Don’t feel bad. I spoke to my sister-in-law this past weekend. She is a manager for a small bank in Florida. I asked if this is something that is frowned upon in the industry.So, I got my vin last weekend, had my wife finalize the loan through DCU but forgot to remind her to ask about direct deposit discount, so they didn't add it. Got the DocuSign at 10:30am PST showing only 1.74%. spent the next 2 hours on hold to get them to change it. They were able to send me the fixed one about 30min after that.
I forwarded the PDF to Tesla ratematch, and an hour later I was approved for 1.24% for 72mo through Wells Fargo.
Once again feel bad for sort of using them, but my monthly payment is significantly lower, and the difference between 65mo and 72mo interest is like $220, which their savings account interest will cover the difference in the 6 years time assuming it stays about 6%
She said “No, they just have a lot of money to loan out and can therefore offer those rates. They are making money hand over fist on deposits and need to lend. Auto loans are just one lever to balance out their books. They are issuing mortgages and other forms of loans as well. And rate matching is just part of the business they are in. They will adjust their auto loan rates once their deposits aren’t generating enough income. So their rates will just fluctuate based on supply and demand and it’s just a part of banking.”