Hey all, just bought a 2019 Limited yesterday and while going through all the rebates and incentives one of them was like $4000 off if I go with FCA Financing which is 6% - for anyone that has done this same deal, am I able to refinance after my first payment? I can go to TD bank and get 3% financing easily. Just looking to see what others did.
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FCA Financing
- Thread starter jb772
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Yes, that is what I did. Your bank will walk you through the process if you have never done it before.
Patsy1099
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refinancing rates are usually much higher than NEW. Even though it's a few days old, it's not new. So just make sure their (RE)finance rate is 3% and that's not for their new car purchase only.
I asked the financing guy at the dealership and he said if I refinance before 6 months I'd be breaking my contract for that rebate which could result in me having to pay out of pocket $xxxx.
Ask to see the fine print. Usually if you get a rebate for using their financing and you refinance within a certain time frame THEY lose some incentives from FCA for that sale.
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I already purchased the truck, I have the financing paperwork but the back has so much crap written on it it's hard to read and understand their legal terms.
Patsy1099
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I'd read the "contract", never heard of it but it's possible there was a rebate tied to using their financing. If it's true then you can just do the math and figure out if the lower rate more than compensates for the loss in rebate. It could also be that he's lying to you because if you don't finance through them HE loses some incentive.
Love2driveRAM19
Well-Known Member
I would have to read that for myself. Get salesman to show you that information. Trust but verify.
I got a refi 3 months after getting truck--lowered my interest-saved like $80 month. I knew going in what I had to deal with as I have been in process of cleaning up my credit and that I would refi shortly afterwards. The other problem that hurt me was when the dealerships pulled the scores and I didn't go with first one and score dropped/temporarily---then went back up.
You can get refi the same day or day after as long as it is not breaking any contractual agreements.
carbonhuntram
Active Member
Currently the models are being offered with a 15% discount (got that off the invoice) without using any of the other incentives. What is your term through TD? I have them as well. I found a local credit union that gave me 3.75 for 84 months
He's probably lying. The dealership will get their kickback rolled back (that's usually at three months, not six) , but it won't impact you. That's if you're going through Chrysler Capital. Could be he's using a third party private finance company, in which case you might have different terms. You'd be looking for early repayment terms in the contract (as that's basically what you're doing).
Magredvet
Active Member
He's full of it !..........I financed through Chrysler capital to get the rebates in Nov of last year, and paid it off on the first statement, in December, So far they haven't come looking for their rebate back.........
Willwork4truck
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These finance things really vary, you’d want to study the contract or post the pertinent sections for comment.
Mine was FCA for 3 months then I could refi, even the dealer told me that. I only got a $500 rebate, don’t quite get the $4K, thats crazy but good for you.
My bank said a 2019 is considered “new” so if I wanted to refi at month 3 it would be almost identical rate (4%) that FCA was.
That was my experience. You still need to verify who is actually providing the loan, is it Chrysler Credit or whom?
Mine was FCA for 3 months then I could refi, even the dealer told me that. I only got a $500 rebate, don’t quite get the $4K, thats crazy but good for you.
My bank said a 2019 is considered “new” so if I wanted to refi at month 3 it would be almost identical rate (4%) that FCA was.
That was my experience. You still need to verify who is actually providing the loan, is it Chrysler Credit or whom?
Justbry
Active Member
You are able to refinance at any time, the only reason the finance manger stated 6 months was so he wouldn't get charged back any commission he might have made on the rate he sold you the loan at, for ex: he bought the rate at 5% and sold it to you for 6%, he made a commission on the 1% reserve from Chrysler Capital. Chrysler will charge back the dealer the reserve if paid off in a certain period of time, they do not charge back the rebate.
Just curious why you went with the standard rebate instead of taking advantage of the 15% off MSRP they are pushing now. I just bought mine Saturday took the 15% (over 9k) and got under 3% financing from Bank of America?
Cravenschild
Active Member
Dealer is full of ****. They tried to tell me the same thing, but the reality of it is that they get a charge back of sorts if you refinance too quickly. My finance guy asked me to keep the loan for 3-4 months, but the paperwork states there are no early payoff penalties. So I am in the process of refinancing the rapist rate that FCA gave me before I even make the first payment.
19ramsport
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What kind of FCA loan rates did you guys get? My salesman says it will be higher but told me I can refinance after the first month. It's just a $500 FCA rebate right now on a Laramie I'm looking at. I didn't fill out the loan application yet, planning on it tomorrow.
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Rick J
Well-Known Member
When I bought mine they had a $1K rebate for financing. I asked how much I needed to finance and the sales guy didn't know so I financed $20K. Made one payment and then paid it off.
Now I have to dig through my paperwork too!
I purchased my Bighorn for 31 percent off of MSRP the end of June. I wanted to pay cash but was told to get all the discounts I needed to finance $15,000 at just under 6 percent. I can confirm that I was told I needed to wait 6 months to pay it off or I would lose some of the discount. If true, I'm not sure how they planned to get more money out of me? They suggested I make a first payment of $10,000 and pay off the remaining amount the next 5 months. I had no problem with that but what did bother me was I ended up paying almost $600 more in tax than I was expecting. I was told by both the salesman and finance manager (after I questioned the discrepancy) that I had to pay tax on the rebate amount. Anybody know if that is true in Ohio?
I purchased my Bighorn for 31 percent off of MSRP the end of June. I wanted to pay cash but was told to get all the discounts I needed to finance $15,000 at just under 6 percent. I can confirm that I was told I needed to wait 6 months to pay it off or I would lose some of the discount. If true, I'm not sure how they planned to get more money out of me? They suggested I make a first payment of $10,000 and pay off the remaining amount the next 5 months. I had no problem with that but what did bother me was I ended up paying almost $600 more in tax than I was expecting. I was told by both the salesman and finance manager (after I questioned the discrepancy) that I had to pay tax on the rebate amount. Anybody know if that is true in Ohio?
Justbry
Active Member
You do have to pay tax on the rebate, rebates are like cash down, it’s used after all the ttl’s. The minimum amount to finance with Chrysler Capital is $5000 and once you receive your first statement you can pay it off, there is no way for you to lose your discount. Finance managers are paid on the reserve they make, so if they held rate on you and you paid off the loan within 90 days they would be charged back the rate. That’s why they tell you to wait 6 months just to ensure there are no chargebacks. In you’re case there was no requirement to finance with Chrysler Credit or any bank to get the big rebate.
Signing paperwork last week, they go well good news we got you an $1,000 off for financing with Chrysler Capital (Mrs got a Pacifica) and she looked at it and goes that rates really high. I told her don’t worry we will refinance it once the first statement comes. F&I guys mouth about hit the floor and begged me to make 3 payments first, I wanted to tell the guy when you play stupid games you win stupid prizes (6.8%). Chrysler is going to come back asking dealership for their money.
