GM Financing - Early refinance

Smitty · April 3, 2019

17 minutes ago, SierraAT4 said:

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.

I was told the dealership can come after you for the rebates, that has nothing to do with GM financial.

Thejet07 · April 3, 2019

Gm financial specifically said the dealership cannot

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ShamrockShooter · April 3, 2019

$40k loan at 7.29% for 6 years, the total interest payment after 6 months would be roughly $1,418. So that is about equal to the $1,500 they gave you.

To my knowledge I did not sign anything that says the dealer could come after me. I asked the finance guy straight up if I could refi after I get the title and he said yes, they just would not get their incentive. Considering they will probably make $5k to $6k on my trade sale, I think they will do just fine.

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eppieguy · April 3, 2019

In NJ if we finance we do not get the title until it's paid off, so getting the title may have been a trick answer on their part.

Teacherman25 · April 3, 2019

Just made my first payment, dealer said I had to wait 3 months. Just called GM financing and they said there is no penalities. Calling the my credit union on the way home and getting refinanced!

19TrailBoss · April 3, 2019

In NJ if we finance we do not get the title until it's paid off, so getting the title may have been a trick answer on their part.

The bank you refinance through will just request from the bank you are currently financed through.

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eppieguy · April 3, 2019

1 minute ago, 19TrailBoss said:

The bank you refinance through will just request from the bank you are currently financed through.

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Agreed, but he said once he had the title........

ShamrockShooter · April 3, 2019

Sorry once I have paper title in mail from DMV showing gm financial as lienholder. My credit union will need the actual title before they let you refi.

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Dmart · April 3, 2019

After I bought my RST I spoke to the neighboring dealership salesman and he said there's nothing they can do about your refinancing early. I'm refinancing and cancelling extended warranty and gap

duquephart · April 4, 2019

15 hours ago, Teacherman25 said:

Just made my first payment, dealer said I had to wait 3 months. Just called GM financing and they said there is no penalities. Calling the my credit union on the way home and getting refinanced!

Lie!

Teacherman25 · April 4, 2019

1 hour ago, duquephart said:

Lie!

Cause I need to lie to sound cool? It's what Laverne at GM Financial Told me yesterday (4-3-19) I asked her at least 3 times to be sure.

Jackwards · April 4, 2019

18 minutes ago, Teacherman25 said:

Cause I need to lie to sound cool? It's what Laverne at GM Financial Told me yesterday (4-3-19) I asked her at least 3 times to be sure.

He’s clearly saying that what the dealer told you wasn’t accurate, not an attack on you.

Take a deep breath.

GN2018 · April 4, 2019

Wow, now I feel like a fool. My dealer told me four months. I could have paid cash but I got the $1500 incentive to finance. I’m right now at four months. Wish I would have asked about this or seen this thread sooner.

For those of you looking at your financing paperwork, I think you’re looking in the wrong place. The language would be in paperwork associated with the incentive. This is where I really feel foolish. I just took the word of the dealers finance guy. I should have asked to see the four months in writing. Lesson learned. Find it, or ask, to see their claim that you have to wait in writing.

Daverado · April 4, 2019

19 hours ago, ShamrockShooter said:

$40k loan at 7.29% for 6 years, the total interest payment after 6 months would be roughly $1,418. So that is about equal to the $1,500 they gave you.

To my knowledge I did not sign anything that says the dealer could come after me. I asked the finance guy straight up if I could refi after I get the title and he said yes, they just would not get their incentive. Considering they will probably make $5k to $6k on my trade sale, I think they will do just fine.

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If you plan to refinance elsewhere, then you should subtract the interest cost from the alternative bank to find out the "extra" cost of GM financing over that 6 months.

If you planned to pay cash but finance just to get that incentive then your math is solid.

ShamrockShooter · April 4, 2019

If you plan to refinance elsewhere, then you should subtract the interest cost from the alternative bank to find out the "extra" cost of GM financing over that 6 months.

If you planned to pay cash but finance just to get that incentive then your math is solid.

Good point sir. 40k @ 3% for 6 years which I can get from my credit union is $580 interest total first 6 months.

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