Refinancing my car loan and need help

Discussion in 'SRT Hellcat Purchasing' started by Lilla, Jun 6, 2015.

  1. Lilla

    Lilla Silver Member Hellcat Car Club HCC Charter Member

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    Okay, I have never refinanced a car but the dealer stuck me with a higher percentage rate than I want. My question is, I was told that my GAP insurance won't transfer to the new loan and I need to purchase it with the new lending institute. I have no problem with that, the dealer also told me my extended warranty will not transfer and I need to come in and sign a waiver for a refund. Is that correct?

    I thought the warranty was on the car and went with the car not the financing agent. Also, wouldn't the new car loan by paying off the first loan, pay off the extended warranty? Sorry I am clueless.

    This might be a good time to see how many bought the extended warranty? If you don't mind sharing. Thanks for your time and have a great day!
     
  2. Hellcat707

    Hellcat707 Gold Member

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    Sounds like BS. Dealer probably just trying to keep you in the loan so they get there kick back. Extended warranty usually is put to Vin of vehicle (if warranty is from Dodge) and when a dealer pulls up Vin it shows that vehicle does have warranty. I think you should call FCA customer care and tell them what's going on. They may be interested in this story.
     
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  3. Hellcat707

    Hellcat707 Gold Member

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    Another thing you might be able to do is contact the original loan company to pay them out and not even get dealer involved. Don't sign anything this way.
     
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  4. Hellcat15

    Hellcat15 Silver Member

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    Not sure why you're even involving the dealer?

    Just get your loan approved with the payoff to refinance? Am I missing something here?
    If the warranty was financed with the original loan then the refinance should cover that as well, should be like just any other "option" I'm thinking.
     
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  5. Deputydog

    Deputydog Gold Member

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    ^^^ THIS ^^^^
     
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  6. MikeD1

    MikeD1 Silver Member

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    What Hellcat15 said !!

    The only reason the ext. warranty might not transfer is if it's some aftermarket deal the finance co. (or dealer) offered and not the "official" one from Dodge/FCA.
     
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  7. FINALLYSATISFIED

    FINALLYSATISFIED Silver Member

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    Apply for a new loan with your institution. Tell them your refinancing as sometimes that will offer some incentives if your transferring from elsewhere.

    You should still be able to get GAP insurance with the new institution. If you stretch your term months to 96 months you won't qualify for GAP atleast that's the way it works for Navy Federal. It has to be no more than a 84 month term. GAP also applies to the model year or the vehicle and how much your trying to get financied for.
     
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  8. Tannehill

    Tannehill Silver Member

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    Agree with the Hellcats, I wouldn't even be including the dealer in my process. Just the new refinancing lender and the one I must pay off.
     
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  9. CubeMan

    CubeMan Tri-State Overlord

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    Dealership is lying, The warranty is paid for. All your doing is changing who your writing the check to when you refinance. (Of course with hopefully a cheaper rate). All they want is the kickbacks from financing you.
     
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  10. Tom Westrupygun1

    Tom Westrupygun1 Hellcat Member

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    Is the extended warranty a FCA product? If so, read the fine print, I believe it has to be paid in full to transfer.
     
    Last edited: Jun 6, 2015
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  11. Harley88

    Harley88 Gold Member

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    What the hellcat you doing not putting down enough to alleviate the need for gap insurance? If you say you couldn't afford that, I'm ganna ask you to do the math on all this; and show me where you can't afford not to!..
     
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  12. FINALLYSATISFIED

    FINALLYSATISFIED Silver Member

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    Dealership gets a kickback after 30 days I believe. If he refinances before that 30 day window, they don't get squat.
     
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  13. Lilla

    Lilla Silver Member Hellcat Car Club HCC Charter Member

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    You all have been really helpful with this. I was wondering why I needed GAP insurance too. The new lender and I talked yesterday and I am going to refinance with them, no GAP and from what everyone has told me is to sign the deal and then go back to dealer and get a refund on my costly GAP insurance that I did not need in the first place! Dealers....wow! Again, thanks from the bottom of my green little heart! You are the BEST!!
     
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  14. Scotty2Hotty

    Scotty2Hotty Silver Member

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    The dealer will get charged back on the warranty and gap. Cancel BOTH and then go with the new finance company. The dealership is just trying to save a little grief that really doesn't matter in the long run.....I have no clue why and its what I do for a living. Go with the new lending institution and they can pay off your old loan and start the new one. GAP is wonderful...Guaranteed Auto Protection every lending institution should sell it. Go with your Credit Union or local bank someone you trust!
     
  15. Carnage

    Carnage SRT Hellcat Supercharged Moderator Staff Member Hellcat Car Club Gold Supporting Member HCC Charter Member

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    Well I called State Farm and they were able to refinance my superbee car loan before I had my Hellcat over a year ago. It was approved within minutes they were shocked. They mention GAP from previous loan would not transfer but that I could get a refund if I bought it on the original loan from the dealership. My APR significantly reduced. Dealerships shouldn't be involved on a refinance option. They'll mark things up to get their cut on that new loan. Hope this helps.
     
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