2018 GMC Sierra, was it a good deal?

[Newtrucker]

New truck owner here!

I just wondering if I did a great deal with our purchase with our  2018 GMC Sierra SLT Premium package.

We bought a new truck yesterday from the first dealership went to. The MSRP was $56,000+ almost $57k.

I did not have a trade-in, we got it for $42,000 plus i haggle to add 1armor (3 years exterior paint, and interior protection)-$998, plus we also get a $500 Costco card, those are not included in $42k price.

Basically, with all the added stuff it is like getting it for $40,500.

The only issue i have is that I have 843 credit score, at first the sales person said if we finance it through GM we will get additional $1000, but the APR will be 6.99%. When we're ready to sign the financing of around 15k on the paper it says APR 8.99%. They told us to wait until 3 months before we can refinance. I know i can get 1.99 APR somewhere else.

 

How much did you pay for yours?

[imiller1974]

Wow, that APR is horrible, go to the bank tomorrow and get that 1.9%. The hell with that wait 3 month crap...

[KJS Sullivan]

A 2% difference over 3 months for $1,000 + the reduction of your score is only something you can decide. All in all coming off of that price MSRP was pretty good.  Also one more thing when I was putting this similar position a couple years ago the bank said that if I went to do their financing after the initial financing it would be considered a used vehicle and subject to a higher interest rate. So your 1.9 might not be available if you opt for the 8.9% for three months and then your own financing after that. But then again there is $1,000

[B R A D]

Bought one Saturday, I totally forgot about costco (pulled the costco auto brochure out of the old one and still didn't think about it) but mine came right out to 42k. The rebates are awesome. I opted for the GM financing and plan on refinancing after the 1st few months, the dealership has done me right and I want to do them right by making the agreed payments before refinancing.

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[KJS Sullivan]

Couple years ago we went in to trade in a Sierra and we use the Costco option with the trade-in and the Costco pricing I never found myself agreeing to a dealer's terms at the front end. It was such an awesome deal even better when they sent the $500 Costco card. However the trucks been a nightmare with the antenna leaking for the last three and a half years.

 

Good luck with the truck it looks awesome I love the color

[SierraHD17]

The price is pretty good but the finance rate they offer is awful lol.  I got my 17 HD for 50000 including taxes and whatnot with a sticker of just under 65000 and they financed the truck at 0% for 36 months.  I wouldn't have financed normally and that was their agreed cash price but they let me finance the amount for the grand total of nothing more so why not lol.

[Newtrucker]

I'm planning to refinance it before the first payment. I'm glad i join in this forum, i would have waited 3 payments before refinancing, like the finance guy said.

Well, i thought 42k was great maybe i could have lowered it to $40k my initial price i wanted to pay, but my husband kept telling me, "I don't think they will do that".  So i opted to ask for more stuff. Lol. Two salesman told me i wanted to take everything, maybe i wanted to take their blood too. Ha ha! When i haggle, i mean it!

 

[imiller1974]

I think you got a good deal, be proud. Refinance and you're set...

[lapoolboy]

There is no way in hell I'd accept an APR of 8.99% with a credit score of 843.  Should have walked.

Edited October 22, 2018 by lapoolboy

[2017_whitez71]

When I got my 17 we had to finance through GM financial, interest rate was 6.99%, to get $2,000 cash back.  That was on a Monday, Saturday morning I was at PNC refinancing for 2.29%. The financing guy at the dealership told me the same 3 month thing, never made a payment to GM financial.  

Edited October 22, 2018 by 2017_whitez71

[gixxerk8]

I did the gm financing of 7% because I got $5k off and also didn't like there trade in on my tundra of $6k.  I sold the tundra two weeks later for $10k and went to local credit union and refinanced it for 2.49.  Never made one payment to GM.  That 3 months is only for the dealers benefit to look good, no where in contract does it say you have to wait 3 months

[2016LTCC]

1 hour ago, Newtrucker said:

New truck owner here!

I just wondering if I did a great deal with our purchase with our  2018 GMC Sierra SLT Premium package.

We bought a new truck yesterday from the first dealership went to. The MSRP was $56,000+ almost $57k.

I did not have a trade-in, we got it for $42,000 plus i haggle to add 1armor (3 years exterior paint, and interior protection)-$998, plus we also get a $500 Costco card, those are not included in $42k price.

Basically, with all the added stuff it is like getting it for $40,500.

The only issue i have is that I have 843 credit score, at first the sales person said if we finance it through GM we will get additional $1000, but the APR will be 6.99%. When we're ready to sign the financing of around 15k on the paper it says APR 8.99%. They told us to wait until 3 months before we can refinance. I know i can get 1.99 APR somewhere else.

 

How much did you pay for yours?

I was at a dealer today and I was told the same about waiting 3-4 months except he pitched an APR of 6.99. I told the salesmen that I have bought several new trucks and I never finance through GM financial. And I've never paid more than 3% interest. That 1000-1500 they offer is easily negotiated in the sales price or trade in and if you calculate that interest expense then they'll make it all back and then some. GM is a joke now a days. Anyone with a good relationship with a bank and good credit can save thousands on interest. In short, I left saying intend to look more closely at ford and other chevy dealers first. I wasn't a mile down the road wen the sales manager called to offer another 2k off the sales price. My advice to people is never buy the first truck you come across and never shop at one dealer. At least if you want to save money. Now, some people may not care but Ill be the first to admit that Im tight with my money. Currently going rate is 13-15k off sticker. Good luck

[hammong]

GM Financing rates are horrific for people with great credit.   That "trap" of giving you extra money off if you use GM financing is almost always wiped out by the higher rates.  You'd be better off giving up the "GM financing discount"  and using your own bank for 1.9% financing. 

 

Buying at the GM rate and refinancing at your bank is also an option. 

 

Edited October 22, 2018 by hammong

[lapoolboy]

LOL, the dealer doesn't do anything unless it is profitable for them.  Lesson #1.

 

Them: "Hey, we'll give you another $1000 off your new truck if you finance through GM Financial."

 

You: "Yeah, that sounds good."

 

Sales manager to salesman: "Shhhhh, don't tell them the 8.99% interest we are about to charge them FAR exceeds the $1000 we are 'giving' them."

 

Salesman/Sales manager: *jovial gut-laughter*

[jguzek]

I refinanced from 6.99 GM to 1.99 FCU the second I received the title.

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