Interest rate increase

[Gaurav_verma]

Hello, i have booked jeep wrangler high altitude 2021 on 22sep 2021. The interest rate they gave me at that time was 3.49%. Later they told me now its gona be 2022 and the dealer said the interest rate would be now 3.99%. Can the dealer do this? I have given him 3000$ down payment when i booked it. The jeep was booked in scarborough,ontario , canada.
Please guide
Thanks

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[Ron93YJ]

Yes, they can do this. You put money down on the Jeep not the interest rate.

 

[Blanco802]

Hello, i have booked jeep wrangler high altitude 2021 on 22sep 2021. The interest rate they gave me at that time was 3.49%. Later they told me now its gona be 2022 and the dealer said the interest rate would be now 3.99%. Can the dealer do this? I have given him 3000$ down payment when i booked it. The jeep was booked in scarborough,ontario , canada.
Please guide
Thanks

Unfortunately, I believe the answer is yes. While I'm not as aware of the policies in the Canadian market, the interest rate varies here in the US in most cases on a monthly basis and you can't lock it in until you take delivery of the Jeep. Maybe others can chime in with their experience

 

[Steveo]

You should always shop for your own financing as it's a separate financial product. Only take the dealer's financing if they can beat an independent bank/CU's rates.

 

[JABCAT]

You should always shop for your own financing as it's a separate financial product. Only take the dealer's financing if they can beat an independent bank/CU's rates.

Exactly this. Not sure about Canada, but in the US many banks and even Chrysler Capital will approve you online and provide the interest rate for which you qualify. You then present this to the dealer finance manager and they can beat it or match it.

On my wife’s ‘20 Grand Cherokee she was approved for 1.9% for 72 months going in. Chrysler Capital was 2.39% or something close but we also got an additional $1,500 off the vehicle if we used it. So we did, then refinanced the vehicle with our bank at 1.9%.

 

[AlgUSF]

Bummer, historically though it isn't that bad of an interest rate. Shop around to a financial institution you have done business with in the past and see what they can do.

We went in to the dealership intending to pay cash, but they insisted (through a discount) that we "finance" it for at least 4 months. Ours was 1.89 for 36 months, we paid it off in 6. I guess they aren't printing as many loonies as they are US Dollars.

All the best arranging financing, it is always a good bet to have a deal already in your back pocket.

 

[rkwfxd]

I lucked out. Got 0% in August.

 

[MEHillwalker80]

I got 0% 18 months ago on My 2DR Jl Sport S (Paid Cash)

 

[hiimmike]

Hello, i have booked jeep wrangler high altitude 2021 on 22sep 2021. The interest rate they gave me at that time was 3.49%. Later they told me now its gona be 2022 and the dealer said the interest rate would be now 3.99%. Can the dealer do this? I have given him 3000$ down payment when i booked it. The jeep was booked in scarborough,ontario , canada.
Please guide
Thanks

I've got 1.99@72 or 1.79@60, I chose the 1.99 as it will cost me $135 more over 60 months and that's worth it to be obligated to a lower payment.

 

[smokeythecat]

I got 0% 18 months ago on My 2DR Jl Sport S (Paid Cash)

Yep. As soon as I bought my last car in 2013 I started saving for the next car. Then last year I paid cash for a 2021 2-door Willys.

 

[Gunzz]

My dealer had 0% for 36 months advertised on Wranglers a couple months ago. The same dealer also was advertising 0% for 48 months on some Dodge Ram trucks and I tried hard to get them to give me that same deal for the Wrangler but had no luck. The dealer itself wasn't doing the financing, it was some Chrysler finance company and trying to talk to them was too difficult.

I suppose if they changed the terms of the deal (especially by canceling your 2021 order and changing to 2022) you could probably bail and get your $3k back. Best thing to do if you want to keep the order is shop the financing and see if you can get a better loan through a different bank and just finance it with the cheapest rate.

 

[MEHillwalker80]

Yep. As soon as I bought my last car in 2013 I started saving for the next car. Then last year I paid cash for a 2021 2-door Willys.

That's exactly what I did except that my last new car purchase was in 1999. I'm still driving my Texas Cadillac ( 99 Chevy Suburban).

 

[TxJeepers]

Just refinance it.

 

[Sargeoverland]

I know for the housing interest rates. You can secure an interest rate up to a year out but you pay money for that. And depending on what route you’re going normally you lock in your rate 60 days prior too but you’re also able to buy down. Like above I’d shop around. The crappy thing about interest rates is they change daily pretty much just depending on the way the market is going. Some people will get low one day and high the next. 3.9 is not as bad of a jump from 3.49. How many months is this for?

 

[wolf]

Over the years my credit union has beat the bank hands down. However on this last deal the dealer offered a very good interest rate so to facilitate the deal I went with who they selected which was Sun Trust Bank here in Fl. Big mistake. According to the dealer I had to keep it for six months then could pay it off. Well I was paying extra payments on the principle only and the bank said no more 4 was the limit. What kind of shit was this. Well my wife and I were pissed at their shenanigans so we paid it off. No more banks. Don't use Sun Trust they are very shady in their operation and the dealer gave false info also.

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