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  #1  
Old 06-19-2011, 12:08 AM
rugbyrebel rugbyrebel is offline
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Default Feedback Pls - New 2011 Ram RT Purchase/Financing

Hi Everyone, I'm a new poster here...

My husband and I put a deposit on a 2011 Dodge Ram R/T at an Ontario dealership today. It's an amazing truck but I'm having some heart palpitations over the price and financing. The truck is for my husband and it's his "dream" truck... so obviously he's quite happy with the price!!

Through my work we are getting "preferred" pricing but I'm not sure if it's actually a good deal or not. I'd love some feedback from experienced Dodge buyers if possible. Here are the vehicle details:

-2011 Dodge Ram RT, black
-5.7 Hemi
- Tinted windows
- Fiberglass tonneau cover
- KNN air filter system
-Flowmaster exhaust upgrade
- Leather seats and dashboard
- Full media control system and NAV

The total price including 13% tax (grrr) and freight is: ~$38,000. Thoughts??

Also, I was really shocked at the financing... Dodge is offering 5.99% on a term up to 8 years. I find this absurd when other new vehicles have "special" financing anywhere from 0.99% to 3%. I know my bank couldn't get anywhere near 6% (usually banks are 7-10%) but it eats me alive knowing that we could save $100's of dollars/month financing if we purchased another vehicle at 1-2% financing (but of course, my husband ONLY wants the RT... don't blame him really, we looked at a few others and they just weren't the same ).

The sales person said he couldn't budge on the financing rate because it was set by head office. I pushed it a bit but nothing. Has anyone ever got a reduction on "standard" financing? The sales person did mention new incentives come out every month, so it's possible the financing could be lower as of July 1st if we waited.... but we risk losing the vehicle and there aren't very many available. My husband doesn't want to wait, I would though. Any "insider" insight on if the interest rates will change???

Sorry for the long post, but I would appreciate any feedback!

Thank you
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Old 06-19-2011, 12:17 AM
erm
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First of all, Welcome to the forum!

Secondly, OUCH on the financing deal. Rates are creeping up and it's difficult in a tight economy to get financing at all. The lower rates you are referring to I believe are for leases, not purchases.

You could wait but have you shopped the deal to your bank, a credit union, etc????
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Old 06-19-2011, 12:28 AM
rugbyrebel rugbyrebel is offline
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Thanks Maddog!

I haven't shopped for rates yet (because we only put the truck on hold today). I'm going to call some banks on monday and see... I'm not expecting much though, from past experience banks seem to be higher than dealerships We haven't signed a contract with the dealership yet... I'm trying to buy time to figure out better financing (hopefully).
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Old 06-19-2011, 12:29 AM
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Welcome to the RamforumZ

My dealership searched for my financing, i had put $10,000 USD down at purchase time.
My credit rating was up in the 700 range
The company that accepted my loan was not a bank, it was a Credit Union, they let me have the loan at 3.3%, my own Credit Union when asked said that the best that they could do was 3.5%

so i guess the down payment & the credit rating is what loan companies care about
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Old 06-19-2011, 12:33 AM
rugbyrebel rugbyrebel is offline
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Hi GTYankee,

That sounds like you got a good deal on the financing. Our dealership hasn't even looked at our credit rating yet (they just said flat out "5.99%"). I have a really good rating but my husband is practically non-existant (one of the reasons I want him to finance - he can build credit) so that may be detrimental to our rate.

I bank with a credit union, maybe they'll help us out. I'll definitely check.


Thanks!
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Old 06-19-2011, 02:57 PM
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welcome to the forum...glad to have ya aboard!!! as for the rating id check around as stated above....me i would love to have that kind of finance rate on my truck but i dont and to be honest i dont think thats very bad at all compared to what % im paying but im not even gonna get into that at the moment....but congrats on the new truck im sure you will both enjoy it to the fullest
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Old 06-19-2011, 04:40 PM
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I bough my 2011 RAM in Illinois and because I wanted all the truck month incentives I could not get 0% financing. So I saved $3,500. Well my credit score is a 756 and the rate they gave me was 5.99% over 60 months. When I did the math the incentives were not worth it.

I refinanced with my Bank and they gave me a rate of 3.14% over 36 months. I would look into bank options, this will save you half in terms of interest charges.

Also a lot of the Auto Dealerships in Illinois, practically everyone one of them uses Ally Bank and unless you are looking to get zero interest, they simply slap you with a 5.99% which is Ally max rate from what I have seen and read.
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Last edited by LeKy411; 06-19-2011 at 04:43 PM.
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