So I did the searches on here and everyone sings the praises of Morries Minnetonka (and I have a couple personal friends that had good experiences there). What I'm wondering is if anyone here has ever done financing through them. I see there are some Labor Day weekend specials going so I'm tempted to look into those. Anybody have horror stories or positive experiences?
New vehicle or used? I found on used vehicles my CU was much better. New vehicles they tend to throw a lot of incentives that makes sense to finance through them. If you're going to look at financing I suggest you go in knowing your credit situation so their F&I dept doesn't shotgun your credit rating trying to find you a deal.
I have a pretty good idea of my credit score and don't haven't had any issues (unpaid bills or defaulted loans) in my past. My credit union is offering 2.9% right now while Subaru is offering 1.9% or even 0% on some. Obviously those low numbers are on new vehicles. I'm not entirely decided on which direction I'll go (new vs. used) but I know roughly what I want to spend per month.
If you're looking at new vs barely used you're going to find that there isn't a big price break between the two. Subarus tend to hold their value pretty high for the 1st few years. Almost any dealer in the business should be able to beat any personal rate you can get. We work with a ton of banks and credit unions and get better rates because we're a much bigger customer. Financing in house is really a win win for everyone, it makes us money, saves you a decent chunk of change if you can get a lower rate, and the process is much smoother because it's all inclusive. Mike
Keep in mind that getting you what you spend per month is easy when they get you into a loan for 6 years. Determine how much you want to pay TOTAL over the course of the loan, then figure out payments from there.
Well - I can answer your specific question: "Has anyone ever done financing through them" from your original post. I have financed through them (bought the car through Scott) and had a great experience. No hiccups, no hard pitches (except maybe a little bit for the extended warranty). If you are buying new, Morrie's Minnetonka is a great place to go!
Financed two cars through Morrie's, both times they got me rates as good as, or in the case of my '02 WRX, significantly better than what I could have gotten elsewhere.
I got 0.5% lower through my credit union than the dealer would have given me on my '15 WRX. The only time I financed through a dealer was when they gave me 0% on a motorcycle a while back.
Wife and I financed a 08 Matrix from Morris Minnetonka ford in 2009. We had some large credit issues. They got us a rate better than expected. they also gave us a better trade in than expected on our 95 Cadillac Seville STS with "issues" and this was after cash for clunkers so that's not where the good trade came in. I wasn't impressed on the wait at the dealer for their buy happy oil changes. But that was not related to the financing.
Should go without saying, but as with any major purchase, do your due diligence. Know your credit score (roughly), your available rates through your banks/CUs, and know what competing dealerships are offering before starting any negotiations.
I've gotten finance through from both Morries BP and MTKA and both has been on a positive note with the rates and trade in. When I was shopping my two previous cars around they offer me more trade in value than blue book and around $200-$500 more than other dealers. If I could of gotten financing elsewhere I would, but my bank wasn't willing to loan be enough to cover the cost of the car.
I have purchased 3 subaru's from morries and haven't had any issues one bit. First car they worked there magic to get me into it. After that I received reasonable price for my trades and great payments
