Best was to refinace my loan.

[tidefan1967]

How can you tell how many times they pinged your credit.

If you sign up for CreditKarma or something like that you can check your credit report and see for yourself. There's also Freecreditreport.com that you can pull up once a year for free but you don't get a beacon score unless you want to pay for that part. Many of the credit card companies give some degree of free credit monitoring too. Capital One would be one example that I know of. Pretty sure you can check for inquiries on any of these.

 

[huntergreen]

If you sign up for CreditKarma or something like that you can check your credit report and see for yourself. There's also Freecreditreport.com that you can pull up once a year for free but you don't get a beacon score unless you want to pay for that part. Many of the credit card companies give some degree of free credit monitoring too. Capital One would be one example that I know of. Pretty sure you can check for inquiries on any of these.

Thanks tidefan.

 

[mtofell]

It use to be that multiple inquiries in a month for a car or home loan didn't reduce your credit more than just 1 inquiry. Basically, the credit people figured you would be shopping for rates and don't penalize you. Not sure if that's changed. The last time I applied either was about 6 years ago.

 

[Graygoose]

Thanks tidefan.

yea, CreditKarma will let you know once your pinged.

 

[Graygoose]

It use to be that multiple inquiries in a month for a car or home loan didn't reduce your credit more than just 1 inquiry. Basically, the credit people figured you would be shopping for rates and don't penalize you. Not sure if that's changed. The last time I applied either was about 6 years ago.

a coworkers son, was looking for a truck. In like a months time, saw 4-5 dealers, find a possible truck, and had them run his credit.

By the end of the month, he had lost like 40+ points from all the pulls in a month.
At least thats what his dad told me.

 

[Docwagon1776]

You do not have to pay back the discount. How would they get the money back from you anyway?

I would simply say read everything you signed in detail and debts are collected the same way any debt that is accrued is collected.

 

[OLEJOE]

I have LifeLock and get a notification. They wound up financing through a totally different company. I called and asked if there was any penalty for early payoff. They said good to go. I got a shorter term, lower payment and a financial institution that has offices in my area. If there is a problem, I can go talk to them face to face, not email or talk on the phone to someone I can’t understand.

 

[chrisbh17]

I would simply say read everything you signed in detail and debts are collected the same way any debt that is accrued is collected.

I did read the fine print. And I did pay my account off well before whatever they claimed I should.

There is nothing in the paperwork that says how long you need to keep the account open. There is a specific section of the paperwork that says you can pay off early *without penalty*. Paying off early and them attempting to collect anything more IS a penalty.

And if I made all payments with a paper check, would they attempt to take money back out of my account without an authorization? I dont even think FCA is stupid enough to do that.

 

[Graygoose]

https://www.foxnews.com/auto/average-car-loan-70-months-0-percent-coronavirus


Interesting read.

 

[Docwagon1776]

I did read the fine print. And I did pay my account off well before whatever they claimed I should.

There is nothing in the paperwork that says how long you need to keep the account open. There is a specific section of the paperwork that says you can pay off early *without penalty*. Paying off early and them attempting to collect anything more IS a penalty.

And if I made all payments with a paper check, would they attempt to take money back out of my account without an authorization? I dont even think FCA is stupid enough to do that.

Respectfully, you aren't the OP and your paperwork isn't his. If he signed a deal with the dealer for X price under Y conditions and then breaks those conditions, that's not the same as a prepayment penalty. That's breach of contract, and civil remedies exist for that sort of thing if the seller wishes to pursue them. I'd just be real careful at risking $1k over 4 months of interest without going through the paperwork with a fine tooth comb.

 

[89grand]

Well, I submitted a request though Lending Tree. I'm going to refinance it for 48 months at 3.09%.

I came in there with 4.39% from Chase at 48 months, left there with 6.27% from Chrysler at 72 months, just to get the $1000, and now I'll be better off than when I started.

I only heard the saleswoman say I needed the loan for 4 months, but I don't recall seeing that anywhere in the documents I signed. I'll look for that specifically before I sign any new loan documents.

 

[Graygoose]

Well, I submitted a request though Lending Tree. I'm going to refinance it for 48 months at 3.09%.

I came in there with 4.39% from Chase at 48 months, left there with 6.27% from Chrysler at 72 months, just to get the $1000, and now I'll be better off than when I started.

I only heard the saleswoman say I needed the loan for 4 months, but I don't recall seeing that anywhere in the documents I signed. I'll look for that specifically before I sign any new loan documents.

they want you to have it long enuff to get their check for pressuring you into that deal.
So I doubt its 4 months. You should be good

 

[alexalex]

Oh I'm also thinking of doing a auto refinance, I wanted to know what does this community have in advice for which places currently has good rates. From what I read from a few posts, its bad - Anyway thank you for any advice. Found an interesting article on bricta

 

[GTyankee]

I was Pre Approved by my Credit Union for the full amount of my Ram
Then the dealerships Finance Officer told me about the FCA financing plan

I went back to my credit union & told them about the offer
I was told to take the FCA plan for X number of months, i think it may have been 4 months.

So i took the FCA plan for the number of months that the plan said that had to, to receive that discount.
Then i refinanced with the Credit Union & got their 3% rate

I made payments for a short while, i was doubling up on the payments
Then after asking the credit union if my credit rate had come up any.
They told me that it had, so i paid off the Ram, & just kept enough of the loan money to repaint my Ram, When it was repainted, i paid off the rest of the loan.

 

[Treburkulosis]

We use Ally and have for the past 5 years and 4 cars. Great company. With the Jeep we used FCA it was the best option for us this time.