Redeem MBFS loan

[SUV-Lover]

I tried to search if this was discussed. Cannot find. 

Like to seek senior's advice. When i purchase my ride thru CnC, was told to take the Financing and Insurance package provided by CnC, so as to earn the package benefits (about $3000). As advised by the SA, I could redeem the loan after one year. 

May I ask whether anyone redeem their loan after one year and that it will not affect the rebate benefits?

Thanks

[jtang]

Not sure about your T&C....when I redeemed my loan with MBF after the 1st year in 2011, It was subjected to the usual financing penalty. No loss of benefits whatsoever after you have crossed the 1st year,

[petetherock]

No loss of freebies but do your maths on whether it's worth it to do it so early. 

[joecamel]

They have a spreadsheet showing the penalties for early redemption.

if i remembered correctly the penalty (redeem after 1 year)is about 3k more than then freebies. this is based on a 80k 5yr loan.

[SUV-Lover]

Thanks for the reply.

Okay, as long as no loss on the freebies,  will do the maths to compare the penalty against the interest for remaining years if loan continues with them.

Current bank interest rate is peanuts, so might as well clear the loan.

Cheers.

 

[wheelslover]

I'm surprise why you guys with MBFS? when i bought my, i was offered maybank with 50% down, 50% loan.  As far as i am aware, early redemption make no difference as the interest already factored in.

[rainman]

Anyone redeem the loan after 1st mth of instalment? 

Check with bank it can be done with standard early redemption clauses but will CnC take away e service credits given to us?

 

[ACEGabz]

From what i know. Many people redeem after one year. Since service credits are already "in use" after one year they won't take it back.