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

[cevans6318]

Looking to see what everyone's interest rate was when they financed their new ram. I am convinced the dealer screwed me. Could be wrong though. Bought my 2021 Ram 1500 last week. My credit score was 827 yet my interest rate was 3.89%. And I put $9000 down. And it was financed through TD finance. I was told Chrysler financial wanted to give me a higher rate. I questioned to the salesman about the 0% Apr that Chrysler advertises and he says no one gets that rate. Then I see dealers advertising as low as 2.1%. What did everyone else pay?

 

[Oilslick]

4.29% through Chrysler Capital to get their incentives/rebates. But after my 3rd payment I'll be switching to my credit union's rate which is 1.99% for up to 60 months.

 

[jimothy]

I locked in 0% for 72 months when I ordered from Mark Dodge and took delivery in June. My credit score is 800+.

So, yeah, you got screwed and lied to by the finance guy. Happens all the time. In my experience (MD being the exception), the finance guys are the least scrupulous people in the dealership.

The good news is, you can refinance, not for 0%, but for around 2%.

The finance guy may have told you you need to wait 3 or 6 months or whatever to refinance. Read over your paperwork, but if he did tell you that, it’s probably another lie. What he means is, he and the dealership don’t get their kickback if you don’t wait that long.

If it were me, and I had a bad experience with the finance department and felt they were dishonest, I’d refinance right away. In fact, a few vehicle purchases ago, I got the same BS you faced, and I refinance the minute I got home. I didn’t make a single payment to the dealership’s chosen bank, and the dealership presumably didn’t receive a dime, either.

On the other hand, if you felt the finance department was fair and honest, maybe you’d do them a favor and wait. But it doesn’t sound like that was your experience. Screw ‘em!

 

[cevans6318]

I locked in 0% for 72 months when I ordered from Mark Dodge and took delivery in June. My credit score is 800+.

So, yeah, you got screwed and lied to by the finance guy. Happens all the time. In my experience (MD being the exception), the finance guys are the least scrupulous people in the dealership.

The good news is, you can refinance, not for 0%, but for around 2%.

The finance guy may have told you you need to wait 3 or 6 months or whatever to refinance. Read over your paperwork, but if he did tell you that, it’s probably another lie. What he means is, he and the dealership don’t get their kickback if you don’t wait that long.

If it were me, and I had a bad experience with the finance department and felt they were dishonest, I’d refinance right away. In fact, a few vehicle purchases ago, I got the same BS you faced, and I refinance the minute I got home. I didn’t make a single payment to the dealership’s chosen bank, and the dealership presumably didn’t receive a dime, either.

On the other hand, if you felt the finance department was fair and honest, maybe you’d do them a favor and wait. But it doesn’t sound like that was your experience. Screw ‘em!

I have a feeling I was lied to. I had my fair share of issues with the finance dept but not gonna cry over it. They never said anything about refinancing. Was never mentioned. I want to refinance but not sure who to use. Or who the best to use is.

 

[jimothy]

I have a feeling I was lied to. I had my fair share of issues with the finance dept but not gonna cry over it. They never said anything about refinancing. Was never mentioned. I want to refinance but not sure who to use. Or who the best to use is.

If you’ve got (or can join) a credit union, that’s a good place to start. Or check resources such as Nerd Wallet.

 

[jessed1]

2.24% From my local credit union (Americu)

I had tried to go thru the dealer for financing but stupid TRANSUNION had a lock on my credit score and the dealer only used transunion (not experian or equifax). Took a month for transunion to figure out they had linked my dads SSN to mine after he passed away and 2 SSNs caused an issue (imagine that).

 

[Sascwatch]

Similar credit score but I financed through Scotia bank for 2.89% with $0 down. I let the finance department check interest rates for me and was happy with that at the time so I stuck with it.

Funny thing is I’ve been banking with TD for almost 20 years and they didn’t even want to lend me the money. One day I’ll be switching banks, this whole covid thing has banks so busy here that I haven’t had a chance to swap yet.

 

[NorthStar]

This was back on July 31…the Finance Skuzbag (lower than a car salesman’s belly) offered me 3.99% as her initial volley. I had previously checked with my credit union to see what rate I’d get and was told 1.9% for 72 months. I explained to the Ms. Skuzbag that 3.99 was sufficient to kill the deal.

We went bank and forth for thirty more minutes whereupon she said she could get me 2.29% but only if I purchased a $1200 GAP policy. I explained this is a violation of Texas law and walked out. I demanded my keys and that’s when the Sales Manager launched into Ms. Skuzbag’s office. They ended up giving me 1.9% from a competing credit union…and I signed the paperwork with her boss as the Sales Manager wanted the deal closed that day with no more screw ups.

 

[Scap]

In Feb, I got 0% for 72mos thru Chrysler.

 

[JCK_25]

I re-finances through Andrews Federal Credit Union. Just gotta maintain like a $5 balance to become a member and great rates!

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[Appyfan]

I got 0% for 72 mos with an 801 score at the end of March. I agree with jimothy re doing some research on refi rates.

 

[Moosefire66]

My truck isn't new but my local credit union is offering 2.99% and my wife's bank is at 1.99% so you have some options to refi

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[fast ed]

I got 0 for 72 months on 6/21 good credit score

 

[BigD]

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.

 

[Moosefire66]

she said she could get me 2.29% but only if I purchased a $1200 GAP policy. I explained this is a violation of Texas law and walked out.

What violation is that? I wonder if other states also have laws to protect them similarly

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[NorthStar]

What violation is that? I wonder if other states also have laws to protect them similarly

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Tex. Admin. Code § 83.812​

“ The disclosure must not be in the loan agreement and must state that the borrower is not required to purchase the gap waiver agreement in order to obtain the loan.”​

Section 83.812 - Gap Waiver Agreement, 7 Tex. Admin. Code § 83.812 | Casetext Search + Citator

Read Section 83.812 - Gap Waiver Agreement, 7 Tex. Admin. Code § 83.812, see flags on bad law, and search Casetext’s comprehensive legal database

casetext.com

 

[jimothy]

I can guarantee the people who got 0% paid a heck of a lot more for their trucks !

I paid $59K on a $71K sticker price, plus 0% for 72.

 

[AdamChandler]

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.

 

[LaxDfns15]

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.

Yeah they will raise the price if you get to 0%. With an 800+ credit score, good trade in value on my old truck, and decent discounts, they wanted an extra $700 for the difference between 1.9% and 0%. If I paid the same amount on the 1.9 loan as I would with the 0 I'd pay about double in interest so I took the 0%.

 

[Vinnie.]

Goose Egg, got a significant discount too, under employee pricing. there's a thread on here on how to find/obtain the lowest price. mine was a factory order as well. i was very pleased with the out the door price and the 0% financing.