Dennis Dillon financing: deal or no deal?

[Bruinjay]

evening all-

I’m planning to purchase a ‘19 ram from DD sometime in November. They’re offering an additional $1K off in exchange for financing thru them for 6 months minimum at a much higher rate than what I can get elsewhere.

So two questions...

1) who does DD finance through?

2) what’s to prevent anyone from agreeing to finance thru them for the extra discount, then send in a check for the full balance after driving off the lot?

*i know there are threads about this topic on the forums, but wanted the freshest intel from y’all who may know better.

I live in SoCal

Thanks in advance!

 

[ScLeCo]

 

[reek]

I did my financing through DD back in 2016 so not so fresh perspective I guess. But I don't think there is anything to stop you from doing the one time payment BEFORE 6 months.

I went in with funds already approved through USAA. DD's rate was barely higher. Did the math and I still saved money after 6 months after I did pay off my truck lump sum. my previous truck was hit head on and totaled so I was able to pay it all off.

as long as you read the fine print and you have a plan or handle on your finances, its tough to get trapped.

 

[Bruinjay]

@reek- thank you for your thoughtful response. Glad you fared well with you new truck. That said, I am so sorry to hear about the accident. That’s terrible

 

[reek]

thanks, no injuries. just happy my Tundra didn't have one of those Takata air bags. Happy hunting!

 

[avantiguy]

evening all-

I’m planning to purchase a ‘19 ram from DD sometime in November. They’re offering an additional $1K off in exchange for financing thru them for 6 months minimum at a much higher rate than what I can get elsewhere.

So two questions...

1) who does DD finance through?

2) what’s to prevent anyone from agreeing to finance thru them for the extra discount, then send in a check for the full balance after driving off the lot?

*i know there are threads about this topic on the forums, but wanted the freshest intel from y’all who may know better.

I live in SoCal

Thanks in advance!

Be sure they show you the payoff restrictions in the paperwork, if any. Many will charge a penalty. When I bought my 19 last month I went through Chrysler Capital, it was a higher rate but I was assured that I could pay it off after six months but the trick is to write the first check for all but the last five payments, otherwise the interest payment over that time will eat up most of the savings.

I wrote that check last month and now see that Chrysler will let me pay it off for about a $10 upcharge this month. That means that they paid me about $225/check to write two checks as there was a $500 rebate for using financing through Chrysler.

BUT!!!! as I said, be sure it's spelled out in the paperwork.

 

[chrisbh17]

Be sure they show you the payoff restrictions in the paperwork, if any. Many will charge a penalty. When I bought my 19 last month I went through Chrysler Capital, it was a higher rate but I was assured that I could pay it off after six months but the trick is to write the first check for all but the last five payments, otherwise the interest payment over that time will eat up most of the savings.

I wrote that check last month and now see that Chrysler will let me pay it off for about a $10 upcharge this month. That means that they paid me about $225/check to write two checks as there was a $500 rebate for using financing through Chrysler.

BUT!!!! as I said, be sure it's spelled out in the paperwork.

Thats new....I went through Chrysler to get the rebate 2 years ago when I bought my '17. I asked 3 times if there was a minimum that needed to be financed and if there was a minimum time I needed to keep it open. And I got 3 different answers. So I financed very little, got my 500 cash off the deal and then paid off the "very little" a couple weeks later.

My understanding is that the *dealer* will take a hit the earlier you close the account. The fact that mine couldnt give me a straight answer....oh well!

 

[avantiguy]

Thats new....I went through Chrysler to get the rebate 2 years ago when I bought my '17. I asked 3 times if there was a minimum that needed to be financed and if there was a minimum time I needed to keep it open. And I got 3 different answers. So I financed very little, got my 500 cash off the deal and then paid off the "very little" a couple weeks later.

My understanding is that the *dealer* will take a hit the earlier you close the account. The fact that mine couldnt give me a straight answer....oh well!

In affect, it looks like I'm doing the same thing you did except I wrote the first check to Chrysler not the dealer. The large initial payment thought came directly from the dealer finance guy, when I said "at the rate of interest there will be little savings for me if I make the normal $511/mo payment and then write a check for the remainder as the sixth payment".

That was went he said to write the large check first. He made no mention of needing to make all six so I'm going to pay it off this week. He just said Chrysler needed six payments and when I went to the Chrysler Capital website there's was essentially nothing about penalties for early payoffs.

He may have been distracted trying to sell me the 3rd party warranty for $4600 so hard, silly idea and no sale here.

 

[chrisbh17]

Yeah, I was pretty ticked at Chrysler Finance because they came back with a terrible APR (~6%), when I balked and mentioned my credit score was 800+ "oh we didnt even run the numbers, this is the best we can do". WTF? On top of that I had to pay to unfreeze my credit so they could run it, and they didnt even run it? Not a good start.

At that point I didnt really care about them not getting 100% of their kickback from getting me to finance. When I walked in with a cashiers check for most of the cost of the truck they laughed and said "sorry you cant have 2 loans on the same truck" like I had brought a loan check from another bank. "Look closer, its a cashiers check, from a checking account". His half smile turned to a zero smile.

On the bright side, when I said "the answer is no" as he started his shpeel about every little package, he said he understood but still needed to talk about them. I let him do that and he just put a straight line down the "No" column.

 

[Bruinjay]

Thanks all. To confirm, DD uses Chrysler capital to finance, correct?

 

[avantiguy]

Thanks all. To confirm, DD uses Chrysler capital to finance, correct?

That's the question you need to ask DD specifically. They may have several options but if you don't know positively that you can pay it off without a penalty, you may get the check back asking for more including a penalty.

Just be sure, AYK the interest over many months can add up to real money.

 

[sandawilliams]

Some states don't allow an early payoff penalty on loans.

 

[Bruinjay]

Thank again guys. Really appreciate your help

 

[Elkman]

No free lunch and when I have needed to borrow money to buy a vehicle I have shopped around at the banks to find who was aggressively pushing car loans and offering the lowest rates. With a loan pre-approved when I buy a vehicle I can get a cashier's check from the bank in 1 day.

Then I negotiate the best price I can for the new vehicle and sell my old vehicle to a private party.
Dealers make most of their profit from car servicing and parts sales. The one exception is when they can sell you on financing through them where the money they make is 100% profit.

 

[dputnam01]

My (2018) DD financing went through Bank America. If I were to do it again, I might secure my own financing.

 

[Spudgunner]

We purchased our 2018 3500 from DD not long ago. We live in southern ID so it was easy. We paid cash so I can't comment on the financing except be very, very careful. Two things to note for you: Their "Dealer Doc fee" is very high ($295 IIRC) and they will try and sneak a screwy $299 "anti-theft" policy in on you that includes nifty blue and silver tags affixed to at least two places on the rig. The $299 policy looks a lot like the $295 dealer/doc fee and it is EASY to confuse it. Ask me how I know. If you do fall for that, call them after the fact and demand that they remove the fee and cancel the insurance. That worked for us. Just read everything very, very carefully. When they electronically capture your signature, they may apply it to other docs (at least they did with us). Make sure you require that they show you EVERY piece of paper that has your real and "virtual" signature on it.

I realize this response is somewhat tangential to your question; however, I ran the risk of pooping in your thread just because of our experiences and how they may affect you. I apologize if this post isn't what you were looking for.

 

[clint440]

Dennis Dillon is a great place to buy a RAM at. They allow you to register your truck wherever you want and there prices are the best around. That said, I usually use USAA or pay cash. The worst part of my transaction at DD was the finance guy trying to peddle me stuff I didn't want. Like everybody says, read all the fine print and they do rush you to sign paperwork so you don't have as much time to pay attention to details.

As far as reserving a truck you like from out of state and dealing with the salesman, it was a great experience. I will buy there again if need be.

 

[dexter]

evening all-

I’m planning to purchase a ‘19 ram from DD sometime in November. They’re offering an additional $1K off in exchange for financing thru them for 6 months minimum at a much higher rate than what I can get elsewhere.

So two questions...

1) who does DD finance through?

2) what’s to prevent anyone from agreeing to finance thru them for the extra discount, then send in a check for the full balance after driving off the lot?

*i know there are threads about this topic on the forums, but wanted the freshest intel from y’all who may know better.

I live in SoCal

Thanks in advance!

What is the interest rate from DD?

How is your credit rating?

Check out:

https://www.penfed.org/auto

 

[Bruinjay]

Thanks all again for providing your feedback. Seems like I’d be better off securing my own financing @ around 3% instead of the hassle of refinancing, potential penalties, etc...

Their financing deal tied to the $1K “discount” of MSRP is a 7 year term @ around 5% w/
$10K down. Rep told me to just do it and refi after the obligatory 6mo minimum.

Maybe more trouble than it’s worth.

 

[turkeybird56]

With all respect, do your Due Diligence and Shop Around. PENFED is pretty darn good for vehicles and such. NO WAY would I listen to a Dealer Finance Guy double talk me on ne thing. I am fortunate, got a pretty good dealership where I bought. They even found a $1,500 rebate after all PW had gone through and had FCA mail me a check. That said, watch yer P's and Q's.

I went in with a MY 15 ED, low miles. They tried to low ball me with BS, with 26K, uh no, so they did 31K. NE way bought MY 19 Bighorn, was $48,295 MSRP. They sold for 41K, got dealership warranty, $18.00 for life oil change, so with all turn around, gave them a CC for 12,500 and walked out the door owning the truck. Also got TT controls and install for free. But be careful and read EVERYTHING. Also as said above, watch for the way they throw around yer signature on BS,. And all the additional BS: Fob Insurance, Tire Insurance, Theft BS, read real well, just saying...