Financing

[Chloe_21]

Has anyone ever taken out an auto loan where they did not need to make payments for the first 3 months, saved up more money and before the first car payment - refinanced the loan with additional money down that was saved and made the payments less per month?
Is that a thing?

I had this all figured out and then a vehicle that was matching what I ordered came in and they’re going to get back to me about it. A little earlier than expected.

 

[adventurenali92]

the three months deal happens often. My last auto loan was setup that way and my first payment wasn’t due until 90 days after I took delivery of my vehicle. But that depends on the lender and the conditions they set in your loan. As to the refinancing part again it would depend on what conditions the lender sets. Sometimes there’s stipulations that say you can’t refinance within a set time frame. You would need to read the conditions of your loan, or have your lender explain all that to you.

 

[Chloe_21]

the three months deal happens often. My last auto loan was setup that way and my first payment wasn’t due until 90 days after I took delivery of my vehicle. But that depends on the lender and the conditions they set in your loan. As to the refinancing part again it would depend on what conditions the lender sets. Sometimes there’s stipulations that say you can’t refinance within a set time frame. You would need to read the conditions of your loan, or have your lender explain all that to you.

Ok thanks! I think I’m just going towait for the order I have and not go for this vehicle that came in. I’d rather have all of the money I need right now then have to save up the last three months and then put it back on there loan. It’s very frustrating when the money I was supposed to get ends up falling through.


this place wants about $2000 over MSRP. It just sucks because they were actually going to dealer trade for it. I just hope the guy understands I didn’t agree or say I was going to buy it. I told him I was going to run the numbers first and then I’d let him know; but if he could let me know if that was a possibility the other dealership would let it go for a base Denali. I feel bad, but just looking at how much it’s gonna cost out the door how much it’s gonna cost per month that’s just like ridiculous. Almost $89K. Think it is better to wait.

thanks again for your response.

 

[Banks22]

Ok thanks! I think I’m just going towait for the order I have and not go for this vehicle that came in. I’d rather have all of the money I need right now then have to save up the last three months and then put it back on there loan. It’s very frustrating when the money I was supposed to get ends up falling through.


this place wants about $2000 over MSRP. It just sucks because they were actually going to dealer trade for it. I just hope the guy understands I didn’t agree or say I was going to buy it. I told him I was going to run the numbers first and then I’d let him know; but if he could let me know if that was a possibility the other dealership would let it go for a base Denali. I feel bad, but just looking at how much it’s gonna cost out the door how much it’s gonna cost per month that’s just like ridiculous. Almost $89K. Think it is better to wait.

thanks again for your response.

I think that’s total ******** that they are charging you over msrp, I would walk away and wait for order. And if he wants the sale bad enough he can drop his price. The chip shortage is getting better and I think in 2-3 months your gona see more vehicles on lots and rebates.

 

[Chloe_21]

I think that’s total ******** that they are charging you over msrp, I would walk away and wait for order. And if he wants the sale bad enough he can drop his price. The chip shortage is getting better and I think in 2-3 months your gona see more vehicles on lots and rebates.

Thanks! I can’t believe I was that dumb enough to even try to make it work! I built the order with supplier pricing, and here I am looking at MSRP. Lol.

This vehicle is actually going to MOSS. They’re motto “At MOSS you’re the boss.” That’s false. They want $10K over MSRP. (89K BEFORE taxes, etc) The GM challenged me, said if I can find a dealer to trade that’s willing to sell at supplier or MSRP, he will let it go and make a dealer trade. So I found this one, but it’s $1,300 over MSRP. That makes it about $88,568 otd. I did say it sounded expensive and I’ll run the numbers while he checks with the other dealer about a trade.

Well, the money I thought I was getting this month, is not happening anyways. And I’d honestly rather have it all upfront to just be done with it all. But that nearly $89K price tag is… I can’t justify that. =\

 

[Quark]

That might be a good idea to wait. If the chip shortage abates then we might see a glut of new vehichles making it a buyer's market. But who knows in these herky jerky times though Fed statements seem to lean toward transitory market conditions.

 

[Banks22]

Thanks! I can’t believe I was that dumb enough to even try to make it work! I built the order with supplier pricing, and here I am looking at MSRP. Lol.

This vehicle is actually going to MOSS. They’re motto “At MOSS you’re the boss.” That’s false. They want $10K over MSRP. (89K BEFORE taxes, etc) The GM challenged me, said if I can find a dealer to trade that’s willing to sell at supplier or MSRP, he will let it go and make a dealer trade. So I found this one, but it’s $1,300 over MSRP. That makes it about $88,568 otd. I did say it sounded expensive and I’ll run the numbers while he checks with the other dealer about a trade.

Well, the money I thought I was getting this month, is not happening anyways. And I’d honestly rather have it all upfront to just be done with it all. But that nearly $89K price tag is… I can’t justify that. =\

You can’t pay over msrp, you will lose your ass because the vehicle will depreciate so fast. In 6 years when u have 90,000 miles and wana upgrade to the new model, your 2021 is worth $35k and u paid $90k. U just spent $55k on a vehicle over 5-6 years.
I feel I paid too much, mine was $79,000 sticker and after GM discount and taxes I got for $76,400 otd. I did well on my 18’ tho, and put $52k down. And I most likely won’t want a new one until a new model comes out in 5-6 years.

 

[Yukon21Denali]

Chloe,
I have responded in your earlier threads as well on this, you should either continue to wait with your current dealer who has agreed on supplier price. Hope that contraints gets removed in next couple of months (and your dealer has denali allocation) for your order to get picked up.
OR, look across wider radius and call dealers who have one on lot near match to what you want. Many are accepting supplier for their on lot inventory. That's how I found and bought mine at supplier from 200 mi away. Paid $300 to get it transported.

About 90 day financing - if a dealer/lender is agreeing to that type of delayed first payment, they certainly would put a restriction of no refi for certain time period. Otherwise they would loose money on the deal.

 

[Yukon21Denali]

My story on denali financing - the far away dealer was skeptical on dealing with my local CU, not sure why. But to get deal go thru smoothly I agreed to whoever they have for loan. They did it with BoA at 4% with no payoff restriction. Once I received the loan papers 10 days later, I went to my local CU and refi'd it at 1.49% 65 months.

 

[Chloe_21]

Chloe,
I have responded in your earlier threads as well on this, you should either continue to wait with your current dealer who has agreed on supplier price. Hope that contraints gets removed in next couple of months (and your dealer has denali allocation) for your order to get picked up.
OR, look across wider radius and call dealers who have one on lot near match to what you want. Many are accepting supplier for their on lot inventory. That's how I found and bought mine at supplier from 200 mi away. Paid $300 to get it transported.

About 90 day financing - if a dealer/lender is agreeing to that type of delayed first payment, they certainly would put a restriction of no refi for certain time period. Otherwise they would loose money on the deal.

I was going to finance with my credit union. Yeah I think I’m gonna wait. I was just so excited they found it and they were willing to do a dealer trade. But then it was like it’s going to be MSRP plus this $1,300 over MSRP, like oh shit!
But again I never agreed to buy it. I told him I’ll run my numbers.

i’ll just tell him no if he calls back. But damn, I can build that same exact car with supplier pricing. They just won’t sell that exact one that’s on that truck for supplier. Lol.