0% for 72. Anyone get this?

[2016LTCC]

Has anyone here ever got the 0% for 72 months financing offered this time of year by the dealer. I personally have never been to one of these "black friday sales" so the best financing Ive ever gotten buying my trucks in the summer is 1.9%. Just curious as to how realistic this is or if the dealer just lures people in and then jerks them around once you start to finance. I usually go through my bank. By the way, for those of you looking to tell us about your 850 FICO. You know who you are so please spare us. We can neither verify nor believe you.

[1SLOW1500]

Yes I have gotten the 0% offers. Good deal. And I once had a 850 score but that was long ago and i believe that was only because i had huge debt and paid huge monthly payment. I'm mid to low 700. But I have $300 in credit debt. Now I buy cash. However I would take a 0% but 72 seams like a long time. Last loan I had was my motorcycle. It was a spur of the moment buy. Paid it off after 3 years yo save on interest and insurance.

[2017Darkness]

The 0% financing is usually in lieu of another cash rebate. It's probably 0% for 72 or $5,000 rebate or something like that. You will need to have pretty decent credit to qualify, but you don't need to be an 850 like me...

[BB68]

2006 and it was in the summer.  Are you trying to shame my 480? Ive worked hard and long to get it that high

[colonel00]

14 minutes ago, 2017Darkness said:

The 0% financing is usually in lieu of another cash rebate. It's probably 0% for 72 or $5,000 rebate or something like that. You will need to have pretty decent credit to qualify, but you don't need to be an 850 like me...

Exacxtly.  They are going to make their money somewhere.  

 

I can't speak to the current promotions but back in May when I bought my truck, I could have done 0% for 72 months (and that was with a paltry 810 score  ).  However, it would have cost me several thousand dollars in incentives.  In the end, it was a better deal for me to jump through the hoops and finance with GM at like 7% to get the incentives and then immediately refinance with my Credit Union for 2.5% or something.  The money I'll pay in interest was less than the savings I got with the incentives.

[2017Darkness]

16 minutes ago, colonel00 said:

Exacxtly.  They are going to make their money somewhere.  

 

I can't speak to the current promotions but back in May when I bought my truck, I could have done 0% for 72 months (and that was with a paltry 810 score  ).  However, it would have cost me several thousand dollars in incentives.  In the end, it was a better deal for me to jump through the hoops and finance with GM at like 7% to get the incentives and then immediately refinance with my Credit Union for 2.5% or something.  The money I'll pay in interest was less than the savings I got with the incentives.

I've worked for GM for many years in both sales and service and I hate how they do they "finance with us or else" rebates now. Nobody in their right mind is going to keep that 7% rate for more than the time it takes to refinance at their local credit union or bank.

[colonel00]

I've worked for GM for many years in both sales and service and I hate how they do they "finance with us or else" rebates now. Nobody in their right mind is going to keep that 7% rate for more than the time it takes to refinance at their local credit union or bank.

Yup, it's silly. I think I've mentioned it before but when we were with the finance guy signing papers, he asked that I not refinance for 3 months so the dealer could get their kickback from GM. I kindly replied that I had asked them to not talk on their additional fees which they did. I was refinanced in under a month.

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[cire0309]

I got that rate when I bought my truck. I only did it to get an extra $1000 off the truck for financing through GM Financial. An interest free loan is not too shabby.

 

 

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[foghorn23]

21 minutes ago, cire0309 said:

I got that rate when I bought my truck. I only did it to get an extra $1000 off the truck for financing through GM Financial. An interest free loan is not too shabby.

 

 

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Yeah but if you are giving up $5-6K to get "free" financing, it really isn't free.  Almost every time I've ever considered 0% or rebate, rebate wins hands down.  Also one other thing to consider.  If you forgo the rebate cash you finance more so you remain upside down longer if you decide to trade.  There are much better deals than "free" financing.

[cire0309]

Yeah but if you are giving up $5-6K to get "free" financing, it really isn't free.  Almost every time I've ever considered 0% or rebate, rebate wins hands down.  Also one other thing to consider.  If you forgo the rebate cash you finance more so you remain upside down longer if you decide to trade.  There are much better deals than "free" financing.

I wouldn’t have taken the 0% financing if that were the case, but when I bought my truck, it wasn’t one of those either “0% for 72” OR “$5000 off” deals.

It was just an incentive where GM was offering $1000 off for financing through GM Financial. GMF also happened to be offering “as low as 0% financing for qualified buyers” which I qualified for. The dealership gets their bonuses for originating more loans, I get another $1000 off my truck and free financing. It was literally free money.


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[L86 All Terrain]

I always go for the best cash incentive because I go 48 months and usually trade in before 60 to get my down payment + a little back each truck. They are making my method harder by tacking on 20% MSRP every new model now though. I put 18k down on my 2010 and got 24k for it 5 years later and put that down on my 2015. I can only hope to get 30k for it next year but it will be close. 

 

0% for 72 is great if you need a low payment and cant put much down or you have other monetary investments which will make more money for you by having less cash tied up in your truck. The downside is the resale value after the warranty is up, and as other mentioned you don't usually get cash incentives on top of that deal.

[BbyDgital]

1 hour ago, 2017Darkness said:

I've worked for GM for many years in both sales and service and I hate how they do they "finance with us or else" rebates now. Nobody in their right mind is going to keep that 7% rate for more than the time it takes to refinance at their local credit union or bank.

This is 100% accurate, you have to choose between 0% or a large cash rebate up front.  You have to look at the total cost of the loan with interest.  If that is more than your total price at 0%, then that’s when it makes sense to go with 0%.  From my experience, it usually works out the opposite.  In my case, I took the large cash rebate upfront for financing with GM (at a crazy high rate with my 800+ credit score) and then I refinanced with my credit union for a MUCH better rate the same day I got my GM Financial loan number.  Don’t fall for the Finance Manager telling you that you have to make at least 3 payments before you can refinance.  They get a kickback from GM if you keep the loan for 3 months.  GM Financial does not have a prepayment penalty so you can refinance on your ride home from the dealer if you wanted to.

[2016LTCC]

1 hour ago, Foghorn17 said:

Yeah but if you are giving up $5-6K to get "free" financing, it really isn't free.  Almost every time I've ever considered 0% or rebate, rebate wins hands down.  Also one other thing to consider.  If you forgo the rebate cash you finance more so you remain upside down longer if you decide to trade.  There are much better deals than "free" financing.

This answers my question. I see where dealers have 2018 lt z71s at 35-36k right now. But I assume that wouldn’t be the case if you go after that 0%. Guess I’ll keep what I have. On another note. I drove the new f150 with 3.5 and 10 speed. Wasn’t impressed. Maybe they smooth out over time but engine noise and transmission were not a big seller to me. Ride was good though. 

[foghorn23]

2 hours ago, cire0309 said:

 

I wouldn’t have taken the 0% financing if that were the case, but when I bought my truck, it wasn’t one of those either “0% for 72” OR “$5000 off” deals.

It was just an incentive where GM was offering $1000 off for financing through GM Financial. GMF also happened to be offering “as low as 0% financing for qualified buyers” which I qualified for. The dealership gets their bonuses for originating more loans, I get another $1000 off my truck and free financing. It was literally free money.


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There are always exceptions to every rule, and my rules are no different.  If you or anyone else got a better deal with 0% for x months, more power to you.     Nothing personal, I hope you made out like a bandit with GM.  Lord knows these trucks are expensive enough for some discounting. 

 

I've been driving GM since 1999, but when I trade again I'm going for the best deal.  Maybe RAM as they have been kings of discount.  Maybe Ford as they'll have the oldest truck.  Maybe GM as I have a GM card that makes it tough for other brands.  

[SkiDooNick700]

in before someone says "if you can't pay cash for these trucks you should not be driving one".

 

:-)  agree with a lot of others are saying, the 72 0% sounds good but the rebates are probably the better option.