This is Credit Union of NJ, 72 months, 7.24% with 0 down.
Because I’m in the tri-state area and just financed a car using them.
Yeah, those are great rates, might look into this for my brother who has a lease coming up.
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For anyone that has USAA, they’re holding 5.7% on 72mo. Just got approval at that rate so their “low as” appears to not be a lie!
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This is the only time in my life I’ve seen USAA competitive… they’re usually the most expensive kid on the block.
Be careful… I got a quote from them about a month ago for 4.99% for 60 months, however when I went to finalize the loan they told me the rate was 6.75%…
They said the rate was higher because I was buying from a private party instead of a dealer. First time I had ever heard that.
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My Armco timeline:
02/27 Loan Application to refi loan
03/08 Loan approved, they requested registration, 10 day payoff letter and asked how I wanted to become a member
03/08 I provided all docs and answers
03/13 I followed up asking if they needed anything else
Silence since 3/08. I guess I’ll call them today.
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I applied for membership at Cambell, but you must wait 90 days.
I’m going to go with Freedom Credit Union. 4.74% for 66 months. Who knows if Cambell will raise their rates in 90 days considering the fed just increased again.
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TOWER timeline
Learned about TowerFCU here. Funny since it is in my area and appears to be the largest credit union in MD. Never heard about it before.
01/26/23 Applied for membership in person at their HQ.
01/29/23 Applied for loan.
02/03/23 Got pre-approval for 2.99% 60 month new car loan.
02/16/23 Bought Ioniq 5 out of state for $1,000 below MSRP. HMF financing at 7%
…Time passes while paperwork is sent to MD for MVA processing. I let Tower know about the delay.
03/15/23 I get MD title carrying HMF lien.
03/16/23 I get finalized numbers from Tower. Rate ends up being 2.74% after .25% credit for autopay.
03/17/23 All parties e-sign the loan documents, payoff check sent to HMF.
Thanks LeaseHackrs and @HersheySweet !!!
I’m saving $5,000 in finance costs because of your tip on this great rate.
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This is some serious sh*t here. Are those numbers replicable today?
Sadly, not at all.
$1000 off Ioniq 5 is common in NY. 2.99% for 60 months, probably harder now but places like USSFCU are at 3.49% for 60 months
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I think what we saw here was a number of credit unions that for whatever reason hadn’t updated their car loan rates. @HersheySweet automated the search. A lot of these credit unions got hammered by us and subsequently increased their rates. The Tower 60 month is now 6.49%.
I think my Ioniq 5 purchase price is definitely beatable. I bought two days before HMF added $7500 cap cost reduction to the lease. If that had been available I would have used that and then refinanced using the smaller payoff amount using the Tower loan, or the similar Armco preapproval that I had as my plan B. Tower was a huge improvement over the 6.02% preapproval I had from my old CU, Navy Federal.
Pleease…
101010
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We got called out by name by two institutions - so GO LH!
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Does not compute. Please translate.
Hyundai finance let you refinance the loan within 30 days without any fee or fine?
Apparently no fees or fines. This was a purchase, not a lease, which may or may not matter.
Amount financed by HMF on 2/16/23 at dealer was: 46,818.80
HMF payoff amount changed as time passed.
—Through 2/28 it was 46,925.01.
—Through 3/25 it was 47,146.28. That is what was paid off by the Tower refinance.
No payments were made during this time. I assume the difference is due to accrued interest.
yea they dont care. As long as the deal is funded, you can buyout.
Here is another option to consider… North Jersey Federal Credit Union
Members with auto-pay, direct deposit, and a NJFCU MasterCard credit card may be eligible for an Annual Percentage Rate (APR) deduction up to 0.75%. Membership is possible by joining Passaic Historical Society.
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I think Hyundai is now offering up to $7500 lease cash on the Ioniqs so if you can find a discounted MSRP lease and then finance it afterwards, you may make out but depends what state you are leasing from.
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Just got my armco refi disbursed after waiting patiently for about a month. 1.99% for 36!! 
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