Greedy or not: is it worth 0.5% APR to refinance an auto loan 2 days after purchase? Would you do it for $240?

Question

I was still casually shopping for used cars when I saw an amazing bargain: dealer website error listed my desired car for $3k less than what it should have been. I immediately printed it/called, so they had to honor it for 24 hrs--but the "blank check" for my preapproved bank loan (60 mos@5.32% APR) wouldn't arrive for 3 more days! So, I went to see the car with only a printed pre-approval, and naturally the dealer said he couldn't beat that APR, and offered 5.85% (difference = 0.53%, or $240 over 60 mos). So, to buy the car at the web price that day, I had to take their APR. I later found out that my contract was sold at 5.29%, thus increasing dealer profit a bit to 0.56%.

Knowing this, would YOU pursue the hassle of refinancing or reversing the contract (so that my bank can own the loan instead of dealer's bank) just to save my own $240, or let the dealer keep his small profit, esp. since he honored the $3k web price error? I want to be fair, "even" a car deal!! :)

Answer 1

Forget calling it greed, I'd go after the $4 a month and have your bank finance the loan.  Makes good money sense to let your bank who has your repeated business make the money in interest over the term of the loan then an auto dealer that probably will only get your business once.  Considering how shady most car dealers are anyways, it'd be nice to see someone do one on them as opposed to the number they do to the general public.