A friend of mine mentioned to me yesterday how some people he knows have done the "Sign and Drive" thing assuming their quotes APR was a lock, furthering the assumption that the payment budgeted for was sound.Fast forward a few weeks and they receive a phone call demanding additional funds or the return of the vehicledue to the "fantastic rate" they were quoted falling through resulting in higher payments, outlay of cash, and a shady perception of car salesman.

Am I being overly paranoid? The fact Chrysler ok'd 8% when ELOAN offered 9.7% has me wondering if I didn't fall into a trap on this one. I'd hate to tint the windows and add a few accessories only to fall into this scenario resulting in either losing the truck and/or having to fork over a ton of cash.

Thoughts?

do you have a copy of the papers you signed you can re-read? Remember those are all legally binding, did you read them thoroughly before you signed?

Yes. The contract itself is very clear. 8% APR for 75 Months. The document that has me concerned is a yellow sheet from the dealership stating I agree and understand that if a determination is made by the "lender" ( Chrysler Financial) that I don't qualify for the rate, I must return the truck within 24 hours.

I called Chrysler Fin and explained my concerns. She basically said if I have a contract stating an APR, it's approved and not to worry. I know some people do this and then get a call 3 weeks later with the scam "You have to give us 2-3K or lose the truck" blackmail line.

Thing is, my first payment is due June 7th, but if it takes three - 4 weeks to process the paperwork, how do I make a payment on a truck without a valid account number? Perhaps I'm being overly paranoid, but it's a valid concern given I didn't put anything down. ( Stupid choice, but I plan to make a balloon payment with the bonus of 2.5K with a refinancing in a year or so.Then another 1K payment every tax season the next two or three years to pay down the negative equity and cut down on the interest payments.

Oh well...I'll enjoy her anyway!

~ J.

You are fine.. Dont read into it. Rarely do they come back and make you resign paperwork. What they do is approve financing based on your credit score.. normally they have ranges and can pull that quickly. If something comes up, it will be in less than 1 week. They dont change it. If the do change it, I doubt it will be to the tune of 1.7% (equaling your previous approve loan of 9.7%).

Remember you can argue it forever. You have the vehicle and a signed contract. If Dodge for some unknown reason changes their interest rate (I honestly doubt they will), you can force them to find you different financing, if not through Dodge, then through a 3rd party finance Co.

I honestly would not worry

thats why i pay cash. no BS hoops to jump through for them to get every last dollar I own

Don't worry about it at all Jake, 8 percent is good but it's not fantastic. Chrysler is making money at 8 percent so they're happy. I've seen new car loans at 6 percent in my area. Enjoy your ride.

as long as you have that paper that says 8% and its signed there is nothing they can do, if they try it just go straight down there with those papers, show them and tell them they arent getting anything but your monthly payment as stated right there.

You guys made my day! I've been really worried about it since last night, but I'm not focusing on it now after reading your posts. Thanks for the words of wisdom gentlemen. You definitely rock!

Now to add up the goodies I want:

* A.s.a.p List *
- Chrome Nerf Bars ( researching the Dodge Forum vendors)
- Tinted Windows ( Saturday morning!)
- Aftermarket muffler ( not replacing the entire catback right now. Just want some grumble and growl without the loss of back pressure) Any suggestions? Flowmaster, Magnaflow perhaps?

- K&N Air Filter drop in replacement ( Saturday)
- Seat covers that can stand up to a 110 pound Rottweiler! LOL!

*In the distant future List*

- JL Audio Mids and Highs, JL Audio Stealth Box, amplification of the stock unit. ( Love the Navi!)
aftermarket alarm ( Clifford G5 probably) The G4 did right by me for three vehicles!

Tonneau Cover

That's about it for now I guess. Damn truck should be listed under "Addiction Enabler" in the dictionary!

Thanks again guys. I feel betterjust reading this post.

~J.







~ J.

well it sounds like your ready to go now, quite the list you have there, sad thing is once you have every single one of those done you'll have a new list about 3 times as long, i have more wishes than money for my truck, just gotta take it one thing at a time

You are going to drop thousands of dollars in aftermarket stuff and you were worried about $20 a month more. Wow.

Here is a link just in case:

http://www.carbuyingtips.com/carintro.html