Financing question

[Inthehighdesert]

I just did this in the last week on my HE Cftp. I ran it through Ford for ease and quickness. The dealer will have to pay the bump back to Ford if its paid off in the first 90 days. Some lenders its six months. Even when I was a dealer I never had a lender that was more then six months on the backend bump. I’ll switch mine to the local credit union as soon as I get the tags. Probably 45 days or so to get the tags. You do not have to keep the loan and can refi it whenever. The extra inquiry doesn’t hurt your credit, its not a big deal. I wasn’t concerned about the couple bucks difference for a few months. Compared to what these cars cost its a pittance. I just didn’t want to lose the car, got them to come off there adm quite a bit.

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[Kennysum1]

The dealer gets a nice kickback from their financing firms. Check with them on how long you need to keep their financing before you can change. I have done it several times over the years. Used to be after 3 months you can move the loan and they still get their cut.

They will still be back charged for most of it. It's 1 year to not get a back charge. At least it was.

 

[Boytano]

Why wait to get the tags?

 

[Inthehighdesert]

Because then it has a State issued title. I’m not worried about the difference in interest rates for 45 days.

Why wait to get the tags?

 

[UncleSams_SVT]

IMO who cares about the dealership's kick back, refi as soon as possible if you can get a lower interest rate somewhere else. If I use the dealer's lender to make things smoother for the purchase, I will then refi that week.

 

[nmp1]

unless you have a good rapport with this dealer or they did you a solid by not charging a markup/ giving you the only allocation, refi now. when dealers charge a mark up they always say business is business well that's a 2 way street. I don't know the details of your loan but you could easily save yourself $100 a month. here are the details on my loan. im at 2.79 for 6 and if i was at 6.14 it would be another 10k in interest and about $150 more a month.

 

[cerbomark]

I don t care what they promised or did I wouldn't pay them that much difference in interest. If they are a dealer worth staying with then they should understand.

 

[Cory S]

As a side point, it always seemed like it was the salesman that got the comp. So if he/she did a good job, waiting a few months is no big deal.

It's not the salesman that gets the kickback from financing. It's the finance manager.

 

[wingnutt]

No offense meant to the OP, but am I the only one who thinks this is car buying 101…and shoulda been learned long before getting to the GT500 level of cars?

…jus sayin

 

[Boytano]

Never bought a car with a car loan before. Only write a check. The wonderful world of adm and allocation gt500…. Most dealers required financing or no sale. I called about 30-50 dealers to buy my Shelby… it was not the best experience.

 

[cerbomark]

Never bought a car with a car loan before. Only write a check. The wonderful world of adm and allocation gt500…. Most dealers required financing or no sale. I called about 30-50 dealers to buy my Shelby… it was not the best experience.

"Most dealers require financing or no sale". ??? What, don t walk , run away from them. I ve bought Porsches that didn t require financing. Maybe I m not understanding your statement it is so ludicrous . Don t be forced into their no cars, hard to get, never be cheaper BS dealers are pushing now a days. be smart and wait for the right car with no pressure and giving up your first born etc etc etc..

 

[Boytano]

And now starts 7 pages of adm talk….

 

[04DarkShadowGT]

The dealer gets a nice kickback from their financing firms. Check with them on how long you need to keep their financing before you can change. I have done it several times over the years. Used to be after 3 months you can move the loan and they still get their cut.

I guess it depends on the dealer but I have not met one yet that cares about me enough to give me a better deal without negotiating for it.

If they wont give me $ out of the kindness of their heart, why should I?

I guess every situation is different.

 

[lukevanc]

Don't forget that people who work at car dealerships make money from the interest negotiated with an owner. So, they are interested in making you pay more eventually.

 

[Cory S]

Don't forget that people who work at car dealerships make money from the interest negotiated with an owner. So, they are interested in making you pay more eventually.

Yep. Finance manager adds interest rate points to what the banks offer. They get the difference.

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