How long must you stay with dealer financing?

[ItsNo4RE]

So did the whole dealer financing to get my 1k off... they said I had to stay with that financing for 4 payments and had me sign something that said the same... just seems like Bs to me... is this legally binding?

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[Htfan]

So did the whole dealer financing to get my 1k off... they said I had to stay with that financing for 4 payments and had me sign something that said the same... just seems like Bs to me... is this legally binding?

This kind of stuff from dealerships drives me crazy. Ask your personal bank. It sounds shady to me!

I walked away from a dealership because of this same tactic. The dealership's loan rate was 3 points higher than the loan I already had approved from my bank. But they said they don't accept other financing. Had to be their terrible loan rate.

So I purchased elsewhere.

 

[ItsNo4RE]

Yea, it was to get the 1k off.. its still worth it but I don't really think they could force me to stay for 4 months with that financing

 

[thx138]

So the dealers get kick backs but only if the loan is not paid off for a certain point of time. Sounds like 4 months in your case. The best thing is no never tell them you are going to pay cash and just pay it off as soon as you want. Yes everything you signed when purchasing is a contract so it legal.

 

[ItsNo4RE]

So the dealers get kick backs but only if the loan is not paid off for a certain point of time. Sounds like 4 months in your case. The best thing is no never tell them you are going to pay cash and just pay it off as soon as you want. Yes everything you signed when purchasing is a contract so it legal.

Gotcha.. 4 payments... ill pay it off minus $4 then make $1 payments for 4 mths! Lol

 

[Mike8194]

Gotcha.. 4 payments... ill pay it off minus $4 then make $1 payments for 4 mths! Lol

That’s a good idea!

 

[thx138]

That's what I did with mine, two payments for mine. Just got the title in the mail this week.

 

[ItsNo4RE]

That's what I did with mine, two payments for mine. Just got the title in the mail this week.

Nice, so it works!

 

[Xcoaste]

If you signed something, I would stick to the agreement. When I bought they asked me to make 6 payments, but I didn't sign anything, nor did they ask. I would do like you suggested, and spread the payments out to be paid off in those 4 months. That will kill the interest. My finance manager told me make $2k a month payments if I want, just please don't pay off the balance until the 6th month.

I figured that honoring the request will allow the dealership to keep offering it for others down the road.

 

[Sgt Beavis]

It’s not unusual at all. I had to do that with Ford Motor Credit once. I just held back 4 payments from my downpayment. Once my account was established by FMC (about two weeks) I simply made four payments. There was nothing that said I couldn’t make the payments all in the same day.

Once that was done I went to my CU and refinanced.

The dealer actually presented me with the idea. It gave me an additional couple grand off the price of my truck. They got the commission for selling the loan. My CU gave me a vastly better interest rate. Wins all across the board.

 

[MtCamper]

I took the $$ off with the FCA financing. Also did it with GMAC on a new pickup. In both cases I called the lender and asked how long I had til I could pay it off. They said immediately so I asked for the pay off amount and sent it in. Paid both off before I got the coupon book. I'm not sure how binding the deal with the dealer is. Check the wording and if it looks possible, I'd call the lender and ask if you could pay it all off but $4 and send them $1.25/month. They will need to issue a check for the overpayment.

 

[Thunderjet]

So did the whole dealer financing to get my 1k off... they said I had to stay with that financing for 4 payments and had me sign something that said the same... just seems like Bs to me... is this legally binding?

Of course its legal. You agreed to the terms to get another $1,000 off the price of your Jeep. Why would you want to back out after you got what you want?
No one forced you to do dealer financing, did they?

 

[ItsNo4RE]

I took the $$ off with the FCA financing. Also did it with GMAC on a new pickup. In both cases I called the lender and asked how long I had til I could pay it off. They said immediately so I asked for the pay off amount and sent it in. Paid both off before I got the coupon book. I'm not sure how binding the deal with the dealer is. Check the wording and if it looks possible, I'd call the lender and ask if you could pay it all off but $4 and send them $1.25/month. They will need to issue a check for the overpayment.

Exactly what I was thinking. Figured if I paid it off minus $4 the next statement would be for $4... then I'd just pay $1 off of that statement, etc.

 

[ItsNo4RE]

Of course its legal. You agreed to the terms to get another $1,000 off the price of your Jeep. Why would you want to back out after you got what you want?
No one forced you to do dealer financing, did they?

Don't know if you're being funny or ignorant... because the interest rate is higher! So I'm looking to abide by the deal but screw them in the interest by paying it off minus $4, this way I'm still making 4 payments but they don't get the ridiculous interest! Thanks for the laugh bro.

 

[Thunderjet]

Don't know if you're being funny or ignorant... because the interest rate is higher! So I'm looking to abide by the deal but screw them in the interest by paying it off minus $4, this way I'm still making 4 payments but they don't get the ridiculous interest! Thanks for the laugh bro.

Not ignorant, and not being funny. You agreed to do it to get the $1,000 off.
I live in the world when a man makes a promise he sticks by it.
No one forced you to agree to the terms. Once you got the $1,000 off dont go running home to mama and start crying.
YOU GOT EXACTLY WHAT YOU AGREED TO.

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