0% for 72. Anyone get this?

[Jimmyc!]

Traded my 15 SLT 6.2 for a 18 SLT 6.2 a few weeks ago. I took the cash rebates and high interest rate from GM financial knowing I’ll be refinancing. My salesman told me I could not refinance for 6 months. Nothing in any of my paperwork states this and I gotta tell ya... It’s horse$hit that there are people who fall for this. The finance guy tried up selling me an extended warranty and some micro bonding super waxy schtuff for only $4000! These guys gotta make a living like everyone else but they sure are slick willy’s.

Edited November 13, 2018 by Jimmyc!

[batman900]

My buddy called our local dealer about it and they said he'd be giving up 3k in bonus cash.

[2016LTCC]

So moral of this story is this offer is just used to draw in customers. 6 years is a long time anyways. 

[truckguy82]

I’ve been preaching the about what I think is a scam for years, I’m happy there are so many people that understand it now.

 

0% off or $xxxx cash back is the same thing as charging interest. Fundamentally, all they are doing is increasing the price of the vehicle when you get 0%.

[KARNUT]

That depends. When ever I buy the first thing I ask is show me your best deals. I generally traded every two years so I look for the best deals. There’s always a vehicle that’s on the lot too long there’re going to deal. If not I take the discount and the bank rate. As far as credit rating, all that takes is paying your obligations on time. I’ve never been under 800, if that’s upsetting to someone so be it.


Sent from my iPhone using Tapatalk

[nchls]

I did 0% for 72 months when I purchased my truck.

[rkj__]

I bought my truck on a long term 0% loan.  I don't remember the exact cash price incentive, but I think it was less than $2,000 more than the finance incentive.

 

So, of course I realize that the loan is not free, since I gave up some up front cash, but I thought it was a very fair deal. 

[gforce_15]

Must just be uncommon in USA as there seems to be 0% financing options offered fairly often in Canada. When I bought my duramax in the spring, there was 0% for 36, 48, 60, or 72 months as well as discounts on the price. Not the choice of incentives or 0%.

[Crstfr]

thats just way to long for me~.. i did the 5 yr on my truck.. hope to pay it off sooner.... i do about 50-100$ extra a payment.. 

[rkj__]

2 minutes ago, Crstfr said:

thats just way to long for me~.. i did the 5 yr on my truck.. hope to pay it off sooner.... i do about 50-100$ extra a payment.. 

This long term 0% loan is kind of weird.  I don't really want to still be paying for my truck beyond the 5 year mark.  Paying it off early seems like it would be nice.  But, paying it off early does not seem to make good economic sense, assuming I'd continue ownership beyond the length of the loan.  If I had money available for extra payments, I would be better off in the long run putting the money towards my mortgage, or investing it anywhere that yields interest. 

[Bighornbob]

New Member here from British Columbia, Canada. I just picked up a 2018 GMC Sierra for 0% for 84 months. The truck has a MSRP of 50,000 (and change) Canadian and the dealer had them on sale for 38,900 cash price or 41,000 for the 0%. 

 

The dealer gave me the 38,900 price and the 0% financing as i would be driving 4 hours to Vancouver to get. The local dealer said it was against GM policy to give me the cash price and 0% but finally caved when I said I was going to the out of town dealer.

 

I saw it as a no brainer, why save up for a number of years when I was getting it now interest free. Plus my 2011 silverado which I only put oil changes into it would never be worth more then it was right now. So i sold it privately for 12,000.

 

BHB

[L86 All Terrain]

14 hours ago, 2016LTCC said:

So moral of this story is this offer is just used to draw in customers. 6 years is a long time anyways. 

6 years is a long time for modern vehicles, in Canadian winters. I would not hesitate to take a '98 Silverado out for 6-8 years but I wouldn't even consider it on a K2. These trucks are going to bankrupt the owners who buy them when they are 8+ years old. My quote for my reman trans under warranty was $5k CAD. I imagine the AFM lifter failures are a similar touch if they replace the head(s), not to mention the extra 6 computer modules and constant software updates. And when your 6-7 year term is up, so is your warranty and now you miss out on getting anything back out of it because the truck is well used at that point. 

[Donstar]

49 minutes ago, Bighornbob said:

New Member here from British Columbia, Canada. I just picked up a 2018 GMC Sierra for 0% for 84 months. The truck has a MSRP of 50,000 (and change) Canadian and the dealer had them on sale for 38,900 cash price or 41,000 for the 0%. 

 

The dealer gave me the 38,900 price and the 0% financing as i would be driving 4 hours to Vancouver to get. The local dealer said it was against GM policy to give me the cash price and 0% but finally caved when I said I was going to the out of town dealer.

 

I saw it as a no brainer, why save up for a number of years when I was getting it now interest free. Plus my 2011 silverado which I only put oil changes into it would never be worth more then it was right now. So i sold it privately for 12,000.

 

BHB

Congratulations on your new truck!  When you were negotiating, did you talk about using your '11 as a trade?  I found that trading my '00 in on my '09 and then my '09 in on my '15  worked in my favour especially when factoring in the hassle and tax money saved.

[Stevan]

1 hour ago, Bighornbob said:

New Member here from British Columbia, Canada. I just picked up a 2018 GMC Sierra for 0% for 84 months. The truck has a MSRP of 50,000 (and change) Canadian and the dealer had them on sale for 38,900 cash price or 41,000 for the 0%. 

 

The dealer gave me the 38,900 price and the 0% financing as i would be driving 4 hours to Vancouver to get. The local dealer said it was against GM policy to give me the cash price and 0% but finally caved when I said I was going to the out of town dealer.

 

I saw it as a no brainer, why save up for a number of years when I was getting it now interest free. Plus my 2011 silverado which I only put oil changes into it would never be worth more then it was right now. So i sold it privately for 12,000.

 

BHB

Same here.

 

I got a 2018 GM Silverado WT Blackout Edition for 37K.  They stacked the cash incentives and gave me 0% financing over 84 months.  I wanted the lowest monthly payment but I make extra payments and put on any bonus I get from work.

[rkj__]

1 minute ago, Stevan said:

Same here.

 

I got a 2018 GM Silverado WT Blackout Edition for 37K.  They stacked the cash incentives and gave me 0% financing over 84 months.  I wanted the lowest monthly payment but I make extra payments and put on any bonus I get from work.

My advice would be to put those extra payments into a separate savings account, that yields interest.  When the value of the savings account equals the remaining value of your loan, you can pay off the truck.  Doing this, will grow your money, and could save you hundreds of dollars.  Sure, a couple hundred bucks is not life changing, but why waste the opportunity to earn some interest, paying down a 0% loan?

Edited November 13, 2018 by rkj__