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On 2/1/2004 12:21 PM, Phillip Batson wrote:
| I'd be *real* leery about that third option. If they
| "buy" the loan out, that means they pay off your
| balance and then take out a new loan. Sounds like a
| good deal until you find out how much your interest
| rate gets jacked up.
Very valid concern, but on the flip side, this could be an excellent
time to refinance the truck at a lower rate. Tom's only 5 months into
his 5 years of payments on the Ram, so if he can get a drop in the rate,
it may well pay for itself.
| When I bought my truck, the finance guy said the best
| rate he could get was from Bank One(my bank, it turned
| out). It was some astronomical number (~19%). I had
| looked into getting a car loan thru my bank before
| going to see him, and the rate I got by directly going
| to them was about 10 points lower. From the same
| friggin bank. Be very careful before entering into any
| kind of loan with the Stealer.
Really, the message is "do your homework." The rate I got from the
dealer (3.14%) on my '03 is about 2.5 percentage points lower than I
could find at any bank or my credit union. Just market forces at work.
~ When I got my '99, the bank was the best rate going (graduated rate,
worked out to 7.37%).
- --
- -andy
http://home.twcny.rr.com/andylevy/dakota - andy-dml@levyclan.us
- --------------------------------------------
"Whatever Adam does, do the opposite and you'll be fine"
-Bob Tom
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