Not yet. I haven’t gotten the first statement from Us Bank yet, but I plan to as soon as I get it.Hey curious on what you ended up doing?? Did you refinance with navy Federal?
I picked my up Jeep two weeks ago and I received my chase statement with 4.49 APR.. I have 800 credit scored and they said that's the best they can do for me because of the 5% below invoice price I agree to get if I would finance with them. They said after 6 months I can refinance, I said what is stopping me from going to Navy Federal after I leave the lot? The finance guy said I will be getting a bill from the dealer for not wating 6 months, I said how much is that? He said he didn't had an answer. No one from the dealership told me how much I would pay in writing/verbally if I refinance before 6 months.Not yet. I haven’t gotten the first statement from Us Bank yet, but I plan to as soon as I get it.
My loan is simple interest, it’s not front-loaded like a mortgage.But the dealer is ripping you off with a higher interest rate! And auto loans are front end loaded. Most of the interest is charged up front. This is a new scam by the dealers.
Look in the fine print of your agreement of sale where it stipulates you must wait 6 months to refi or you'll have to pay the 2% back. I searched my paperwork and could not find anything to that effect.I picked my up Jeep two weeks ago and I received my chase statement with 4.49 APR.. I have 800 credit scored and they said that's the best they can do for me because of the 5% below invoice price I agree to get if I would finance with them. They said after 6 months I can refinance, I said what is stopping me from going to Navy Federal after I leave the lot? The finance guy said I will be getting a bill from the dealer for not wating 6 months, I said how much is that? He said he didn't had an answer. No one from the dealership told me how much I would pay in writing/verbally if I refinance before 6 months.
I can get 2.29% with Navy Federal, that would save me an extra like $50 a month. If I wait, is an extra $250 more I would paying (no one else in las vegas would come close to 5% below invoice, the 2nd best offer was 1000$ over invoice for my order).
I'm thinking if $250 is worth getting the %5 below invoice if I would break that agreement with them to stay for 6 months...
I love my diesel jeep, the dealership has been great, they replace the dashboard and some other interior parts right away because I found a very small scratch. I am a man of my word, that is stopping me for refinancing right away. My first payment isn't due until November 19 so I have some time to really think it over..
Sure about that? Most auto loans are front loaded. Simple interest just means there's no penalty if you decide to pay it off early. That's why if you try and pay extra on your note, the bank default is to apply it to your next payment instead of the principal. They try to make sure you pay that interest.My loan is simple interest, it’s not front-loaded like a mortgage.
My loan is simple interest, it’s not front-loaded like a mortgage.
Pretty much every traditional loans are charging you interest on the principal. It seems like it front loaded because of the interest that is being charged.Sure about that? Most auto loans are front loaded. Simple interest just means there's no penalty if you decide to pay it off early. That's why if you try and pay extra on your note, the bank default is to apply it to your next payment instead of the principal. They try to make sure you pay that interest.
I was also able to get 0% for 36 months through Chrysler Capital. I also got the great low invoice price on a JLUR through Steve in Linn, MO.I got 0% for 36 but that was on a base sport diesel. Not sure if it is only on certain models.
Good for you, dealers make plenty of money off of people already. The monthly payment needs to be comfortable to you and not the dealer, they play the game, you play the game too.I did it, I refinance before my 1st payment was due with navyfed with a 2.29% interest for 6 years. It brought my payment like $50+ a month.
Koons does the same thing. They were 1.5% high on their best rate, and said it was that or nothing. I ended up going with Criswell BECAUSE they let me sacrifice 2% of discount in favor of leasing at the buy rate. I think it depends on your individual situation, but for me the overall cost was lower by taking the 2% hit on discount in favor of the lower APR. I think perhaps if you are going for a shorter loan or lease, you may make out better with Koons.They told me the same thing. I don’t see how it can be enforced but by that point I was dubious about their financing and just wanted to drive off the lot (we had to wait almost an hour for the finance guy after finalizing everything else) and the rate wasn’t competitive with my credit union. I had them take off the 2% discount related to the financing off and signed. My credit union had a check issued in less time than we had sat in the waiting area for the finance guy. No complaints at all going through Criswell and my salesperson was cool but given the financing dependent discount I’ll probably look at Koons next time.