Well, regardless, I was mislead about the financing, and there is just no way that I am going to pay for some penalty that was buried in the contract and that the dealer convieniently forget to disclose. And if they really want to push it, I still have not sent in my dealership survey. We'll see what Mazda thinks when they get zeros across the board.

 

i financed thru MAC and there is no prepayment penalty at all. This was in Jan 2005 with a 2004 rx8. I also rec'd the 2500 rebate. On the promissory note it specifically stats that there is no prepayment penalty.

 

So are you saying I don't even have to keep mine for 3 months? Why would they even mention the 3 month thing if there is no penalty for paying it off in one?

 

It should be in the contract. Take your glasses with you and maybe a magnifying glass as well :D

Dennis

 

And a lawyer, you need a law degree to interpet all that crap.

 

It doesn't matter what you hear in this forum. Just look at the contract before you sign it. My MAC contract clearly stats that there is no prepayment penalty. This is not in small print either. It is required to be listed directly under your payment amount and term info per Federal Disclosure Act.

 

It is not the contract that is controlling on this. When you got your rebate $$$ they had you sign 2 forms, 1 for the $1500 dealer cash and 1 for the $2500 MAC cash. You need to read the MAC cash form you signed to verify that it does not have a requirement that you not prepay the loan for 3 months. I just looked back through my docs, and they did not give me a copy of them, though I specifically recall signing them. If it does have a prepayment provision of 3 months as a condition of taking the MAC money, look for Mazda to come back after you. And it will be hard to argue in front of a court that you shouldn't have to repay the money if you signed the agreement.

Does anybody have a copy of the MAC $2500 form to check to see if it has a prepayment provision on it?