Financing Problems
 

aight so when i bought my car i financed through MAC and was told after making 3 payments i could re-finance through my own bank at a lower interest rate.... so after calling the dealer i was told to talk to the finance manager and called and got an answering machine. i called them at 4:00, a little worried about dealing w/ this.... anyone had any problems refinancing after 3 months!?! any help appreciated.

unless you have an early payment/payoff penalty, this shouldnt be a problem. to the bank, its no different than you paying off the loan in cash, since your bank will cut them a check for the remaining balance. I wouldnt call the dealer for this info. Call MAC and deal with them. With the car off the lot, the finance manager will have more important things to deal with than you.

thanks for the input........ got the phone number for them possibly!?!

I did the same thing. After three payments I went to my credit union with my payment book and told them what I wanted to do. They handled everything. They called MAC to get the pay-off, cut a check, and sent it off. From the time I walked into my credit union until I left - maybe 20 minutes.

An unexpected bonus - there was a one month delay in starting the payment schedule so I had a month of no car payment. Of course, it'll cost me later.

How much of an improvement did you see on your interest rate?

I was told by people here that the mandatory 3 month payment they told us is bogus. I also remember reading in the MAC brochure that you can pay that off as soon as possible without being charged.

Call 1-800-222-5500. MAC is one of the menu options.

If you push 8 you can hear a rotary engine. LOL

I refied the house and I am paying mine off. This way I have no payment on the car and car write off the interest!