Originally Posted by bosca418
This sounded interesting so I went to the website. What kind of fees do they charge?
I am looking at my paperwork right now. It looks like they collect a $428 enrollment fee which is defferred and collected over the life of the loan. But you're saving thousands in interest so this is a non-starter for me.
As always I asked the finance manager what the "catch" was. There is none believe it or not. This is legit. The only thing you really need to be aware of (and this is stated on the document you will sign) is that you make one full payment every 6 months, including the first one, in addition to your half payments every two weeks. So, you are basically making 1.5 payments on every 6 month up to you term expiration.
I calc'd this out and basically I'm going to pay off a 60 month note in 54 and save about $2500 in interest charges.
Tell your dealership you want this but with no add-on maintenance or service contracts. That is how they tried to sell it to me. I simply asked if I could do this without purchasing add-ons and they reluctantly told me yes.