Acura Dealer Loan Refinance
#1
Acura Dealer Loan Refinance
I've seen a few posts about refinancing an Acura Dealer Loan. I have a great offer with rebates, discounts, etc. but the Acura Dealer has a high-interest rate to get the rebates/discounts. Is it possible to take the offer and interest rate, then refinance the loan shortly after the purchase with a bank or credit union (lower rate) without any penalties?
#2
Yes
I've seen a few posts about refinancing an Acura Dealer Loan. I have a great offer with rebates, discounts, etc. but the Acura Dealer has a high-interest rate to get the rebates/discounts. Is it possible to take the offer and interest rate, then refinance the loan shortly after the purchase with a bank or credit union (lower rate) without any penalties?
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thejimmster (02-27-2020)
#5
Stay Out Of the Left Lane
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Read the note/loan paperwork and make sure there are no prepayment penalties, but other than that - yes you can refinance.
#6
Cruisin'
My salesman said to refinance after making 3 payments so the dealer won't get charged back. According to the paperwork, there is no prepayment penalty. Most auto loans consider your car still new if it has has less than 7500 miles. Bottom line is refinance when you want to, but dealer may not be happy with you if you do it sooner than 3 months from purchase.
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#8
Are you saying dealership offer you a better price on the condition that you finance through them? Is the loan from Acura Financial Service(AFS), or dealership's referral? Sounds to me like the latter because you said high rate... but just FYI, if it was AFS, you can pay off the loan pretty early (in my case just one month of payment), and dealership still get the kickback.
#9
Are you saying dealership offer you a better price on the condition that you finance through them? Is the loan from Acura Financial Service(AFS), or dealership's referral? Sounds to me like the latter because you said high rate... but just FYI, if it was AFS, you can pay off the loan pretty early (in my case just one month of payment), and dealership still get the kickback.
#10
Cruisin'
Are you saying dealership offer you a better price on the condition that you finance through them? Is the loan from Acura Financial Service(AFS), or dealership's referral? Sounds to me like the latter because you said high rate... but just FYI, if it was AFS, you can pay off the loan pretty early (in my case just one month of payment), and dealership still get the kickback.
#11
Instructor
Yes, I could get $3000 off or 0.9% AFS financing, but not both. The financing was through AFS but the rate is 5.09%. I also got $1000 off on the Conquest offer because my wife drives a Honda Pilot. I am going to refinance through a credit union I belong to at 2.49% just trying to decide on doing it after one month or three. If the dealer keeps the kickback, I'll do it after one month
#12
Suzuka Master
Capital One 5 year CD pays 1.60% APY, that ears $3300 in interest if you keep 40K in the bank instead of giving it to the dealer.
If you refinance your car, you will get 4-5% loan at best. I know its tempting just to get $3K off, but it needs more careful calculation
If you refinance your car, you will get 4-5% loan at best. I know its tempting just to get $3K off, but it needs more careful calculation
#13
Cruisin'
Capital One 5 year CD pays 1.60% APY, that ears $3300 in interest if you keep 40K in the bank instead of giving it to the dealer.
If you refinance your car, you will get 4-5% loan at best. I know its tempting just to get $3K off, but it needs more careful calculation
If you refinance your car, you will get 4-5% loan at best. I know its tempting just to get $3K off, but it needs more careful calculation
#14
I got an offer from Acura not to refinance, but to trade in my 2019 for a 2020 and they would lower my monthly payments. There are a few key issues with this. I have about 16 months on a 3 year loan to go and the lower monthly payments on the 2020 would be back to 36 months. I did the math and the total payoff on the 2020 with the lower monthly payments but a longer term would be about $15K more than the remaining payoff on the 2019. If I kept the vehicle for 8 years, the Blue Book difference then for the two would probably be only a couple of thousand dollars essentially eroding the $15K difference and a lost opportunity to get an investment return on the $15K. My 2019 vehicle doesn't seem to have any individual issues, so why take a chance on trading in for some problems? I only have about 15K miles on it also. Buyer beware!
#15
Intermediate
Capital One 5 year CD pays 1.60% APY, that ears $3300 in interest if you keep 40K in the bank instead of giving it to the dealer.
If you refinance your car, you will get 4-5% loan at best. I know its tempting just to get $3K off, but it needs more careful calculation
If you refinance your car, you will get 4-5% loan at best. I know its tempting just to get $3K off, but it needs more careful calculation
Local credit union.
#17
Stay Out Of the Left Lane
Join Date: Oct 2003
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With that said, I know that some dealers don't get paid for the finance contract if the customer refinances within the first couple of months. So if you were to wait and refinance say, 90 days later, the dealer will likely get paid. Terms and conditions obviously vary with the different banks.
Last edited by NBP04TL4ME; 09-22-2021 at 07:46 AM.
#18
My dealer told me the only way to do it, and I had to wait for a couple of years. They didn't tell me why and for what. It was bizarre. They couldn't give me a concrete answer. I think the manager just didn't want to provide me with a better percentage for my rate. I don't know what's wrong with my dealer. Because of that, I had to take a new loan from vakuudeton laina 70000. I am thankful to that company as they gave me a meager rate. That loan actually helped me a lot and saved my ass from going broke.
#19
I was told similarly by a diff brand dealer. Need to make at least 3 payments before refinancing. However loan contract had no prepayment penalty verbiage.
![Acura Dealer Loan Refinance-m36xjed.png](https://acurazine.com/forums/attachments/3g-rdx-2019-454/96888d1683146265t-acura-dealer-loan-refinance-m36xjed.png)
The dealer offered a very competitive rate of 4.99%/5yr. Credit score is in the 800's. The following day I had the login email for the bank's site. Logged in, got loan #, pay off amount and refinanced at 1.99%/5yr with my CU. Original bank had the payoff check within 4 business days of loan origination. No penalties. It's been 2 months now and no clawback of the $1000 rebate either. I would have gladly kept the original rate had it been more reflective of my credit worthiness. I came in with my own spreadsheet of all the numbers broken down. The final amounts (OTD) were pennies apart. Screw the dealer and finance guy. Based on my dialogue with the finance guy, I think he had a pretty good idea of how this deal was going to go.
![Acura Dealer Loan Refinance-m36xjed.png](https://acurazine.com/forums/attachments/3g-rdx-2019-454/96888d1683146265t-acura-dealer-loan-refinance-m36xjed.png)
The dealer offered a very competitive rate of 4.99%/5yr. Credit score is in the 800's. The following day I had the login email for the bank's site. Logged in, got loan #, pay off amount and refinanced at 1.99%/5yr with my CU. Original bank had the payoff check within 4 business days of loan origination. No penalties. It's been 2 months now and no clawback of the $1000 rebate either. I would have gladly kept the original rate had it been more reflective of my credit worthiness. I came in with my own spreadsheet of all the numbers broken down. The final amounts (OTD) were pennies apart. Screw the dealer and finance guy. Based on my dialogue with the finance guy, I think he had a pretty good idea of how this deal was going to go.
#20
Stay Out Of the Left Lane
Join Date: Oct 2003
Location: SE Mass --- > Central VA --- > SE Mass
Age: 57
Posts: 8,964
Received 1,237 Likes
on
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I was told similarly by a diff brand dealer. Need to make at least 3 payments before refinancing. However loan contract had no prepayment penalty verbiage.
![](https://i.imgur.com/m36XJed.png)
The dealer offered a very competitive rate of 4.99%/5yr. Credit score is in the 800's. The following day I had the login email for the bank's site. Logged in, got loan #, pay off amount and refinanced at 1.99%/5yr with my CU. Original bank had the payoff check within 4 business days of loan origination. No penalties. It's been 2 months now and no clawback of the $1000 rebate either. I would have gladly kept the original rate had it been more reflective of my credit worthiness. I came in with my own spreadsheet of all the numbers broken down. The final amounts (OTD) were pennies apart. Screw the dealer and finance guy. Based on my dialogue with the finance guy, I think he had a pretty good idea of how this deal was going to go.
![](https://i.imgur.com/m36XJed.png)
The dealer offered a very competitive rate of 4.99%/5yr. Credit score is in the 800's. The following day I had the login email for the bank's site. Logged in, got loan #, pay off amount and refinanced at 1.99%/5yr with my CU. Original bank had the payoff check within 4 business days of loan origination. No penalties. It's been 2 months now and no clawback of the $1000 rebate either. I would have gladly kept the original rate had it been more reflective of my credit worthiness. I came in with my own spreadsheet of all the numbers broken down. The final amounts (OTD) were pennies apart. Screw the dealer and finance guy. Based on my dialogue with the finance guy, I think he had a pretty good idea of how this deal was going to go.
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