Jump to content

GM Financing - Early refinance

ColoradoDaily
 Share

Recommended Posts

Smitty Enthusiast

Smitty

Posted
Posted
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.   

  • 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

$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.

Sent from my Pixel 2 using Tapatalk

  • Like 1
eppieguy Senior Enthusiast

eppieguy

Posted
Posted

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 Enthusiast

Teacherman25

Posted
Posted

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 Enthusiast

19TrailBoss

Posted
Posted
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.

Sent from my Samsung S10+ using Tapatalk

eppieguy Senior Enthusiast

eppieguy

Posted
Posted
1 minute ago, 19TrailBoss said:

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

Sent from my Samsung S10+ using Tapatalk
 

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

ShamrockShooter Senior Enthusiast

ShamrockShooter

Posted
Posted

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.

Sent from my Pixel 2 using Tapatalk

Dmart Enthusiast

Dmart

Posted
Posted

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

  • Like 1
duquephart Enthusiast

duquephart

Posted
Posted
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 Enthusiast

Teacherman25

Posted
Posted
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 Enthusiast

Jackwards

Posted
Posted
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.  

  • Like 2
GN2018 Enthusiast

GN2018

Posted
Posted

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 Enthusiast

Daverado

Posted
Posted
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.

Sent from my Pixel 2 using Tapatalk
 

 

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 Senior Enthusiast

ShamrockShooter

Posted
Posted
 
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.

Sent from my Pixel 2 using Tapatalk

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

    342,972
    Total Members
    8,960
    Most Online
    Whit.the.COB
    Newest Member
    Whit.the.COB
    Joined

  • Who's Online   2 Members, 0 Anonymous, 1,193 Guests (See full list)

  • Latest Articles

  • Posts

    • MikeBMW
      Installing tow mirrors

      By MikeBMW · Posted

      Yep! This should be a pin somewhere as @pgamboa really dives into all of this. Thanks for reposting the link!
    • Grumpy Bear
      TCM Tuning 6L80E

      By Grumpy Bear · Posted

      I did the new thermostat after doing a 'flip' for a year. Runs as cool one way as the other in the summer but in the winter there is a bit of a floor. Yellow with the new 70 C thermostat. My data over the life of the unit to date. Still need more cooler. Anyway that floor helped both winter fuel economy and shift quality in the winter. I found it a good balance.       
    • Grumpy Bear
      Food & Drink

      By Grumpy Bear · Posted

      Evan Williams Bottled in Bond   So pouring the last of a bottle of Evan Williams Black label last night I set off the the state store for a refill only to be denied the by an empty shelf. Rats.    What the did have was a bottle of Evan Williams Bottled in Bond. 100 proof. Hum, a few bucks more but a known distiller. Lets have a swing at it. ( I have before )    Cracked it open and pour a serving over ice. Hum.... more heat, yes. More alcohol naturally. But the barreling not the proof brings the taste and this one came up short.    Oh is was familiar but the heat ran the barrel over like a Peterbilt runs over a squirrel. Could use a heavier toasting of the oak me thinks or perhaps a longer barreling. Who knows. But what I can say is ice or a water back isn't the answer. What kills one kills them both. Sad. It is a pleasant drink....if you have little to compare it to.  
    • Grumpy Bear
      Bridgestone vs Goodyear tires?

      By Grumpy Bear · Posted

      I've had exactly one set of Bridgestone. Lasted five year and 125,000 miles and had I known better 15oK would have been a cake walk. I would have bought a like set had they not tripled in price since the first set. I removed them at said mileage with 5/32" remaining in dead even wear all four. They were fuel efficient, quite, comfortable and predictable.    Early on I got a very good alignment checked at least once a year, sometimes twice; kept the tires properly inflated, balanced and rotated. And I've found that many a tire issue can be avoided with great maintenance practices. Lot's of tire dealers will do rotation and balance (simple) for free for as long as you own the tire they sold you so no excuse not to.    Bead prep, alloy integrity and stem health have a huge impact on inflation stability. There are more mountings done poorly that perfectly. Finding a good tire guy is gold and as important as finding a tire you like.    That 3X price increase now two sets of "other tires' later is starting look like a bargain.      Bad maintenance kills more tires than bad tires. 
    • Grumpy Bear
      Wow I'm in a pickle. (Broke down truck) and a story.

      By Grumpy Bear · Posted

      Atlas, you kill me As aggravating as a project like this can be you have been unable to hide your fascination with learning and using that angst against this beast like a Ninjitsu Master. It amuses you, admit it now.      BTW, love your writing style. 😉       

  • GM-Trucks.com Clubs

  • Popular Contributors

×
×
  • Create New...