Automotive

CIBC auto financing

  • Last Updated:
  • Nov 28th, 2018 9:06 pm
Newbie
Jan 17, 2016
21 posts
8 upvotes
Alexis, AB

CIBC auto financing

I do not hold a CIBC banking account but was financed from them for 72/mo 3.99% interest on a Camry. Just wanted to point out that the only way to make advance payments on the loan is to walk into a branch and sign for it. You cannot pay extra online or even if I went and got a CIBC bank account, there is no 'payee' to select regarding auto loans from what I am told to be able to make that extra payment in a month. I'd be happy to find out otherwise then start doing that but there is no option like this from what I know.

These guys are gonna end up keeping me to 72 months exact at this rate unless I refinance elsewhere which is a scary thought and I haven't imagined doing.
2 replies
Deal Addict
Aug 20, 2007
1983 posts
794 upvotes
Kitchener
huh?? just walk into a branch and make an extra payment, problem solved.
Deal Fanatic
Apr 5, 2016
6116 posts
4613 upvotes
Calgary/Vancouver
Save up your extra payments, put it in a high interest savings account, then do a big lump sum every 3 months, 6 months or 1 year. Probably be easier that way.

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