Can I agree to dealer financing and pay if off in days? (vehicles, percentage)
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Location: Stuck on the East Coast, hoping to head West
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Quote:
Originally Posted by Tourian
Because it sounds extra tuff on the internet to be emphatic over something that doesn't matter. Sometimes they give out extra rebates if you use their financing. To pass that up over some silly machismo is just a self inflicted wound.
A 3 day right of rescission is something else, that means you'd be taking the car back. Or you'd have to pay it all in full or have another loan setup to take over for the one you cancelled. No penalty for early payoff is different. That means if I take out a 72 month loan at 2.9% but I pay it off in 13months, I don't pay a prepayment penalty and I will have only paid interest for that 13 months and I get my title soon afterwards. 13 months, 13 weeks, 13 days - whatever, you'd only pay the interest up to that point.
Yeah, I've done it both ways before---got a better loan or just paid it off. I'm aware that the dealer gets the spread. I know exactly what my credit is and what I can get on my own.
Some manufacturer rebates are conditioned on using their financing.
Correct! I worked finance and the kickback for using finance more then covers there so called" discount" if financed. I've yet to see a finance contract not have a penalty clause. It's not worth it if you have cash up front.
I would seriously suggest getting an above board offer that satisfies YOU, the customer.
Location: Stuck on the East Coast, hoping to head West
4,640 posts, read 11,903,321 times
Reputation: 9885
Quote:
Originally Posted by David A Stone
Was it a true "0% Financing " ?
Or, as it used to read, ................"0% financing or $1,000 cash back".
Thus, that financing cost you $1,000 .
Yeah, I won't be doing the 0% financing because then I have to give up the $1000 cash back. This whole process has been so much fun. They start at one number add to it, subtract to it, it's really like watching a magician.
I keep my focus on out the door price, bottom line and go from there.
Yeah, I've done it both ways before---got a better loan or just paid it off. I'm aware that the dealer gets the spread. I know exactly what my credit is and what I can get on my own.
Then there should be no trepidation or thinking theres any tricks going on. You can weigh your cost of getting your own loan between their special rate versus what their extra rebate is to make a decision. It is just tools in a tool box. That they get a "spread" shouldnt matter or weigh in to the decision. Just do whats best for you. Your credit union or wherever gets a "spread" for loaning you money too.
Ive yet to see one that does. It depends on where you live.
That maybe true if you haven't financed. Toyota, Nissan, fm, firs, all carry this penalty feature as do major banks. If it's small town USA thru a credit union, then perhaps the standards are different. I should have clarified that major finance industry's, carry it.
That maybe true if you haven't financed. Toyota, Nissan, fm, firs, all carry this penalty feature as do major banks. If it's small town USA thru a credit union, then perhaps the standards are different. I should have clarified that major finance industry's, carry it.
Well hey thanks for the condescending answer. Why would someone who has never financed make such a claim? There are no pre payments where i live on cars. Not through manufacturer captives like Nissan or Cadillac nor through banks like Regions or Suntrust not through ctedit unions like Americas First.
Well hey thanks for the condescending answer. Why would someone who has never financed make such a claim? There are no pre payments where i live on cars. Not through manufacturer captives like Nissan or Cadillac nor through banks like Regions or Suntrust not through ctedit unions like Americas First.
No you're right, contracts are enforced on a state to state basis, which usually means the contracts vary.
That maybe true if you haven't financed. Toyota, Nissan, fm, firs, all carry this penalty feature as do major banks. If it's small town USA thru a credit union, then perhaps the standards are different. I should have clarified that major finance industry's, carry it.
I've financed two Nissans through NMAC. Both were simple interest loans with no prepayment penalties.
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