What was your interest rate when you financed your new ram?

[wallyuwl]

OP, sounds like you got screwed. If you finance with Chrysler Capital you get 0%, or additional incentives but a higher (5%ish) rate. Sounds like you got neither deal and they had you use another bank they get a kickback from, and a high rate to boot that they will make profit from.

Refinance right away and leave bad reviews everywhere you can (Google, cars.com, dealerrater). You may even want to file a complaint with your state's consumer protection office.

 

[cevans6318]

OP, sounds like you got screwed. If you finance with Chrysler Capital you get 0%, or additional incentives but a higher (5%ish) rate. Sounds like you got neither deal and they had you use another bank they get a kickback from, and a high rate to boot that they will make profit from.

Refinance right away and leave bad reviews everywhere you can (Google, cars.com, dealerrater). You may even want to file a complaint with your state's consumer protection office.

When the salesman came back, he told me my rate was 3.89% with TD Financial. He said Chrysler Financial wanted a higher APR. Don't know if it is really true or not. Then again may have to do with the fact I got a bunch of rebates. Find it hard to believe as my score was 827. MSRP on the truck I bought was $46,090. Was listed online for $39253. OTD with tax, tag, title and dealer fees was $47K. Even with the 9K I put down, still thought it was odd that I got 3.89%. Am still trying to figure out who to refinance with. I don't have a credit union, bank with wells fargo. Gonna take me some time to research. I Just wish I had some solid proof I got screwed with the APR. Wondering if I called Chrysler Financial if they might know.

 

[Idahoktm]

When they came back with that I asked 2 questions:

1. is 870 even possible? I thought it only went up to 850? That doesn't seem right and I'm still not convinced that it wasn't correct.
2. If her credit score is 870, then why is she getting a 9% interest rate??

I responded to another post about the reasons why I just accepted it and moved on, but yes screwy is definitely the right word haha

When my dealership ran my credit score, it came up as 875 which I thought was wrong, but apparently FICO Auto tops out at 900. The excuse they gave you about a 9% rate due to it being your first loan through Chrysler Capital is non-sense.

 

[Howie Dub]

I got 0% for 72 months back in April. I think that's the nature of the market right now though. My friend just bought a Chrysler Pacifica and Chrysler Capital was going to charge her 9% for 60 months!!! The dealership got her 5.99% with another finance company, but she's going to refinance it with her credit union. She got it through the fleet manager for her family's business, so I highly doubt they would try to screw her.

 

[grimreefer]

Bought new with a near perfect credit score, but still 2.19% for 48 months.

 

[GKIII]

0% 72 months through Chrysler w/ over 4k in incentives, not including the extra that was negotiated off the truck. Low 800s credit score.

This was back in March.

 

[GKIII]

I can guarantee the people who got 0% paid a heck of a lot more for their trucks ! You have to pick & choose what's more important to u. Either u get a really good price on your truck, good trade in value, or good interest rate. U will NEVER get all 3. Maybe 2 out of 3 if u know how to wheel & deal. The dealership is always going to make money some way. I got my Big Horn Level 2 for $40k with LED light package & a free roll up cover. I got $17k for my 2013 Ram BH level 1 with 72,000 miles on it which was at the top end for good to very good condition. I got screwed on my interest rate at 4.99% thru Chrysler Capital but I didn't care. I paid the truck off in 14 months !! They made about $700 in interest off me is all.

I could have taken the max rebate ($5750) with Chrysler's normal rate (3+%) and ended up with over $4.5k-$5k in interest....or remove a single $1250 rebate and pay zero interest over 72 months. I took the latter option, since that easily saves ~$2.5k over the life of the loan.

The only other 'good' option was a 2.89% loan from USAA, but due to the incentive requirements this would have been the worst of the three.

In both Chrysler financial scenarios I negotiated another $4.7k beyond the incentives, and also got my 8/100 MOPAR warranty for $1675 from that same dealer.

I *can* pay off the truck now, but I have better uses for cash than having it tied up in a depreciating asset... especially when the cost of that 0% loan is a measly $1250 rebate.

 

[HandyCruiser]

I got the 1.9% from Chrysler Capital. Based on 26 payments a year and 55 months to payoff, the interest would cost us $2,063.84. But we will most likely trade vehicles again in two to three years.

 

[woodey]

I got mine on March 31. Locked in at 0% for 72 months and $3000 cash back .Also got $9000 for my 2010 Ram ST rust bucket and put $5000 down for decent monthly payment payment.

 

[SpeedyV]

Just checked one of my preferred credit unions (Alliant out of Chicago). They’re at 2.24% right now. If you’ve got great credit, there’s no reason to pay more.

 

[DenCoRam]

I always get pre-approved from my banks before heading to the dealership. Then tell them up front you'll be financing, but don't tell them you're pre-approved or considering a certain bank. Dealers can make money on getting you into brand financing and I'm sure they get some sort of kick back for getting you to finance with someone else through them. Now they're more likely to knock money off the vehicle knowing they can prob make money on financing. Negotiate and lock in your price, get to the finance person and tell them you have already secured a loan at XX% and if they can beat it you'll go with their financing (whether through the brand or different bank). Has worked well for me, but often USAA or my federal credit union are the lowest.

Unrelated, but one of the better working negotiating tactics I've used (and one I didn't really plan) was having my pregnant wife come to the dealership when we were working numbers because she wanted to see the truck I was looking at. She told me in front of the salesmen you can't spend a dollar over $XX,XXX. Dealer came back beating that limit by $1. Haha

 

[PurpleRT]

2.29% for 72 via navy federal


Sent from my iPhone using Tapatalk Pro

 

[Hemidakota]

I DID NOT ORDER FROM MARK DODGE. So I basically got screwed as well. Supposed to have gotten the 0% when I ordered and FFP pricing. When the truck came in 6-30 they didn't want to honor the FFP. After a whole lot of yelling and cussing they gave me FFP but no 0%. Tried to hit me at 3.99 with some other bank. Told me I couldn't get 1.9 or 2.9 through Chrysler. Mind you we had and 808 and 825 credit scores. Finally ticked me off and just wrote a check for the full amount. Dealerships make money selling you at a higher interest rate. A buddy of mine in finance told me once you get in to the finance department, tell them you want "the buy rate payment". It's part of the truth in lending law and they will tell you the actual payment but not the interest rate. A little math on an auto app will tell you what the bank will actually give you on interest.

 

[Blitzhawk]

I got mine for 0% for 72 months with 10k down, no trade, and 10k off msrp with low 800's credit score. Best advice I found and can relay is keep steps seperate. Negotiate the vehicle price before talking trades and finally financing. Don't fall for the old tactic "monthly payment game" or "with your trade this is what we can do for you". Also, as others stated, find your own bank/credit union finance rates ahead of time so you know your jumping off points.

Fun story,
Luckily, I managed to get a price quote agreement from my salesman to price match employee pricing/rebates on my truck when I ordered it in an email. When the truck arrived, he texts me its all ready and set up financed for msrp to which I responded "lol, yea right...you quoted me x amount in email. I can send you copy when I get home." He responded, "OHH....thats ok, I will have to do some checking; will take till Monday." (It was Friday and I couldn't pick the vehicle up until Tuesday anyway). I said "sounds great". Monday, I get the call "well, we managed to do some digging and got it done." I pick the vehicle up and the salesman tells me "glad we could get it done, we lost money on this deal." I respond, "just once I would like to buy a vehicle without you guys 'losing money on the deal', lol."

 

[CogitoErgoLevo]

Bough mine locally here in SoCal late February 2021.
MSRP was $66580. Bought it for $60k before tax and license AND FCA loan @ 0% for 72 months.

 

[SpeedyV]

I got mine for 0% for 72 months with 10k down, no trade, and 10k off msrp with low 800's credit score. Best advice I found and can relay is keep steps seperate. Negotiate the vehicle price before talking trades and finally financing. Don't fall for the old tactic "monthly payment game" or "with your trade this is what we can do for you". Also, as others stated, find your own bank/credit union finance rates ahead of time so you know your jumping off points.

Fun story,
Luckily, I managed to get a price quote agreement from my salesman to price match employee pricing/rebates on my truck when I ordered it in an email. When the truck arrived, he texts me its all ready and set up financed for msrp to which I responded "lol, yea right...you quoted me x amount in email. I can send you copy when I get home." He responded, "OHH....thats ok, I will have to do some checking; will take till Monday." (It was Friday and I couldn't pick the vehicle up until Tuesday anyway). I said "sounds great". Monday, I get the call "well, we managed to do some digging and got it done." I pick the vehicle up and the salesman tells me "glad we could get it done, we lost money on this deal." I respond, "just once I would like to buy a vehicle without you guys 'losing money on the deal', lol."

Good advice. When I point blank tell the dealer rep “I don’t care about monthly payments.”, it seems to help us cut to the chase.

 

[cevans6318]

Ordered from Mark Dodge in March and locked in 0% up to 72 months. Took delivery the first day of June, $62,000 on a $76,000 truck, 0% for 60 months or just at $1000 a month.

I'd recommend anyone to join PenFed. Get the rebate via TruCar (backed by PenFed) and you'll win out by having access to some really good interest rates without a lot of shopping. Max out those rebates if you can...join Tread Lightly, PenFed, etc (how to get the best price thread is your friend).

I purchased no GAP, protection plans, tire coverage, extended warranty or anything else. I drive less than most people (except summer) so I'll stay way under depreciation. Carvana already offered me $64,000 for the truck and I owe $59 now. I keep a close eye on depreciation and will do my best to stay ahead of it.

Last big purchase I'll add is $2400 for the 8 year/125K mile warranty via Ziegler / Mopar. I don't think I've had a loan with interest except my mortgage.

Also, unsolicited advice but December is usually employee pricing for all so I'd recommend people put in a 2022 order in September or October and lock in any rebates at the time then hope for insane dealer promos in December.

Pen fed is what I am looking into right now. Just got off the phone with them to find out if they had any fees to refinance. Just hope I can lock in their 1.99% rate for 60 months. Not sure how the 2 inquiries from TD finance and the dodge dealer will affect that

 

[cevans6318]

Financed my 2021 at 0% for 72 months through Chrysler Capital in early May. The truck would have cost the same regardless of how I financed it. The price and incentives/rebates were negotiated before any clear discussion of how I planned to pay for it, as well as whether or not I had a trade-in. I don't care what the monthly payments will be, I'm more concerned with the bottom line. And I ended up getting as much for my trade-in as I paid for it brand new 18 months before. No charges for things like nitrogen filled tires, GAP insurance, ceramic coating, interior protectant, GPS tracking. They didn't even try to upsell me. The only other charges on the purchase order were tax/title/license and a $90 documentation fee. My local small town dealership does right by their customers and don't play the games I've read about larger dealerships playing.

I live in south Florida, everyone tries to f*&k everyone. Put it to you like this, I work for one of the largest automotive retailers in the US, I didn't buy my truck from them because they were more expensive then everyone else. And they took away the employee discount on brand new cars that are on the lot (due to the shortage). Would only offer a discount on used cars and new car orders. Funny thing is every dealer is full of ram trucks. Shortage my A%%.

 

[Sal731]

Zero percent. I will never finance a vehicle if they don’t offer me zero percent

 

[AdamChandler]

Pen fed is what I am looking into right now. Just got off the phone with them to find out if they had any fees to refinance. Just hope I can lock in their 1.99% rate for 60 months. Not sure how the 2 inquiries from TD finance and the dodge dealer will affect that

Fico Auto is actually very good about that. They lump hard pulls of the same type of lender so if you do 3 auto hard pulls, it'll show on your Experian report but FICO's Auto Loan score won't ding you over it. https://www.rategenius.com/when-multiple-credit-inquires-count-as-one

If you want to shop around for interest rates, you should only start the process when you’re actually ready to open an account. The reason? You’re only protected by the FICO rate shopping period for a specified amount of time.

When a lender pulls your credit report, the score they receive will not factor in any related inquiries from the last 30 days. If you’re rate shopping your third mortgage lender this month, they will see a score that doesn’t factor in the other two mortgage applications. As long as it’s the same type of application activity and all within the last 30 days, your score is protected.

As long as it’s the same type of application activity and all within the last 30 days, your score is protected.

However, this doesn’t apply to other credit product applications. If you’re shopping for a mortgage lender, for instance, the FICO score they receive will factor in that new credit card application you submitted last week.

Don't go crazy but also don't worry about it too much. Think of it like colleges and apply to your top choice first but have a few safeties lined up. Like others have said, loan to value, debt to income, score and payment history are most important but FICO Auto looks specifically at your history with automotive loans.