FCA Financing Question

imapseudonym

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hey all,

We just picked up our jeep and part of our deal was we had to finance through a chryser company. The dealer said make 6 payments then refinance. I read over the contract and never did I see it said we had to make 6 payments. Is that just a courtesy thing or what?

If anyone has the same issue can you please shed some light. Thank you!!
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Chocolate Thunder

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You can refinance it immediately if you like. They want you to stick with Chrysler Capital for 6 months so they get paid. You don’t have to.
 

Mjmi69

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hey all,

We just picked up our jeep and part of our deal was we had to finance through a chryser company. The dealer said make 6 payments then refinance. I read over the contract and never did I see it said we had to make 6 payments. Is that just a courtesy thing or what?

If anyone has the same issue can you please shed some light. Thank you!!
It is Illegal in most states to stop you from pre-paying a loan
 

grapejuice

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I have the same deal and they told me that too. I plan on refinancing as soon as I can.
 

Carbonalpine

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I just posted a thread about this, the dealer is requiring I finance with them. I just don’t know who they will use and if they will rig my interest to raise it. I’m so confused, I’m in Florida and so is the dealer. What should I do? Ask them which banks they use or if I can refinance? I’m so lost

To the OP, I’ve heard many people refinance from Chrysler, you don’t have to stay 6 months. I just wish I knew who my dealer will use come the day my car arrives?
 

Chocolate Thunder

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I just posted a thread about this, the dealer is requiring I finance with them. I just don’t know who they will use and if they will rig my interest to raise it. I’m so confused, I’m in Florida and so is the dealer. What should I do? Ask them which banks they use or if I can refinance? I’m so lost

To the OP, I’ve heard many people refinance from Chrysler, you don’t have to stay 6 months. I just wish I knew who my dealer will use come the day my car arrives?
You should NEVER enter any loan where you don’t even know who you owe the money to. Why won’t they tell you the financing source or interest rate beforehand? That sounds a little off.
 

old8tora

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I just don’t know who they will use and if they will rig my interest to raise it. I’m so confused I’m so lost I just wish I knew who my dealer will use come the day my car arrives?
If the lender's workers wear black fedoras and sunglasses , and tell you "Fork over the clams" , you will never pay off the interest ever .
 

Carbonalpine

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You should NEVER enter any loan where you don’t even know who you owe the money to. Why won’t they tell you the financing source or interest rate beforehand? That sounds a little off.
I didn’t know they could on an ordered car. So I should ask them to tell me the bank they use and run my credit before I order?
 

Chocolate Thunder

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I didn’t know they could on an ordered car. So I should ask them to tell me the bank they use and run my credit before I order?
You have over 800 credit score so you will qualify for most any lender’s best rate. They can tell you what that rate is without running a credit check. Also, you probably can’t lock in a rate more than 30 or 45 days before executing the loan. It could change in that time. If it does, there’s nothing you can do about that. If you’re going to play their game and finance with them then turn around and refinance with your own lender at a better rate, make sure you’ve got that lender lined up beforehand to avoid surprises.
 

Carbonalpine

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You have over 800 credit score so you will qualify for most any lender’s best rate. They can tell you what that rate is without running a credit check. Also, you probably can’t lock in a rate more than 30 or 45 days before executing the loan. It could change in that time. If it does, there’s nothing you can do about that. If you’re going to play their game and finance with them then turn around and refinance with your own lender at a better rate, make sure you’ve got that lender lined up beforehand to avoid surprises.
So tomorrow I will ask them which bank they will use and what my interest will look like. Also, can they add fees like warranties and gap since they control the financing?
 

Mjmi69

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I just posted a thread about this, the dealer is requiring I finance with them. I just don’t know who they will use and if they will rig my interest to raise it. I’m so confused, I’m in Florida and so is the dealer. What should I do? Ask them which banks they use or if I can refinance? I’m so lost

To the OP, I’ve heard many people refinance from Chrysler, you don’t have to stay 6 months. I just wish I knew who my dealer will use come the day my car arrives?
1st question. Why do you have to finance with them, is it because they are giving you the best deal? If not tell them to pound sand. IT IS AGAINST THE LAW TO REQUIRE YOU TO USE THE DEALER FINANCING IN EVERY STATE. That said they can require it if they are giving you a special deal as an incentive. If that is the case take it. Now go shop rates at credit unions, banks and some insurance companies (State Farm) if they have better rates or terms tell them you want to finance thru them, the dealers tell you that you must make 6 payments, that is total BS and again tell them nothing, just refinance it right away. It’s simple, this is the everyday crap they should be teaching in high school, stuff you can actually use in life. Your interest rate is also based on your beacon score so not everyone get the same terms or rates, I never pay more then 2.99% and my last BMW was 60 months for 0% why would I not do it, it’s free money for 5 years.
 

Mjmi69

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So tomorrow I will ask them which bank they will use and what my interest will look like. Also, can they add fees like warranties and gap since they control the financing?
DO NOT BUY GAP INSURANCE FROM A DEALER. That is like trying to put out a Jeep fire by pissing on it, call your insurance company and ask if you need it (most likely not) if so they can do it for half the price.
 

RialbSelur

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I just posted a thread about this, the dealer is requiring I finance with them. I just don’t know who they will use and if they will rig my interest to raise it. I’m so confused, I’m in Florida and so is the dealer. What should I do? Ask them which banks they use or if I can refinance? I’m so lost

To the OP, I’ve heard many people refinance from Chrysler, you don’t have to stay 6 months. I just wish I knew who my dealer will use come the day my car arrives?
Try and email Earl Stewart out of West Palm Beach. He owns a toyota dealership, and has a radio show called "Earl on Cars". He has a Youtube channel by the same name, as well. Seems counter-intuitive that he might be helpful in this situation, but his radio show is all about uncovering the BS that car dealers try to shovel. [email protected]

Good luck
 

Carbonalpine

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1st question. Why do you have to finance with them, is it because they are giving you the best deal? If not tell them to pound sand. IT IS AGAINST THE LAW TO REQUIRE YOU TO USE THE DEALER FINANCING IN EVERY STATE. That said they can require it if they are giving you a special deal as an incentive. If that is the case take it. Now go shop rates at credit unions, banks and some insurance companies (State Farm) if they have better rates or terms tell them you want to finance thru them, the dealers tell you that you must make 6 payments, that is total BS and again tell them nothing, just refinance it right away. It’s simple, this is the everyday crap they should be teaching in high school, stuff you can actually use in life. Your interest rate is also based on your beacon score so not everyone get the same terms or rates, I never pay more then 2.99% and my last BMW was 60 months for 0% why would I not do it, it’s free money for 5 years.
I hear ya, this deal is just too messy to begin with. They lowered 7% under invoice but charge $1200 dealer fees. They require I finance with them but won’t tell me which bank or rate I qualify for. It’s just an issue waiting to happen. Since it’s going to be an ordered unit, the wait will eat me up thinking the dealer is concocting a master scheme when it’s time to sign. They stick on additional fees and interest and I’m screwed. If they were up front and in writing told me I’m getting Chrysler capital at whichever rate I qualify for, it would be different
 

Frogger06

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Recently bought the wife an Explorer. Finance guy there had me go through FoMoCo to qualify for a rebate, and told me to make one payment and then refinance it myself. If FCA doesn't have the best rates or are not offering you any deals on going through them then yes definitely pound sand time.
 
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