Losing price protection if financed through chrysler

[Ericg]

You are just dealing with a POS finance manager, plain and simple. He just wants a bonus on his end, probably feeding you some BS about the price protection going away. Does what you signed about the price protection say anything regarding what they are telling you now?

Never even heard if it til yesterday.

 

[Ericg]

Sort of what I said in post #8. Happens all the time!!! I got marked up from 1.9 to almost 6%. Nice try!
Unfortunately, the consumer never knows this is happening.

Anyone who buys an extended warranty from a finance guy......ummmm, well, they just love getting screw'd! LOL
There are online sellers, such as Zeigler, that can sell 1/3 of that a finance manager wants to charge you!

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

 

[HSKR R/T]

What does the paperwork you signed, when you ordered the truck, say about price protection? Can you come with your own financing and still get price protection?

 

[Ericg]

What does the paperwork you signed, when you ordered the truck, say about price protection? Can you come with your own financing and still get price protection?

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]

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.

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.

 

[User_3336]

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.

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]

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

 

[RAM REBLE]

this is just a guess, but the dealer probably can’t charge a markup on Crysler Capital loans so they’ll lose money if the manufacturer cost goes up. I don’t understand why they’d offer price protection if you got your own loan though- that part makes no sense.

 

[bill-e]

Finance can mark up the interest rate to what ever they want to. CCAP (Santander) sends back the dealer an approval with their approval percentage. Dealer can mark it up (within reason). CCAP accepts the loan with the dealer's markup after all the paperwork is submitted. Happens all the time. People just don't realize it.

I know I was approved for 1.9 for 60 months because I submitted a pre-approval online thru CCAP. When dealer stuck me with a 6.77% interest rate, I grinned. I didn't even argue because I knew what he was doing. I paid it off as soon as I got the account number. Dealer doesn't get his kickback period. Dealer also told me that if I didn't float the loan six months, I would lose the rebate amount and it would be added back to the loan. Total B/S.

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.

 

[HSKR R/T]

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.

 

[djevox]

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.

 

[dyeguy1212]

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.

 

[Ericg]

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.