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

   / Wells fargo financial leasing says my new Branson can't be paid off early?? Who does? #11  
Always read the contract before signing it!

Like others have said I would suggest reading the contract though and understanding it before making any decisions on the course of action to take. If it is a penalty for early payoff you might need to do some fancy math to cover it so you don't have a penalty depending on the wording used and once saddled with a loan like that its sometimes best to just carry it for the duration, again depending on the wording.
 
   / Wells fargo financial leasing says my new Branson can't be paid off early?? Who does? #12  
cpita, I think you may be in for a nasty surprise.
Somewhere in the contract will be a clause that states early payment penalties. These will probably add up to or exceed running the original 4 year loan. Here in New Zealand about 3 years ago a number off people got stung like that, when interest rates changed and they tried to refinance.
 
   / Wells fargo financial leasing says my new Branson can't be paid off early?? Who does? #13  
beckmurph said:
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:
Click to expand...

I think they still own it when the lease is up. A lease is a glorified rental.
 
   / Wells fargo financial leasing says my new Branson can't be paid off early?? Who does?
  • Thread Starter
#14  
kthompson said:
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.
Click to expand...

I know it's from WF leasing, but I made sure & they said it's a purchase not a lease
 
   / Wells fargo financial leasing says my new Branson can't be paid off early?? Who does? #15  
kcflhrc said:
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.
Click to expand...
Pardon the sidetrack, but:

Why would you pre-pay on a 0% loan?
I was in same situation, and it took a lot of self-control not to just pay it off for peace of mind (hate the idea of debt) and less monthly book-keeping; but I had to remind myself that my balance owed was making a lot more money being in my possession (invested) rather than Deere's. (They'd already made their interest on the front end price)

Plus, although inflation is low, paying a dollar 5 years from now is paying less money than paying a dollar today. (As an exaggeration example: Say you could hire somebody to work all day in 1930 for $1, but imagine if you could of said in 1930, "Look, I'll pay you that $1 at 0% interest in 2017. Same principle.)
 
   / Wells fargo financial leasing says my new Branson can't be paid off early?? Who does? #16  
cpita said:
I know it's from WF leasing, but I made sure & they said it's a purchase not a lease
Click to expand...

The "they said" phrase is the most important issue. I would carefully read the agreement you signed. No matter what others might say, or not say, what is written in the signed agreement governs what will happen, unless you ask for and they agree to an exception.

If you read it carefully you might find an unwelcome surprise, hopefully not. But if you do, it's another signal to always treat the actual written contract at a higher level than how others describe it. Presenting misleading descriptions is how slimy sales people get their reputations.
 
   / Wells fargo financial leasing says my new Branson can't be paid off early?? Who does? #17  
joeyd said:
Agricredit, and I paid my tractor off early with no penalty. I believe they now go by DLL Financial.
Click to expand...

That's who I used and paid mine off really early and no issues, infact they were super helpful when I called to get the early pay off figure.
 
   / Wells fargo financial leasing says my new Branson can't be paid off early?? Who does? #18  
wagne223 said:
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.
Click to expand...

I'm thinking the same thing, OP's screwed and probably should just stay put.
 
   / Wells fargo financial leasing says my new Branson can't be paid off early?? Who does? #19  
WF says it all, the company that openned all kinds of loans without people knowing.
 
   / Wells fargo financial leasing says my new Branson can't be paid off early?? Who does? #20  
buckeyefarmer said:
WF says it all, the company that openned all kinds of loans without people knowing.
Click to expand...

Wells Fargo "opened all kinds of loans"?
I am aware that they did some shady stuff, but did they actually open loans without the borrowers knowledge?
 
You must log in or register to reply here.
 

Footer Links 1

Top