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@canadian.bacon

Understood. It sounds like you have some dealings with some bad dealerships, unfortunately.

The problem with your argument though (getting rid of "forced middle man you have to pay for") is that it is neccessary. The manufacture must have a barrier between themselves and the product. Every time the customer has a beef with the vehicle, a question, a repair needed they (Chrysler) don't want to deal with it. That's why we have dealerships.

Also, your tv and shirt comparison. You don't think there is an astronomical price mark up in those products? Society is not programmed to question those prices or purchases but you can bet it is WAY higher than any car in production sold today. For example, McDonalds mark up on a cheeseburger.... 200%.

The real difference is you don't go into Costco primed and ready to start motherf****** the employees or the corporate employees that set the pricing. You pay the asking price, whatever it may be and leave.
 

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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.
So - what's your point?
 

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My point was that maybe the rate wasn't "laughable" because gone are the days of 2% for 72 months and MAYBE they were not trying to rip the guy off with the 5% that he received.
 

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:Wow1:
My point was that maybe the rate wasn't "laughable" because gone are the days of 2% for 72 months and MAYBE they were not trying to rip the guy off with the 5% that he received.
If his credit score is 700+ they probably tacked 1-3% on the loan to collect for themselves.
 

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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!
My dealer told me this is total bullshit. You can payoff as soon as you get your first bill. The dealer loses incentives if you pay off early...that's it.
 

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I was told 90 days when I bought my 2014 Ram so I paid it off right after the 90 days. They did not mention anything about 90 days with my 2019 so I guess I can pay it off when ever I want.
 

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If a dealership is honest and fair, I'll treat them accordingly. The problem is so many aren't (my recent experience where they wanted $280, for new lug nuts I didn't need).
 

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It's been over a year and 3 months since I bought my 2017 Ram but I remember getting a $500.00 credit for using Chrysler Capital. We put $10,000 down and financed the rest for 4 years. After 3 months of payments we went ahead and paid it off. I don't remember being told I had to wait to pay it off. What I do remember was I could have got another $500 off but my credit was to good, I didn't qualify. I complained and they made it up in the final price. I think our interest rate was 1.9 or 2.9 percent. I just bought the wife a Certified Pre-Owned and received 0.9 percent for 60 months.
 

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Nice. I was definitely not given that option last October when I bought my '17. It was either 6000-7000 in rebates or a good (0.9% IIRC) APR, but not both.

The 500.00 from using Chrysler Capital was allowed with either of the above options, but they were giving me a 5.something rate even with basically perfect credit.

There is (and probably never will be) anything on paper about how long you need to keep the account open. I think its just a dealer tactic to make sure they get their full kickback. As I and a few others have said before, if they were up front about it I might give them the benefit of the doubt. And Im sure there dealers that ARE up front about it, but mine was not one of them.

For what I borrowed (which wasnt much at all) at their outrageous APR, I would have given back most of the 500.00 discount if I held the account open for as long as they claimed I had to.
 

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I'm with you

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.
I'm with you Eclipse. My parents purchased a Pontiac Vibe back in the day and I had to be on the title to use GM points as well as we had to take a loan to get an additional $1000 incentive. I was told I had to wait 6 months to pay off the loan. I figured in the cost of the loan ($65) and was happily surprise when we received an additional $500 that was unexpected. We made a deal and stuck by our word just as we expected them to stand by theirs. Loyalty requires loyalty.
 

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I financed through Chrysler and within a month refinanced with my bank. I was told that I would have a $75.00 penalty if I did refinance before 90 days. There was no penalty. But it DID cost me around $75.00 to have my bank put on the title as the new lien holder
 

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Chrysler Capital

I did the same thing except I didn't wait past 30 days! I tried contacting them the first week to get my payoff and my account wasn't set up yet and I was told to call back a week later. I did, still not set up and then the following Wednesday it was there, I got my payoff (which was different than the loan amount) and I sent my check in. The other day I got my payment 'reminder' and called to ensure they had gotten my check. I also noticed on that statement a different payoff amount than I sent in and turns out I'm getting some money back because I over-paid! It's worth pursuing so check your payment coupons and call them to check that the payoff amounts match.
Good Luck!
 

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Yeah, I "overpaid" as well. They sent me a prepaid visa card for the amount, a whopping $1.50 :)

Funny thing is when they first sent it to me, the included letter said it had $150.00 on it, they quickly sent a "sorry we messed up" letter saying it was only 1.50.

I did check the balance and it was never 150.00 :(
 

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Many dealerships make there bulk of money by selling in volumes. The finance dept makes a large portion of money off extended warranties. Another way the dealerships make money is if they sell your loan to their preferred financial institution. Say your interest rate is 5% but behind the scenes the bank only charge a 4.5%. The dealerships retain that .5% for the life of the loan until paid in full. So the dealerships don’t want you to payoff the loan early, they want to sell you an extended warranty, etc. I’m a banker and I’m very aware of some of these scams that are behind the deals. My suggestion is to secure your own financing before you walk onto the lot. If you have a trade in do not tell them until after they have negotiated a price they’d sell you the new truck for then you bring in the trade in into the deal. Suggest you Do some homework and look up Kelly Blue Book or NADA for a fair price on your trade in. Last key don’t be afraid to walk away. You’ll get a phone call before you make it home that their ready to make the deal. One last thing that comes to mind is that the msrp is from the factory and includes shipping and such. So it costs the same amount for me to get my truck here in Anchorage as it does go pick the truck up at the factory. The msrp also has what’s called a “pack” so in that the dealership have about a 10% profit margin Or more depending on the truck your looking at. So a tradesman will be less of a profit margin verses a limited Laramie whivh they have a high packed price between their cost and the public’s. Many dealerships have what is called an addendum sticker which supposedly shows things like rust proofing, tinted windows blah blah blah. I’d throw that sticker out of any part of a deal. The dealerships can and do change those window stickers depending on the market which is why the dealerships leave the msrp sticker on the seat or laminated etc. even if the sticker is on the window, they do change and those poor lot attendants work there butts off doing this. Regarding paying your loans off early, 99% of auto loans have no prepayment penalties, pay the loans off as soon as you wish and not be worried that the dealerships aren’t making any money. I promise you, they are in very many ways.

enjoy your shinny new toys. Lol
 

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I got a $500 bonus for financing through FCA. I could have paid cash, but figured I could use the bonus. I paid most of the loan off the first month then paid the rest off by the 3rd month. Interest was less than $200, so I came out ahead.
 

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I agree with you at 100 percents. Government loans for students who really want to get quality education at college or university but do not have opportunity. On usave.co.uk you can get all the information about this and they will help you to get it. Although you can take out a personal loan to pay for tuition but The benefits of these loans are that you do not have to pay them back until you earn over roughly £21,000 a year. There are two forms of government loans one for tuition and another will be for maintenance. Think that it is really helpful.
 
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