Never even heard if it til yesterday.
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Losing price protection if financed through chrysler
- Thread starter Ericg
- Start date
Not buying anything but truck so they are trying for whatever profit they can im sure, never heard of price protection thats why i asked if anyone was familiar with what they were spewing lol
It does not say anything at all about price protection. First i heard was yesterday when truck was delivered and we started the process by applying for loan. Honestly I dont need the truck I just wanted it. I will figure it all out tomorrow whether they cut me a check or i cut them one.
wallyuwl
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They are screwing with you. As long as you don't have a deposit (or can get it back, which you should unless you signed something saying it was non refundable) don't take delivery and order from Mark Dodge. Can still order a '22 through this week.
U
User_3336
Guest
They might try to screw you out of a deposit if you put down one (stating they might be cutting you a check).
What dealer is this? Might want to add it to the "ones to avoid" list.
johncolts54
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Yes the dreaded trip to the Finance Guy, hate that. When I ordered my Ram 1500 I gave a deposit and signed at agreed price then. Nothing about financing. Saleman said we can go with whatever incentives when truck is here and do the paper work. Makes sense I guess , since no one knows how long it takes to get the Truck.
But after reading all the posts concerning these issues, I haven't made-up my ming how I am gonna finance or pay. I will hear there speech I guess first. When I bought my F150 couple years ago I remember the guy saying I had to keep the loan 6 months before paying it off, never heard of that before. Called ford next day and the lady never heard that before and told me I could pay it off anytime, which I did.
But like I said,dont know yet, have a few options myself....Thanks for posting interesting finance info....John
But after reading all the posts concerning these issues, I haven't made-up my ming how I am gonna finance or pay. I will hear there speech I guess first. When I bought my F150 couple years ago I remember the guy saying I had to keep the loan 6 months before paying it off, never heard of that before. Called ford next day and the lady never heard that before and told me I could pay it off anytime, which I did.
But like I said,dont know yet, have a few options myself....Thanks for posting interesting finance info....John
bill-e
Ram Guru
I've done 2 CCap loans (2015 and 2020, 0%) and the 6 months thing has always been a stipulation. Now whether that actually happens I have no idea.
Most places recommend 6 months otherwise it doesn't help your credit at all. They want 6-months of payments before they will report to credit agencies. I'm sure with the dealers, there are probably some incentives they get from financing place as well if you carry loan for six months.
The crappy part of using the F&I manager to get loans (even if they get you a loan through a credit union), is they at least get a flat rate commission. If they do get a credit union rate for you, it’s called a “lobby rate” and is still higher than their buy rate.
Additionally, F&I managers can accumulate tokens with lenders to redeem for certain circumstances. Say you tell them you’ve got a preapproval at 3% and they want that flat rate commission/ know they have no room to add to buy rate. They can redeem a token to get 1/4 point under your preapproval.
Any way you cut it, the consumer loses with indirect lending.
I do need to mention that I’m not against people making money, I’m just against non-transparency and the commonplace deceptive practices.
Additionally, F&I managers can accumulate tokens with lenders to redeem for certain circumstances. Say you tell them you’ve got a preapproval at 3% and they want that flat rate commission/ know they have no room to add to buy rate. They can redeem a token to get 1/4 point under your preapproval.
Any way you cut it, the consumer loses with indirect lending.
I do need to mention that I’m not against people making money, I’m just against non-transparency and the commonplace deceptive practices.
dyeguy1212
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Keeping the loan 6 months means the dealership gets their payday.
You can pay it off early, all it does is cost THEM money, not you.
You can pay it off early, all it does is cost THEM money, not you.
The dealer gave me the additional interest off the cost off the truck so ended with a total discount of nearly 8k off msrp with the additional comp for the .26 interest bump.
I wouldn't let it pass without some comp my way. I also told them have paerwork ready with declines on any add on and they did in and out off finance in 20 minutes.
I wouldn't let it pass without some comp my way. I also told them have paerwork ready with declines on any add on and they did in and out off finance in 20 minutes.
