Here’s a look at some recent auto loan programs:
Bank of America has hooked up with Tesla Motors Inc. to finance the company’s $109,000 flagship electric sports car.
Details: BofA will finance as much as 75% of the purchase price. A five-year loan — the maximum term — at 5% interest would translate to a $1,700 monthly payment after putting down $27,500 (though buyers would receive a $7,500 tax credit) .
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Lockheed Federal Credit Union
Program: Summer Loan Sale, through Aug. 31
Details: Rates for new and used car loans have been slashed by 0.5%. During the sale, new vehicle loan rates are as low as 4.49% APR.
Extra: LFCU has a best-rate guarantee — it will beat any approved auto loan rate offered by another lender, up to a maximum discount of 0.5% off the standard rate for which the buyer qualifies.
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And overseas, Emirates NBD has a new program, as well.
Details: Zero-down across all key car brands, with interest rates starting from 4.50%. The new program is applicable to both old and new car brands, as well as flexible payment terms that stretch up to 60 months.
Extra: 24/7 on-road service assistance in case the car breaks down.
Just an update: In a press conference this morning to discuss the auto bailout, GM CEO Rick Wagoner and CFO Fritz Henderson mentioned that GMAC is still in discussion with the Treasury Department and the Fed for funds. GMAC awaits approval of its bank-holding-company application, and has also requested separate TARP funding. Stay tuned…