Cash rebates taxed?
Sorry if this is a long post, but couldn't really make it short. Went shopping for a new truck, and amazingly I found one that has pretty much everything I wanted, and very little that I didn't. ...
Forum Discussion
DownTheAvenue wrote:
Bumpy-
According to the New York Times, 11.7% of buyers pay cash for their vehicles. You are right that sometimes there are incentives to use dealer financing, but unless one compares by first researching other finance options, then just walking into the dealer and automatically using the dealer to obtain financing, one is foolish.
I bought a new F-150 on May 30. I had the checkbook out to pay for it when the dealer said they would give me an additional $1250 rebate if I finance it through Ford. Then he said I could pay off the loan when the first payment is due with no prepayment penalty. I jumped on that bandwagon. I got the $1250 rebate, and paid about $200 in finance charges when I wrote the check 2 days ago to pay off the loan. Net to me of about $1000.
(My insurance agent was puzzled when he offered to get me a lower monthly payment and I said no. I explained.)
