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GM Financing - Early refinance

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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

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duquephart Enthusiast

duquephart

Posted
Posted
5 hours ago, 2fst4u said:

pay in cash...no worries then:cool:

 

Why not cash in on a free $1500?

Loco-diablo Senior Enthusiast

Loco-diablo

Posted
Posted (edited)
13 hours ago, duquephart said:

 

Getting a good rate is not the ultimate goal. Getting an additional $1500 discount and then getting a good rate, through refinancing, is the goal. 

Absolutely. At the time i bought, there were no additional incentives offered if you used GM financing.. The offer at the time was 18% off sticker on dealer stock. It didn't matter how you paid for it.

You can get a great rate, incentives and all discounts and rebates, but they're all negated if they pork you on your trade. They tried to screw me on my trade of a 2008 Tacoma.. KBB/NADA trade was $8000 - $9000 , they offered me $3000... After I got up out of my chair 2 or 3 times, I got my $8500..

Edited by Loco-diablo
Imcrazy Senior Enthusiast

Imcrazy

Posted
Posted
23 hours ago, spizike9 said:

 

Just trying to help

I appreciate it! Not trying to put you down!

Imcrazy Senior Enthusiast

Imcrazy

Posted
Posted

Wound up passing on the GMF rebate because we got a 3.99 rate from the credit union... Didn't want to deal with refinancing later and or taking my chances on the rates going up...

Dmart Enthusiast

Dmart

Posted
Posted
12 minutes ago, Imcrazy said:

Wound up passing on the GMF rebate because we got a 3.99 rate from the credit union... Didn't want to deal with refinancing later and or taking my chances on the rates going up...

You could've ran credit with your credit union and locked in the rate for 30-60 days

cire0309 Enthusiast

cire0309

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? 


That may be one of those docs that you wanted a copy of. The language in the document (which you acknowledge by signing) may indicate how they’ll get their money from you. Shady on their part though.
duquephart Enthusiast

duquephart

Posted
Posted

Guy I spoke said there is a minimum loan amount and a minimum number of payments to retain the rebate - if paid off early the rebate is charged back to the balance. Presumably this would all be detailed in the paperwork. This came from a salesman so probably questionable info at best.

Imcrazy Senior Enthusiast

Imcrazy

Posted
Posted
On 4/11/2019 at 11:00 PM, Dmart said:

You could've ran credit with your credit union and locked in the rate for 30-60 days

That would be okay except that you have to hold the loan for 6 months or the dealer loses out on their credit for the loan, I bought from a honest local dealer who gave me a great deal I wouldn't go back on our agreement to keep the loan for 6 months... I'm not looking to pull a fast one on a dealer and ruin my reputation over a measly $1000.00..

Dmart Enthusiast

Dmart

Posted
Posted
21 hours ago, Imcrazy said:

That would be okay except that you have to hold the loan for 6 months or the dealer loses out on their credit for the loan, I bought from a honest local dealer who gave me a great deal I wouldn't go back on our agreement to keep the loan for 6 months... I'm not looking to pull a fast one on a dealer and ruin my reputation over a measly $1000.00..

Gotcha. I couldnt care less about the dealership I bought from after they tried to give me a hard to repair chips on the front bumper. Refinancing before the first payment

lebag335 Enthusiast

lebag335

Posted
Posted

It’s not personal. It’s business. I’m under no illusion that the dealership or salesman gives two craps about me. 

cire0309 Enthusiast

cire0309

Posted
Posted
It’s not personal. It’s business. I’m under no illusion that the dealership or salesman gives two craps about me. 

 

Really depends on a person’s relationship with the dealer. Not everyone has 5 dealerships within 40-50 miles of their home. If you only have one dealership in your town, you may not want to burn your dealer.

Imcrazy Senior Enthusiast

Imcrazy

Posted
Posted
1 hour ago, cire0309 said:

 

Really depends on a person’s relationship with the dealer. Not everyone has 5 dealerships within 40-50 miles of their home. If you only have one dealership in your town, you may not want to burn your dealer.

Exactly, there are only two or three decent dealers in my area that are any good to deal with... Also regardless if I give a crap about a dealer I give a crap about my word, if I agree to wait 6 months I am going to wait 6 months because I honor my word and the agreements I make...

econometrics Senior Enthusiast

econometrics

Posted
Posted

I got 5.4% on 60 months with GMAC. I was going to pay cash for my 2019 RST, but took the $1500 rebate. 


Local dealer told me to wait 4 months, then pay it off. My only concern would be to somehow lose the rebate by paying it off sooner. 

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