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Old 06-19-2021, 01:56 PM   #81
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Is this common where if you purchase a new next year vehicle as soon as they come out, the dealers don't haggle? This was our experience when we bought our 2016 SUV in July 2015 and the dealerships had very few on their lots. We've always purchased the current year vehicle towards the end of the current year and have gotten good deals. We're waiting on the 2022s as some will come out with the more advanced features that DH and I are interested in. We plan to purchase as soon as they are available.
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Old 06-19-2021, 02:48 PM   #82
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Originally Posted by pb4uski View Post
Yeah... so if I really object to a dealer insisting on a $1,500 fee if I pay cash I can screw with them by agreeing to financing but paying it off right away so they lose their commission, right?
That would depend on the terms of the loan. Read the paperwork. Pre/early payment penalties are not uncommon. Do not take the dealer's advise on whether you can pay off the loan early. Of course you can. It's the penalities involved that matter.
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Old 06-19-2021, 03:29 PM   #83
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^^^^ I've never had a loan of any type that had a prepayment penalty.... though I agree don't trust the dealers say so.... verify that there is no prepayment penalty.
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Old 06-20-2021, 01:26 PM   #84
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^^^^ I've never had a loan of any type that had a prepayment penalty.... though I agree don't trust the dealers say so.... verify that there is no prepayment penalty.
I appreciate that anecdotally you haven't had a loan of any type with a pre-payment penalty, but I have. (My first mortgage in the early 70's.)

If you Google "Car Loan Prepayment Penalty" you'll find there are car loans out there today with various forms of pre-payment penalties. It looks like various schemes aimed at punishing the borrower a bit for early payoff are more likely to be found in dealer brokered loans as opposed to loans direct from a bank or CU. Especially interesting is when they use the "Rule of 78."
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