PenFed, DCU, CFS - who and how?

[JoMellow]

We're buying a new vehicle today - the price is negotiated and agreed on. We have approval fom PenFed, DCU and Cap1, but to get the price with the rebates have to finance through Chrysler - so I thought we would do that and then re-fi with PenFed or DCU. Is that doable? If so, I know not to tell them that we're doing that.  How long would I need to wait to re-fi and how is it done? 

This is our first new car buying experience since 2003 and I don't want to make a mistake on this. 

Thanks!

[Anonymous]

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@JoMellow wrote:

We're buying a new vehicle today - the price is negotiated and agreed on. We have approval fom PenFed, DCU and Cap1, but to get the price with the rebates have to finance through Chrysler - so I thought we would do that and then re-fi with PenFed or DCU. Is that doable? If so, I know not to tell them that we're doing that.  How long would I need to wait to re-fi and how is it done? 

This is our first new car buying experience since 2003 and I don't want to make a mistake on this. 

Thanks!

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Why do you think that you will only get the rebates if you finance with Chrysler?  Consumer rebates are available regardless of whom you finance with.  As for refinancing you can do that within the first few months after the fist loan.  You would have to reapply for a refi loan with the credit union(s) as it's considered a different type of loan.  A refi loan is very easy to do.  Just follow the instructions on the credit union site.  But again those rebates are available no matter how you finance the vehicle so it shouldn't be necessary to refi at all.

[JoMellow]

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@Anonymous wrote:

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@JoMellow wrote:

We're buying a new vehicle today - the price is negotiated and agreed on. We have approval fom PenFed, DCU and Cap1, but to get the price with the rebates have to finance through Chrysler - so I thought we would do that and then re-fi with PenFed or DCU. Is that doable? If so, I know not to tell them that we're doing that.  How long would I need to wait to re-fi and how is it done? 

This is our first new car buying experience since 2003 and I don't want to make a mistake on this. 

Thanks!

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Why do you think that you will only get the rebates if you finance with Chrysler?  Consumer rebates are available regardless of whom you finance with.  As for refinancing you can do that within the first few months after the fist loan.  You would have to reapply for a refi loan with the credit union(s) as it's considered a different type of loan.  A refi loan is very easy to do.  Just follow the instructions on the credit union site.  But again those rebates are available no matter how you finance the vehicle so it shouldn't be necessary to refi at all.

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He wrote this on the sales sheet. "$1,500.00 rebate is received by Financing through Chrysler Capitol. Make one payment then payoff"

[Anonymous]

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@JoMellow wrote:

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@Anonymous wrote:

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@JoMellow wrote:

We're buying a new vehicle today - the price is negotiated and agreed on. We have approval fom PenFed, DCU and Cap1, but to get the price with the rebates have to finance through Chrysler - so I thought we would do that and then re-fi with PenFed or DCU. Is that doable? If so, I know not to tell them that we're doing that.  How long would I need to wait to re-fi and how is it done? 

This is our first new car buying experience since 2003 and I don't want to make a mistake on this. 

Thanks!

---

Why do you think that you will only get the rebates if you finance with Chrysler?  Consumer rebates are available regardless of whom you finance with.  As for refinancing you can do that within the first few months after the fist loan.  You would have to reapply for a refi loan with the credit union(s) as it's considered a different type of loan.  A refi loan is very easy to do.  Just follow the instructions on the credit union site.  But again those rebates are available no matter how you finance the vehicle so it shouldn't be necessary to refi at all.

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He wrote this on the sales sheet. "$1,500.00 rebate is received by Financing through Chrysler Capitol. Make one payment then payoff"

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What model are you looking at? Almost all rebates are available regardless of your financing.  Probably a tactic just to get you to finance with CFS.

[Anonymous]

In looking at the current incentives for Chrysler they apparently do have some part of the available rebates tied to you financing thru Chrysler.  So in that case, finance thru them, make one payment and then apply for refi loan thru your credit union of choice.  Very simple process.  Enjoy your new vehicle and make sure you post pics after you take delivery.

[JoMellow]

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@Anonymous wrote:

In looking at the current incentives for Chrysler they apparently do have some part of the available rebates tied to you financing thru Chrysler.  So in that case, finance thru them, make one payment and then apply for refi loan thru your credit union of choice.  Very simple process.  Enjoy your new vehicle and make sure you post pics after you take delivery.

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Thanks for the info, Irish. PenFed really is easy to work with. Waiting on the paperwork from the dealership and then the info to give to PenFed.  It's a 2016 Jeep Compass for $15,880.00. 

[JoMellow]

How screwed is the finance guy gonna be when I refi with PenFed! He tried to tell me I HAD to make 3 payment or they would re-call the rebates so I just smiled and said ok. No way will I wait 3 months with a PenFed approval sitting there

[Anonymous]

As long as 1 payment covers you do it.
Dunno if that was a question about the screwing but I've been told that in a certain time period they lose all/most commission from the sale.

I personally Don't think it's any reason to feel bad. It's your money. Take the rebate and run. He'll make his money off someone less savvy =)

[pipeguy]

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@JoMellow wrote:
How screwed is the finance guy gonna be when I refi with PenFed! He tried to tell me I HAD to make 3 payment or they would re-call the rebates so I just smiled and said ok. No way will I wait 3 months with a PenFed approval sitting there

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Suggest you read the fine print before you sign - if it says 1 payment, then ignore the salesman, if it says 3 then wait to refi. Chances are that the salesman/dealer are just trying to protect their profit from the financing, but just to be sure, make sure you read the fine print so there are no surprises. You can always call  CFS if you can't get a straight answer from the dealer/salesman. 

[RonM21]

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@Anonymous wrote:

In looking at the current incentives for Chrysler they apparently do have some part of the available rebates tied to you financing thru Chrysler.  So in that case, finance thru them, make one payment and then apply for refi loan thru your credit union of choice.  Very simple process.  Enjoy your new vehicle and make sure you post pics after you take delivery.

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+1

I like the sound of this plan!