Loan on 392

[Fast-n-Furious]

My 392 XR will be at dealer lot on Monday and I’ll take ownership the next day.

The dealer will shop with the banks they use for the auto loan rather than Chrysler Capital. In the past I had 0 APR with Chrysler Capital for my GC summit and 2-3% rate from other banks that the dealer worked with for my other cars.

I know many of you didn’t finance your 392. In general, did any of you apply the loan with online lenders like PenFed credit union beforehand rather than just accepting the dealer offers on the day of taking ownership?

 

[Proptrash]

My 392 XR will be at dealer lot on Monday and I’ll take ownership the next day.

The dealer will shop with the banks they use for the auto loan rather than Chrysler Capital. In the past I had 0 APR with Chrysler Capital for my GC summit and 2-3% rate from other banks that the dealer worked with for my other cars.

I know many of you didn’t finance your 392. In general, did any of you apply the loan with online lenders like PenFed credit union beforehand rather than just accepting the dealer offers on the day of taking ownership?

Penfed is a PITA. The state has to recognize the VIN for them to issue a loan. Mine is in transit so their system doesn’t recognize my VIN. Then once they do recognize the VIN they snail Mail you a check for the exact amount you need. I went with BOFA. Got pre approved and a letter. When ready to pay the money gets wired to the dealer. Rates went up on the 8th. I got locked in at 2.19 60 months. .

 

[YukonCornelius]

You’re definitely smart for doing so! …unless the manufacturer has great rate promotions (of course, as you mentioned when they offer 0% it’s a no-brainer but I don’t think I’ve ever seen it offer that on a Wrangler)

 

[hardhat]

If you go on jeep.com, they have an incentive to finance at 3.08% on 392 for 60 months.
I got my 2021 at 2.64% through the dealership. The incentive was 2.68% I think and they used a local bank to get a little lower rate. I would think it would be hard to get a whole lot lower rate. I've got a land loan at a slightly higher rate that I will pay off before paying off the jeep.

 

[Viking Jeeper]

I got 2.15% on my 392 but the dealer hit my credit 3 times looking for the best rate.

 

[Fast-n-Furious]

Penfed is a PITA. The state has to recognize the VIN for them to issue a loan. Mine is in transit so their system doesn’t recognize my VIN. Then once they do recognize the VIN they snail Mail you a check for the exact amount you need. I went with BOFA. Got pre approved and a letter. When ready to pay the money gets wired to the dealer. Rates went up on the 8th. I got locked in at 2.19 60 months. .

Thanks for sharing your experience! 2.19% 60 months really good rate! I’ll avoid PenFed. Honestly I never thought about shopping around when it comes to auto loan until the dealer started asking questions today. In my previous experience, the dealer had me fill in the load application form on the same day before I drove the new car home. I guess because I’ve been thinking too many 392 related things over the past 3 months and now I started considering more

 

[Fast-n-Furious]

You’re definitely smart for doing so! …unless the manufacturer has great rate promotions (of course, as you mentioned when they offer 0% it’s a no-brainer but I don’t think I’ve ever seen it offer that on a Wrangler)

All the learnings during waiting the 392 leads to more wonderings. Hey, that’s how we keep ourselves busy.

 

[Fast-n-Furious]

If you go on jeep.com, they have an incentive to finance at 3.08% on 392 for 60 months.
I got my 2021 at 2.64% through the dealership. The incentive was 2.68% I think and they used a local bank to get a little lower rate. I would think it would be hard to get a whole lot lower rate. I've got a land loan at a slightly higher rate that I will pay off before paying off the jeep.

Thanks. I did see the 3.08% 60 months on 392 on Jeep.com this afternoon. And very interesting other wrangler trims you can get 0 APR for the same loan term. Just no 0 APR for the 392.

I’m in the same boat, I refinanced a property at 2.5% couple years ago and now buying the 392 would less likely get me a better rate.

 

[Fast-n-Furious]

I got 2.15% on my 392 but the dealer hit my credit 3 times looking for the best rate.

Wow that’s really good rate, congrats!

 

[Uncommon Sense]

I've been trying to figure out when to apply. Dealer is saying it should be built by 3/26 and then it typically takes about a month to hit the lot. I got 0% on my Grand Cherokee. Looking around PenFed had 1.99% for 60 mos

 

[Fast-n-Furious]

I've been trying to figure out when to apply. Dealer is saying it should be built by 3/26 and then it typically takes about a month to hit the lot. I got 0% on my Grand Cherokee. Looking around PenFed had 1.99% for 60 mos

I know the timeline varies a lot for each one. In my case as you can see in my signature, it went to D1 on 2/14, dealer told me the ship date is 3/4, and they’ll get it on 3/14. So shipping only takes about 10 days and maybe even shorter. Of course I’m in PA and not far away from their assembly plant.

I read online that you can get pre-approval letter when you shop around. And the dealer may try to match it if you get better rate than theirs. This can be done before the delivery for sure because the dealer can get your the rate a bit earlier as long as you have the loan amount and term.

 

[HydroBlue392]

Typically a pre approval is valid for 30-60 days, but I think all inquiries within a 10 day period are treated as a single hard pull for reporting purposes.

I plan to start rate shopping once it’s shipped, but had also planned to look at PenFed, and am disappointed to hear that they use a paper process and require the VIN to be registered with the state first. Does anyone know how long after Jeep publishes the window sticker that it’s “registered with the state”?

 

[Viking Jeeper]

Does anyone know how long after Jeep publishes the window sticker that it’s “registered with the state”?

When it is registered with the DMV in your state. Until that time it can still be sold to anyone from anywhere.

 

[Turboencabulator]

The dealer will shop with the banks they use for the auto loan rather than Chrysler Capital. In the past I had 0 APR with Chrysler Capital for my GC summit and 2-3% rate from other banks that the dealer worked with for my other cars.

I know many of you didn’t finance your 392. In general, did any of you apply the loan with online lenders like PenFed credit union beforehand rather than just accepting the dealer offers on the day of taking ownership?

I'll share my experience. When I went in to negotiate the price of my 392 back in October, my dealer wanted me to agree to finance the vehicle as part of the "deal". I came back with only agreeing to financing $25K. I have never bought a new car, or a car that was expensive enough that I couldn't buy with an envelope of cash. But after talking to the wife I said; "look a new Civic is going to run me $25K, so lets finance a Civic payment and I'll cover the difference to make it a 392" . She thought that made sense (she's a keeper).

The day comes and we go to buy it (I just unfroze all 3 credit accounts that morning, almost forgot that would have been awkward) and the deal goes according to plan. Then I go to the "finance" office (kinda like going to the Principle's Office in school). I get this knuckle head who tries to add a bunch of garbage items to the deal and hide them in the monthly payment. Really? This is a classic ploy, make the buyer focus on the monthly payment as you run up the price without them noticing. So we remove all that added dealer crap and now we are at the loan.
He can do 3.5% APR.
(I try not to laugh.)
Nope.
So I point out Chrysler Capital is offering 2.95%. He says they don't offer it on the 392. BS. I read the fine print (which I had already read, and highlighted). Yup, it covers the 392. Hmmmm....... He leaves the room (presumably to talk to daddy), and comes back with 2.89% APR, it is from a local bank I have dealt with.
I ask for the Loan agreement docs. I then pull out that same highlighter and start to go over it.
-No Prepayment penalties, Good.
-It is 2.85% APR but with $470 in BS origination fees snuck in there ($235 for the bank and $235 for the dealer). That makes the APY 3.26%.

But the only numbers that counts on this form is the Total Finance Charge.
Based off the 2.85 rate I should pay around $1900 in interest
With all their sneaky fees and the APY I am looking at: $2162.60

At this point I figure the dealer wants to make a few hundreds on the loan but I negotiated many thousands off the price. And because we are talking about $25K not $85K the numbers are small enough to let this go.

We're outta there. In our new 392.

 

[Fast-n-Furious]

I'll share my experience. When I went in to negotiate the price of my 392 back in October, my dealer wanted me to agree to finance the vehicle as part of the "deal". I came back with only agreeing to financing $25K. I have never bought a new car, or a car that was expensive enough that I couldn't buy with an envelope of cash. But after talking to the wife I said; "look a new Civic is going to run me $25K, so lets finance a Civic payment and I'll cover the difference to make it a 392" . She thought that made sense (she's a keeper).

The day comes and we go to buy it (I just unfroze all 3 credit accounts that morning, almost forgot that would have been awkward) and the deal goes according to plan. Then I go to the "finance" office (kinda like going to the Principle's Office in school). I get this knuckle head who tries to add a bunch of garbage items to the deal and hide them in the monthly payment. Really? This is a classic ploy, make the buyer focus on the monthly payment as you run up the price without them noticing. So we remove all that added dealer crap and now we are at the loan.
He can do 3.5% APR.
(I try not to laugh.)
Nope.
So I point out Chrysler Capital is offering 2.95%. He says they don't offer it on the 392. BS. I read the fine print (which I had already read, and highlighted). Yup, it covers the 392. Hmmmm....... He leaves the room (presumably to talk to daddy), and comes back with 2.89% APR, it is from a local bank I have dealt with.
I ask for the Loan agreement docs. I then pull out that same highlighter and start to go over it.
-No Prepayment penalties, Good.
-It is 2.85% APR but with $470 in BS origination fees snuck in there ($235 for the bank and $235 for the dealer). That makes the APY 3.26%.

But the only numbers that counts on this form is the Total Finance Charge.
Based off the 2.85 rate I should pay around $1900 in interest
With all their sneaky fees and the APY I am looking at: $2162.60

At this point I figure the dealer wants to make a few hundreds on the loan but I negotiated many thousands off the price. And because we are talking about $25K not $85K the numbers are small enough to let this go.

We're outta there. In our new 392.

Good read and thanks for sharing! You definitely got the right strategy with the wife and I’m sure she wanted to support you with the 392 purchase.

I’ve reached out to the dealer and asked the rates they get from partner banks. If acceptable I’ll go with them. But don’t want get surprised if they throw a bad rate on the day of pickup. On the other hand, a streamlined transaction makes the first meet (me and my 392) more enjoyable.

 

[HydroBlue392]

When it is registered with the DMV in your state. Until that time it can still be sold to anyone from anywhere.

Hm, maybe I’m misunderstanding this, but it would seem like circular logic on their part — I can’t register the vehicle with the DMV until I’ve purchased it, but they won’t issue a loan until I register it?

It would seem more likely that it’s a dependency on whether the VIN is published to the national registery, so they can verify it’s a legitimate vehicle. (EX: once crypto shows “sticker found”)

Otherwise I can’t imagine they issue any new vehicle loans, but rather only refinance loans.

 

[Turboencabulator]

Hm, maybe I’m misunderstanding this, but it would seem like circular logic on their part — I can’t register the vehicle with the DMV until I’ve purchased it, but they won’t issue a loan until I register it?

It would seem more likely that it’s a dependency on whether the VIN is published to the national registery, so they can verify it’s a legitimate vehicle. (EX: once crypto shows “sticker found”)

Otherwise I can’t imagine they issue any new vehicle loans, but rather only refinance loans.

So when a car is built it is not registered, it’s not even titled…. yet. It is issued with a manufacture certificate of origin - a car birth certificate. It’s not state specific. When you buy the car and take a loan the lender wants to hold onto the title (which they may be able to based on state laws) along with adding a lien on it to prevent you from selling it out from under them. It will still show up as a VIN with a Window Sticker because that comes from the manufacturer directly and is not part of the title or registration process.

After you buy the car and take out a loan the dealer completes the paperwork for you based on the loan application and at least here in Ohio the title is sent to the lender along with adding a lien to it. You only get a copy of the title. You can then take that title copy to the register and have license plates issued and officially register it. Basically Title is ownership and registration is driving privileges to use public roads (Licence Plate). In the mean time you are issued a temporary tag as all this bureaucratic red tape mess is sorted out by underpaid disgruntled employees.

 

[Rubi392]

When I purchased my 392 my dealer told me would take $2500 off purchase price if I financed thru dealer as banks give kick backs to dealers. Of course getting it in writing that there is no pre pay penalty. I just needed to make 2 payments to allow time for DMV to process title etc. Then used my credit union to refinance at 1.9%.

 

[Fast-n-Furious]

When I purchased my 392 my dealer told me would take $2500 off purchase price if I financed thru dealer as banks give kick backs to dealers. Of course getting it in writing that there is no pre pay penalty. I just needed to make 2 payments to allow time for DMV to process title etc. Then used my credit union to refinance at 1.9%.

Good to hear. I’ll consider refinancing if the dealer partner bank’s rate is not good. I’ll make sure no prepayment penalty.

 

[Fast-n-Furious]

Dealer told that they can get 2.56% rate with local bank based on my application. I think I'll just go with that to save some hassle. Delivered on Saturday with some snowfall, man it's getting real! Tomorrow is the first meet!