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Discussion Starter #1
I'm about to purchase a MS6 but the only way to get the deal I have on the table is to take the Mazda financing (which is currently an outrageous 9.9% for Tier 1 customers). The sales person said I could refinance it right away but the finance manager said I had to make 3 payments before refinancing. I called Mazda credit and they said I could definitely refinance right away but that the dealer looses a kickback if I do so.

Any thoughts? Do I need to wait the full 3 months? Does anyone have any experience with this?
 

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I'm about to purchase a MS6 but the only way to get the deal I have on the table is to take the Mazda financing (which is currently an outrageous 9.9% for Tier 1 customers). The sales person said I could refinance it right away but the finance manager said I had to make 3 payments before refinancing. I called Mazda credit and they said I could definitely refinance right away but that the dealer looses a kickback if I do so.

Any thoughts? Do I need to wait the full 3 months? Does anyone have any experience with this?
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Pay it off whenever you want. You do not need to wait. I just bought a new 6 in December and had to finance 12K to get the discount. The dealer requested I make at least 3 payments but said it's only so they get the kick-back and I'm not obligated to do so. They did alright by me so I figure I'll do the 3 payments, though I'm planning on paying a large sum when the first bill comes in to minimize the intrest of the next 2.
 

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Pay a large monthy payment (if you can afford it) for two months to offset the interest, then pay a normal payment for teh next month.

Afterwards refinance immediately, CHECK YOUR LOCAL CREDIT UNION!!!!
 

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Take the money and run. $1000 is worth 3 months of extra interest even if you do decide to stick it out with MAC. But you can just refi right away.
 

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Discussion Starter #6
what is the cash discount?
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$1000 is supposed to be because of the financing and $3,000 for just purchasing the car (but they are claiming they will only give me the $4,000 with Mazda financing). I know better - but it isn't worth arguing over. I'll get a fully loaded Grand Touring Model for $25,600 out the door (using my company's x-plan discount and the cash back from Mazda). My only hesitation is the 9.9% financing. But as long as I can refi it ASAP, then it will be OK.

I'm not sure why Tier1 is so high. I would hate to have poor/moderate credit. Yikes!
 

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i refinaced it with my credit union soon as i bought the car. Dealer gave me 8.6. Now I pay 5.4 with the credit union.
 

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$1000 is supposed to be because of the financing and $3,000 for just purchasing the car (but they are claiming they will only give me the $4,000 with Mazda financing). I know better - but it isn't worth arguing over. I'll get a fully loaded Grand Touring Model for $25,600 out the door (using my company's x-plan discount and the cash back from Mazda). My only hesitation is the 9.9% financing. But as long as I can refi it ASAP, then it will be OK.

I'm not sure why Tier1 is so high. I would hate to have poor/moderate credit. Yikes!
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x-plan, s-plan, a-plan, blah. You can probably get a better price just by shopping around. Supply >>> demand on the MS6 and dealers have been sitting on these cars for almost a year in many cases.
 

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x-plan, s-plan, a-plan, blah. You can probably get a better price just by shopping around. Supply >>> demand on the MS6 and dealers have been sitting on these cars for almost a year in many cases.
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Supply and demand my ass....Dealers will turn around and sell it used anyways
It's all area specific...Yes she can get a better deal if she is willing to travel south to get it.

I live in the MD/DC/VA area where everything is high! It is one of the highest places to live in the united states next to NYC

You CAN NOT get the same deal in the good ol north as you would get in Texas/Georgia etc
 

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I made one payment and refinanced, with no problem at all. Dealer didn't request that I make 3 payments, so I didn't. A friend of mine did the same - one and done with the MAC financing, with no problems.
 

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During the financials, the dealer rep actually encouraged me to refinance asap.
 

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I'm not sure why Tier1 is so high. I would hate to have poor/moderate credit. Yikes!
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I had the lowest tier when I got my car, Mazda approved me but the rate was like 17-18% so I said no. I found it elsewhere for 13%. That's not great, but it's better than 18. I will have the car paid off in 4yrs. anyway, but my past credit mistakes when I was younger is what I'm paying for now. :tear:
 

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I had the lowest tier when I got my car, Mazda approved me but the rate was like 17-18% so I said no. I found it elsewhere for 13%. That's not great, but it's better than 18. I will have the car paid off in 4yrs. anyway, but my past credit mistakes when I was younger is what I'm paying for now. :tear:
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I bought my 6 for 14,995, paid 2000 down and financed the rest. When I was younger I messed my credit all up so, my rate is somewhere around 18%. But, I found a way to get around paying all that interest... I MAKE QUAD PAYMENTS AND CAN'T WAIT TIL IT'S OVER!!
 

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I'm right outside NYC - so there is no dealing. Xplan is the best I could do.
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Congrats on your upcoming purchase. Where abouts? I grew up in upper Westchester. What dealer are you purchasing from?
 

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I really doubt 9.9% is the even payout for Tier 1 MAC at your dealership. Almost a month ago I got 7.9% through MAC and judging by the price I got on the car, the dealer still has to be making some cash off the financing. These numbers aren't fixed by any means. There's a payout sheet based on the rates MAC is offering the dealer. For example, assume the buyer is borrowing $10,000 on the car. The financing department may have a 1.000 payout at 7% at your tier. However, they'll have a short table of other rates and payouts. If there's a 7.9% with a 1.030 payout, the lender would write a check to the sales department for the $10,000 and the financing department would get a check for $300 (or 3 cents on the dollar). Now MAC might not give all dealerships the same rate sheet but I'd wager no dealer gets that crappy a rate sheet compared to another.

Back to the original topic, you can pay off early or refi if you'd like but the dealer does lose money this way. If you're ok with that, then feel free. I'm happy with my dealership and want to keep up a good relationship with them so I'll go ahead and wait two more months. The next closest Mazda dealership is quite a ways away.
 

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Discussion Starter #17
I really doubt 9.9% is the even payout for Tier 1 MAC at your dealership. Almost a month ago I got 7.9% through MAC and judging by the price I got on the car, the dealer still has to be making some cash off the financing. These numbers aren't fixed by any means. There's a payout sheet based on the rates MAC is offering the dealer. For example, assume the buyer is borrowing $10,000 on the car. The financing department may have a 1.000 payout at 7% at your tier. However, they'll have a short table of other rates and payouts. If there's a 7.9% with a 1.030 payout, the lender would write a check to the sales department for the $10,000 and the financing department would get a check for $300 (or 3 cents on the dollar). Now MAC might not give all dealerships the same rate sheet but I'd wager no dealer gets that crappy a rate sheet compared to another.

Back to the original topic, you can pay off early or refi if you'd like but the dealer does lose money this way. If you're ok with that, then feel free. I'm happy with my dealership and want to keep up a good relationship with them so I'll go ahead and wait two more months. The next closest Mazda dealership is quite a ways away.
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My credit union wants to refi within 30 days of purchase. So now I need to find out just how much money the dealer will lose if I do it that quickly. I don't want to trash the relationship with the dealer - but I also don't want to get stuck at 9.9% when I can get 5.75% through the credit union.
 

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My credit union wants to refi within 30 days of purchase. So now I need to find out just how much money the dealer will lose if I do it that quickly. I don't want to trash the relationship with the dealer - but I also don't want to get stuck at 9.9% when I can get 5.75% through the credit union.
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Ask your credit union for a refi option after 90 days.
 

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My credit union wants to refi within 30 days of purchase. So now I need to find out just how much money the dealer will lose if I do it that quickly. I don't want to trash the relationship with the dealer - but I also don't want to get stuck at 9.9% when I can get 5.75% through the credit union.
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Why not just refinance the bulk of the amount and payoff the rest through mazda?

I financed 12K, planning on paying 8K of it in the first payment and then the rest over the next 2 months. They get their 3 months and I don't pay a ton of finance charges.
 

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Discussion Starter #20
Why not just refinance the bulk of the amount and payoff the rest through mazda?

I financed 12K, planning on paying 8K of it in the first payment and then the rest over the next 2 months. They get their 3 months and I don't pay a ton of finance charges.
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I don't think the credit union will do a refi on partial without getting the title. I could be wrong - but I've never heard of that being allowed. I *could* take an unsecured loan or take money out of my savings to accomplish that - but that seems like such an effort. I really need to know how much money the dealer is losing out on. If it's minimal, I would rather work it out with them and refi. If it's alot, I'll just have to take money out of savings and do it that way. Does anyone know how much money they get if I stay 3 mos?
 
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