Okay, I went today bought a used '97 Prelude, with a rate of 11.5% over 36 months. Now, when I got home my dad asked me what rate I got and I mentioned the 11.5% and he let me said "f*ck it! I'll loan you the cash...interest free". My question is how do I got about talking to the dealer about this? and am I gonna have any problems with them regarding the loan?? Please keep in mind that I did purchase and sign for the car today, Saturday.

 

Well shit, now there is a deal you can't turn down. I dont know if it too late or not, call them up, tell them you won the lottery and can cut them a check i bet they'll give you a nice phatty discount. you can always pay a loan out early ... where are those finacial wizards on here when you need 'em.

 

Dyno,you're lucky to have a dad who will help you like that. I had a similar situation with a loan through the dealers bank, then i went to my credit union and they had financing for 3% less. They just paid it off for me and redid the loan. I don't think it cost me a penny to the dealers bank cause no interest had accrued.
Good luck !!

 

yeah, my dad is the best!! I'm 22 and he's 62 so it'll be time for me to start putting on those muture pants pretty soon.

any ways,i spoke to the dealer dude and he said that there isn't a problem. All i have to do is show up with a cashier's check this AM for the remaining purchase price. Thank YOU GOD....and my dad too!!

 

Glad to see everything is working out for you, I know giving up the CL-S was hard. Good luck with the Prelude!

 

I'm about to refinance at 6.75%. Credit Unions are usually the best places to start looking.

 

Yeah, I believe I got 7% through my mom's credit union, don't remember exactly right now.

Is your dad gonna spot you for a turbo kit too?

 

If your loan does not include a "penalty for early payment" clause you should be able to pay it out interest free.

 

Doh ! I didnt see your reply saying it worked out. Congratulations.

 

How do credit unions work? I need to borrow some money or even refinance so I guess I have to become a member, right? How does that all work.

 

the way i heard it works is that you have to know a memeber they get reffered by them to the union....correct me if i'm wrong.

 

I think you can join if your copmany is a member or something. I am not sure myself.

 

Well a lot of companies have credit unions for their employees, so you have to work for the company or have a certain relationship with an employee of the company. Other than that, I don't know what other credit unions there are.

 

Here at Stanford, u have to be an employee (hospital or school), alumni or student and U get in automatically. They usually approve the loans like nothing too. If you don't fall into that category, friends and fmaily usually can get referred in.

 

Dude, the only thing you need to do is call the financing company and request a pay off figure. Once you get that number they will give you about 15 days to get the money to them and you pay off your car with no problems. Then you just need to start paying back your dad in a timely fashion. This is all valid if the agreement you signed does not have a payoff penalty clause.

I have done that with my father several times just to save on the interest. with my 98 Jetta VR6 I owed about 12k and I was paying 6.9%. He loaned me the money for the first year at 5.0% and the second year at no interest rate. It gives a better cash flow and Dad's will never repo the car unless you go a full year without a payment.