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2021 Challenger Hellcat RE WB Torred
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Discussion Starter · #1 ·
I want to finance part of my new hellcat. I qualify for the 0% from Chrysler but will lose incentives if I choose this option. There is a $1000 rebate if I finance with Chrysler capital & a national rebate of $6000 but the only way to get these is to go with the best rate available through Chrysler capital. Has anyone done this recently? What are the current rates at Chrysler capital? I'm having trouble finding this online.

I'm just afraid that when I get to the dealer, 3 hrs from my house, that they will do anything they can to screw me.
 

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I am in a similar boat and don't seem to be able to find regular rates offered. If you go to their website maybe select the chat option and see if they will give you the range and then you'll be able to figure out what you'll likely qualify for. I did see that Chrysler Capitol offers 0% for 72 but I believe, as you mentioned that that is part of the Power Dollars OR 0% for 72 months deal. So I do not have a definitive answer either. Sorry, but I am curious as well.
 

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2020 Challenger Hellcat Redeye NB
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Honestly, unless you're planning to put a big chunk of change down on the car, just do an online application with your own bank or preferred credit union first. That 6k or the Power Dollars offers on the 2020 is worth more to you than the 2-3% you might take on a loan. It basically pays the taxes you'd have to either pay yourself or finance on top of...

Now, if you got the cheez to put down the taxes yourself or other options, by all means do so... but the 0% for 72 is really not for anyone looking to finance most of the car.... it's really more for ppl who are putting a lot of money down.
 

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Believe it's the opposite. 0% is smart if the cost of financing will be greater than the rebate. A decent non-promo rate on 72 months is about 2.9%. On $75k loan your cost of financing is about $6,800 if you don't pay off early. In this case take the 0% and save 800. Now if you pay off early it changes the equation and changes the break even point..

Now if you put 25k down that 75k note is now only 50k. Now the cost to finance is 4,500 over 72 months so you are better off taking the rebate and getting the 2.9% rate.

Cliff note- it's all about rate and term. The finance person should be able to tell you your cost to finance (heck I think you have to sign a paper showing it now) and if that number is less than 6000 take the rate. If more take 0%.

Hope this helps and makes sense.
 

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Believe it's the opposite. 0% is smart if the cost of financing will be greater than the rebate. A decent non-promo rate on 72 months is about 2.9%. On $75k loan your cost of financing is about $6,800 if you don't pay off early. In this case take the 0% and save 800. Now if you pay off early it changes the equation and changes the break even point..

Now if you put 25k down that 75k note is now only 50k. Now the cost to finance is 4,500 over 72 months so you are better off taking the rebate and getting the 2.9% rate.

Cliff note- it's all about rate and term. The finance person should be able to tell you your cost to finance (heck I think you have to sign a paper showing it now) and if that number is less than 6000 take the rate. If more take 0%.

Hope this helps and makes sense.
I tend to agree. I was just wondering what the Chrysler Capitol rates are as financing with them has a $1000 incentive as well.
 

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2021 Reactor Blue Durango Hellcat
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I highly recommend shopping around as like others mentioned, that 6K is better than the 0% if you find the right loan company. There are plenty to check and see their rates, most advertise them online without requiring a credit check.

I just did that for my Durango Hellcat, wasn’t getting a large loan but was able to score 2.19% @ 60 months at a credit union even though I plan on paying it off in a year.
 

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2021 Challenger Hellcat RE WB Torred
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Discussion Starter · #7 ·
I want to finance part of my new hellcat. I qualify for the 0% from Chrysler but will lose incentives if I choose this option. There is a $1000 rebate if I finance with Chrysler capital & a national rebate of $6000 but the only way to get these is to go with the best rate available through Chrysler capital. Has anyone done this recently? What are the current rates at Chrysler capital? I'm having trouble finding this online.

I'm just afraid that when I get to the dealer, 3 hrs from my house, that they will do anything they can to screw me.
I am in a similar boat and don't seem to be able to find regular rates offered. If you go to their website maybe select the chat option and see if they
Believe it's the opposite. 0% is smart if the cost of financing will be greater than the rebate. A decent non-promo rate on 72 months is about 2.9%. On $75k loan your cost of financing is about $6,800 if you don't pay off early. In this case take the 0% and save 800. Now if you pay off early it changes the equation and changes the break even point..

Now if you put 25k down that 75k note is now only 50k. Now the cost to finance is 4,500 over 72 months so you are better off taking the rebate and getting the 2.9% rate.

Cliff note- it's all about rate and term. The finance person should be able to tell you your cost to finance (heck I think you have to sign a paper showing it now) and if that number is less than 6000 take the rate. If more take 0%.

Hope this helps and makes sense.
Thanks for your help 👍
 

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Cargurus says Chrysler Capital Prime Standard Retail Rate it's 3.33%
 

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Cargurus says Chrysler Capital Prime Standard Retail Rate it's 3.33%
Thank you. I just called and asked and they said that I'd have to put in an application to find out. I was baffled. In my mind that like trying to look at a restaurant's menu, but you can only see it after you've paid for the meal.
 
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There is some logic behind it (while I don't agree with it) but some companies don't like to advertise the rate spread as most people wont qualify for the lowest amount and thus the consumer gets upset that they didn't get it. I prefer the transparency of advising what the spread is but that's the logic I was given when I worked for a finance company that did the same thing.
 

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Banks and credit unions typically publish their rates on their website. Look around for the best rate and go with them. Obviously your credit score and loan to value ratio play into the rate you will qualify for.
 

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Thank you. I just called and asked and they said that I'd have to put in an application to find out. I was baffled. In my mind that like trying to look at a restaurant's menu, but you can only see it after you've paid for the meal.
The explanation is not every loan applicant may qualify for the same rate. If your credit score is very good you may qualify for a lower interest rate than another person who has a less good credit score.

By filing out the application and submitting it the rate you qualify for can be determined. This after a credit check is run which gives the financial institution a better picture of your credit worthiness.
 

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I want to finance part of my new hellcat. I qualify for the 0% from Chrysler but will lose incentives if I choose this option. There is a $1000 rebate if I finance with Chrysler capital & a national rebate of $6000 but the only way to get these is to go with the best rate available through Chrysler capital. Has anyone done this recently? What are the current rates at Chrysler capital? I'm having trouble finding this online.

I'm just afraid that when I get to the dealer, 3 hrs from my house, that they will do anything they can to screw me.
Best rate for Chrysler Capital will likely be at 3.99% if your FICO is 750 or above. Finance through CC and get the rebates. Wait until you receive the registration and then refinance through your own financial institution if you can secure a better rate. I did this 8 years ago when I financed my 2013 R/T through CC. Got the rebates, and then refi'd the CC loan though my credit union (1.69%). Saved me another $1000 off the life of the loan.
 

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I qualify for the 0% from Chrysler
Watch out for this. Read the fine print. Chrysler Capital advertises 0% financing, but might charge a "maintenance fee". The fee is usually something like $15-$20 per $1000, charged monthly.
 

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Finance through CC and get the rebates. Wait until you receive the registration and then refinance through your own financial institution if you can secure a better rate.
Wait at least until just over three months after the loan started, or it could all unravel, and CC will want the $1,000 back.
Also, the dealer won't be happy when they lose the several thousand they got as part of the deal.
By the way, the latter is money you could get a part of if your dealer is nice to you.
 

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Wait at least until just over three months after the loan started, or it could all unravel, and CC will want the $1,000 back.
Good point. Back in 2013, that's exactly what the dealership fleet manager advised me to do. Perhaps the dealer also secures their money in the same 3 month rest period?
 

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They do. I screwed up once and left a too small balance for the third months payment, and CC took it upon themselves to pay the loan off.
It took many, many phone calls and emails to get them to reverse that "payment" and keep the loan active. The dealer was still fighting them almost a year later.

Would've been costly for me if it hadn't worked out, since the dealer had given me their share, too. Not that I would've had to pay them back from a legal standpoint, but I would have.
 

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The explanation is not every loan applicant may qualify for the same rate. If your credit score is very good you may qualify for a lower interest rate than another person who has a less good credit score.

By filing out the application and submitting it the rate you qualify for can be determined. This after a credit check is run which gives the financial institution a better picture of your credit worthiness.
I understand. I've bought multiple cars and a house. I monitor my credit and am just annoyed that they would put a $1k incentive by financing with Chrysler Capital but they might have pretty terrible rates.
 

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I understand. I've bought multiple cars and a house. I monitor my credit and am just annoyed that they would put a $1k incentive by financing with Chrysler Capital but they might have pretty terrible rates.
Generally pay cash for my cars.

The $1K incentive may just be intended to attract those who jump at the $1K and fail to work the numbers for the entire cost of the financing arrangement.

For financing the advice I have received is to shop finance as seriously as one shops cars. Not all financing is the same. You just have to do your research and know what's a good finance offer and what is not.
 

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Generally pay cash for my cars.

The $1K incentive may just be intended to attract those who jump at the $1K and fail to work the numbers for the entire cost of the financing arrangement.
I used to pay cash, until realizing that financing for just over three months can save a minimum of $1,000, usually a couple of thousands more.

On the flip side, I have to swallow my pride, and it feels awkward to have a new vehicle that isn't mine (for a while), just mine to use. But paying maybe $300 in interest to save $3,000 makes it worth it to me.
 
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