Dealerships running amazing deals?

[dodgehemi0]

That incentive requires you to keep the loan for x months. Didn't you agree to that?

Not sure if its a per state thing or what, I just made sure to read all of the fine print when I signed my loan. Same deal here in CT: no pre-payment penalty, no "asterisk" about having to keep it open for a certain amount of time, etc.

My dealer TOLD me I had to keep it open for 6 months (and 3 months, and a year, depending on who I asked ....) but the reality is they say it to make sure they dont lose any of the kickback they get for opening a new loan.

If they were more transparent about it (I asked the specific question to 3 people and got 3 different answers), I might have kept it open for a bit, but they were not, so I did not.

its a scare tatic they wont get their money if you dont hold it that long is why they say that. a total lie..... take the incentivce then refinacne the next day and not a dang thing will happen to you.

 

[dexter]

Wait until the dealers open up again. For a month or so there won't be many if any discounts.
Then when they see no one is buying the great prices will begin.

And, if you are looking for a house ... prices will decline.

If you are selling ... get out while you can get your money out.

 

[shurik74]

Wait until the dealers open up again. For a month or so there won't be many if any discounts.
Then when they see no one is buying the great prices will begin.

And, if you are looking for a house ... prices will decline.

If you are selling ... get out while you can get your money out.

very well said... agree...

 

[STOKED]

Picked mine up about 2 weeks ago. MSRP was over $56k. $41k after incentives. Definitely some good deals out there.

 

[Fitz-0518]

What most dealers and many customers forget, or do not know, is that auto dealer contracts are governed by State Law. If for example your State contract or purchase law says that it is illegal to tie an incentive to a fiance term. Then it is illegal and that is what the Judge will rule when you sue.
Over the years when I have found my self in one of these situations. I research the civil code and/or State Law and send them a copy of the law or act. Only the stupid ones push. Fitz

 

[slim chance]

guess i do NOT understand ... why would you want to pay off any 0% loan, you are using their money to get what you want and it does NOT cost you anything ... i did this with 4 different Toyota trks (5 yrs @ 0%), it did not effect my credit rating .. after 2 yrs and 24,000+ miles i would trade the trk in and get a new one @ 0% again and each time my monthly payments did NOT go up .... somebody smarter than me needs to explain

 

[STOKED]

guess i do NOT understand ... why would you want to pay off any 0% loan, you are using their money to get what you want and it does NOT cost you anything ... i did this with 4 different Toyota trks (5 yrs @ 0%), it did not effect my credit rating .. after 2 yrs and 24,000+ miles i would trade the trk in and get a new one @ 0% again and each time my monthly payments did NOT go up .... somebody smarter than me needs to explain

No, you're right. In the end it's all a wash though. You'll either save the extra money up front by financing, or get it back when you trade it in, if you pay cash.

 

[dexter]

guess i do NOT understand ... why would you want to pay off any 0% loan, you are using their money to get what you want and it does NOT cost you anything ... i did this with 4 different Toyota trks (5 yrs @ 0%), it did not effect my credit rating .. after 2 yrs and 24,000+ miles i would trade the trk in and get a new one @ 0% again and each time my monthly payments did NOT go up .... somebody smarter than me needs to explain

Zero isn't zero when the offer is 0% loan or 3,000 off the price. Most offers are like this. In this case the interest is the 3,000.

Did the trucks you bought have a similar offer? If so, you paid more then 0%

 

[dexter]

No, you're right. In the end it's all a wash though. You'll either save the extra money up front by financing, or get it back when you trade it in, if you pay cash.

This is the calculation for 0% vs cash off price:

40,000 Cost of truck
(3,000) Do not take 0% offer
37,000 Amount paid

40,000 Cost of truck
Take 0% 5 years
40,000 Amount paid

-7.50% Interest Rate (or cash discount) over Life of loan-5 years

-1.50% Per Year interest rate
-----------------------------------------------------------------------

I had a similar situation when I bought my 2500.

I took the cash discount from the dealer and then got a 3 year 1.5% loan from PenFed.

I had the money to pay for the truck. But, the money was invested in a tax free fund that was earning 4.5% so, net I was earning 3% by not paying in cash.
-------------------------------------

The question you should always ask is: How is this guy trying to screw me. Then try to get the best deal.

 

[slim chance]

Zero isn't zero when the offer is 0% loan or 3,000 off the price. Most offers are like this. In this case the interest is the 3,000.

Did the trucks you bought have a similar offer? If so, you paid more then 0%

Nope, they did not play that game with me ... got all the cost out the door before i said anything about 0% ... price was reduced, you might also note toyota does not play the "raise the sticker price so you can give a big discount game" ... that is part of the reason you do NOT take a big hit when you trade them in .. on my last toyota limited at one yr my trade was $3,000 less than sticker, with my 2019 Ram 1500 at 6 mo. when traded was $10,000 less than sticker

 

[HuhWhat]

The Ram I just bought was $10k off the sticker, they gave me $5,000 trade-in on my Patriot (which shocked me), I put $1,000 down. After that I got 0% interest and 90 days with no payments.

 

[Narg]

20K off is not new. They did that often last year.