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I financed through Chrysler Capital to get the extra rebates 3 weeks ago. I have the cash and want to payoff the loan, however, the dealer says to wait at least 90 days. In reading the note, there is no prepayment penalty. Does the dealer lose some kind of incentive for an early payoff? Thanks in advance!
 

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To get the rebates do you need to keep the loan for at least 90 days? You could contact Chrysler loan to see if there would be any reason you can't pay it off early and not wait 90 days.
 

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I went through this too. Asked 3 people from the same dealer finance department about minimum amount required to finance and minimum time to wait before paying it off, and still qualify for the rebate.

Got 3 different answers. One of the guys was even the head of the finance department.

In the end I paid it off when I felt like it. Reading around the net it seems that the dealer wont get 100% of their "kickback" from the rebate if you pay it off "too soon". not sure what the definition of too soon is, but you will still get 100% of the rebate even if you pay the loan off a day after you open it.

If my dealer was more forthcoming about answers or at least had everyone saying the same thing, I might have thought about letting the loan go longer. But they weren't, so I didnt.
 

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you signed with the financial institution, not with the dealer. you signed AT the dealer. call the financial institution and ask what the penalties are if you pay it in full on the spot.
and i wont wait for the dealer to get their kickback, **** it, i pay interest for them? too bad they singed a bad deal.
 

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Yeah, the dealer gets an incentive for you financing through Chrysler Capital, but typically you have to keep the loan for a certain period before they get their money from Chrysler. Usually when they tell you stuff like "you can't pay it off before 90 days" what they mean to say is "if you pay it off before 90 days we don't get an extra incentive from corporate."


Of course, the actual loan paperwork would have said if there was an early payoff penalty; I refuse to sign a loan document if there is one. If I'm going to obligate myself to pay tens of thousand of dollars over then next few years then you bet I am reading every word of that fine print.
 

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You do not have to wait 90 days, you can pay it if off as soon as you get your statement. But why the hate? Yeah the dealer is going to make a few hundred bucks :Wow1: on the finance reserve and you may end up paying $30 or so in interest charges for those 3 months..... But why is it such a bad thing for them to make some money? Do any of you guys do a job, provide a service, sell something or work for someone and not expect to get paid? Do you work out of the kindness of your heart?

There are much bigger fish to fry like insurance companies, cable companies, cell phone providers, etc. but rarely does anyone question those institutions.

At the end of the day just pay it off but there is no need for the extreme hate.
 

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With this new info added by others, you should pay it off now if that's what you want to do. There's no sense in you paying three months of interest so they can make more money.
 

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You do not have to wait 90 days, you can pay it if off as soon as you get your statement. But why the hate? Yeah the dealer is going to make a few hundred bucks :Wow1: on the finance reserve and you may end up paying $30 or so in interest charges for those 3 months..... But why is it such a bad thing for them to make some money? Do any of you guys do a job, provide a service, sell something or work for someone and not expect to get paid? Do you work out of the kindness of your heart?

There are much bigger fish to fry like insurance companies, cable companies, cell phone providers, etc. but rarely does anyone question those institutions.

At the end of the day just pay it off but there is no need for the extreme hate.
If a dealer gives me a reason to hate them (i.e. 3 different answers about financing, a laughable APR even with 800+ credit rating, etc) then yes, they will get hate from me.
 

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Whats a laughable APR? I am not sure if everyone is aware of this but the FED is raising and has been raising interest rates.... look at the financing special from Ram right now; its 0% for up to 36 months. Remember the 0% for 84 month days? Those are all over.

Rates are going up, even with excellent credit. Take a look at mortgage rates these days.
 

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Yep, bad for borrowing, but good for investing. I'm happy with the 2.24% I am paying on my used Durango
 

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Whats a laughable APR? I am not sure if everyone is aware of this but the FED is raising and has been raising interest rates.... look at the financing special from Ram right now; its 0% for up to 36 months. Remember the 0% for 84 month days? Those are all over.

Rates are going up, even with excellent credit. Take a look at mortgage rates these days.
Understood.

But we're talking 5.69%, then they "did me a favor" and dropped it all the way down to....5%.

Meanwhile, I financed through my credit union at 2.0%. Chrysler financial wasn't even close, and at one point even admitted to NOT checking my credit score. But they insisted I unfreeze it at all 3 bearaus so they COULD check my credit. Makes you wonder.
 

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OP, sorry for the rant, I know it is off topic a bit, but I have to let it out.

@Eclipse1575
They are a forced middle man I have to pay for. **** those fancy buildings, **** those inflated prices, **** their attitude when the truck needs servicing, especially when they tell you "it's normal". **** those *******s at the dealer that prey on weak people that pay full msrp. A dealer is place where they try to rip you off for as much as possible. Buying a car is supposed to be a great experience, not disgusting war of "i'll f#$ck him over first". Get a real job, do something constructive for society. I know what car i want, i know the options I want, I don't need you for anything in there. I don't need to pay $499 admin fees. I don't need to pay $1500 in "delivery". Let me buy it at the factory. You pay delivery for your TV added ON TOP of the price? You pay admin fees for the 10 shirts you got at costco yesterday?
I hope tesla changes all these and puts all these scumbags out on the street. Remember, there is nothing worse than a used car salesman.
I have purchased 12 cars so far in my life, 5 brand new, 4 used from dealer and 3 from private sales. Out of them all from dealer, only one was really enjoyable....because I know the owner of the dealership !! Otherwise, they are all a bunch of sleazy, dishonest, crooked, pushy, slimy crooks.
You want to pay your loans later on so they can make a buck? Go right ahead, but don't preach this BS on the forums, WTF. So they need to make a dime ON MY DIME? What? They did my a service for buy the car? They are simply making money and doing nothing. They add nothing to the value of the vehicle, they add nothing to the whole experience, they only thing they add is COST.
Archaic system that should be cancelled.
 

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Pretty sure 2% is below prime right now
 

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Discussion Starter #15
You do not have to wait 90 days, you can pay it if off as soon as you get your statement. But why the hate? Yeah the dealer is going to make a few hundred bucks :Wow1: on the finance reserve and you may end up paying $30 or so in interest charges for those 3 months..... But why is it such a bad thing for them to make some money? Do any of you guys do a job, provide a service, sell something or work for someone and not expect to get paid? Do you work out of the kindness of your heart?

There are much bigger fish to fry like insurance companies, cable companies, cell phone providers, etc. but rarely does anyone question those institutions.

At the end of the day just pay it off but there is no need for the extreme hate.
No hate here, my dealer treated us very well and I'm willing to wait for them to get their full incentives.
 

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Pretty sure 2% is below prime right now
Probably is, but I bought my truck last October..finance rates were different then.

RAM was offering 0.something for 36 months, 1.something for up to 72. But you couldnt use the finance offer and still qualify for some (most) of the rebates. Maybe they were handing out bad APRs in hopes people would finance through them and not take the rebates.
 

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They're a business and you're a customer; both of you are trying not to get screwed. Some guys go into the dealership with the mindset that that's what they're going to do to the dealer, and that's how some dealers treat their customers, but its not a hard and fast thing.


I think at some point we will go to a system where we order our truck online and dealerships are primarily a service center rather than a storage lot for inventory. Think about it, how many of you found a truck with exactly the options you wanted at any dealer when you were shopping? Some of us compromise and others order. This would also cut overhead and hopefully since service would be the primary business, service centers would provide better service. They would still have a few vehicles on hand to test drive as demos





Probably is, but I bought my truck last October..finance rates were different then.

RAM was offering 0.something for 36 months, 1.something for up to 72. But you couldnt use the finance offer and still qualify for some (most) of the rebates. Maybe they were handing out bad APRs in hopes people would finance through them and not take the rebates.

Lame. Rebates need to be independent of APR-at least most of them, there's usually an either (cash back) or (APR) incentive.
 

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I agree on the rebates vs APR deals. Its annoying. I even told the dealer that Id be willing to pay a slightly higher APR than my credit union as long as I could keep my rebates.

I don't mind them making their money, but don't screw me out of mine.
 

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with my 2009 Dodge Ram, i let the dealership do the paperwork, i didn't know enough to get pre-qualified. The Finance Company ended up being Mission Federal Credit Union. I had to wait a month for Mission Federal Credit Union to get the paperwork from the dealership. They would not accept a payment until they had everything in their files.
Originally at the dealership, i had put down $10,000 the day that i drove it off of the lot
I made about 7 payments to Mission Federal Credit Union & then paid the loan off.
Doing that apparently was enough to build up my Credit Score from very Poor to Very Good.

When i went to order my 2016, i pre-qualified with my own Credit Union
I put $1,000 down to order the Ram, my Credit Union took about 20 days to get the paperwork, i made 5 payments before paying the loan off & now my Credit Score is pushing 900
As soon as the extended warranty runs out, i think on the ecodiesel it is 7 years, i will be ordering a new Ram.

To me having a good Credit Score is worth more than worrying about how to save a couple $$ in incentives
 

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Yeah, the dealer gets an incentive for you financing through Chrysler Capital, but typically you have to keep the loan for a certain period before they get their money from Chrysler. Usually when they tell you stuff like "you can't pay it off before 90 days" what they mean to say is "if you pay it off before 90 days we don't get an extra incentive from corporate."


Of course, the actual loan paperwork would have said if there was an early payoff penalty; I refuse to sign a loan document if there is one. If I'm going to obligate myself to pay tens of thousand of dollars over then next few years then you bet I am reading every word of that fine print.
That should hold true for every financial document you sign.
 
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