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  #1  
Old 08-30-2013, 11:16 AM
pgianna pgianna is offline
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Default Anybody pay off Chrysler loan immediately

Has anybody financed through Chrysler just to get the cash incentive, and then payed it off immediately? Were there any prepayment penalties? I have read somewhere that the dealers tell you that you can't for at least three months, but other people have said that isnt true. Any thoughts?
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Old 08-30-2013, 11:38 AM
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I leased my truck through ALLY for 0% down and $279 a month. Found out I couldn't deal with their mileage numbers so I wrote them a check and I have my title in hand now.
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Old 08-30-2013, 11:39 AM
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It should say in the loan agreement what the terms and conditions are.
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Old 08-30-2013, 11:49 AM
tev9999 tev9999 is offline
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Different people may get different loan agreements, so you need to read your own paperwork in detail (which you really should have done before signing it).

I believe the loan has to be open a couple months for the dealer to get their commission on it. You could always pay off everything except $10 and let that final small payment ride a couple months so the loan stays open, but you don't get hit with more than a few cents of interest.
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Old 08-30-2013, 11:53 AM
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I financed through ALLY to get a cash incentive and my agreements states there is no pay off penalty after the first 90 days. Finance guy at dealership recommended waiting 100 just to make sure everything had cleared. I plan on refinancing at a local bank for a much lower interest rate.
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Old 08-30-2013, 12:09 PM
mfifield01 mfifield01 is offline
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I did basically the same thing, financed to get an incentive. I asked about prepayment penalties and he said there were none (I guess I should look closer). I plan to just pay it off somewhere between 6-12 months.
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Old 08-30-2013, 12:19 PM
pgianna pgianna is offline
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Quote:
Originally Posted by tev9999 View Post
Different people may get different loan agreements, so you need to read your own paperwork in detail (which you really should have done before signing it).

I believe the loan has to be open a couple months for the dealer to get their commission on it. You could always pay off everything except $10 and let that final small payment ride a couple months so the loan stays open, but you don't get hit with more than a few cents of interest.

I haven't bought my truck yet, so there is no paperwork to look over. I probably will not pull the trigger for a month or so.
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Old 08-30-2013, 12:40 PM
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I financed the min. amount so I could get the incentives. I'll have to check my paperwork to see if there is a waiting period of any kind to pay off. I intend to pay it off within the next couple of months if there isn't.
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Old 08-30-2013, 02:26 PM
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Part of the long drawn out ordeal in getting my truck (which I finally did yesterday), was that the dealer would throw in a Mopar lifetime max care warranty - as long as I agreed to finance through them and wait 90 days before doing a refi.

I agreed, and intended to stick to it anyway, just because I said I would, but they stuck a clause in my loan doc stipulating that I'd have to pay $1K in interest/penalty if I were to refi before the 90 days.

So, like the man above said, read your loan docs!

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Old 08-30-2013, 02:40 PM
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Quote:
Originally Posted by TinMan68 View Post
I leased my truck through ALLY for 0% down and $279 a month. Found out I couldn't deal with their mileage numbers so I wrote them a check and I have my title in hand now.
What do you mean?

Your loan agreement and note was based on your mileage accumulated?

I thought that kind of thing was only linked to leased vehicles?

Is your vehicle leased?

For the record: I've used Ally in the past. Both times for commercial lawn equipment purchases and have nothing but high praise for them. Paid both notes off well prior to the Loan's end date and encountered zero penalties. Actually, they sent me a check for one complete month because I had overpaid after the pay-out. I had no idea and wouldn't never have known otherwise.
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