90 Days No Payment

ecbmxer · 06-07-2005, 12:24 PM

I am gonna be getting my truck in two months or so. I need to put it off until then to save some money to put down on it, etc. Anyway, I really don't want to miss the good rebate deals that were extended into june and the 4.5% APR for up to 72 months that my credit union has. My dealer said that there is some kind of program where you sign at the dealer and take posession of the truck without having to make payments for 90 days. Prior to doing so, he said I should arrange with my credit union to finance the vehicle. Then after I do this, payments will start. I guess you have up to 90 days to get it squared away without paying a dime on the truck. I was really confused about it but I guess if you don't do anything within the 90 day period, you have to start paying the dealer, (?) I think. Dealer said it is so people can take advantage of sales and rebates when they are avalable but are unable to buy for a few months. I am still going to go down and get a better explanation.

Just wondering if anybody has heard of anything like this. Sorry if its too confusing, cause I really don't understand.

Thanks for any help!

Gags · 06-07-2005, 12:32 PM

Bought my truck on April 26th, my first payment isn't due until July 26th. Didn't have to sign anything special to get it, the salesman actually offered it to me. I got the 1% financing for 60 months plus $1000 rebate on a new 04. Maybe it was because I went through Nissan Finance.

steves · 06-07-2005, 12:36 PM

I did no money down, 2% financing through NMAC. Though that might not be availible(sp?) on 72 month loans. The down payment does lower your monthly payment, but as far as I'm concerned, that's money in the dealer's pocket. Unless you are planning to put a large percent of cash down I don't see the incentive with the rates they are offering.

I used my cash to start buying accessories.

[edited to make sense]

VShortt · 06-07-2005, 12:54 PM

Quote:

Originally Posted by steves

[edited to make sense]

That was classic.

steves · 06-07-2005, 07:52 PM

I missed adding some signifigant letters that were in my head, but just didn't quite make it to the post. I should really preview things first...

*JayDee* · 06-07-2005, 08:00 PM

I think a 6 year loan on a vehicle is a bad idea period.

Clint · 06-07-2005, 08:15 PM

Quote:

Originally Posted by JayDee

I think a 6 year loan on a vehicle is a bad idea period.

So is deferring the payments. It's bad enough that vehicles depreciate as fast as they do but to make it take longer to pay off the truck only makes it worse. Never go in over your head just to buy a vehicle. You can ruin your credit doing it.

Clint

imjustdamngood · 06-07-2005, 08:23 PM

yeah i would never buy a vehicle without having the cash in hand. I dont do financing or anything like that. If i dont have the cash, then i dont need to buy it.

itscookeyo · 06-07-2005, 08:29 PM

I agree with Clint & Jaydee, but for the irresponsbile idiots who screwed up their credit from ages 18 - 25 (

) sometimes its the only option.

Banks used to hate me and call me everyday, now that I'm debt free (minus a 6 yr loan for Titan) with poor credit they love me cuz I am a legally justified rape.

ecbmxer · 06-08-2005, 08:03 PM

Yea, that first post sounds like the deal I am talking about. I am gonna buy the truck in July/Aug anyway, and want an 05 model so its not gonna hurt anything if I get it a few months early. I am gonna finance for 60 months, not 72, that is just the maximum term avalable. Right now I am in my senior year of Mechanical Engineering undergrad school so I don't exactly have 20k in my pocket. I know how credit works and have a good credit score, so financing is no problem.

Thanks for the replies, now I know this 90 day program does exist.

sts7049 · 06-08-2005, 09:04 PM

i just graduated college in may, and they gave me the 90 day deferred payment as part of the graduate program, along with fairly low financing (5.9) for a first time buyer like me with not great credit. i also didn't put anything down. (i paid 25,800 for mine - financed over 60 months)

jaysplapen · 06-09-2005, 07:19 PM

The only warning I have is the interest starts from the day you take posession of the vehicle. My dealer gave me 60 days of no payments, which I did not ask for, but thought cool, no payments right away, then I get the first billing statement and the balance is higher than the financed amount, when I asked why, the loan holder said it is because interest accrues from the date they pay the dealership for the vehicle. So my dealership got paid the following monday, and I had to pay interest from that day to the day payment was do.

rholland · 06-09-2005, 07:29 PM

and if you get in a wreck and total the vehicle, you are going to owe more than the Insurance company will pay. Bad idea any way you look at it.

jaysplapen · 06-09-2005, 08:06 PM

That is why you always get the gap insurance either through your insurance company or as part of the sale. I would have to bet your auto insurance would charge you less than the dealer though. Can always ask your insurer to tell you how much it is. I have AAA and pay like 25.00 a year for loan payoff coverage.