Stellantis incentive new truck. How long till refinance?

[RAMMER80]

When I bought my 2023 ram Horn, I received an incentive from Stellantis for financing through them. I was wondering if anybody knew how long I had to finance through them before I can refinance without having to pay back that incentive or be penalized for it the guy who did Financing at the dealer is not there today otherwise I would call him directly. Yes I know I can call Stellantis but I was hoping I wouldn’t have to sit on hold for a while. Thanks guys.

 

[Darksteel165]

It's in whatever document you signed.
If there is a clause like that I have seen around 1 year.
Lots of them don't have a clause and you can pay it off after 30 days (1 payment).

 

[DEG]

If there is nothing in the finance or sales contract that requires to maintain the loan for a certain amount of time, and I bet there is not, you can refinance at anytime.

Several times I've accepted incentives to finance through the manufacture's financial company and each time refinanced days later even though salesperson fabricated non-existent rules like "you have to make at least one payment".

 

[Darksteel165]

If there is nothing in the finance or sales contract that requires to maintain the loan for a certain amount of time, and I bet there is not, you can refinance at anytime.

Several times I've accepted incentives to finance through the manufacture's financial company and each time refinanced days later even though salesperson fabricated non-existent rules like "you have to make at least one payment".

You do need to at least wait for the registration to be able to refi (at least at any bank I have ever worked with).
Generally takes a couple of weeks to come in.

But yeah, the sales people just makeup rules, what is in the paperwork that is signed is what happens and I bet there is nothing there.

 

[DEG]

You do need to at least wait for the registration to be able to refi (at least at any bank I have ever worked with).
Generally takes a couple of weeks to come in.

But yeah, the sales people just makeup rules, what is in the paperwork that is signed is what happens and I bet there is nothing there.

I've refinanced twice within 2 days of initial financing. Bank does not care about a vehicle registration or even if you register it at all. All they care about is the certificate of origin or title and they will eventually get that from the original financial institution.

 

[HEMIJAKE]

But yeah, the sales people just makeup rules, what is in the paperwork that is signed is what happens and I bet there is nothing there.

Yep. I got this runaround when I bought my rv trailer. Guy told me I had to make at least 6 or 9 payments, I can't remember. That was on the original rate he gave me. Wasn't a bad rate, but wasn't spectacular either. He called me the day before signing, "good news I was able to get your rate down to x amount", "with all the money your saving you should look into our extended warranty program". I took the lower rate and passed on his bogus warranty. Dude was ticked. I shopped around and couldn't find a rate that compared to it, so I kept it. I looked all over the fine print though, and couldn't find a refinance clause anywhere.

 

[Darksteel165]

I've refinanced twice within 2 days of initial financing. Bank does not care about a vehicle registration or even if you register it at all. All they care about is the certificate of origin or title and they will eventually get that from the original financial institution.

There is no title when you buy a new truck.
It is made when purchased and then mailed to the lending institution or kept digitally with the state in my case.
A certificate of origin is not good enough to prove ownership at least in my state MA.

Used is different.

 

[6of36]

There is no title when you buy a new truck.
It is made when purchased and then mailed to the lending institution or kept digitally with the state in my case.
A certificate of origin is not good enough to prove ownership at least in my state MA.

Used is different.

Depends where you live. In Michigan, you get the title, but it lists lien holder. The lender has to sign off, when it is paid off.

 

[6of36]

When I bought my 2023 ram Horn, I received an incentive from Stellantis for financing through them. I was wondering if anybody knew how long I had to finance through them before I can refinance without having to pay back that incentive or be penalized for it the guy who did Financing at the dealer is not there today otherwise I would call him directly. Yes I know I can call Stellantis but I was hoping I wouldn’t have to sit on hold for a while. Thanks guys.

Check your paperwork, to see if there is a stipulation. My dad bought a Dodge van, before Stellantis, and was going to pay cash. Salesman told him about rebate for financing. He had to make one payment.

 

[DEG]

There is no title when you buy a new truck.
It is made when purchased and then mailed to the lending institution or kept digitally with the state in my case.
A certificate of origin is not good enough to prove ownership at least in my state MA.

Used is different.

I understand that. The dealer sends the certificate of origin to your state to have a title created in your name and in most states listing the financial institution on the title as the lien holder. The state then mails the title to the lien holder. This has nothing to do with the vehicle registration.

Only an incompetent financial institution would require you wait for this process to occur before you can refinance. If payoff occurs before the original lien holder receives the title, they will just send in once it's received. As it's not uncommon that people will refinance before the title is received banks have figured out how to track this and get the title to the new lien holder. In most states, you will be required to again pay title fees when you refinance because the new lien holder will have the title reprinted listing them as the lien holder.

 

[Darksteel165]

I understand that. The dealer sends the certificate of origin to your state to have a title created in your name and in most states listing the financial institution on the title as the lien holder. The state then mails the title to the lien holder. This has nothing to do with the vehicle registration.

Only an incompetent financial institution would require you wait for this process to occur before you can refinance. If payoff occurs before the original lien holder receives the title, they will just send in once it's received. As it's not uncommon that people will refinance before the title is received banks have figured out how to track this and get the title to the new lien holder. In most states, you will be required to again pay title fees when you refinance because the new lien holder will have the title reprinted listing them as the lien holder.

In my state it is all digital.
There is no free to have the title reprinted as there is no physical copy to re-print.
Titles with liens on them are storage digitally with no paper copy until the lien is paid, then it is removed from the title and mailed to the owners address automatically.

It takes time for the selling dealer to submit the documents from the cert of origin for a title to be created, if there is no title created and the certificate of title has another bank on it then another bank can't take ownership.
A bank can do it all on the backend and not tell you what they are doing, but it's a risk on their part. Same thing as a dealer that has you sign paperwork for a loan you were not approved for yet so you could "drive off the lot", the risk is on the dealership. In this case it's on the new bank to assume they can get ownership of the existing lien that it on a non-existent title.

I bought my truck from Mark Dodge and I had to wait weeks before I could refi because registration took so long to get submitted (I ended up needing to go to the Worcester DMV in person to submit the bill of sale and cert of origin to get it registered).

 

[Darksteel165]

Depends where you live. In Michigan, you get the title, but it lists lien holder. The lender has to sign off, when it is paid off.

100%, it is state dependent on how it's handled.