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Hey guys: Just got a quote for financing from a local teachers credit union. 72 months at 5% . First, thoughts on that? Second, If I do the 36 month lease/balloon throught Chrysler I can either finance that other 3 years or give it back at the end. So what would you guys do, would you straight finance for 6 years? or do 3 now and potentially 3 later?

Part of me wants to own the car and I ran the numbers the monthly payment for, 72 months at 5% is better then what i'm getting for 36 months. Another case of me over analyzing things to death.
 

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That rate from your CU is great but you will not get the $1k Bonus Cash from Chrsyler Financing (CFC). Of course it depends on your credit score, but I got 4.99% for 36 months and the $1k Bonus from CFC.
 

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I've been going through numbers like that myself. My own credit union is offering 5.9% on a 72mo loan at 100% financing w/ auto-debit. I haven't asked them yet, but in the past they offered to drop up to 2% from the APR if you made a loan at 80% of book value instead of 100%. This translates into a savings of $138 per month [$562 vs. $424], but only $30 of that savings stems from the APR drop, the rest comes from the $6800 down payment (20%), all calcs assuming a $34k vehicle before tax/title/license---and the $6800 is before tax/title/license!

I'm not really considering a lease---I would hate counting miles, and the 300 is just begging to be taken on long road trips...
So, my big quandary is whether or not I should try a little financing sleight-of-hand and take the $1000 Chrysler incentive, and then soon afterwards pay off the Chrysler loan with one (at assumedly a much better APR) from my local credit union.
What range of APR does Chrysler typically offer?

My biggest problem is I don't know if Chrysler Financial has any fine print dings for early payoff.
 

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I would never lease unless I owned a buisness and could get the tax deduction or something like that. Go w/Chrysler for the loan and $1000 rebate then as soon as you do that have your credit union send them a check for the payoff. It serves Chrysler right for trying to rip us off on the financing deal. They offered me 7.59% for 72 months and I have perfect credit. I think the dealer added some onto what the best loan rate chrysler offers. I have confirmed with Chrysler no penalty for terminating loan early. Some dealers are telling customers you mus keep financing 4 months so they get their kickback from Chrysler. Those lying bastards!
 

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Yeah, I have been told by 3 different dealers that the minimum was $3k, $5k and even $10k. All said penalty if paid off before 3 months. The salesman that I purchased the Magnum from told me $10k Minimum and when I spoke with the Finance guy and asked him for verify he called CFC and they said $3500 minimum and no repayment penalty.
 

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Here's the deal on the early repayment penalty:

My dealer said that I could refinance after three months, to which I responded, "There is no early payoff penalty -- I can refinance whenever I want."

He clarified: "We REQUEST that you wait three months, because Chrysler penalizes us if you pay the loan off earlier than that. You don't have any liability though."

So HA! The dealers don't want to get dinged, but they can't prevent you from refinancing early. I'm going to be a nice guy and wait about a month-and-a-half. I figure we can split the difference, you know?
 

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I noticed that you can get approved for Chrysler financing online. Has anyone done this? I'm wondering if you get an APR online when you're approved and if this is the same APR you'd get if you did the paperwork at the dealer.

Also, E55 KEV, is that no paymnents until 2005 good on the 300? In addition to the $1000 reate? Thanks...
 

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crispiegee said:
Here's the deal on the early repayment penalty:

My dealer said that I could refinance after three months, to which I responded, "There is no early payoff penalty -- I can refinance whenever I want."

He clarified: "We REQUEST that you wait three months, because Chrysler penalizes us if you pay the loan off earlier than that. You don't have any liability though."

So HA! The dealers don't want to get dinged, but they can't prevent you from refinancing early. I'm going to be a nice guy and wait about a month-and-a-half. I figure we can split the difference, you know?

Why should we be nice guys? We're forced to pay at least sticker price where most of us feel that doing so is sacriligious. In addition to that, when taking the$1000. rebate, they jack up the interest rate even though the credit score is high.

I financed $23000 knowing that I would be paying off the note within several months. The dealer also told me not to pay it off for about sixth months. After perusing the installment agreement I signed, I discovered it was a standard agreement which states " no penalty for prepayment". I paid off the note in a little over 60 days. If there is a chargeback to the dealer, screw him. He made a fortune on me.
 

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E55 KEV said:
Now CFC is offering No Payments Unitl 2005.
Big deal. Do you think the interest isn't accruing in that time frame? The longer it takes for you to pay off your loan, the more it costs you.
 

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Discussion Starter #12
Hey guys, being that I am leaning on buying the C rather than leasing, I am tempted to get the Nav system. First, is it worth it? and is there a nav system that I can put in later? thanks.
 

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kampsvilleboy said:
I noticed that you can get approved for Chrysler financing online. Has anyone done this? I'm wondering if you get an APR online when you're approved and if this is the same APR you'd get if you did the paperwork at the dealer.

Also, E55 KEV, is that no paymnents until 2005 good on the 300? In addition to the $1000 reate? Thanks...
It seems plausible that getting a loan online 'may' be cheaper because most dealers add points to the interest rate. Chrysler approveds you for 4.9% and the dealer tells you Chrysler approves you for 6.9%.

The "no payments until 2005" is supposed to be good on all Chryslers - Chrysler Financial is celebrating their 40th anniversary.
 

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Go here to see another thread on this forum about getting better financing through Capital One.

In fact, it sounds like you could get the check from Capital One and use it as leverage to bargain with the dealership to get the lowest possible offer from CF. At that point, you then stay with whatever offer works best, whether that means paying off and refi through the other bank, or ripping up the bank check and staying with CF.

As far as I can tell, there is no reason not to take the incentive and then refi or stay with whoever offers you the APR/terms you like best.
 
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