Troy32323

I financed through Ford at 6% to get $750 rebate thinking I would refi immediately at credit union at 1.45%. When I went to the credit union they said I need to wait until I receive the title. Oops. Did not account for that. At 6% it will eat into my rebate quickly.

Can anyone in NY tell me how long it took to recieve the title?

4js8wh

Title can take up to 90 days, but I doubt the interest even on 3 monthly payments would make a big dent in the rebate

statikuz

It shouldn't be *too* bad - difference is about $60 a month (at $30,000 financed). So if you manage to get away with paying just a few payments to Ford you'll still come out ahead.

squirrelyyy

My CU told me if I refinanced within 30days they could work off purchase order after that they would need title. so I'm assuming your truck is older then that?

Troy32323

Truck is 6 days old. Not sure why they need title to do the refi. I figured they would pay off Ford and in NY they could change the lien holder electronically.

The 4.5% extra equals $112 a month on 30k. I would hate to give back $336 in interest while waiting for title.

Scab10

The joys of NY government. Very high registration fees and slow service. Love the DMV!

Troy32323

Thank goodness Al Gore invented the Internet. I can do most of my DMV stuff online now.

Scab10

Al Gore = wind power!

statikuz

How did you come up with that? Assuming 60 months, you'd pay $4799.04 in interest at 6%, and $1118.75 at 1.45%. A difference of $61.34 per month.

Troy32323

On avg over 60 months you are correct. We are only looking at a few months in the beginning when interest is the highest because the balance is the largest. First year is 4.5% x $30,000 = $1,350 or 112 a month