Jump to content

GM Financing - Early refinance

ColoradoDaily
 Share

Recommended Posts

Kachup Enthusiast

Kachup

Posted
Posted

Very interesting  and useful thread here to learn that the 90-day commitment is at the dealer level, rather than at the buyer level.

 

I was told by every dealer that if I took the rebate I had to hold the GM loan for 90 days, and then I could refinance it with my credit union. In fact when I called my credit union, the gal at the CU even told me that if I was with GM she believed that I was required to wait 90 days. The CU also said that I had to keep the mileage under 5000 for 90 days to get the best new car rates. I considered turning down the rebate because of that, but didn't.

 

I finally signed papers for a 2019 using GM financing this weekend in NC. My paperwork specifically said I could pay it off at any time without penalty, so I asked the finance guy to to point me to where the 90 day commitment comes into play. He couldn't. Danced a little and said "that's a great question, no one has ever asked that, I'll have to look into that".  Nothing I signed had a 90-day clause in it. Great information here.

 

  • Like 2
  • 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

duquephart Enthusiast

duquephart

Posted
Posted
15 minutes ago, Kachup said:

Very interesting  and useful thread here to learn that the 90-day commitment is at the dealer level, rather than at the buyer level.

 

I was told by every dealer that if I took the rebate I had to hold the GM loan for 90 days, and then I could refinance it with my credit union. In fact when I called my credit union, the gal at the CU even told me that if I was with GM she believed that I was required to wait 90 days. The CU also said that I had to keep the mileage under 5000 for 90 days to get the best new car rates. I considered turning down the rebate because of that, but didn't.

 

I finally signed papers for a 2019 using GM financing this weekend in NC. My paperwork specifically said I could pay it off at any time without penalty, so I asked the finance guy to to point me to where the 90 day commitment comes into play. He couldn't. Danced a little and said "that's a great question, no one has ever asked that, I'll have to look into that".  Nothing I signed had a 90-day clause in it. Great information here.

 

 

And there you have it.

  • Like 1
duquephart Enthusiast

duquephart

Posted
Posted
3 hours ago, Cmillerjr said:

I refinanced mine after 2 months, didn’t have any issues at all. 

 

Why wait two months?

spizike9 Enthusiast

spizike9

Posted
Posted

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 that I had refinanced early and he told me he wasn’t going to do business with me. That night I called GM and told them the scenario. The next day GM called me and said the dealer will sell me the truck if I still want it. I told him nope. I’m going to buy from a different dealer if I end up buying now. 

  • Like 1
  • Haha 2
Treehugger Enthusiast

Treehugger

Posted
Posted

Was told the same 3 month story. Dealer didn't seam to care that I only financed $8K. Even if I kept it for 3 months it was worth it, but I will payoff as soon as I get the 1st payment. Ironically the finance guy said I could pay it off right away.

Dmart Enthusiast

Dmart

Posted
Posted (edited)

For credit purposes, I first financed with gm financial but also applied for the loan with my credit union. I have 60 days from the application date to refinance without re-pulling my credit. Im in the process of doing it now and I have yet to make my first payment with gm financial.

Edited by Dmart
duquephart Enthusiast

duquephart

Posted
Posted

There is such a thing as dealers who will not allow a test drive until a credit ap is filled out. I know there are "good" dealers out there but there are clearly a lot of dirt balls as well. Researching dealers is just as important as researching vehicles. My advice to anyone is to spend the first couple days of a car-buying journey no more than a few inches away from your keyboard.

  • Like 1
Imcrazy Senior Enthusiast

Imcrazy

Posted
Posted (edited)

Good info, thanks to all for sharing! We're buying a 2018 Equinox Premier this week for my wife and I will be taking the GMF rebate and refinancing with a local credit union in pretty short order..  A side note, because it was a courtesy transporter We're buying a $39k MSRP Equinox for $25,600 with 4500 miles on the ODO.

Edited by Imcrazy
Donnyb313 Enthusiast

Donnyb313

Posted
Posted

My dealership made me sign a document that stated I wouldn't refinance until I've made 4 payments. It says if I do refinance I'll forfeit the 1500$ down payment assistance. Not sure if that means they'd come after me in Civil Court to get their 1500$.. ? 

 

I did get a good price on the truck. 3rd one I've bought from this dealer so I'll probably just wait to refinance. 

duquephart Enthusiast

duquephart

Posted
Posted
1 hour ago, Donnyb313 said:

My dealership made me sign a document that stated I wouldn't refinance until I've made 4 payments. It says if I do refinance I'll forfeit the 1500$ down payment assistance. Not sure if that means they'd come after me in Civil Court to get their 1500$.. ? 

 

I did get a good price on the truck. 3rd one I've bought from this dealer so I'll probably just wait to refinance. 

 

The down payment assistance didn't come from the dealer. Was it a GM document? Sounds like a steaming pile of turtle shit to me. Getting "a good price on the truck" is no reason to roll over.

Donnyb313 Enthusiast

Donnyb313

Posted
Posted (edited)
18 minutes ago, duquephart said:

 

The down payment assistance didn't come from the dealer. Was it a GM document? Sounds like a steaming pile of turtle shit to me. Getting "a good price on the truck" is no reason to roll over.

You're right, maybe I'll just refinance it and see if they come knocking at my door for the money. I dug through the paperwork I received when I purchased the truck, apparently they didn't give me a copy of that document. I'm going to contact them tomorrow about it. Could it be a dealer scare tactic for them to prevent people from refinancing so they get their bonus from gm financial? 

Edited by Donnyb313
duquephart Enthusiast

duquephart

Posted
Posted
8 minutes ago, Donnyb313 said:

You're right, maybe I'll just refinance it and see if they come knocking at my door for the money. I dug through the paperwork I received when I purchased the truck, apparently they didn't give me a copy of that document. I'm going to contact them tomorrow about it. Could it be a dealer scare tactic for them to prevent people from refinancing so they get their bonus from gm financial? 

 

Call them out. Complete and utter nonsense.

TXGREEK Senior Enthusiast

TXGREEK

Posted
Posted
You're right, maybe I'll just refinance it and see if they come knocking at my door for the money. I dug through the paperwork I received when I purchased the truck, apparently they didn't give me a copy of that document. I'm going to contact them tomorrow about it. Could it be a dealer scare tactic for them to prevent people from refinancing so they get their bonus from gm financial? 

No, dealerships get their money only at tome of purchase and have absolutely nothing to do with refinancing any vehicle, that’s solely up to you.


Sent from above

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

    342,980
    Total Members
    8,960
    Most Online
    Fishboat
    Newest Member
    Fishboat
    Joined

  • Who's Online   2 Members, 0 Anonymous, 519 Guests (See full list)

  • Latest Articles

  • Posts

    • Grumpy Bear
      AFM Experience

      By Grumpy Bear · Posted

      Question @diyer2 on this line if you please. Are you saying the shudder is the system turning on and off at the frequency of the shudder? Guess I'm asking if you are saying you have seen it do this with the bi-direction scan tool in graph mode? If so have you been able to discern the 'trigger'. Something is telling to cycle rapidly.    My truck just started doing this recently. 197K on the clock. My response has been M5 anything under 55 mph. I treat it like a lugging stick shift. Gear down and let it spin a bit. Engauge M5, then tow mode and then M6 lets the trans stay in 5th but the AFM is active. Smooth like Skippy.    My thought was that as a machine ages the friction gets lower and as the system is load based, the lower friction would allow it to turn on at ever lower rpm until it reaches the lugging point. And yes I am ignorant of any minimum rpm requirement for the system. If you know that would be useful information.    As you know I run a Scan-Gauge II which allows me to watch the On/Off of the signal to the VLOM. While in the shudder mode I'm not seeing is cycle at that frequency or at all for that matter outside the triggers @newdude posted a few years back. Now is it possible that the refresh rate isn't fast enough to catch it? Maybe. It is why I asked my first question about graphing and trigging parameter.     As we have observed from members here the failure point is all over the map miles wise as you note yourself in your opening post. That by itself begs a few questions like fellows that comment on these lifters failing even after the system has been disabled. Long after. 😬   https://www.enginelabs.com/news/tech-tips-replacing-ls-active-fuel-management-lifters-with-melling/   The Gen5 lifters operate the same as the LS versions. In fact they are the same lifter.    https://www.enginelabs.com/tech-stories/sorting-out-gen-v-lt-lifter-failure-with-a-simple-valvetrain-fix/        
    • SwitchBladeSierra
      14-18 Sierra 1500 Heated Steering Wheel Help

      By SwitchBladeSierra · Posted

      UPDATE 2: Steering wheel control backlights and control of the cluster can supposedly be achieved by adding a wire to pin 20 of the cluster and tapping it to pin 2 of the main clock spring harness. I'm going to give it a shot - will update  
    • newdude
      Seems to be Missing a lot of Updates

      By newdude · Posted

      GM Global A pickups 2019-2022 can do OTA programming for the radio.  GM VIP (GM Global B) can do OTAs for almost every module on board.  So a 2022.5 and newer pickup can do OTAs for recalls like the 2.7 fuel flow recall.  EVs get OTAs that improve one pedal driving, radio issues, HVAC issues, updated battery management software, etc.     So age of the vehicle/what GM electrical platform its on will alter what amount of updates can be pushed on OTAs.  
    • Blade8971
      Upgrade to a 2026 AT4 with the 3.0L Duramax

      By Blade8971 · Posted

      Thank You.   So far my new ride is making me look like a genius for going with the 3.0L, as my first fuel refill occurred over three weeks from when I took delivery.  This engine combination is very amazing.  So far no issues and had not done a regen yet.
    • Chuck FB
      Correct way to service 2024 l8t allison trans?

      By Chuck FB · Posted

      I am curious as to how much fluid you put back in the transmission ( assuming you had replaced the filter to compare to my findings ) and then went through the process of warming up the trans before pulling the check plug to drain out the excess and if you measured how much came back out.    I just found it surprising that some claimed a certain amount less fluid being put in and then draining some back out. The attitude of the truck as per if the surface is level and how the trucks stance is would make quite a difference since the check plug is right at the front of the transmission. 

  • GM-Trucks.com Clubs

  • Popular Contributors

×
×
  • Create New...