Dodge/Ram/Jeep Canada Dealerships and the 'Virus'

[huntergreen]

My brother in law found a brand new 2018 (yes, 2018) Jeep Grand Cherokee Limited. No idea how it sat this long, but it had 5 miles on it when he test drove it and put another 10 miles on it.

My guess is that it being a 2018 means it WON'T apply for any of the current incentives. I did tell him to beat them down on price anyway, because its almost 3 model years old at this point.

He should be able to get a great price. A credit union might give a better rate than the dealer.

 

[chri5k]

I'm these uncertain times, delaying payments may be a life line for some.

At what cost? All I am saying is there is no free lunch. I have helped people with credit / financial issues. Some of them started on the car payment treadmill. It's only a few dollars more is not an uncommon thing to hear. Delaying payments get folks use to not having that payment so they spend the money or they just don't have it to begin with. Now they are stuck with a vehicle that is worth much less than what they owe. Even if it is sold or repossessed, they will still owe the difference between what it is worth and what they owe. Or if they manage to keep it afloat, in a couple of years they want another new car but are upside down in the current one. That upside down portion from the previous vehicle gets added to the new loan and now they are even more upside down on the next vehicle. It is a vicious cycle that is nearly impossible to get out from under.

 

[huntergreen]

At what cost? All I am saying is there is no free lunch. I have helped people with credit / financial issues. Some of them started on the car payment treadmill. It's only a few dollars more is not an uncommon thing to hear. Delaying payments get folks use to not having that payment so they spend the money or they just don't have it to begin with. Now they are stuck with a vehicle that is worth much less than what they owe. Even if it is sold or repossessed, they will still owe the difference between what it is worth and what they owe. Or if they manage to keep it afloat, in a couple of years they want another new car but are upside down in the current one. That upside down portion from the previous vehicle gets added to the new loan and now they are even more upside down on the next vehicle. It is a vicious cycle that is nearly impossible to get out from under.

At what cost ? Lay off ? Many businesses are closed, loss of one pay check ? Need to pay taxes and mortgage, food on table for family and the list goes on. In normal times I would agree with you. These aren't normal times.

 

[bmans5]

I'm these uncertain times, delaying payments may be a life line for some.

Exactly, we are going to just bank the payments like we normally would...worst case scenario we use those payments to get thru this craziness....best case we pop thru this uncertainty with that money still in the bank and we apply it as a 1 time payment against the loan.

 

[chri5k]

At what cost ? Lay off ? Many businesses are closed, loss of one pay check ? Need to pay taxes and mortgage, food on table for family and the list goes on. In normal times I would agree with you. These aren't normal times.

These abnormal times most likely not last 84 months like the loan on the vehicle. With regards to the OP, they have a 2019 vehicle that is not reported to have any serious issues. If it were me, I would not put myself in the position to take on more long term debt that will most likely come back to bite in the not so distant future for a short term problem. Most auto financing companies are starting to work with their current borrowers on payments for their current vehicle. Many are suspending payments for 1 - 3 months so it is very similar the new vehicle delayed payments deal without the dealer fee, taxes and depreciation losses and future headaches.

I started off with IMHO so this is just my opinion. The OP is a big boy and free to make his own choices. When posting on Internet forums you will get a number of opinions some of which you may not agree with.

 

[huntergreen]

These abnormal times most likely not last 84 months like the loan on the vehicle. With regards to the OP, they have a 2019 vehicle that is not reported to have any serious issues. If it were me, I would not put myself in the position to take on more long term debt that will most likely come back to bite in the not so distant future for a short term problem. Most auto financing companies are starting to work with their current borrowers on payments for their current vehicle. Many are suspending payments for 1 - 3 months so it is very similar the new vehicle delayed payments deal without the dealer fee, taxes and depreciation losses and future headaches.

I started off with IMHO so this is just my opinion. The OP is a big boy and free to make his own choices. When posting on Internet forums you will get a number of opinions some of which you may not agree with.

As I said, normally I would agree. I have no idea what Canada is doing to help folk financially.

 

[SitKneelBend]

It's important to note, many are offering delayed payments on your current loan. I'm not a fan of all the virtue signaling marketing going about as if they are extending you a "deal"...

Sent from my HTC U11 using Tapatalk

 

[chrisbh17]

I bought my 2017 Big Horn brand new for about 30% off MSRP.

MSRP is not a good way to gauge any deal, IMHO. They are overly inflated nowadays, specifically to make any deal "look good".

 

[tbird71]

Let's see...I can let them "help" me into a new 2019 classic for a 14K or so loan, or keep my paid off 11 with low miles and live with the 5 speed and ancient radio...Hmmmm I'LL KEEP MY 2011

 

[Irongoats]

Where's that damn TRX at 0% that's what I'm waiting for.

 

[w6pea]

Let's see...I can let them "help" me into a new 2019 classic for a 14K or so loan, or keep my paid off 11 with low miles and live with the 5 speed and ancient radio...Hmmmm I'LL KEEP MY 2011

I will keep my Paid Off 2016 2500 Laramie and my paid off 2019 Jeep Grand Cherokee Trailhawk. If my paid off 2016 Jeep Grand Cherokee hadn't been stolen my wife and I would still be driving it.

 

[SitKneelBend]

I'm actually considering paying off my 0% 2014 early just in case things go even more sideways then they currently are. That way it can't get repossessed if I become one of the many unemployed in this current situation. At least then I'd have something to sell if it came down to it.

Sent from my HTC U11 using Tapatalk

 

[tomb]

I'm these uncertain times, delaying payments may be a life line for some.

Maybe, but for some people if they defer payments and/or take on other debt it could all come crashing down at once if their employment is delayed much longer than expected. As they tell us that it is the Virus that is going to decide the timeline on everything. For me,i am uncomfortable on taking on any new debt-deferred or not-even if the payments on a new vehicle are equal to want you currently pay-the length in months is surely much longer. I am comfortable in my 2012 and no payments help me sleep better in these very uncertain times. Plus i hate debt-deferred even more so.

 

[tomb]

At what cost ? Lay off ? Many businesses are closed, loss of one pay check ? Need to pay taxes and mortgage, food on table for family and the list goes on. In normal times I would agree with you. These aren't normal times.

You just proved his point. Who is just losing i pay check? This could go on for quite awhile. Its fine for those who have ample funds to weather this. Many do not and end up with vehicles that they are up-side down on and as he stated it just gets even more-so when they want to upgrade again-its a worm-hole.

 

[chrisbh17]

You just proved his point. Who is just losing i pay check? This could go on for quite awhile. Its fine for those who have ample funds to weather this. Many do not and end up with vehicles that they are up-side down on and as he stated it just gets even more-so when they want to upgrade again-its a worm-hole.

Actually at this point I think the biggest issue will be declaring "mission accomplished" over the virus.

Lots of people are in agreement the peak will be 2 or 3 weeks from now. I know its horrible, but after that the death rate should start declining....supplies should come back, etc.

During that decline, when do you say "we're good, lets sell some trucks"? We will (literally) never be the same....with potentially 100K dead, a virus that still has no cure out in the wild, etc. If we wait for a specific "all clear" it could be years. But life needs to go on well before that.

 

[18harvest]

i am good until july,august (hopefully i will be back to work then)with my truck payment.but it sure would be nice to have that sucker paid off.i have a paid for 04 silverado with 200+ thousand in the yard thats still going just in case worse comes to worse. i am really thinking my 18 ram will be the last new vehicle i will buy.just to much money and you never know whats going to happen.i mean if i did buy a new truck even with gas 1.56$ since i am not working and same as stay at home ordered how am i going to go anywhere and enjoy the truck.

 

[chrisbh17]

Just out of pure bad (maybe good?) timing, a family member of mine is in the market for a vehicle.

On the fine line of "do we wait and hope the deals get better" vs "we're seeing good deals on leftover 2019s right now".

I like helping people through the car buying process, but even Im not sure. You could wait it out and hope, but who knows how long its going to be, and the chances of someone timing it just right are pretty slim IMHO. More luck than anything else.

Of course he is looking at an FCA vehicle (Jeep Grand Cherokee) so he is learning first-hand the BS they pull with internet pricing...."oh yeah that price is only if you are a polygamous farmer with exactly 6 wives that owns a funeral home in Oklahoma".

 

[18harvest]

Not that great a deal really.let's say you buy a mid level ram 44000 - 6000.and if you had paid just say 5% for 84 months that's about 7300.so if you figure 6000 +7300 that's 13300 off msrp.which would be less if you got a lower interest rate.so in reality you get about the same deal you could have gotten pre coronavirus. Plus you still have to pay 84 total payments you just wait 90 days before you start.and the actual cash value of your truck is around 30000 or less when you drive off the lot

 

[Moparfanatic21]

I was looking at a 5th gen and wanted me answers answered on here (no luck my thread is dead) but they offered me a good bit off my monthly payment and no payments for 120 days. Also low interest on the loan if I decide to get a loan