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GM Financing - Early refinance

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rah7777777 Enthusiast

rah7777777

Posted
Posted

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 almost the first 3 months I had the truck. 

 

GM can kiss my ass with there 7% rate. And thats with an 805 credit score. But I should note, I didnt talk them down any on it as I knew I was refinancing asap. 

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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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ShamrockShooter Senior Enthusiast

ShamrockShooter

Posted
Posted

It's basically like a mail in rebate. They know x number of people won't bother.

To me it is just a bad customer experience and I hope GM quits doing it.

It doesn't even seem as though offering someone bloated financing with a rebate should be legal.

It might be 7 % apr but the first month you will pay about 35% in interest which will graduly taper down to 1% by the last payment of the term. So if you make 3 payments on a $40k 6 year loan that's about $730 in interest.

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duquephart Enthusiast

duquephart

Posted
Posted

Dealers get a spiff (for writing/originating/selling the loan) once the three month mark is reached. If they say you "have" to keep the loan for at least anything they are lying. Big surprise. Take the rebates and pay off the loan on the way home.

Wiggums Senior Enthusiast

Wiggums

Posted
Posted

My salesman said to make payment for one month then refinance. California law restricts prepayment penalty.

UGADawgs Enthusiast

UGADawgs

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Posted
40 minutes ago, ShamrockShooter said:

Must be different in your state. Mine doesn't say that.

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Florida

dtnel78 Enthusiast

dtnel78

Posted
Posted

Pay a lawyer $100-$150 for his time and make sure you're legal and pay it off. Legal fees are tax deductible. If you have a great credit score and they can't give you incentives and a good rate tell them to give you the rebates and that you'll find your own rate. Don't let them know about the finding your own rate until the deals done so they can't change things.

My brother in law gets the 0% and full rebates all the time but he's got the money to pay cash if he chooses. I can say I wish I was in his shoes. Yukon Denali like $82k and he says "I'll take it" and they go prep it. Must be nice I think at times.

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Thejet07 Enthusiast

Thejet07

Posted
Posted

I just called my credit union and they gave me a rate of 2.59 for 60 months. I’m in ny so I’m calling gm financial to see what they say about paying it off


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Thejet07 Enthusiast

Thejet07

Posted
Posted

Scratch that waiting. Just got off the phone with gmfinancial and they said no penalties and no unpaid finance charges if I wanted to refinance and payoff. It’s just the payoff amount that’s due. Looks like I’m refinancing ASAP. I’m in NY btw.


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SierraAT4 Enthusiast

SierraAT4

Posted
Posted

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.

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Smitty Enthusiast

Smitty

Posted
Posted
5 hours ago, dtnel78 said:

Pay a lawyer $100-$150 for his time and make sure you're legal and pay it off. Legal fees are tax deductible. If you have a great credit score and they can't give you incentives and a good rate tell them to give you the rebates and that you'll find your own rate. Don't let them know about the finding your own rate until the deals done so they can't change things.

My brother in law gets the 0% and full rebates all the time but he's got the money to pay cash if he chooses. I can say I wish I was in his shoes. Yukon Denali like $82k and he says "I'll take it" and they go prep it. Must be nice I think at times.

Sent from my SM-N960U using Tapatalk
 

FYI - Legal fees are NOT tax deductible.   hahaha..   I actually asked about that for tax season this year, write offs have changed.  

eppieguy Senior Enthusiast

eppieguy

Posted
Posted

When I bought my Corvette I wanted to pay cash but the dealer asked me to finance so they could get more cash as they sold me the car at their actual cost (Friends with the owner at the time), So I financed and they cut me a check after 90 days for all the interest I paid and I paid off the car. So, with all that being said I guess it's about a 90 day window for the bank to pay the dealer for selling the loan, if you pay off early they lose their $$ for selling the loan.

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