Good deal reached on 22 however..

[sharpsicle]

Typically you can refinance as soon as the title hits the DMV. This can be a matter of days or weeks depending on the dealership and DMV processing times.

Once a title exists with your name and the appropriate lien-holder, your bank or CU can then start the process of refinancing and requesting payoff amounts.

As mentioned, though, make sure there is no penalty in the original loan terms for this. I haven't seen it myself, but I have heard of early termination or "pre-payment" penalties. If those don't exist, there's no obligation to carry the loan for any period of time.

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[Kapoosh1]

Typically you can refinance as soon as the title hits the DMV. This can be a matter of days or weeks depending on the dealership and DMV processing times.

Once a title exists with your name and the appropriate lien-holder, your bank or CU can then start the process of refinancing and requesting payoff amounts.

As mentioned, though, make sure there is no penalty in the original loan terms for this. I haven't seen it myself, but I have heard of early termination or "pre-payment" penalties.

Most of the time there's no penalty, the dealer just wants you to wait 3+ months so they can get paid on the rate markup. If you want to keep a good relationship with the dealer wait the 3 months, if you don't care, than refi it right away.

 

[FLGladiator]

I can't believe it's at 8.3% now, crazy. "You can refi in a couple years" was the mortgage companies famous words before the 08 collapse.

 

[Bobglad22]

Thank you everyone for your input.. I should have mentioned that the deal was screaming for a Cali vehicle. I know better (mildly) could be had out of state but after all the research I decided I didn't want to deal with it.. So, Ill take it here and look quickly to refi once everything settles. Thanks again for all your input..

 

[sharpsicle]

Thank you everyone for your input.. I should have mentioned that the deal was screaming for a Cali vehicle. I know better (mildly) could be had out of state but after all the research I decided I didn't want to deal with it.. So, Ill take it here and look quickly to refi once everything settles. Thanks again for all your input..

One quick note:

See if you can get a pre-approval first. Call your bank or CU and start the process now so you don't get a surprise. I know you can't refi it that quickly, but they can at least run the pre-approval for you so you know what's next with them. Doing it blind may backfire.

Having this may also be a useful bargaining chip at the table. Heck, you never know, they may bring their rate down to match it or even not care and offer the same price with your own financing, thus saving a transaction. It only adds options.

 

[DQQSE]

Dealer make their real money in that finance office, YES, they get kick backs for everything you agree to and buy.

Dam right they do. Worked for three dealerships. Rate is simple. Banks give a lower rate to dealers because of volume. In addition the dealership will get anywhere from .9% to 3.0% in my experience. As for ALL the extras from; ext warranty, dealer installed accessories, paint protection, chip rock coverage, you name it, they are “at the discretion of the tool behind the desk.” One finance guy I knew had a small 5x7 picture of an old shed on his wall. Black n white kinda creepy. He always said “I took them out to the wood shed.” He gets paid on how much he can shake out the coffers…Plus here’s the kicker. Service contracts sold gain dollars back to be used on the dealership customers. Free credits from Mopar, GM, Ford, Zurich, CNA, and others. Most of the time the owners/management used them. Lol scam. As for refinancing it can come back and bite the tool behind desk. They can get hit on their pay for losing the finance agreement from the months prior. Yup.

 

[Minty JL]

Dam right they do. Worked for three dealerships. Rate is simple. Banks give a lower rate to dealers because of volume. In addition the dealership will get anywhere from .9% to 3.0% in my experience. As for ALL the extras from; ext warranty, dealer installed accessories, paint protection, chip rock coverage, you name it, they are “at the discretion of the tool behind the desk.” One finance guy I knew had a small 5x7 picture of an old shed on his wall. Black n white kinda creepy. He always said “I took them out to the wood shed.” He gets paid on how much he can shake out the coffers…Plus here’s the kicker. Service contracts sold gain dollars back to be used on the dealership customers. Free credits from Mopar, GM, Ford, Zurich, CNA, and others. Most of the time the owners/management used them. Lol scam. As for refinancing it can come back and bite the tool behind desk. They can get hit on their pay for losing the finance agreement from the months prior. Yup.

That's why those scam ass/third party extended warranties have so much "fine print" ......they grab your money and never deliver.

Also, if you need GAP coverage, you can't afford what you're buying........ In most cases your current insurance plan offers the same coverage for 100's or 1000's less.

Those dealer add on sticker is 100% profit, Adjusted Market value, pin stripes and 3M fabric/leather shit.

 

[toddarama]

When I bought mine in Oct, the were only offering 7.2% - same mid 800 beacon.

I went through NavyFed and got 4.9%

I love Navy Fed .... they almost always have the best rate and they are about as easy as it gets to work with.

 

[JTBurns]

MSRP was $59920 I ordered for 6% under invoice and came out to 51,220. I made a small down payment, paid tax/title tag in cash. I financed $45k for 36months

I financed mine for 36 months back in 2020, only three payments to go. What an amazing feeling!

I vote shorter term if you can swing it. If not, just pay more towards the principal. Pay every two weeks to get an extra payment in per year. No matter what rate you get these days, this will save you $

 

[Jefe1018]

Is it $11,000 under MSRP or $11 under MSRP?

 

[Jteakus]

I was told I had to make 3 payments on mine before I could refinance so I did, one a week for 3 weeks. No penalty.

 

[Sandevino]

That’s some BS there. I bought mine in September 2022 and snagged 0% for 72 months. I’m high 7’s but they called in and paid for a tier bump to get the 0% rate.

Rates suck now but 8% is making back loss on the deal.

 

[Jefe1018]

I was told I had to make 3 payments on mine before I could refinance so I did, one a week for 3 weeks. No penalty.

Typically the dealer just doesn’t get their bonus if you don’t make those payments, not the consumer.

I’ve had friends negotiate a lower vehicle price for an inflated interest rate only to write a check for the total at time of signing. It was a great thing to witness

 

[Jesnamy01]

Dealer told me I had to pick it up on Thursday due to it being last day of month. I was buying out of state. Since they couldn’t wait until Friday, I refinanced as soon as I got my registration which was 2 days before first note.
Finance guy said they ask that people wait at least 3 months otherwise they have a chargeback for their commission.
If they would have let me wait until Friday so my wife and I could have made a road trip, I would have honored their request.
Refinanced with credit union which the rate was 1/3 of the dealers offer. If I would have come in with my own financing they said the price was $1,500 more. So I agreed (sorta).

 

[Jteakus]

The dealer is not your friend, especially the "service" department.

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