So I was going through the process of applying for an auto loan and at the point of selecting payment options it stated if I chose auto debit I would be saving .25% off the rate. But then when I signed the documents, this was not reflected. These documents are not the final ones, thankfully, but the rep I spoke with while signing stated initially that I would see that reflected when I got to the part regarding the debited payments. I never got to any part like that, had inquired while in the note details, but then once I signed and still didn't see it reflected inquired again.
Now he tells me that if I had NOT selected the auto debit option that the rate would have ended up being higher. We have not finalized everything yet as we are set to complete the purchase of the vehicle tomorrow. But this does not make sense and I was just wondering if anyone else had experienced this?
Hello @AM_in_SC and thank you for reaching out to us. Our auto loan rates automatically include a 0.25% APR discount for enrolling in automatic payments. When you receive a loan approval, the approved rates should reflect a 0.25% Annual Percentage Rate discount for automatic payments from a checking or savings account. If you have questions regarding your original loan approval rate and terms, please contact our loan origination team at 1-800-531-8722. ~Sarah