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GM Financing - Early refinance

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Bob2C Enthusiast

Bob2C

Posted
Posted
Back to the original topic, I too just refinanced early without paying a single payment as I've done 3 times previously.  In fact, GM Financial just sent me a check for $42 after the refinance was complete.  I'm assuming it was the difference in the 10-day payoff check sent and the actual balance owed.  Lowered the rate by almost 5%.


Yep. Got $97 check from them as well

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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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Daverado Enthusiast

Daverado

Posted
Posted
On 6/22/2019 at 8:36 AM, LumberMack said:

Found it interesting too that my truck isnt scheduled to reach the dealer until late next week, yet the truck is listed for sale on their website.

 

Listing it on their website for sale is your opening for negotiation.  If they aren't treating it like it's your truck, then there's no need for you too either.

 

Thing is though, I assume you ordered it because you don't want any other truck?  They'll know that and negotiation will be tougher.

 

-Daver

 

ugaDAWGS09 Enthusiast

ugaDAWGS09

Posted
Posted

I bought a GMC Sierra today and the finance manager asked me to make sure I pay 6 payments at 6.99% before refinancing. I asked is it in the paperwork or will GM penalize me if I dont and he said he hasn't heard of that before. The salesman said he had heard of GM sending people a 1k dollar bill. Ever heard of this ? I bought the extended warranty so dont want to do the wrong thing and mess up my relationship with the dealer. 6.99% with a credit score of 835

scdaren Enthusiast

scdaren

Posted
Posted
1 minute ago, ugaDAWGS09 said:

I bought a GMC Sierra today and the finance manager asked me to make sure I pay 6 payments at 6.99% before refinancing. I asked is it in the paperwork or will GM penalize me if I dont and he said he hasn't heard of that before. The salesman said he had heard of GM sending people a 1k dollar bill. Ever heard of this ? I bought the extended warranty so dont want to do the wrong thing and mess up my relationship with the dealer. 6.99% with a credit score of 835

They are BSing you. And don’t worry about your warranty, in most, probably all dealerships the sales and service departments are completely separate. 

ugaDAWGS09 Enthusiast

ugaDAWGS09

Posted
Posted
Just now, scdaren said:

They are BSing you. And don’t worry about your warranty, in most, probably all dealerships the sales and service departments are completely separate. 

Yeah it's about 500 dollars difference. I'll wait till my GM financial paperwork comes in then call and see what they say. 

scdaren Enthusiast

scdaren

Posted
Posted
Just now, ugaDAWGS09 said:

Yeah it's about 500 dollars difference. I'll wait till my GM financial paperwork comes in then call and see what they say. 

No need to wait it will take awhile, just look up the 800 number online and call and give them your social and they can look up your account.

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davester Senior Enthusiast

davester

Posted
Posted

Basically, the dealer is asking you if you wouldn't mind paying GM a couple grand in interest, so GM will give the dealership a kickback of maybe half of that amount.

 

I would not volunteer to do that...

UGADawgs Enthusiast

UGADawgs

Posted
Posted
7 hours ago, ugaDAWGS09 said:

I bought a GMC Sierra today and the finance manager asked me to make sure I pay 6 payments at 6.99% before refinancing. I asked is it in the paperwork or will GM penalize me if I dont and he said he hasn't heard of that before. The salesman said he had heard of GM sending people a 1k dollar bill. Ever heard of this ? I bought the extended warranty so dont want to do the wrong thing and mess up my relationship with the dealer. 6.99% with a credit score of 835

From one Dawg to another, they are lying to you.

 

Complete BS.  

 

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Bob2C Enthusiast

Bob2C

Posted
Posted
I bought a GMC Sierra today and the finance manager asked me to make sure I pay 6 payments at 6.99% before refinancing. I asked is it in the paperwork or will GM penalize me if I dont and he said he hasn't heard of that before. The salesman said he had heard of GM sending people a 1k dollar bill. Ever heard of this ? I bought the extended warranty so dont want to do the wrong thing and mess up my relationship with the dealer. 6.99% with a credit score of 835



Total bs from the dealer. Get rid of the GM loan ASAP. No prepayment penalty
lebag335 Enthusiast

lebag335

Posted
Posted

I never even made a first payment to them before refi.  Hell, I actually got a refund check from GMAC, as I guess my new lender was well ahead of the 10-day payoff.  Winning!  :-) 

Bob2C Enthusiast

Bob2C

Posted
Posted
I never even made a first payment to them before refi.  Hell, I actually got a refund check from GMAC, as I guess my new lender was well ahead of the 10-day payoff.  Winning!  :-) 


Same here. Shocked too I got a refund check
  • Like 1
relevante Enthusiast

relevante

Posted
Posted
On 6/22/2019 at 8:36 AM, LumberMack said:

Found it interesting too that my truck isnt scheduled to reach the dealer until late next week, yet the truck is listed for sale on their website.

I think this probably happens automatically within their inventory system or something. I saw mine on the dealer’s website too, but as soon as it arrived I got a call as promised and picked it up later that day.

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