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crank
10-03-2011, 04:33 PM
Recently, I've been looking around to find the best place to get a good loan for a H1. I just got off the phone with my personal bank auto loan department and they asked me the make an year of the vehicle I want. After telling her "I want a H1 Hummer", she hesitated for a while and said "What's a Hummer and who makes it?" When I came to, I picked up the phone from the floor. I knew I was in trouble when I heard that question. Another 15 minutes or so of questions, she said "How much are you going to pay for an Hummmer that old?!" She put me on hold to talk to her supervisor because she didn't have the info in front of her. When she got back, she said she was giving this info to the person who will work up the numbers for me and call me right back. That was 4 hours ago.
It doesn't sound like they deal much in Hummers. Is there a good place to go and get a good deal on a H1 loan? Some place that understands what a H1 Hummer is? Any recommendations?
TNX

08SolarFlareH3
10-03-2011, 05:29 PM
I find it best to deal with the bank you use for your checking, saving, investments, and etc. They are usually willing to go the extra mile to help you out in getting a loan. Just my :2cents: but then again I am from a small town and I personally know several of the people at my bank.

M22KLARS
10-03-2011, 05:42 PM
Same here and... Same here. :)

The loan for my CTS was done though my personal bank but the loan for my SRT8 was done through Wells Fargo Financial because I have a friend that is a manager over there. But if it wern't for that I would have gone with my personal bank again. They gave me a smoking rate on my CTS and they have always treated me good.

twinmill28
10-03-2011, 05:52 PM
I know a newer H2 is a different beast, but I used the bank who'd originally financed my 3--I had good payment history and no negatives on my credit. What surprised me though is when I needed to increase the original requested amount twice (I had it shipped, plus had to figure trade difference) they stepped up without blinking. I was sure I was going to hit a wall but it went well.
There was some waiting in between the approvals that wore me down, but the bank was good.
I'll be interested to see how you do with this as I've been looking at a lot of H1's, all 2002 or older, and have been really curious how you get a bank to step up on that--and if they do, what's the interest rate going to look like?
Any bankers on the forum?

TrailBreaker
10-03-2011, 06:10 PM
I have been having the same issues while looking for an H1.

You need to call around to different banks and credit unions and find one that has financed an H1 before. Most lenders have access to NADA software, and thats where the problem begins. The H1 VIN is different and NADA will not pick it up. I cant even decode an H1 VIN here at the GM dealership I work for. I went out and purchased the necessary software to look up the parts and VIN myself.

I am actively searching for an H1 myself, and found that my local branch of BB&T will finance it for me. However they have experience with them, as a buddy of mine has his financed there. And I do not bank with BB&T, I deal with SunTrust. But, after my experience i will probably switch banks in the very near future.

Calamitygirl
10-03-2011, 06:18 PM
I don't have an H1, but if you aren't already a member of a Credit Union, find one, mine was happy to refinance my truck for me! Good luck and keep shopping for the best deal!

crank
10-03-2011, 06:48 PM
Yep.... Thanks All. I agree....
I have all my checking, savings, mortgage, etc and I even bought my H2 through this bank. Paid it off in less than 5 months. Everything I did with them has been great so far. It's the fear they might say "A vehicle that old can't be worth squat"! We all know different. I haven't heard back yet. Kinda strange? I'll keep my eyes open.

HUMMER INVESTMENTS
10-03-2011, 07:08 PM
As all have said ahead of me, use the same you use. Good luck with your new hummer adventure!

f5moab
10-03-2011, 07:50 PM
One thing I found out many years ago was the some banks will not give a loan on a vehicle x-number of years old; while a Credit Union will give a personal load with the vehicle as collateral. So, if the bank says no, join a Credit union.

3Hummers
10-03-2011, 08:28 PM
Credit unions are the way to go. I know quite a few people that have financed through their credit union and are very happy with what the CU would do for them. They offer more flexible terms, better interest rates and are basically making a loan on your credit more so than the vehicle. If you are a USAA member I have heard they are good to work with also.

5gn-h3t
10-03-2011, 08:49 PM
I don't have any H1 experience, but - I get all of my loans through the local credit union. They are awesome. They beat everyone's interest rates and are super easy to deal with. When I asked them for a loan for my H3T, the only thing they said was "Okay" and I had a check in like 15 minutes.

crank
10-03-2011, 10:27 PM
Un freaking real!!!!!!!!!!.... My bank just called me back. She said "What is this Hummer thing again? Is it some kind of Military Vehicle? Our Underwriter said he couldn't find anything on it other than a Military vehicle. With that age of vehicle (year 2000) we could give you $17,000 - $19,000 max". She did say they did find something like a H3 but nothing like a H1. They said they can give me a great deal on a H3 loan! Not a problem! If an H1 is good, a H3 has to be better. Right? I told her... Yeah.... I probably won't be getting my loan there. You would think a huge bank like that, they would know. Crap its in the NADA books. Buy one!!!! If anyone is interested and wants to know the bank, let me know. Its not worth the telephone time. Time to look for another bank. :-) I aint given up yet!!!

Kurt
10-03-2011, 10:38 PM
Credit unions are the way to go. I got mine through an entertainment based credit union [I work in the film biz] who are used to writing auto loans for really odd ball cars and trucks. I was in good hands, my credit union has special loan products for "lifestyle vehicles" ie. Sand Rails, desert race cars, etc, so I figured an old hummer wouldn't be a problem.

That being said I was capped at $20,000 as a new credit union member, but, I waited for 6 months of banking activity and the cap was removed and I was able to finance most of my H1. I had a large cash down payment as well which may have helped.

However in order to qualify for the low rates of an "blank check" auto loan my H1 had to be less than 10 years old which wasn't a problem when I got my truck back then. Past the limit I'd have to go for the "lifestyle" rates which was clocked at 10-12%.

Just make sure you save a few thousand dollars for a fix it fund once you get your financing.

LagunaH1
10-03-2011, 10:58 PM
I had a pretty good experience with Kinecta Federal Credit Union. I wasn't a member but they willingly financed my '97 when my own credit union wouldn't due to the trucks age. I had a pretty decent cash down payment but the loan person kept soliciting for me to borrow more against the trucks KBB value.

The paperwork was a pretty slow process, in parts due to my own inexperience with the process but it all went well.

Green 1
10-04-2011, 12:28 AM
Credit union is by far the best but even JJ Best will loan money on an H1. The beter your credit the easier it goes. I made a call from out of town and they transfered the money instantly. My truck was 11 years old at the time.

DJinCO
10-04-2011, 12:36 AM
When I went to one my local credit union that handles a lot of local auto loans I was really thrown a curve by the auto loan guy.

I was looking at a Land Rover for $27K or the H3 for $14K.

The credit union guy had a british accent; this is important.

I have been a member at this credit union for about 10 years. No loans, just savings and checking.

When I decided on the H3, this loan guy was trying his hardest to get me to buy the Land Rover. The LR had 90K miles and the H3 had 124K miles; both were 2006 vehicles. This guy was all over the "terrible gas mileage" issue with the H3. Really... not the LR... we all know they are great for sipping gas!

The CU issued me a check for "up to $27K" and I bought the H3 for $14K.

Three weeks, yes three weeks after I signed the papers for the H3, the dealer calls in a panic; the CU backed out of the loan. We called the CU and they said no, because... get this.... wait for it.... GM filed bankruptcy and they heard the Hummer production was ending. They still wanted me to get the $27K loan for the LR.

I said no; called Navy Federal CU (been a member since 1979) and we did the paperwork, had a check that afternoon.

I have no use for Ent FCU here in town; they are at all of the dealerships, and the salesman has worked with Ent for years, then they pull that BS. They also have a chicken $ hit rule about "no hats or sunglasses allowed in the branches".

Oh well, rant off. Banking with Navy Federal CU has gotten a bit more irritating as they have opened up membership to anyone that can "fog a mirror." USAA Bank is also pretty reasonable.

Crank, when asked, "What's a hummer cost?" You should answer "about $25 same as downtown, but that's not what I need a loan for... an H1 is a vehicle"

crank
10-04-2011, 08:58 AM
Thanks All.
The more I thought about the conversations I had with the lady at WF, the more I think it was a "Hummer = Evil" conversation. Thinking back now she hesitated a lot when I mentioned Hummer. She said my credit was outstanding, I have all my business with them, but they can't find anything on H1 Hummers. That doesn't add up. I got an email last night from her saying if there was anything else she could do for me, to give her a call. I wrote back "Thanks, but first go out and buy a NADA book and look under Hummer H1." Looking back now, I probably should not have said that, but dang, that was a poor excuse. I don't beleive thier story. I still belong to a CU back home. I haven't done much with them but I may give them a call anyway.

3Hummers
10-04-2011, 12:13 PM
I assume she tried looking it up under AM General. I have had people ave trouble finding them(USAA) for insurance a couple of times but it always pops up under AM General for them. Oh well, you will get a better deal somewhere else anyway.

crank
10-04-2011, 05:20 PM
I assume she tried looking it up under AM General. I have had people ave trouble finding them(USAA) for insurance a couple of times but it always pops up under AM General for them. Oh well, you will get a better deal somewhere else anyway.

You might be right 3Hummers. I did say that to her earlier in the conversation, but I don't think it clicked.
I'm going to try the CU. That sounds like everyone has had a good experience. The rates are half of the bank's rates! They haven't seen me in a while, but they are good people.

crank
10-04-2011, 08:17 PM
Has anyone tried buying an H1 through a dealer and have them do the loan work? My guess is I'd be paying super high rates compared to my bank.

3Hummers
10-04-2011, 08:21 PM
Crank, I have paid cash for most of my vehicles but I know that when I looked at a couple of trucks at DC Motors they told me they had relationships with CU, banks, specialty lenders, etc. They sell all types of vehicles from Ferraris to Mini Coopers. Not sure if all dealers are as well connected but I know Eurocar offers the same type of assistance. If they deal in high value, exotic or specialty vehicles I would say that the odds are that they have access to financing sources that would be friendlier than the corner bank.

twinmill28
10-04-2011, 08:48 PM
They also have a chicken $ hit rule about "no hats or sunglasses allowed in the branches".
What? You don't get this? Really?

3Hummers
10-04-2011, 08:52 PM
I have seen those types of signs before outside bank lobbies, beverage stores, etc. I am surprised they don't also say no hoodies, beanies, skull caps, etc. Guess after being held up a few times they lose their sense of humor.

Bigunit
10-04-2011, 08:54 PM
Nice sig Twin!

DJinCO
10-04-2011, 09:23 PM
Twinmill,

No not really. This is the west.

More people out here have cowboy hats than backwards ball caps. Besides, it is polite to take your hat off indoors. What, are you born in a barn?
Sunglasses; really we are almost two MILES closer to the sun. Can you identify with UVA/B/C ?

Besides, if someone is stupid enough to try and stick up the CU, most of the customers have CCW and wouldn't even need to wake up the sleeping guard.

Yes, the banks and CU's do get robbed. The authorities have their pictures on the news before dye pack is even dry.

We live in a more friendly society out west, people who carry guns know that they can be polite, and the people that don't carry guns know they should be polite because they don't know who has a CCW.

Occasionally we get some newcomers, like after Hurricane Katrina, and some folks just don't fit in. They go back home (or to Denver) and leave us alone.

crank
10-04-2011, 10:04 PM
Twinmill,

No not really. This is the west.

More people out here have cowboy hats than backwards ball caps. Besides, it is polite to take your hat off indoors. What, are you born in a barn?
Sunglasses; really we are almost two MILES closer to the sun. Can you identify with UVA/B/C ?

Besides, if someone is stupid enough to try and stick up the CU, most of the customers have CCW and wouldn't even need to wake up the sleeping guard.

Yes, the banks and CU's do get robbed. The authorities have their pictures on the news before dye pack is even dry.

We live in a more friendly society out west, people who carry guns know that they can be polite, and the people that don't carry guns know they should be polite because they don't know who has a CCW.

Occasionally we get some newcomers, like after Hurricane Katrina, and some folks just don't fit in. They go back home (or to Denver) and leave us alone.

Right On Brother!

DJinCO
10-04-2011, 10:16 PM
I also forgot to mention that the armed Security Forces at the gates can lock the base down before the robber would get anywhere near the gate has some deterrent effect on would-be criminals. This is on an active military base. Don't mess with a 19 yo with an automatic weapon. I learned that about 40 years ago.

twinmill28
10-07-2011, 09:16 PM
Lock down the gates? C'mon--we've got 19 year olds with maybe two M9 training sessions under their belts, and that's if we're lucky enough not to have the rent-a-cops manning the gate.
We had some crazy bastard crash the gate at Hill last year and it took them 4 hours to find him on base after they activated the barrier. We can thank the clause in the rent-a-cop contract for prohibiting the guards from taking further action that would have let them catch the dude sooner.
I'm all for taking off glasses and hats and full body pat downs and strip searches with rubber gloves to prevent a$$ clowns from doing anything ignorant. Ok, maybe I draw the line at the pat downs, but you get the point.......

crank
11-08-2011, 09:24 PM
Credit unions are the way to go. I know quite a few people that have financed through their credit union and are very happy with what the CU would do for them. They offer more flexible terms, better interest rates and are basically making a loan on your credit more so than the vehicle. If you are a USAA member I have heard they are good to work with also.

Update....
I sort of laid back for a while and thought I'd try the Credit Union deal.
Just got off the phone with my old CU and they gave me approval for the highest NADA price at a super low rate! I couldn't beleive it!
I did get the "What the heck is a H1" story. They looked in NADA and could not find it any where. One of them said it must be a GMC. I sent them the URL address for the 1998-2001 NADA sheets and told them to google it under AM General. Got the call back in 5 minutes with the approval for twice what I was willing to pay! Dang... I like that!
Thanks Buds!

3Hummers
11-09-2011, 12:39 AM
Congrats Crank, now you just need to find the right truck.

crank
11-09-2011, 02:05 PM
Congrats Crank, now you just need to find the right truck.
Easier said than done.... :-) It's going to fun though....
TNX AGN 3Hummers

LagunaH1
11-09-2011, 06:55 PM
Very best of luck to you in your search for the perfect truck for you. Please check in here from time to time, lots of us are excited to help in whatever way we can

Flash
12-10-2011, 04:20 PM
Some people self finance - meaning they take loans from their life insurance cash value, or 401K's, etc. and pay themselves back. The interest charged goes back into your account as well. You get the loan and regardless the interest rate, you are paying it to yourself. Typically there are time limit restrictions like a 10 year loan for housing and 5 years for vehicles/boats/etc.