Jump to content

GM Financing - Early refinance

ColoradoDaily
 Share

Recommended Posts

rah7777777 Enthusiast

rah7777777

Posted
Posted

I NEVER made a payment to GM. Got my 4 or 5k in incentives (and a 7% rate!!) and refinanced about 2 weeks later with a credit union at 2.74%. 

 

I ended up not paying any payments at all for almost the first 3 months I had the truck. 

 

GM can kiss my ass with there 7% rate. And thats with an 805 credit score. But I should note, I didnt talk them down any on it as I knew I was refinancing asap. 

  • Like 2
  • Thanks 1
  • Replies 270
  • Created
  • Last Reply

Top Posters In This Topic

Popular Days

Top Posters In This Topic

Popular Days

Popular Posts

rah7777777
rah7777777

I NEVER made a payment to GM. Got my 4 or 5k in incentives (and a 7% rate!!) and refinanced about 2 weeks later with a credit union at 2.74%.    I ended up not paying any payments at all for

spizike9
spizike9

When I bought my ‘18 the dealer told me the 6 month crap. I refinanced before my first payment and everything was fine. Then I was working a deal on a AT4 and the dealer looked up my past deal and saw

19TrailBoss
19TrailBoss

My guys told me 3 months, but said there was no penalty for sooner. In my opinion GM financial is bringing this on themselves for only offering these insane interest rates. Sent from my SM-G975U usi

Posted Images

ShamrockShooter Senior Enthusiast

ShamrockShooter

Posted
Posted

It's basically like a mail in rebate. They know x number of people won't bother.

To me it is just a bad customer experience and I hope GM quits doing it.

It doesn't even seem as though offering someone bloated financing with a rebate should be legal.

It might be 7 % apr but the first month you will pay about 35% in interest which will graduly taper down to 1% by the last payment of the term. So if you make 3 payments on a $40k 6 year loan that's about $730 in interest.

Sent from my Pixel 2 using Tapatalk

duquephart Enthusiast

duquephart

Posted
Posted

Dealers get a spiff (for writing/originating/selling the loan) once the three month mark is reached. If they say you "have" to keep the loan for at least anything they are lying. Big surprise. Take the rebates and pay off the loan on the way home.

Wiggums Senior Enthusiast

Wiggums

Posted
Posted

My salesman said to make payment for one month then refinance. California law restricts prepayment penalty.

UGADawgs Enthusiast

UGADawgs

Posted
Posted
40 minutes ago, ShamrockShooter said:

Must be different in your state. Mine doesn't say that.

Sent from my Pixel 2 using Tapatalk
 

Florida

dtnel78 Enthusiast

dtnel78

Posted
Posted

Pay a lawyer $100-$150 for his time and make sure you're legal and pay it off. Legal fees are tax deductible. If you have a great credit score and they can't give you incentives and a good rate tell them to give you the rebates and that you'll find your own rate. Don't let them know about the finding your own rate until the deals done so they can't change things.

My brother in law gets the 0% and full rebates all the time but he's got the money to pay cash if he chooses. I can say I wish I was in his shoes. Yukon Denali like $82k and he says "I'll take it" and they go prep it. Must be nice I think at times.

Sent from my SM-N960U using Tapatalk

Thejet07 Enthusiast

Thejet07

Posted
Posted

I just called my credit union and they gave me a rate of 2.59 for 60 months. I’m in ny so I’m calling gm financial to see what they say about paying it off


Sent from my iPhone using Tapatalk

Thejet07 Enthusiast

Thejet07

Posted
Posted

Scratch that waiting. Just got off the phone with gmfinancial and they said no penalties and no unpaid finance charges if I wanted to refinance and payoff. It’s just the payoff amount that’s due. Looks like I’m refinancing ASAP. I’m in NY btw.


Sent from my iPhone using Tapatalk

  • Like 1
SierraAT4 Enthusiast

SierraAT4

Posted
Posted

Yeah, my dealership told me 4 payments....but I just called GM financial and they said I can do it any time without penalty. I asked if the dealership gets penalized, and he couldn't really answer the question. Sorry dealership, I appreciate you, but we're talking several hundred dollars, when I know they made money on my truck.

  • Like 1
Smitty Enthusiast

Smitty

Posted
Posted
5 hours ago, dtnel78 said:

Pay a lawyer $100-$150 for his time and make sure you're legal and pay it off. Legal fees are tax deductible. If you have a great credit score and they can't give you incentives and a good rate tell them to give you the rebates and that you'll find your own rate. Don't let them know about the finding your own rate until the deals done so they can't change things.

My brother in law gets the 0% and full rebates all the time but he's got the money to pay cash if he chooses. I can say I wish I was in his shoes. Yukon Denali like $82k and he says "I'll take it" and they go prep it. Must be nice I think at times.

Sent from my SM-N960U using Tapatalk
 

FYI - Legal fees are NOT tax deductible.   hahaha..   I actually asked about that for tax season this year, write offs have changed.  

eppieguy Senior Enthusiast

eppieguy

Posted
Posted

When I bought my Corvette I wanted to pay cash but the dealer asked me to finance so they could get more cash as they sold me the car at their actual cost (Friends with the owner at the time), So I financed and they cut me a check after 90 days for all the interest I paid and I paid off the car. So, with all that being said I guess it's about a 90 day window for the bank to pay the dealer for selling the loan, if you pay off early they lose their $$ for selling the loan.

  • Like 1

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.

  • Forum Statistics

    250.5k
    Total Topics
    2.7m
    Total Posts

  • Member Statistics

    342,950
    Total Members
    8,960
    Most Online
    Policeoff01
    Newest Member
    Policeoff01
    Joined

  • Who's Online   5 Members, 0 Anonymous, 771 Guests (See full list)

  • Latest Articles

  • Posts

    • Another JR
      Parking Brake - Automatic Engagement Questions

      By Another JR · Posted

      On 2021 3500hd it consistently sets automatically when selecting park if the incline/decline is above a certain angle. 
    • Policeoff01
      Feeling Vibration and Jiggles in 2024 HD Gasser Steering Wheel

      By Policeoff01 · Posted

      Curious, did anyone ever get a fix for the vibration reported here.   I have a 2024 Silverado with 6.6 duramax.   I’m noting the same vibration resonating up through the steering shaft into the steering wheel.    Best way to describe- like someone is tapping on the steering shaft/components and it’s resonating into the steering wheel.    thanks. 
    • Gkistler
      2015 Sierra Denali L86 cyl 5 misfire at idle

      By Gkistler · Posted

      Hi friends - first time poster. I have a 2015 sierra Denali with 150k miles, I’m the second owner and she’s given me 75k of great service. I run a pulse AFM disable device. Starting Thursday when I exited the freeway after a short local ride it started idling rough, with an obvious misfire shake and was down on low end power.  I got it home and hooked it up to my scannner and found no codes but in live data a pretty bad misfire on cylinder 5. I replaced the coil, plug and wire with all new OE replacements (Delphi gn10165 coil, acdelco wire and 41-168 plug). It’s still behaving the same way after firing the parts cannon at it.   I know cyl 5 is a non AFM cylinder so I am not thinking this is AFM related but I’m kinda at a loss. injector? Bent pushrod? It’s running too well over 1k rpm to suggest those IMO. Has anyone chase this issue before and what was it? Any suggestions? 
    • zibzer2
      Pulsating Noise 4Cyl Mode

      By zibzer2 · Posted

      2017 Silverado L83 5.3l 6speed transmission Hello, not a new member but havent posted in a while and my old signup info isnt working so had to create a new account. anyways, I have an issue with my truck and hope someone can spread some light on whats happening: -when it goes to 4cyl mode it makes a clunk sound (but not when coasting or going downhill) -when in 4 cyl mode and under load it makes a load pulsating sound (not a tick). -goes away completely when in M5 gear or when plugging in an AFM delete. Im guessing it is one of 2 things but im not convinced of either to be honest. 1. lifter stuck in v8 mode 2. torque converter shudder realistically it doesn't seem like the TC as there is no physical vibration , and it never happens in v8 mode. but maybe? and wouldnt a lifter make a sound whether with load or not? any ideas let me know please. thank you!  
    • Chuck FB
      Some Assembly is Required

      By Chuck FB · Posted

      Which has made me wonder with the various engine failures of a few brands in the last few years, is it sub par materials such as lifters etc causing failures, or bearing clearances on the crank etc or perhaps bad designing of an engine physically or causing too much load on the components due to the hp/torque they can push out of them. Or is the oil viscosity and additive package of current oils or a lack of oil flow by an oil pump not able to supply sufficient oil at idle or under high load at low rpm. Or is it every item I listed that combined together has pushed the limits so far to the left that there is hardly a margin of safety left and add in some fuel dilution and too long of an OCI and premature engine failure is the result ?. 

  • GM-Trucks.com Clubs

  • Popular Contributors

×
×
  • Create New...