Financing with Fisker Finance

Not sure this is a smart idea, already upset on missing out on the interest rates from last year.  I would have rather starting financing my car and not have it than have it and pay twice or more for an interest rate.

Maybe tracking it we will see it go down?  Still hate seeing the major players advertising 3.9% rates on their loans currently.

If you are tracking, maybe track a major bank provider too, for reference my credit union still at 4.9% for new car.

Posted by: @mymopar

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If you are tracking, maybe track a major bank provider too, for reference my credit union still at 4.9% for new car.

We're all in the same boat re: rates except those paying cash. Feel free to track your local credit union rates in this thread. They are likely going to offer you a better rate than Fisker Finance any day of the week. One would use Fisker Finance for a "completely hassle-free experience" from what we expect to be a seamless integration.

“Fisker is a digital car company, first and foremost, focused on a seamless customer experience at every step. Providing finance options on our digital platform, including financing factory-installed options, is part of providing our customers with a completely hassle-free experience respectful of their time. We also aim to provide insurance on our digital platform as we designed and engineered the Fisker Ocean with affordable premiums in mind. The Fisker Ocean One will stand out with all its unique standard options and features.” -Henrik Fisker, Fisker Chairman and CEO

PenFed Credit Union: 5.34% for 72 months with 800+ credit.

About the same for USAA. 

@seancallahan thats a really piss poor rate- especially with stellar credit.

i’ll be looking elsewhere - just like with the home charging system.  Not a lot of love for fisker customers , especially those in the front ranks.

@seaphil

Posted by: @seaphil

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@seancallahan thats a really piss poor rate- especially with stellar credit.

Fisker Finance is 0.56% higher than San Diego County Credit Union (SDCCU). Here are the rates from SDCCU as of today...

@seancallahan Fisker is still showing 7.09% for 84 months with excellent credit. But I saw my credit union is now updated to 8.24% (DCU) for same 84 months. I doubt the Fisker rate is current considering 0.25 increase by Feds recently.

Posted by: @progresscarolina

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@seancallahan Fisker is still showing 7.09% for 84 months with excellent credit. But I saw my credit union is now updated to 8.24% (DCU) for same 84 months. I doubt the Fisker rate is current considering 0.25 increase by Feds recently.

Yeah, I doubt that latest rate increase is factored in either. We may get another 0.25% rate increase in May too by the Federal Reserve. Hopefully not, but possible.

Just got this off PenFed Credit Union screen:

@fibrepunk PenFed has great rates. There is one over by the Miramar Naval Air Station in San Diego.

Seems like a very odd rate structure given the yield curve. 

@bayoubob You are so right! When I bought my Ford Expedition in 2000, the interest rate for 100% financing was 0.9%. Never again in my life will I likely get an auto loan with such a low APR, unless we have another dot com crash or a global banking crisis. 🤔 

@seancallahan I have never had my feet inside PenFed physically.  I only bank with them online, and I have an account with them because of their loan rates.  I have accounts with other banks and their auto rates have never been good!

@seancallahan I got a real good rate from DCU in dec 2021. 1.49% (including the .5% member discount) for a 65 month loan when banks are offering near zero interest on savings. 
At that time it was the best that I could find given the limited banking relations I have. 

Even now I think their rates are very competitive. Considering today some fintechs (Wealthfront and betterment) are offering 4.2 and 4.3% interest on savings and DCU car loan for 65 months is at 5.74% and you will get additional 0.5% discount for members.

Posted by: @neni

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I got a real good rate from DCU in dec 2021. 1.49% (including the .5% member discount) for a 65 month loan when banks are offering near zero interest on savings. 

That's a steal of an APR. I'm afraid we won't see that APR any time soon especially with the trajectory of rate increases over the past nine months. Credit unions appear the way to go to save some $$$. 

“Over the course of the year, we have taken forceful actions to tighten the stance of monetary policy. We have covered a lot of ground, and the full effects of our rapid tightening so far are yet to be felt. Even so, we have more work to do,” Powell said in a press conference on Wednesday. "Without price stability, the economy doesn’t work for anyone. My colleagues and I are acutely aware that high inflation imposes significant hardship as it erodes purchasing power, especially for those least able to meet the higher costs of essentials like food, housing, and transportation." - J. Powell (December 2022)