Auto financing
Thread Starter
Member
Joined: Nov 2001
Posts: 137
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From: S. Fla., U.S.A.
2002 C230K Sport Coupe
Auto financing
Off topic post, but it may be of interest to members who are arranging financing as they wait for their C-Coupes or other models. I was going to go the home equity loan route, but my bank was being coy about telling me their best rate (I am a long-term customer and excellent loan candidate), so I did an online search and found a company called PeopleFirst.com which does auto loans. After a simple application process, I was approved within half an hour for the amount requested, simple interest, no pre-pay penalty, and at a rate which negates any tax advantages that I would have gained with a home eq. loan. I read the small print and checked with Better Business Bureau and can find nothing wrong with this company. It seems like the process was too easy, but I can detect no negatives. The way it works is that they issue a blank check with my name and address on it. I take the check to any new car dealer and use the check to pay for all or part of the cost of the car. The loan starts when the check is used. Does anyone know anything good or bad about PeopleFirst.com? Thanks for any input.
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Joined: Nov 2001
Posts: 34
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From: Miami
1999 BMW 323i
about PeopleFirst
I believe that they have been in business for quite some time, as I used them when I bought my A4 in 1998, and they had been pretty good about it, upon they issued a blank check for the requested amount. However, they were not for anyone, as they took my house as a collateral, so I had to be a homeowner in order to get a loan.
After I paid off my A4, it appeared that there were even better deals on the market, including the highly competitive home-equity loans. But I have not followed that maket closely, as I decided to rather lease my cars than to buy them.
After I paid off my A4, it appeared that there were even better deals on the market, including the highly competitive home-equity loans. But I have not followed that maket closely, as I decided to rather lease my cars than to buy them.
Member
Joined: Nov 2001
Posts: 210
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From: Toledo, Ohio
PeopleFirst.com
We have used PeopleFirst.com for two new vehicle purchases and have been 100% happy. I recommend them to friends frequently. Local credit unions can usually match the rates available from PeopleFirst.com, but doing it all online and having a check overnighted to your front door cannot be beat. I just ordered my 2002 C230k today and plan on using PeopleFirst.com when it arrives.
Thread Starter
Member
Joined: Nov 2001
Posts: 137
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From: S. Fla., U.S.A.
2002 C230K Sport Coupe
Thanks, sk-mia, I appreciate the info.
According to the BBB, PeopleFirst has been in business since 1996. Their rate was one percentage point lower than my MB dealer was asking and 1.51% better than my bank. No fees, no collateral (except the car I suppose). Just seems like a better deal. Certainly not the 0.9% that some dealers are offering, but we aren't going to get that on these cars.
BTW, we are practically neighbors.
Deb
According to the BBB, PeopleFirst has been in business since 1996. Their rate was one percentage point lower than my MB dealer was asking and 1.51% better than my bank. No fees, no collateral (except the car I suppose). Just seems like a better deal. Certainly not the 0.9% that some dealers are offering, but we aren't going to get that on these cars.
BTW, we are practically neighbors.
Deb
Thread Starter
Member
Joined: Nov 2001
Posts: 137
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From: S. Fla., U.S.A.
2002 C230K Sport Coupe
Hey, DCX-Engineer, that's what I was hoping to hear. I don't mean to sound like an ad for that company, but I was leery because the whole process was so easy and fast. I never heard of them before two weeks ago, so I really wanted to hear from happy customers. How did your car dealers respond to getting the checks? Were they familiar with the company? Thx. Deb
Member
Joined: Nov 2001
Posts: 210
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From: Toledo, Ohio
about the check
We purchased our last three new vehicles using PeopleFirst.com.
Two of the purchases were from the same dealer. They hadn't dealt with PeopleFirst.com, but had no problem accepting the check. They were surprised at the low rate and were interested in learning more about the company.
The last dealer (Jan,2000) was curious about the check and called it a draft and not a check. Once they saw the check/draft they had no problems accepting it. In all three experiences we were completely happy with the service and low rates.
Note: When you bring them the check, bring the entire package that you receive from PeopleFirst.com. The instructions and other documents are clear and easy to understand.
Two of the purchases were from the same dealer. They hadn't dealt with PeopleFirst.com, but had no problem accepting the check. They were surprised at the low rate and were interested in learning more about the company.
The last dealer (Jan,2000) was curious about the check and called it a draft and not a check. Once they saw the check/draft they had no problems accepting it. In all three experiences we were completely happy with the service and low rates.
Note: When you bring them the check, bring the entire package that you receive from PeopleFirst.com. The instructions and other documents are clear and easy to understand.
That's just what I wanted to hear. Thanks again. Deb.
