Dealer financing for $2K discount, Rate?

[heytony]

I am being pressured to use the dealers in house financing to receive a $2K "financing" discount that was applied to my deal.

The MSRP on the Jeep was close to $57K, the sales price is around $49.5K with their financing, or $51.5K without. The dealer was pretty vague about the financing terms when I put my deposit down to order, and now the terms are still being hinted at.

Apparently the deal is their interest rate is way above prime, and you have to make 6 payments before you can refinance, or pay off the deal in order to receive the discount. The dealer will give me no idea as to what the rate could, should, or may be.

Now I understand we would not know the rate on almost anything without applying for the terms, but I know my credit score, my assets, etc., and they do these deals all the time. They could at least give me a range, but they won't. I don't want my credit looked at for no reason.

Has anyone bought from a dealer under these terms, and what was the rate, give or take, you got stuck with for these first 6 payments? Both our credit scores are around 800, income is not an issue, I have never been denied credit and always get low rates.

Any input from other buyers who tried to get this "discount?"

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[Four Flusher]

My deal at Dillon was $1000 saving using FCA, My top tier credit rate was 4.99%. I think my cost when I refi in six months was less than $300, 5% vs 3.5% for that six months. Looks think you're getting a good deal either way

 

[heytony]

Online reviews of FCA have not been great, but I would rather use them instead of some oddball lender out of state.

The fed claims they will raise rates again, maybe 2 more times, this year. Do you think you can still get 3.5% 6 months from now?

 

[JeepSmash]

I’m guessing you ordered through Kent?

Look at it this way. There’s likely no way that those six months of higher interest are gonna cost you anywhere near 2k.

 

[BWWJL]

Read the fine print ... I used Infiniti financing and dealer said had to make 4 payments to get discount. Looking at paperwork, 4 months weren’t needed so I refi’d right away and still got the $2k discount.

Maybe they needed 4mo to get their kickbck, but I didn’t have to go 4mo to get the discount. .

 

[BWWJL]

And, 13% off msrp is pretty great.

 

[viper88]

And, 13% off msrp is pretty great.

Which dealer did you buy from?

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