Working on getting the best price on a new Ram 2500 order. I have a good price offer but it requires that I finance a large portion using "conventional Chrysler financing". Can these loans be paid off right away? Are there any terms or restrictions on paying the loan off afterward? Not sure if I would or not but I'd like to know if that is at least an option. Thanks in advance for your advice.
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Question about Chrysler financing...
- Thread starter sgnow1
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TheKingOfHearts
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I bought my 3500 3 weeks ago, received $1500 in incentives for financing through Chrysler.
Always intended to refinance with my credit union (CU is at 2%)
Chrysler offered 6%. I read through all the terms, you can pay off/refinance with another lender immediately with no penalties.
However the dealer will have their commission clawed back if you refinance before 3 months.
Was worth it for the $1500 and quicker out of the dealership, my CU is great and takes care of the rest.
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Always intended to refinance with my credit union (CU is at 2%)
Chrysler offered 6%. I read through all the terms, you can pay off/refinance with another lender immediately with no penalties.
However the dealer will have their commission clawed back if you refinance before 3 months.
Was worth it for the $1500 and quicker out of the dealership, my CU is great and takes care of the rest.
Sent from my iPhone using Tapatalk
I have never had an auto loan where there was an early payoff fee and I’ve been financing vehicles for almost 50 years. Just read the terms of the loan.
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I’m sure my comment will spark a big “stealership” bash fest, but anyway- If you have a decent relationship with your dealer, and you have plans to buy from them again in the future hoping for the best deal they can give you, wait the 90 days to pay off the Chrysler capital loan. YOU don’t get penalized for doing it, but FCA will pull their incentives from the dealership for that sale.
I have used them once before on my 2018 wrangler rubicon recon edition because the interest rate was 1.49%. The dealership did ask I wait 3 months or might have been 6 months to pay it off or they would get dinged. at that rate I just kept it for the term because at 1.49% it was like free money. When I bought my PW the end of August I tried to use that same dealership as they had good prices (dennis dillon) but this time in order to get the low price you needed to finance 90% of the vehicle price on the loan which is insane.
jerryw1000
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I financed about $12K on my '19 Jeep GC for 3 years because I was getting dinged on my credit score for not having any credit for 5 years. I did get about $1K or so off on the price of my vehicle but the dealer asked me to make the payments for at least 3 months or Chrysler would "come back on him" (claw back the commission). Anyway, I paid them off in 1 year with no early payment penalty and both me and the dealer are happy. And my credit score went up 20 points.
@JC
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Is that $10 a deal breaker?
Eatonpcat
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DontSlamMyRam
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Whatever you do, don't look at the monthly interest total. Trucks are so freaking expensive now its like a home loan. I was paying those thieves $150/mo in interest. Pay it down as fast as you can!!!!!
bigrobtemp
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I made 1 payment with Chrysler Capitol so I made sure the 1500 went through, financed through CU on the next day and dropped to 1.9% from 4.36. Take the 1500 and then do the same thing.