Wells fargo financial leasing says my new Branson can't be paid off early?? Who does?

[cpita]

Just made my 1st payment over the phone and planned on paying it off in about a year instead of the minimum 4 years. The lady tells me I can't pay ay additional towards the principal, Needless to say I'm going to refinance it elsewhere. I've refinanced numerous vehicles with state farm bank (who I've had all my insurance with for 20+ years) but doesn't finance tractors, So who do you guys use?

 

[kcflhrc]

Well this wont help you but I financed mine through John Deere, 0% for 5 years and I have always paid more than the payment and it comes right off the top of the balance and my payment gets lower and lower every month. Started out right at $300 a month and is now down to about $250 a month but I still pay the same amount.

 

[fishheadbob]

Try shopping some local credit unions.

 

[joeyd]

Agricredit, and I paid my tractor off early with no penalty. I believe they now go by DLL Financial.

 

[wagne223]

Just made my 1st payment over the phone and planned on paying it off in about a year instead of the minimum 4 years. The lady tells me I can't pay ay additional towards the principal, Needless to say I'm going to refinance it elsewhere. I've refinanced numerous vehicles with state farm bank (who I've had all my insurance with for 20+ years) but doesn't finance tractors, So who do you guys use?

If they won't take additional principal, I bet there is a prepayment penalty.
Refinancing won't help. Your payoff will be the remaining principal PLUS the penalty.

Review your loan paper or call them and ask so you know what you are getting into.

 

[Steppenwolfe]

Did your dealer refer you to Wells Fargo??? This doesn't sound right...

 

[Streetcar]

If they won't take additional principal, I bet there is a prepayment penalty.
Refinancing won't help. Your payoff will be the remaining principal PLUS the penalty.

Review your loan paper or call them and ask so you know what you are getting into.

Great advice to read contract before refinancing. You could be paying interest to both companies.
My dad for financed a truck that had prepayment penalty of 10% of last payment. On his second to last payment he paid all but a dollar of the principle. Last payment was a dollar and they waived the penalty

 

[kthompson]

I may be totally wrong here but leasing and loans are not the same at least my experience. If a lease think you are locked. I lease a car once and was glad when it was over.

 

[beckmurph]

I think kthompson may be right.
If you have leased your Branson, then the leasor actually owns the piece until
the lease is up. :2cents:

 

[tjkubota93]

Wells Fargo are dicks when I talk to them about my mortgage.

They kinda make up things as they go then don't like it when you call them on it. Maybe they are mad that my rate is 2.75% ? I called a couple years ago to ask if they were taking the PMI off soon because we had paid enough on the house- lady said no it doesn't work with this mortgage that way. After arguing I said ok whatever lady. Next month no PMI.

When I first got on a rotating shift I missed my house payment (couldn't tell what day it was ever) so I called to ask nicely if they would take off late fee because I just paid it sorry I forgot. Dude was a jerk said no way. I asked for his boss he said no way it's against policy the computer will not let us do that. I said fine what if I pay next month now too on the phone- dude says uh hold on 5 seconds later, ok we removed it how do you want to pay?