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Discussion Starter #1
Has anyone gone online and been pre-approved on Chrysler Capital before going into the dealer? Our truck should be showing up in May sometime and I am going back through the numbers and figuring out financing options. Part of our locked in deal at time of order was $1000 off if financed with Chrysler Capital. Was wondering if there is any down side to doing the pre-approval myself online so I know what I am offered and can look through all the terms up front before we are sitting in the financing office and they try and throw everything at you.
 

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Went through dealer they gave me 1.9% for 24 months with total cash incentives of $3000.00...
 

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Discussion Starter #4
I'm just wondering if there is any down side to doing the pre-approval online before going to pickup the truck so I know my rate/term and can review details prior to being at the dealer. I would like to go in knowing as much as possible and would rather not let them run the approval and then tell me what they can do for me... like they are your buddy.

I don't see any down side to doing that ahead of time, but I haven't done the pre-approval with Chrysler Capital before... wasn't sure if there was something that the dealer is going to try and say that since I did it ahead of time and didn't let them do it that it isn't right or something.

I just try to have control of the situation because I don't trust the dealers at all.
 

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Smart! A dealer will try to f*ck you anyway they possibly can!! Greasy basterds
 

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Discussion Starter #6
Thanks Chris. I don't think the sales manager was ready for me when I finally went in to negotiate the price. I sat down with three car site print offs showing the true market price and a full 11x17 spreadsheet of pricing, finance and current Chrysler incentives from calling the incentives number myself. I had him sitting quite scratching out numbers for a couple min. Plus the deal that his Internet Sales person quoted me, but when he found out it was on an ecodiesel he tried to play games to back out.

So now when I go in to pick it up I want to make sure I have a few financing options already laid out and if I can also have the Chrysler capital option laid out as well then the financing department can't try to start playing games.

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You shouldn't have to. I simply ask to see the papers with my options or tell them to turn their computer screen so I can see it. I've had a few refuse or have a story when car shopping in the past. I simply look for the GM or similar and let them know why I'm walking out.
 

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Discussion Starter #8
I agree I shouldn't have to, but it is much easier to keep up or understand what game they are trying to pla if you have the info ahead of time and have time to understand it in the comfort of your home, not the finance office where it is easy to get caught up in the excitement. I don't see a down side to doing it in advance.

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Lol good work! That's the best go in all prepared and they still try and grease thier way out! Good workfor nailing the fu*ckers!! Make sure you leave you leave your trade in on fumes, so low that it runs out even when they go to move it on the lot!!!
 

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Don't know of any down side. When I made app online, there wasn't an option showing a ram truck so I used some arbitrary vehicle. Only problem was the fact the app was only good for 30 days; truck didn't make it in time so I had to do it again. Fwiw my finance rebate wasn't locked in & it dropped from $1000 to $500. Dealer adjusted their discount price to make up for it, though.
 

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Discussion Starter #11
Nope... not giving them the avenue to try and weasel more out of me on a trade. He asked about a trade and I said lets focus on the proper price of this vehicle first that we can both agree on then I will decide if a trade is appropriate.... oh and by the way there is $1000 from Chrysler if you own a competitive make truck and I own a '01 Silverado so lets take another $1000 off that number. When he finally wrote up the deal so I had it in writing what we agreed to he tried to write $1000 trade bonus and I had to correct him that is was not a trade bonus it was purely for owning a competitive brand.

I will take it back to the farm in ND.... it will sell in a weekend and for way more than any dealer is going to give me.

Status just went to KZ! So hopefully in 2-3 weeks it should be in. Time to start figuring out financing options. I will probably go in with information from my credit union at work, a bank and will probably do the Chrysler Capital approval online ahead of time so I have all the numbers available and a game plan in my head.
 

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Nice!i like the cut of your jib! Lol it's funny how sleazy they are, some people thing dealers are there to help you! Ya help you give them all your hard earned money! Like I said on some other post the only way to go in is saying cash deal and be prepared and really really pissed off and aggressive with them! Trust me it works.... good work! hope your truck is delivered soon!
 

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My truck should be arriving right around Memorial Day. So I'm hoping they have some great incentives then. One idea I had was to finance through CC for the extra incentives and then wait several months and refinance through my credit union for a better APR. Don't know if the would work or if there are minimum terms written in for the CC loan. I know that there are very few types of financing contracts that penalize for early pay-offs these days.
 

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My truck should be arriving right around Memorial Day. So I'm hoping they have some great incentives then. One idea I had was to finance through CC for the extra incentives and then wait several months and refinance through my credit union for a better APR. Don't know if the would work or if there are minimum terms written in for the CC loan. I know that there are very few types of financing contracts that penalize for early pay-offs these days.
Does anybody know thw terms of financing? I was thinking along the same line. I am planning to pay cash for truck but if they give me $1000 to finance I might go that way and pay it off after 1 month. I don't know if there is any prepayment penalty?
 

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Discussion Starter #15
Not sure on that either... also part of why I will probably do their pre-approval so I can go through some of the fine print ahead of time and not just take it at face value as they shove papers in your face and say sign here, here and initial here. If you ask the dealer they want you to keep their financing for at least 6 months because that is what is required for them to get their incentive money back from Chrysler.

I would be looking at financing with Chrysler to get the $1000... then go to my Credit Union who is offering $250 for re-financing at 2% for 48 and covering all fees.

If Chrysler Cap does better than 2% for 48 I may just go and stay with them. I just want to make that determination ahead of time so they can't try and pressure me into "something better".
 

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I was told i needed to make 3 payments. I paid cash for all, financed 7,000 for the incentives and tucked the 7000 cash into my bank account to make 3 easy payments.
 

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I was told i needed to make 3 payments. I paid cash for all, financed 7,000 for the incentives and tucked the 7000 cash into my bank account to make 3 easy payments.
I did the same thing (to get the incentive) and expect to payoff the note shortly. The Dealer said the same thing about "must make three payments". Otherwise, what ? The Retail Installment Contract and Security Agreement I signed specifically states the following about Prepayments............."You may prepay this Contract in full or in part at anytime without penalty...................."

The Motor Vehicle Contract of Sale (i.e. the "Bill of Sale") also does not make mention of any penalty tied to the financing. Remember, if it's not written down and agreed to by both parties, it was pure Sales speak.

I'm pretty sure that if the loan is paid off in less than 90 days, the Dealer has to return their "spiff" to Chrysler Finance Corp or whomever they financed under or sold the loan to (some state laws are different). In other product financing (boats/RV's for example) the incentive paid by the Lender to the Dealer can range from from 2% to 5% of the loan amount depending on a variety of factors. Generally there is a "claw back" to the Dealer for loans paid-in-full before 90 or 180 days.

My two cents......................now would be the time Chris12559 pipes in with something about the fine business of selling and financing cars and trucks...........................:)
 

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Nope I am in zen mode tonight boys! Lol we just had a new addition to the family a couple days ago! I need to relax lol

I really do hate dealers though!
 
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Correct on dealer incentives back to them from Chrysler Capital.

I went with cash to pay cash for the truck. Dealer told my if I financed it would be another grand off. Told me I had to make 4 payments and showed me it would cost about $120 for that interest. For a "free" $880 I did it and stuck my money back into the bank..

Couple weeks later I was talking with someone at Chrysler Capital. They explained I could pay it off immediately with no penalty. Only thing would be the dealer would lose their kickback.

Dealer was and has been good to me. I 'm doing the four as agreed.
 

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Discussion Starter #20
Red, Explore, Cap....

I agree with all of the above. That is exactly how I understood it myself, but hadn't read through it myself from CC. I know it is not legal for a dealer to tell you that you can't pay off your loan early.... but.... they can tell you after 6 months if you want to refinance to a lower rate... bla..bla. They are saying this, just as was mentioned, because that gives them enough time to keep their incentive from Chrysler. Depending on what kind of a price you negotiated they may say 4 months or 9 months or a year because that is where they are making money as well. Their buy rate on the loan was most likely much lower than the 3% (or more) interest rate that you (the customer) is paying. If they got the price they wanted on the sale they will act nice like they are doing you a favor and telling you... "you know...if you want to re-finance to a lower rate after 4 months, that way you can get the $1000 cash and after 4 months a lower rate"

I just wasn't sure on the Chrysler Cap side of it if there were any terms of payoff.... which from those of you who have been through this, it sounds like there is no penalty from the Chrysler Cap side for early payoff... just might force the dealer to give back their portion of the incentive.

I work in new product development/manufacturing and work with engineering, product costing, marketing ext... so I have an idea of pricing structures throughout the business. Between that, all of the great people/info on these forums and the few books I have read on how car dealerships work I have learned a lot and it has definitely helped me get what I would consider is a more reasonable deal.

My wife found it amazing how much time/effort I put into research to make sure I save us money... she said if we ever have kids and I put even half as much effort into them they will be very lucky kids! :)


Thanks everyone!
 
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