- Joined
- May 8, 2024
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- 37
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- 128
Not sure why you would not do the loan and first installment pay off. Have a friend whose home my wife and I have stayed in who is a Ford dealer. Several years ago we bought a new F150 4x4 and he told me flat out that he could bring down the price by about two grand if I went with a loan on the whole thing and paid it off after 30 days. OK. He dropped the price and we paid it all off at 30 days with no penalty. It has something to do with the plan the bank had that it would be screwing us out of a lot more than two grand in interest if we took the full five years to pay off the loan. Perhaps most buyers who take out the big loan do not learn of the ability to pay after 30 days or just end up not wanting to spend all that cash. It worked for us.Get a loan with no pre repayment fee and pay it off on the first installment
I wouldn’t do business with a dealer who did that .