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

[paulfun9]

Wells Fargo. Really? This is even a bank anymore? Why?

With the things we see people doing, accepting, not paying attention to and believing in today’s society, Do you really need to ask?

 

[Williy]

THIS IS WHAT MY CONTRACT SAYS IT MENTIONS A LAW

**NOTICES TO BUYER**
DO NOT SIGN THIS CONTRACT BEFORE YOU READ IT OR
IF IT CONTAINS BLANK SPACES. YOU ARE ENTITLED TO
A COPY OF THE CONTRACT YOU SIGN. UNDER THE LAW
YOU HAVE THE RIGHT TO PAY OFF IN ADVANCE THE
FULL AMOUNT DUE AND UNDER CERTAIN CONDITIONS
MAY OBTAIN A PARTIAL REFUND OF THE FINANCE
CHARGE. KEEP THIS CONTRACT TO PROTECT YOUR
LEGAL RIGHTS.

willy

 

[jyoutz]

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?

Wells Fargo again. An awful bank to do business with.

 

[CincyFlyer]

Mine allows early payoff, but with no refund, as it was a fake zero interest loan. So I won't pay it off, unless I sell it.

 

[Slowpoke Slim]

Haven't looked at this thread in a while.

Didn't the OP state this was a lease?

Was that just an error in phrasing, or is it in fact an actual lease?

 

[CincyFlyer]

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.

This is a very old post, but I have a "zero percent" loan for a different item, and it is to your advantage to not pay it off early, but to pay it off with dollars that are shrinking in value every month.

 

[ericm979]

This is a very old post, but I have a "zero percent" loan for a different item, and it is to your advantage to not pay it off early, but to pay it off with dollars that are shrinking in value every month.

Even if inflation is zero, as long as you can invest the money you'd use to pay off the loan in something that returns anything, you'd come out ahead doing that.

Many zero percent loans really are zero percent. The company is effectively paying the interest though their rate is lower than a consumer can get. It's a sales incentive. Sometimes there is a discount for cash, sometimes there isn't and the zero interest loan is the only incentive you can get.

We call Wells Fargo the "Bank of Satan" in my house. They suck.

 

[Handloader109]

No loans, no leases. Pay CASH. fools folly to take out loans. What happens when you lose your job? or covid shutdown..... Your tractor is repossessed... And why do you need extra insurance? You would be way cheaper to up your homeowner insurance to cover more. Mine covers 10% of face value, would more than cover the tractor and that amount is free.
Zero percent is folly also. You aren't going to get a cash discount and then zero percent. You are paying the interest up front with the price, and any late fees are more than interest in a month.....
Cash

 

[5030]

You need to call the lady back and tell her to familiarize herself with Rule 58 concerning early payoff. The Fed wrote it and all companies that provide financing have to abide by it. IOW, she's FOS.