Who has better rates....CapOne Blank Check or HSBC AutoLoan?

[brokeinmichigan]

Ok, so we've been approved for LEASE (36 mos) through dealership with good money factor (.00035) w/$3500 down, payments of $315/mo for NEW Jeep Commander.

Tonight, I applied online for CapOne Blank Check, and was instantly approved @ 12.45% (for up to 30K---OMG!). Of course, we would not consider a 30K vehicle...especially at 12+%!!!!! But it would be for used car at dealership only.

Wondering if I should try HSBC for comparison. Does anyone know if either one GENERALLY has a better interest rate than the other?

Anyone have opinions on which way we should go? Lease vs. buy, CrapOne vs. HSBC.

Thanks!

[brokeinmichigan]

OK...I'll post my own reply. We were approved by CapOne @12.45% (up to 30K, 48months). Also applied online with HSBC Auto last night. Got email today with approval @ 15.19%, up to $21K. So, we'll either go with CapOne for a used purchase or with our LEASE approval for the Jeep Commander.

In our situation, it appears that CapOne offers better terms.

[DVDFreaker]

What year is your Jeep? I never seen a new jeep around here anymore for some reason, I just see cars, trucks, vans, and suvs, that is pretty much it

[brokeinmichigan]

It's a new 2008 Jeep Commander....it's an SUV. They're quite common around here.

[ameliabedilia]

I don't think you should do a lease- especially with $3500 down. That's alot. Can you find something with $1000 or less down? With that much down I would rather buy a used car instead of lease.

[brokeinmichigan]

We have decided to buy, not lease. Since I had no STRONG feelings one way or the other, but my husband was VERY uncomfortable with leasing, we will purchase a "newer" used vehicle. Now if we could just find something that he will fit comfortably in (he's 6'7") that isn't a gas hog, we'd be doing just fine. At present, we are leaning toward a mid-size SUV...or maybe another (ugh!) mini-van.

We'll go with our CrapOne Blank Check @ 12.45% for 48 mos., unless anyone thinks we should check out other financing options....

[Cali]

Some mid size SUV's require premium gas, which is what I have, so make sure you are ready to pay that extra amount. And many don't get good gas mileage.

[brokeinmichigan]

Update! The finance guy at the dealership we are using got us approved @ 10.25%....suprising! We had planned on going with CapOne @ 12.45, but this is better. We are going with a big SUV (Ford Expy), since I'm married to the Jolly Green Giant, and that's what was most comfortable for him. So the gas mileage will suck, but so would driving with his knees up near his chin! It will arrive tomorrow. Maybe once the current administration is out of the White House, and we are out of Iraq, our gas prices will go down...one can always hope! If not, we'll have to consider amputating DH's legs so we can buy a more economical, environmentally friendly vehicle!