$1000 MAC credit and refinancing
 

I bought a 2005 RX8 today for invoice then received the 1k credit for going through MAC. Talking to the dealer they told me to finance through MAC with a crappy rate (8.24%) then after 6 months finance with the credit union (they recommend) that will finance it for me with a standard new car loan. (4.25%)

Bank even said they would do that. I made them call the bank and I talked to the loan officer. She stated she was a credit union and they were able to do that. Anyhow that is not the question.

The question is how long do I have to wait to refinance the MAC loan? The dealer told me to make 5 payments then on the 6th payment be the refinance amount. On all of the paperwork it does not say anything about this. I asked the dealer why 6 months and she said that she thought there was a 6 month stipulation but she could not find it either. So, do you think that MAC would penalize me if I refinance after one payment since I took the $1000 credit? Worst case I still would have saved ~$800.

You don't have to do it for more than a day if you don't want to. You're correct, the contract says nothing of the sort. But the longer you stay on the more money MAC makes and the more kickback the dealer makes.

Funny you say that! She did say that the dealer received 1%. She did not say 1% of what though. Very interesing. Guess I will call them in a week or so. Give them time to setup the account. Have you or someone here done that before?

Personally I'd just wait until you get the first bill, it will include the payoff amount that you would need to pay if you wanted to pay it off, get your Credit Union to write you a check for that amount, send it to Mazda, and you'll be done. And it should only cost you like $25 in interest for that month.

What!? $25, no deal, lol!

This dealership just seemed too eager to treat me right. It was not like any dealer I have been too before. I suppose that is why I had to drive 65 miles to get there. The fact that we called the one credit union on the phone was reassuring. I just have that in my head that this is all a big trick to me.

Although as I left the dealership there was a sign on the window that this dealership recommends that same credit union for financing. Pat my back I pat yours perhaps?

Well to followup on this. I found out that in the states of PA and MD, banks can NOT pentalize on simple interest loans. In other words, there is no pentalty to refinance the next day.

So a quick way to save 1k this month. Most credit unions will consider it a new car loan, mine is.

Interesting. I may do this myself. Where could I check to see if doing this is legit in my state (WI)?

My dealer told me 3 months.
I dont think I will not wait that long if I can find the car I want.

Well I am glad that I havent purchased yet. With the recall rumors in the other area and not much of an incentive program I can wait. I have had 3 rx7s but the 8 is starting to worry my trust of the motor.

The dealer that I bought from told me 6. I ask why 6 and they did not know. FWIW

I bought an 04 RX-8 and went through MAC for the rebate as well. I paid 3 car payments and then re-financed through my Credit Union at 4.49%. Ask your credit union, not Mazda (they will tell you incorrectly).

and to add to this discussion....
 

I have an add on question the the "how long" for MAC $1,000. Does anyone know "how much" you have to finance through MAC? I've got 2/3 of purchase price in cash now, and would finance te balance provided you get rebate for less than the whole purchase price.

I am fairly certain it is not limited.

Iwas told $7000 at one dealership and $7500 at another. The finance manager at the one I bought from wanted to use "round numbers" so he plugged $10,000. Doesn't matter, I'm paying it off after 1 month (simple interest with no prepayment fee). I just did it for the $1k. :rolleyes: