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Old 05-16-2007, 08:20 PM   #1
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Hello from Missouri

Hey Guys & Gals!

First and foremost let me just say how much I enjoy this website! You guys are AWESOME. There are some real pros on here with some good technical information. This is the first place I come when I want to know something about my Wrangler. BTW - She's a Silver Metallic '06 X Model. My 2nd Jeep. See poser pics below...don't laugh!

Well, I guess since I am a new member, YES!, I will ask my first question. I tried searching already (forum etiquette) and found little to nothing on this subject. It is about somehow paying for my suspension and tire/wheel package. Well, if you're interested here's the situation:

I have a loan with Chrysler which I owe about $15,000 currently.

Would I be able to re-finance my loan for, say, $18,000 (with another bank, loaner, or even Chrysler) to cover the charges of those upgrades? And just have my monthly payment go up? Or would I be better off just taking out a small personal loan? Or just saving the cash (the hardest and longest)?

I have good credit and I always pay my bills on time. Would this be bad for my credit?

What would you do?

Any suggestions or opinions would be excellent.

Thank you in advance and PLEASE keep up the good work!

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Old 05-16-2007, 08:38 PM   #2
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I can't give you any advice on refinancing, but welcome to the forum. I have a silver 05 that I've modded for a very small amount of money. He's not done, but I'm not in debt over the mods either. Slow and steady.

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Old 05-16-2007, 08:55 PM   #3
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Think of it this way. You get a loan for 3,000, youll have the cash RIGHT away to add mods (and void your warranty probably) but you are also going to pay, say for instance, 4,000 for that 3,000 over time.

Or you could just save up that same amount (say an extra 50-100 a paycheck) and only pay 3,000 out of 3,000, and put the extra 1,000 into something else Not to mention you will appreciate the mods more since you worked for em.

Maybe I am just biased though because I HATE banks and CCs and only use them when I need to

BTW nice Jeep
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Old 05-16-2007, 09:47 PM   #4
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Hey welcome to the forum!

To answer your question(s) about financing:

If you want to refinance your loan you'll have to go through a local bank or credit union. Chrysler Credit can only originate a loan on an untitled vehicle or a previously titled vehicle that is currently owned by a franchised automobile dealer (a Chrysler, Dodge, Jeep etc dealer). So basically, in simple terms, only a dealer can originate the loan.

Like I said that doesn't mean that you can't go elsewhere and refiance it though. The main thing is, of course, what your interest rate is compared to what you will qualify for elsewhere. Your Jeep is now a used vehicle (assuming you purchased it new) and used vehicles typically have higher interest rates.

If paying cash for your mods is out of the question then my recomendation is to look for a low or zero interest credit card if you can pay off the balance before the interest kicks in. However if you carry the balance beyond that date you'll pay dearly for those already depreciated mods. But you have good credit so you probably already knew that.

If the credit card isn't an option then I would roll the extra into your refinance note with your bank as long as the additional money doesn't exceed their loan guidelines. If you went this route you'll pay interest on the mods but it will be based on simple interest and depending on your interest rate it really wouldn't amount to much.

If you're interested in knowing the money breakdown of your current loan versus a refinanced loan I can calculate all of that for you as I have some of that software on my computer at work.



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Old 05-16-2007, 09:56 PM   #5

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Originally Posted by JCS05Rubi View Post
Or you could just save up that same amount (say an extra 50-100 a paycheck) and only pay 3,000 out of 3,000, and put the extra 1,000 into something else Not to mention you will appreciate the mods more since you worked for em.
Welcome to WF.

I agree with JCS ^. Plus, it'll give you a chance to see what your stock wrangler can do. My first jeep was stock and it took me just about anywhere I wanted to go.
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Old 05-16-2007, 09:56 PM   #6
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Don't do it. You're giving yourself the shaft if you do. Pay off your jeep then save for the upgrades, unless you have other things that need to be paid.

Don't put yourself farther into debt, even if you can afford the payments. Save and pay cash.
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Old 05-17-2007, 10:52 AM   #7
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Welcome to WF. It definitly is a good and friendly place to be. I'll have to say i lean towards tiny and JCS and say slow/steady and save it up as you are able. Also saving as your able gives you a chance to really think over the mod you are intersted in. It just may turn out that before you have finished saving you have discovered a better product or a better deal.

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