early payoff penalty - MAC?

[ansatzjp]

I'm so sorry if this question has been answered repeatedly - I couldn't find one at Mazdausa.com or here.

If I finance through Mazda America Credit (MAC), is there any early payoff penalty? Is it case-by-case? Thanks.

 

[neoturner]

I doubt it. even if there was a penalty it would be less than paying interest for another year. I paid mine off early no penalty through mac.

 

[icspots]

I checked before signing with them, and there isn't an early pay off penalty.

 

[ZoomVT]

no penalty. i checked before i signed.
although i dont see a reason to pay off early. my money makes more money in my savings than the interest i pay to MAC. ha 3.9% for teh win!!!11!!one!1

 

[Breeegz]

no penalty. i checked before i signed.
although i dont see a reason to pay off early. my money makes more money in my savings than the interest i pay to MAC. ha 3.9% for teh win!!!11!!one!1

I think the "no car payment" would be reason enough to pay it off early, at least for me.

 

[ZoomVT]

i hear you there, but i dont mind paying $250/mo when my money is sitting in the bank making more than 3.9%.
I am looking into getting a new mz3 but i wonder if they are offering the same rate for new models.

 

[goldwing2000]

no penalty. i checked before i signed.
although i dont see a reason to pay off early. my money makes more money in my savings than the interest i pay to MAC. ha 3.9% for teh win!!!11!!one!1

You have a savings account that pays more than 3.9%? Where do you bank?? My credit union dropped my savings account rate down to like 0.5% APY. The only thing higher than 3.9% is a $100,000 Money Market account and that's only 4%. (pissed)

 

[RHAGEL]

You have a savings account that pays more than 3.9%? Where do you bank?? My credit union dropped my savings account rate down to like 0.5% APY. The only thing higher than 3.9% is a $100,000 Money Market account and that's only 4%. (pissed)

I use ING Direct and have a vairable rate. I have seen it as high as 4.85%. Check it out they are an awesome company to work with. Except the 48 hr withdraw notice.

 

[ZoomVT]

i have been away for a while so i missed your question.
I do have a savings account that pays close to 5%; it is with GE financial (some financial division of GE). There is only one catch, the savings are not Federally insured.

 

[ansatzjp]

Thanks for all the replies.

As to the savings bank, I use HSBC Online Savings Account at http://www.hsbcdirect.com

The savings rate without any fee whatsoever is a whopping 5.05% APY. I'm very pleased with their services.