GM Financing - Early refinance

Bob2C · June 24, 2019

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

Daverado · June 24, 2019

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

Trail Jefe · June 28, 2019

No need to wait. I refinanced the next day. I have done it before

ugaDAWGS09 · June 28, 2019

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 · June 28, 2019

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 · June 28, 2019

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 · June 28, 2019

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.

davester · June 28, 2019

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 · June 28, 2019

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.

Bob2C · June 28, 2019

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 · June 28, 2019

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 · June 28, 2019

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

UGADawgs · June 29, 2019

I got a refund check as well. It was about $40.

jwhjr · June 29, 2019

$33 refund check for me as well

relevante · June 29, 2019

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.