Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Automotive
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-16-2016, 03:12 PM
 
Location: Stuck on the East Coast, hoping to head West
4,640 posts, read 11,903,321 times
Reputation: 9885

Advertisements

Quote:
Originally Posted by Tourian View Post
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.
Reply With Quote Quick reply to this message

 
Old 09-16-2016, 03:12 PM
 
13,273 posts, read 8,392,925 times
Reputation: 31480
Quote:
Originally Posted by LeagleEagleDFW View Post
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.
Reply With Quote Quick reply to this message
 
Old 09-16-2016, 03:14 PM
 
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 View Post
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.
Reply With Quote Quick reply to this message
 
Old 09-16-2016, 03:15 PM
 
Location: Birmingham
11,787 posts, read 17,704,519 times
Reputation: 10120
Quote:
Originally Posted by Nov3 View Post
I've yet to see a finance contract not have a penalty clause.
Ive yet to see one that does. It depends on where you live.
Reply With Quote Quick reply to this message
 
Old 09-16-2016, 03:31 PM
 
Location: Birmingham
11,787 posts, read 17,704,519 times
Reputation: 10120
Quote:
Originally Posted by bande1102 View Post
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.
Reply With Quote Quick reply to this message
 
Old 09-16-2016, 03:48 PM
 
Location: Grosse Ile Michigan
30,707 posts, read 79,581,771 times
Reputation: 39445
Loan fees.
Reply With Quote Quick reply to this message
 
Old 09-16-2016, 09:51 PM
 
13,273 posts, read 8,392,925 times
Reputation: 31480
Quote:
Originally Posted by Tourian View Post
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.
Reply With Quote Quick reply to this message
 
Old 09-17-2016, 06:20 AM
 
Location: Birmingham
11,787 posts, read 17,704,519 times
Reputation: 10120
Quote:
Originally Posted by Nov3 View Post
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.
Reply With Quote Quick reply to this message
 
Old 09-17-2016, 07:44 AM
 
8,081 posts, read 6,929,854 times
Reputation: 7978
Quote:
Originally Posted by Tourian View Post
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.
Reply With Quote Quick reply to this message
 
Old 09-17-2016, 08:02 AM
 
Location: Shady Drifter
2,444 posts, read 2,752,511 times
Reputation: 4118
Quote:
Originally Posted by Nov3 View Post
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.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Automotive

All times are GMT -6. The time now is 05:01 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top