Car loans

Hey everyone... can someone give me the lowdown on what the car loans look like over at JP Morgan Chase? I'm wondering if their rates are actually decent... I was looking at another bank recently where they’d only cover 70% of the cost—meaning I’d have to cough up 30% of my own cash upfront just to get the keys. Honestly, that feels like a total non-starter for me, even though I've got a steady paycheck $2000 and my direct deposits are all set up with the bank. THAT'S WHY I'M ASKING: does JP Morgan Chase allow you to finance the entire cost of the car over a 7-year term? I'm looking at a loan for about 15,000 euros... I'd really appreciate any advice or insight you guys might have.

Susan Foster3 said:Hey everyone... can someone give me the lowdown on what the car loans look like over at JP Morgan Chase? I'm wondering if their rates are actually decent... I was looking at another bank recently where they’d only cover 70% of the cost—meaning I’d have to cough up 30% of my own cash upfront just to get the keys. Honestly, that feels like a total non-starter for me, even though I've got a steady paycheck $2000 and my direct deposits are all set up with the bank. THAT'S WHY I'M ASKING: does JP Morgan Chase allow you to finance the entire cost of the car over a 7-year term? I'm looking at a loan for about 15,000 euros... I'd really appreciate any advice or insight you guys might have.

From what I understand, you've always been able to get 100% financing at JP Morgan Chase without needing a down payment, though I guess that usually comes with mandatory insurance and having to leave the vehicle title with the bank.
Honestly, though, it might be much easier to just handle everything directly through the dealership, since most of them already have standing agreements with specific banks regarding their financing options.

Raymond Morris38 said:From what I understand, you've always been able to get 100% financing at JP Morgan Chase without needing a down payment, though I guess that usually comes with mandatory insurance and having to leave the vehicle title with the bank.
Honestly, though, it might be much easier to just handle everything directly through the dealership, since most of them already have standing agreements with specific banks regarding their financing options.

So, if you ask me, the best bet for an auto loan is actually... Wells Fargo. They just require a fiduciary transfer of ownership to the bank until the loan is paid off—which you get notarized—but they don't make you hand over the physical title. That works for anything up to 15,000 euro. The only downside is they don't have many branches or ATMs around. If you care about being able to find an ATM anywhere, JP Morgan Chase is definitely the heavyweight champion.

Susan Foster3 said:So, if you ask me, the best bet for an auto loan is actually... Wells Fargo. They just require a fiduciary transfer of ownership to the bank until the loan is paid off—which you get notarized—but they don't make you hand over the physical title. That works for anything up to 15,000 euro. The only downside is they don't have many branches or ATMs around. If you care about being able to find an ATM anywhere, JP Morgan Chase is definitely the heavyweight champion.

I'm curious, though—what does the number of ATMs really have to do with getting a loan? I mean, unless you're planning on routing your entire paycheck through them, I don't think it should matter much. It's probably not even mandatory.
But, if I were in your shoes, I'd probably just head down to a JP Morgan Chase branch and ask around. They might offer different packages or combinations—maybe one where you just do the fiduciary transfer, or one involving the title deposit, or perhaps something tied specifically to insurance. It might be worth seeing what they can put together.

Raymond Morris38 said:I'm curious, though—what does the number of ATMs really have to do with getting a loan? I mean, unless you're planning on routing your entire paycheck through them, I don't think it should matter much. It's probably not even mandatory.
But, if I were in your shoes, I'd probably just head down to a JP Morgan Chase branch and ask around. They might offer different packages or combinations—maybe one where you just do the fiduciary transfer, or one involving the title deposit, or perhaps something tied specifically to insurance. It might be worth seeing what they can put together.

Look, moving your direct deposit to a better bank—one where the interest rates aren't killing you and there are plenty of ATMs nearby—is exactly why I'm looking at JP Morgan Chase..

Hey, can anyone hit me up and let me know if you’ve gone through JP Morgan Chase for an auto loan lately? Like, are you actually happy with the experience? Also—and I could really use some input here—should I stick with them or would it be smarter to jump over to the Federal Reserve for a better deal? Honestly, any advice or personal stories at all would be a huge help right now.

I’m looking at taking out an auto loan for just under $16667 through Ford financing, and my bank is JP Morgan Chase.
Now that I'm looking closer, I've spotted three specific line items:
-a 2.5% loan processing fee
-a 2.4% credit insurance fee
-and interest accrual during the initial period.

Is there any way to dodge or at least lower any of these costs? I already know about the interest accrual—I realize I have to file a request later since you're essentially paying for fewer days.
My main concern is the credit insurance cost. For instance, if I were to use a guarantor or a co-signer, would that change anything?

Hey everyone! I'm currently in the market for a new car and am planning on putting down a 30% cash down payment to help offset the loan. I’ve been looking into financing through JP Morgan Chase because it seems incredibly convenient—I can basically handle all the paperwork right at the dealership without having to run out to a physical bank branch. Has anyone here gone through a similar loan process recently? I’m a bit nervous since this is my first time dealing with credit, so if there are any specific red flags or details I should watch out for regarding interest rates and monthly payments, please let me know. I'm a little intimidated by the whole thing! Thanks!

slybear14 said:Starting this here so I don't clutter up another thread🙂

Can you actually lease a car if you don't have a permanent full-time job?
-Just asking for info since I can't seem to find a straight answer anywhere...🙂

So, did you ever find out? 🤔

Quick question about leasing: what actually happens to the cars once the five-year term is up and the drivers hand them back? Is it possible for an individual like me to just walk in and pick up one of those returned vehicles at that 20% residual value?

I’ve heard rumors that they often offload these repo'd or returned vehicles for pennies on the dollar before the lease even officially expires—though I’m assuming you’d need an inside connection to get the heads-up on those auctions.

George Lewis9 said:Quick question about leasing: what actually happens to the cars once the five-year term is up and the drivers hand them back? Is it possible for an individual like me to just walk in and pick up one of those returned vehicles at that 20% residual value?

I’ve heard rumors that they often offload these repo'd or returned vehicles for pennies on the dollar before the lease even officially expires—though I’m assuming you’d need an inside connection to get the heads-up on those auctions.

You’d have to hit up a leasing company directly and see if they've got anything for sale, but honestly, I doubt that’s how it works. Most of those cars—after 5 years—are worth way more on the used market than whatever is on their books, so it wouldn't make sense for them to just give 'em away... 🤷

slybear14 said:Starting this here so I don't clutter up another thread🙂

Can you actually lease a car if you don't have a permanent full-time job?
-Just asking for info since I can't seem to find a straight answer anywhere...🙂

If you've got a co-signer with a steady job, then probably yeah. Depending on the type of lease, maybe. But without one? No way, makes zero sense for them to take that risk. 🤷

A simple dilemma here: should I finance a car over five years using euros at a fixed 4.99% rate, or go with dollars at a variable 6.55%? In the latter case—if my math is right—the monthly payment jumps by about $1.50.
It seems obvious that the first option is the better deal, but looking ahead...
What would you all advise?

I'm looking at buying a car as an individual—though I'd probably take out a $40 loan to cover the down payment. My banks, JPMorgan Chase and Wells Fargo, only offer auto loans in dollars, so I'm wondering if operational or financial leasing with a residual value makes any sense here.

Any advice? A loan seems like the cheapest route, but since they're only offering them in dollars, I'm getting a bit twitchy about currency fluctuations given everything happening in the USA lately. Worried about depreciation.

Bank of America is running an auto loan promotion with a 6.5% interest rate. This offer is only valid through the end of the year, so you might want to look into it before it expires.

I think you should be more worried about interest rates spiking, the dollar losing ground against the euro, and wages dropping in 2012.
If 2012 actually turns out to be worse than 2011, then we might finally see prices start to head south.

Bank of America actually has this special promotion running with Ford through the end of the year—you can snag an interest rate of 4.95% annually, which is variable for loans in dollars, with an APR of 6.93%, and they're offering terms up to 72 months.

Plus, if you pick up a new Ford, they’re throwing in a welcome bonus worth up to $5,000 $5.00 depending on which model you go with, along with an iPad...

I'm not entirely sure if all these perks apply if Bank of America isn't your primary bank or whatever, but honestly... it's worth asking. It's a pretty solid deal compared to everything else out there right now...

I'm looking at buying a car as an individual, though I'd probably pull $40 from a loan to cover the down payment. My main banks, JPMorgan Chase and Wells Fargo, only offer auto loans in dollars. Is it actually worth looking into operational or finance leasing with a residual value option?

Anyone got some advice? A standard loan seems like the best bet financially, but since they're only offering them in dollars, I'm a little paranoid about currency fluctuations given everything happening in the USA lately. I don't want to get caught in a depreciation trap.

Honestly, leasing is a bad move.

First off, if you pick up a traffic ticket, my guess is it goes straight to the leasing company, and then they just tack it onto your bill. That means you end up paying sales tax on top of the fine.

Second, leasing makes sense for companies that put massive mileage on their vehicles—they know they need high turnover, so they just swap for a new lease once the old one is worn out. As an individual, I highly doubt you're putting in that kind of mileage. The whole point of leasing is easy asset replacement. In the US, they push it on individuals mostly because it's easier to qualify for than a traditional loan, especially for people with shaky credit or low purchasing power. It’s easier for the bank to get their money back if you default because they technically own the car and can just come grab it.

Third, leasing usually comes with those annoying currency adjustment clauses.

Fourth, the late fees for missing a payment will absolutely kill you.

Fifth, stay far away from that "residual value" thing. Don't kid yourself thinking you'll just have a nice chunk of cash sitting there at the end of the term. You'll likely just end up having to take out another loan to cover the balance or fall for some "clever" deal the leasing company tries to pitch you.

Sixth, for heaven's sake, don't go buying such an expensive car in 2012. The worst is still coming over the next couple of years. Save up some cash if you can and buy used, or if you already have a car, just drive it until it finally dies on you.

On the other hand, leasing interest rates can be significantly lower than standard loan rates. Even the processing fees tend to be about five to six times smaller compared to a traditional loan. Given those perks, the whole point of leasing isn't necessarily about switching assets frequently; it’s simply about securing cheaper financing for your car, and once it's paid off, it's yours.
And while some claim things will only get worse over the next two years, that's just one perspective. For me, and many others I know, things seem to improve year after year. In fact, the best is yet to come. 🙂

electricsailor33 said:On the other hand, leasing interest rates can be significantly lower than standard loan rates. Even the processing fees tend to be about five to six times smaller compared to a traditional loan. Given those perks, the whole point of leasing isn't necessarily about switching assets frequently; it’s simply about securing cheaper financing for your car, and once it's paid off, it's yours.
And while some claim things will only get worse over the next two years, that's just one perspective. For me, and many others I know, things seem to improve year after year. In fact, the best is yet to come. 🙂

It’s great that the people you know are doing well, but let’s be real—you probably all hang out in the same circles or work in the same industry. Of course, one slice of the population is thriving, but I’ve seen plenty of folks swear everything was perfect right before the rug got pulled out from under them overnight. Sure, some are doing fine, but there are way more people struggling right now.
Personally, I don't think leasing is any cheaper. I mean, obviously, you'd need to sit down with the actual paperwork and run a side-by-side comparison of leasing versus traditional loans from places like Chase or Wells Fargo to prove it... so, yeah... I won't get bogged down in a massive debate about it. My take? Don't lease a car, and honestly, don't even bother with a loan unless it's an absolute emergency.

Another $5k down and the big debate: Leasing vs. Auto Loan🙄
For an individual, Leasing is a total scam. There are a million reasons why it makes zero sense. Business owners? That’s a different story—they run the math and make it work.
The only possible reason you'd ever touch Leasing is if you can't get an auto loan from a bank because you don't have any collateral, and even then, only if the Leasing company doesn't demand a co-signer for the same asset.
Now, I'm not exactly up to speed on how much banks actually care about co-signers versus just holding the title until the final payment is made...

Look, if you have a co-signer for a standard loan, there's no reason to overthink it. Taking a car on a lease where you don't have buyout rights at the end (or even if you do) is just plain stupid for a regular person. Plus, just like a loan where the bank holds the title, you're stuck with mandatory full coverage insurance until it's paid off, mandatory servicing at authorized dealerships (keep that logbook perfect), and all that other fine print... It might sound trivial to some, but full coverage costs way more than a standard registration, so it hits your wallet hard.

Bottom line: You buy a car so YOU can own it. So YOU decide on the insurance, the service, and whatever else... not the other way around.

neontiger4 said:

I'm looking at buying a car as an individual, though I'd probably pull $40 from a loan to cover the down payment. My main banks, JPMorgan Chase and Wells Fargo, only offer auto loans in dollars. Is it actually worth looking into operational or finance leasing with a residual value option?

Anyone got some advice? A standard loan seems like the best bet financially, but since they're only offering them in dollars, I'm a little paranoid about currency fluctuations given everything happening in the USA lately. I don't want to get caught in a depreciation trap.

Honestly, leasing is a bad move.

First off, if you pick up a traffic ticket, my guess is it goes straight to the leasing company, and then they just tack it onto your bill. That means you end up paying sales tax on top of the fine.

Second, leasing makes sense for companies that put massive mileage on their vehicles—they know they need high turnover, so they just swap for a new lease once the old one is worn out. As an individual, I highly doubt you're putting in that kind of mileage. The whole point of leasing is easy asset replacement. In the US, they push it on individuals mostly because it's easier to qualify for than a traditional loan, especially for people with shaky credit or low purchasing power. It’s easier for the bank to get their money back if you default because they technically own the car and can just come grab it.

Third, leasing usually comes with those annoying currency adjustment clauses.

Fourth, the late fees for missing a payment will absolutely kill you.

Fifth, stay far away from that "residual value" thing. Don't kid yourself thinking you'll just have a nice chunk of cash sitting there at the end of the term. You'll likely just end up having to take out another loan to cover the balance or fall for some "clever" deal the leasing company tries to pitch you.

Sixth, for heaven's sake, don't go buying such an expensive car in 2012. The worst is still coming over the next couple of years. Save up some cash if you can and buy used, or if you already have a car, just drive it until it finally dies on you.

With Leasing and the various versions companies like Ford Credit offer, every little headache, maintenance task, or repair falls on the lessee, but strictly according to their contract rules. If you cause a wreck, yeah, you pay the fine. If it's a total loss and insurance doesn't cover everything, the leasing company decides how much you owe. Honestly, just walk away. It's too much of a headache, and once you sign, there's no turning back...

neontiger4 said:

I'm looking at buying a car as an individual, though I'd probably pull $40 from a loan to cover the down payment. My main banks, JPMorgan Chase and Wells Fargo, only offer auto loans in dollars. Is it actually worth looking into operational or finance leasing with a residual value option?

Anyone got some advice? A standard loan seems like the best bet financially, but since they're only offering them in dollars, I'm a little paranoid about currency fluctuations given everything happening in the USA lately. I don't want to get caught in a depreciation trap.

Honestly, leasing is a bad move.

First off, if you pick up a traffic ticket, my guess is it goes straight to the leasing company, and then they just tack it onto your bill. That means you end up paying sales tax on top of the fine.

Second, leasing makes sense for companies that put massive mileage on their vehicles—they know they need high turnover, so they just swap for a new lease once the old one is worn out. As an individual, I highly doubt you're putting in that kind of mileage. The whole point of leasing is easy asset replacement. In the US, they push it on individuals mostly because it's easier to qualify for than a traditional loan, especially for people with shaky credit or low purchasing power. It’s easier for the bank to get their money back if you default because they technically own the car and can just come grab it.

Third, leasing usually comes with those annoying currency adjustment clauses.

Fourth, the late fees for missing a payment will absolutely kill you.

Fifth, stay far away from that "residual value" thing. Don't kid yourself thinking you'll just have a nice chunk of cash sitting there at the end of the term. You'll likely just end up having to take out another loan to cover the balance or fall for some "clever" deal the leasing company tries to pitch you.

Sixth, for heaven's sake, don't go buying such an expensive car in 2012. The worst is still coming over the next couple of years. Save up some cash if you can and buy used, or if you already have a car, just drive it until it finally dies on you.

Haha, kind of funny, but there's a lot of truth in that. Unfortunately, that's just how it is today.