Financing interest rates

[Smarrtazz]

So, looking around on the Jeep website they have different APR's for different vehicles.


Considering the 2018 JL hasn't been posted quite yet.

What does Jeep traditionally do for APR on brand new release vehicles?

And are those numbers set in stone? Or can a dealer manipulate the interest rate on their end?

I am interested in a 60-month loan. Which is fairly typical.

*** this is in regards to people with high credit scores that will qualify for the best offer available (750+)

My bank said I could get 2.9, but both Fl and NC said I could get between 2.4-2.5% for 60 months.

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[misanthrope]

My dealer could not disclose the APR until I come in physically. But this dealer is 2 hours drive way from me .
I want to pick up tomorrow but I am afraid that dealer's APR is higher than my desire. I do not know how I am able to pick up definitely. Do not want to come back with nothing...

That's fine for the dealer(though it is a bit shady), but it doesn't preclude you from looking for financing on your own. If the dealer tells you that you must use their financing for this vehicle, or if the price changes if you use your own, RUN, DO NOT WALK, away from this deal. They want you to use Chrysler Financial because they'll get the sale (profit$$$) on the front end, and interest (profit$$$) on the back end. F them, do what's best for you, and don't buy with your heart, buy with your head. Choose the Jeep with your heart.

 

[misanthrope]

My dealer could not disclose the APR until I come in physically. But this dealer is 2 hours drive way from me .
I want to pick up tomorrow but I am afraid that dealer's APR is higher than my desire. I do not know how I am able to pick up definitely. Do not want to come back with nothing...

Better to come back with nothing than to come back with 5-6 years of regrets, or, at the very least, what-ifs.

 

[James888]

The dealer could let me get loan on my own. I just apply federal credit union online and wait for reply within 1 day. Hope I can get reply tomorrow so I can pick it up tomorrow...Thanks guys

 

[Sierra Nevada]

The dealer could let me get loan on my own. I just apply federal credit union online and wait for reply within 1 day. Hope I can get reply tomorrow so I can pick it up tomorrow...Thanks guys

I would google "credit union zip code" and call at least 3 different credit unions in your zip code. Credit union rates vary all over the place. Pick the lowest one, then join that credit union. I spent 20 minutes doing this and found a huge difference among credit unions which translates into $1,000's of dollars over the life of the loan. All the credit union personnel were very friendly on the phone ... they are eager for business.

 

[Jrbrannan]

I would google "credit union zip code" and call at least 3 different credit unions in your zip code. Credit union rates vary all over the place. Pick the lowest one, then join that credit union. I spent 20 minutes doing this and found a huge difference among credit unions which translates into $1,000's of dollars over the life of the loan. All the credit union personnel were very friendly on the phone ... they are eager for business.

I have local Credit Unions around 2.5% but my local work Credit Union is 2% which it cheap money.

 

[misanthrope]

I have local Credit Unions around 2.5% but my local work Credit Union is 2% which it cheap money.

Agreed. At 2% it makes more sense to put down as little as possible and sit on any cash reserve/put it in a CD/interest bearing savings, as the loan cost is low and having more cash on hand keeps you more liquid.

 

[Flyguy81]

1.9 for 60 mos or 2.49 for 72 mos at my credit union.

 

[James888]

Hi guys,
I came back with my new car from dealer. But I just found there is state sale tax $67xx on the order invoice which is about 17% tax. Is it right ?
I am in NY and dealer is at NJ. Thanks

 

[misanthrope]

Hi guys,
I came back with my new car from dealer. But I just found there is state sale tax $67xx on the order invoice which is about 17% tax. Is it right ?
I am in NY and dealer is at NJ. Thanks

At this point, I almost think you're messing with us. 17%!?!? NYS sales tax averages 8.5% statewide, a bit higher here on the Island, a bit lower upstate, depending on the county (4% state tax, counties vary, 4-5%). Your max tax rate should be below 9%. Dealer fees CANNOT be listed as taxes, though they can be taxed. You pay the tax rate of the state/county you register the vehicle in, not where you purchase it. If they really charged you 17%, I would contact an attorney. The problem is, you already signed the papers and left with the car. That will complicate things. Please post the dealer's name and your contract here so we can help further.

 

[James888]

At this point, I almost think you're messing with us. 17%!?!? NYS sales tax averages 8.5% statewide, a bit higher here on the Island, a bit lower upstate, depending on the county (4% state tax, counties vary, 4-5%). Your max tax rate should be below 9%. Dealer fees CANNOT be listed as taxes, though they can be taxed. You pay the tax rate of the state/county you register the vehicle in, not where you purchase it. If they really charged you 17%, I would contact an attorney. The problem is, you already signed the papers and left with the car. That will complicate things. Please post the dealer's name and your POC here so we can help further.

I am at Suffolk County Long Island. Is it possible the dealer made a mistake ?

 

[misanthrope]

I am at Suffolk County Long Island. Is it possible the dealer made a mistake ?

I, too, am in Suffolk County: tax rate is 8.625%, which is the max they can charge you. It looks like they doubled the tax/charged you tax twice, possibly by accident. They're already charging you a doc fee ($398) and a reg/title fee ($450) which combined is about 4 times as much as you would pay here in NY.
Your taxes on $39,421 should be $3,400. Period. If they are trying to charge you NJ tax as well, not only is that illegal, they won't be liable for those taxes as you will be registered in NY, so that's $3321 they will put in their pockets.
Any other fees MUST be listed separately from taxes.
As I said, maybe this was a clerical error, and you should broach it as such with the dealer. But you must contact them ASAP to rectify this, before loan checks/down payments are cashed.

 

[James888]

I, too, am in Suffolk County: tax rate is 8.625%, which is the max they can charge you. It looks like they doubled the tax/charged you tax twice, possibly by accident. They're already charging you a doc fee ($398) and a reg/title fee ($450) which combined is about 4 times as much as you would pay here in NY.
Your taxes on $39,421 should be $3,400. Period. If they are trying to charge you NJ tax as well, not only is that illegal, they won't be liable for those taxes as you will be registered in NY, so that's $3321 they will put in their pockets.
Any other fees MUST be listed separately from taxes.
As I said, maybe this was a clerical error, and you should broach it as such with the dealer. But you must contact them ASAP to rectify this, before loan checks/down payments are cashed.

yes. I already sent them email. Hopefully they could rectify. I am so stupid and just watch the price of the car at first

 

[Sierra Nevada]

I called Langley in VA and they said 1.8% is possible with 60mos auto loan. I'll pull the trigger with Langley next week. JL is in JB status with an ETA (dealership delivery) of 3/10 to 3/14.

 

[Jeepsterfreak]

I am at Suffolk County Long Island. Is it possible the dealer made a mistake ?

It's always an "honest" mistake once they get caught!

Also, regarding that $450 Registration/Title fee. Do you get a credit towards your NY registration and title?

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