Someone confirm this if you can, this would be a major deal breaker for me, dealership closed atm, and to think I was planning on taking delivery thursday.

 

No one can give you a yes / no here, read the fine print, not all auto loans are the same. It could just be a 90-day thing. Dealerships would rather sell to a customer that uses their financing than pays cash; they get a kick back from the bank. So to prevent them from saying “ hey I know you can pay cash in full, but I will give you this great price if you take out a loan, just pay it off in full the next day’. The fine print would have a certain length of time you must make payments a before a pay off.

 

Gotta give more info. Who did you finance through, what did the note say, etc...? Read the documents.

 

If your financeing through mazda we made 2 payments then refin. through credit union , or move to TEXAS .. LOL

 

Thanks for the answers. I'm getting more accustomed with DYI and I asked them to fax me the contract.

 

Prepayment penalties are illegal in NJ. I know this applies to home loans and I believe it's the same for auto loans.