quick and easy as stated, and rates seem to be the best, if the Lightstream option doesn't appeal to you.

      Can anybody explain to this non-finance guy how and why Lightstream is able to make an unsecured loan at a rate not even the most aggressive competitor in the marketplace charges for a secured loan? But then, I don't understand Bitcoin, either.
      We used PenFed and had no issues also......
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      I already have my mortgage with Pen Fed so that will be the direction I go; but question, when will I get my title? If I have 150 days to get it to pen fed, I'd like to initiate the loan sooner than later because I think interest rates are going to go up as we get closer to the fall. I don't mind making payments on a car I don't have yet; in exchange for knowing the rate won't be any higher. My delivery date is 11/1.

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      Quote Originally Posted by SandyK View Post
      I already have my mortgage with Pen Fed so that will be the direction I go; but question, when will I get my title? If I have 150 days to get it to pen fed, I'd like to initiate the loan sooner than later because I think interest rates are going to go up as we get closer to the fall. I don't mind making payments on a car I don't have yet; in exchange for knowing the rate won't be any higher. My delivery date is 11/1.
      I believe you need to figure what is a worst case scenario as far as delivery back to the USA. I would figure 2-2.5 months following delivery abroad in case of a glitch (we had one). As I remember, you get the MCO (manufactures certificate of origin) at your delivery (11/1/18). This is part of the paperwork you will take to get the title work initiated from your state vehicle office once you are back home. At the time of title application you will instruct the state to put PenFed as the lean holder on the title. PenFed will give you the exact wording and address prior to the title application.
      I believe you probably don't want to title the vehicle until you pick it up in the USA, just in case! FYI, we paid the taxes and applied for the title 3 days after our USA delivery.....

      (There is a long list of items you need to present at time of title application, but that may be another post!)

      Please feel free to correct me if I am mistaken.........
      Last edited by GregK; 06-02-2018 at 01:34 PM.
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    14. #12
      Quote Originally Posted by SandyK View Post
      I already have my mortgage with Pen Fed so that will be the direction I go; but question, when will I get my title? If I have 150 days to get it to pen fed, I'd like to initiate the loan sooner than later because I think interest rates are going to go up as we get closer to the fall. I don't mind making payments on a car I don't have yet; in exchange for knowing the rate won't be any higher. My delivery date is 11/1.
      Volvo Redelivery brochure (version currently on the Website) has a chart of estimated redelivery times, that will help you estimate.

      To American port, from day you drop off, presumably atG'burg = 42-56 days to Newark or Baltimore. As long as 77 days, to Pt. Hueneme. Then add "15 working days" to your dealer. After that, it depends on how long it takes you, or your dealer, to process the title paperwork. In my case, I figured the likely case was that title showing lien would be enroute to PenFed 112 days after my final payment was made to Volvo, thirty days before my delivery date.


      I understand your thinking. But I chose to pay Volvo thirty days from delivery, rather than way earlier, to preserve as much of that 150 day buffer as possible. I'd rather lose a quarter point interest than be late. Because the consequence of being late is the loan converts to highest personal loan rate (at least 9%, I think) until you have a title. Then you refi at the then-current auto loan rate.
      Last edited by Orphanscribe; 06-02-2018 at 02:00 PM.

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      With all due respect to all those who have posted on this thread, I believe that you are working this issue overtime. As a big fan of the KISS approach, let me encourage the various prospective OSD purchasers to finance with Volvo finance, at least initially. I found their rate to be very competitive, and they truly get all the nuances of OSD as it relates to delivery, title acquisition, etc. Are a few tenths of a point really worth all the heartburn?
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      Quote Originally Posted by SCwires View Post
      With all due respect to all those who have posted on this thread, I believe that you are working this issue overtime. As a big fan of the KISS approach, let me encourage the various prospective OSD purchasers to finance with Volvo finance, at least initially. I found their rate to be very competitive, and they truly get all the nuances of OSD as it relates to delivery, title acquisition, etc. Are a few tenths of a point really worth all the heartburn?
      I think Volvo finance rates are at least 1.0% higher than other options? Not insignificant. As far as KISS goes, LightStream.com is as simple as it can possibly get. The nuances of OSD are completely irrelevant because it’s generally an unsecured loan if you are approved. And the online process with them is extremely easy and use friendly. I don’t see how using Volvo finance makes anything easier, and for guaranteed higher rates. Just my 2 cents.
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      Quote Originally Posted by SCwires View Post
      Are a few tenths of a point really worth all the heartburn?
      The biggest cause of heartburn for me was trying to find the Volvo Finance interest rates. I searched the he** out of the internet and found zilch. Luckily my OSD dealer was kind enough to share a range of likely APRs.

      (As an aside, why do some car finance arms not publish their rates while credit unions and banks must? Is it because of a law loophole? Can you imagine if no one published their interest rates?!)

      Those few tenths of a point are worth several Scott Pruitt pens to me - or several hundreds of dollars using the latest currency converter. Like Scott Pruitt, I highly value my writing utensil equivalents!

      And financing outside of Volvo was pretty straightforward so have no fear, KISS was indeed applied: one and done!

      ** = LL
      Last edited by likeXC90; 06-02-2018 at 09:36 PM.
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    18. #16
      Quote Originally Posted by SCwires View Post
      With all due respect to all those who have posted on this thread, I believe that you are working this issue overtime. As a big fan of the KISS approach, let me encourage the various prospective OSD purchasers to finance with Volvo finance, at least initially. I found their rate to be very competitive, and they truly get all the nuances of OSD as it relates to delivery, title acquisition, etc. Are a few tenths of a point really worth all the heartburn?
      My experience with Volvo Finance two years ago is contrary to your characterization. If it were "a few tenths of a point," I'd agree with you. But I was told my rate would be "in the low twos." That was 1.2% HIGHER than what I could have gotten from PenFed, and many other lenders, at that time. But I was a big fan of KISS, and, you know, twelve tenths of a point isn't worth the heartburn. Came in to sign the papers, and 3.69 (No, market rates hadn't moved during the intervening 48 hours).

      IMO, if I want heartburn, the place I'll find it is Volvo Finance.
      Last edited by Orphanscribe; 06-03-2018 at 12:28 PM.

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      In my car-buying experience the only time an automaker's finance rates were competitive was when they published their rates for a promotion, like "1.99% for 36 months" for example. All other times of the year when there were no promos going on their interest rates were most certainly not competitive.

      But during my short (1st time) exposure to Volvo i've not heard of Volvo Finance promos on OSD orders. Is there such a thing?
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    20. #18
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      The nice thing about this forum is that you get a lot of various opinions and actual experiences. Everyone can use these take aways and decide what is best for them......thanks for all the great feed back!
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    21. #19
      Quote Originally Posted by likeXC90 View Post
      In my car-buying experience the only time an automaker's finance rates were competitive was when they published their rates for a promotion, like "1.99% for 36 months" for example. All other times of the year when there were no promos going on their interest rates were most certainly not competitive. But during my short (1st time) exposure to Volvo i've not heard of Volvo Finance promos on OSD orders.

      +1. I've never seen promo financing apply to OSD, either. Because of the limited number of lenders whose processes accommodate the OSD process, Volvo Finance is even less incented to compete on OSD rates than other affiliated lenders are on domestic transactions. Many OSD buyers evidently agree with SCwires that paying 2x to 4x market for the convenience of one stop shopping is an acceptable tradeoff. Some of us don't.

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      Quote Originally Posted by NowImHookedOnVolvo View Post
      They didn't mention the possibility of extending the title receipt to 120 days,
      I chatted with two different reps just to make sure extending the 90 day title receipt to 120 days was ok. I was expecting some fire and brimstone type sermon that it was for exceptional cases only but instead both folks were pretty chillax about: "just let us know" and "keep us in the loop". Curious to hear if you had the same experience . . .

      Quote Originally Posted by NowImHookedOnVolvo View Post
      We take delivery on July 25 and I want my XC40 before September 25.
      Good luck with that! From the Home Delivery brochure you know it's officially 9 weeks minimum if you can time FDC dropoff with the once-a-week car ship departure, right? . . . I'm hoping 9 weeks too but am resigned to 12. As they say in manufacturing: low expectations, low disappointment!
      Last edited by likeXC90; 06-03-2018 at 07:36 PM.
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    23. #21
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      VOD program

      Just to confirm, that they do not likely allow VOD program for Lease Deals and only for outright Purchases? Also is the VOD program work for XC-60's too?
      Thanks

    24. #22
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      Quote Originally Posted by likeXC90 View Post
      I chatted with two different reps just to make sure extending the 90 day title receipt to 120 days was ok. I was expecting some fire and brimstone type sermon that it was for exceptional cases only but instead both folks were pretty chillax about: "just let us know" and "keep us in the loop". Curious to hear if you had the same experience . . .

      Good luck with that! From the Home Delivery brochure you know it's officially 9 weeks minimum if you can time FDC dropoff with the once-a-week car ship departure, right? . . . I'm hoping 9 weeks too but am resigned to 12. As they say in manufacturing: low expectations, low disappointment!
      I think you are smart to allow extra time......things happen.

      Our European delivery (XC90) was 5/23/16 and pickup at our dealer was 8/19/16! I'm sure we were the exception, but still..........


      (.....and we placed our order 8/7/15, but the wait on our FDC delivery was our choice)
      Last edited by GregK; 06-04-2018 at 10:56 AM.
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      Quote Originally Posted by GregK View Post
      I think you are smart to allow extra time......things happen.

      Our European delivery (XC90) was 5/23/16 and pickup at our dealer was 8/19/16! I'm sure we were the exception, but still..........
      May I ask what happened?
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      Quote Originally Posted by likeXC90 View Post
      May I ask what happened?
      Sure.....glitch at the factory. They forgot to send the vehicle. I thought I was being patient not bugging them as to where our XC90 was, but when I finally started asking a lot of questions, they said "we aren't sure where it is, we'll have to find it and get back to you!" Volvo stood tall, admitted the error, and helped us out with some car payments!!! Like I said, things happen....

      We still love the OSD program, and would love to do it again!!!!
      Last edited by GregK; 06-04-2018 at 03:16 PM.
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      Quote Originally Posted by GregK View Post
      Sure.....glitch at the factory. They forgot to send the vehicle.
      Wow . . . Glad Volvo took responsibility.
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      If this isn't already a sticky post, it should be! This is terrific information! My XC40 has a delivery date of October 2nd. I can't wait!

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      Quote Originally Posted by nquery View Post
      I think Volvo finance rates are at least 1.0% higher than other options? Not insignificant. As far as KISS goes, LightStream.com is as simple as it can possibly get. The nuances of OSD are completely irrelevant because it’s generally an unsecured loan if you are approved. And the online process with them is extremely easy and use friendly. I don’t see how using Volvo finance makes anything easier, and for guaranteed higher rates. Just my 2 cents.
      FWIW, I just checked the rates at LightStream.com. Their lowest advertised rate for a $50K+ new car purchase is 3.59%. The advertised rate at Wells Fargo this morning is %3.88. I'm told that a buyer with excellent credit can secure a rate at or below these on an OSD with Volvo finance.
      2016 XC60 T5 FWD OSD (May 2016), 6 countries, 2500km

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      Quote Originally Posted by SCwires View Post
      FWIW, I just checked the rates at LightStream.com. Their lowest advertised rate for a $50K+ new car purchase is 3.59%. The advertised rate at Wells Fargo this morning is %3.88. I'm told that a buyer with excellent credit can secure a rate at or below these on an OSD with Volvo finance.
      I used Penfed to help finance my car last weekend. My rate for 60 month term was 3.29%.

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      Additional data point for excellent credit on 60 months. Volvo was 3.49, PenFed was 3.24% and LightStream originally came in at 3.69 but I sent them PenFed approval and they lowered it to 3.14. I was actually surprised that Volvo was so in line/competitive with other rates based on other info I read here. But LightStream's unsecured loan looks both cheaper and simpler.

      6/15 Edit: Alliant Credit Union came in at 2.99 and I took that to LightStream and I'm now at 2.89!
      Last edited by linkerbox; 06-15-2018 at 10:16 AM.
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      Quote Originally Posted by SCwires View Post
      FWIW, I just checked the rates at LightStream.com. Their lowest advertised rate for a $50K+ new car purchase is 3.59%. The advertised rate at Wells Fargo this morning is %3.88. I'm told that a buyer with excellent credit can secure a rate at or below these on an OSD with Volvo finance.
      Yes, as discussed initially, lightstream does not generally advertise the lowest rates around. But if you get a better rate approved elsewhere, and you should, they will beat it by 0.10%. That's what I did - I was approved by PenFed at 2.99% for 48 mos and simply sent lightstream a screen capture and they immediately updated my approved rate to 2.89%. All evidence suggests that Volvo finance will not get near those rates. [EDIT, looks like Volvo will come down to mid 3's?]

      I have now completed/funded my loan with lightstream. The online process/management was ridiculously smooth. Once approved you e-sign the doc, choose funding/payment dates, and ach. The money is in your bank account on date of funding. You can even automatically modify any parameters up until 5:30 pm the day before funding - I increased my loan amount slightly and it was immediately updated and i just had to e-sign the revised loan doc again. Now that it has funded, I am able to schedule pre-payments and see the updated amortization schedule in real-time, etc. Couldn't be more impressed frankly. They do not require a VIN and it's fully unsecured - no title, no lien etc. Seems light years (no pun intended) ahead of other 'online' lenders ...
      Last edited by nquery; 06-14-2018 at 01:29 PM.
      2018 V90CC Ocean Race, Blond/Charcoal Interior, Polestar (OSD July, 2018)

    33. #31
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      Quote Originally Posted by SCwires View Post
      FWIW, I just checked the rates at LightStream.com. Their lowest advertised rate for a $50K+ new car purchase is 3.59%. The advertised rate at Wells Fargo this morning is %3.88. I'm told that a buyer with excellent credit can secure a rate at or below these on an OSD with Volvo finance.
      Glad we got the PenFed 1.49% back in November!
      Hers - 2018 XC60 T6 Inscription via OSD His - 2016 MB C300 Sport 4matic
      Just for fun - 2001 Honda S2000 - also hers

    34. #32
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      For those of you borrowing, the (USA) Federal Reserve yesterday (6/13) bumped up the benchmark interest rate +0.25% to 2% from 1.75% and will likely do so again 2 more times this year per

      https://www.nytimes.com/2018/06/13/u...est-rates.html

      which means interest rates for car loans (and home mortgages, credit cards, etc) are going up.

      Time to finance that $100k+ Excellence, $5M+ home, Fraser yacht, and Gulfstream V jet sooner rather than later
      Last edited by likeXC90; 06-14-2018 at 10:26 PM.
      2019 XC90 T8i (OSD 2018 July)
      “Scientists study the world as it is; engineers create the world that has never been.” - Theodore von Karman

    35. #33
      Junior Member Markdotnet's Avatar
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      I'm looking at my OSD order sheet. I see the Volvo OSD discount has come off the MSRP of the vehicle. I'm wondering about the $3,000 deposit. That does not appear to have come off the numbers anywhere. I'm trying to determine how much the "out the door" price will be so that I know how much I'll have to finance.

      Does anyone have any suggestions or insight?

    36. #34
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      Quote Originally Posted by Markdotnet View Post
      I'm looking at my OSD order sheet. I see the Volvo OSD discount has come off the MSRP of the vehicle. I'm wondering about the $3,000 deposit. That does not appear to have come off the numbers anywhere. I'm trying to determine how much the "out the door" price will be so that I know how much I'll have to finance.

      Does anyone have any suggestions or insight?
      The Deposit is definitely included. My out the door price with taxes etc was like $46k. $3k deposit left me with $43k when I paid.

    37. #35
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      Arrow Volvo gave me an offensively high rate

      Volvo tried to give me a rate of 5.79% after I had already been pre-approved for 2.15% with my credit union and then tried to bully me into accepting it by claiming that no lender would finance an OSD without the title. I took my 825 FICO score to LightStream, which approved me for an unsecured loan at 3.4% which should show up in my account tomorrow after which I will be bringing a big sack of one dollar bills to the Volvo finance manager who told me that my credit rating “wasn’t all that great” and that I was “saddled with debt.” I literally have no debt other than a single 140k mortgage on my primary home that’s worth 3x what I owe on it!

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