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17 minutes ago, SierraAT4 said:

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.

I was told the dealership can come after you for the rebates, that has nothing to do with GM financial.   

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Gm financial specifically said the dealership cannot


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$40k loan at 7.29% for 6 years, the total interest payment after 6 months would be roughly $1,418. So that is about equal to the $1,500 they gave you.

To my knowledge I did not sign anything that says the dealer could come after me. I asked the finance guy straight up if I could refi after I get the title and he said yes, they just would not get their incentive. Considering they will probably make $5k to $6k on my trade sale, I think they will do just fine.

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In NJ if we finance we do not get the title until it's paid off, so getting the title may have been a trick answer on their part. 

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Just made my first payment, dealer said I had to wait 3 months.  Just called GM financing and they said there is no penalities.  Calling the my credit union on the way home and getting refinanced!

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In NJ if we finance we do not get the title until it's paid off, so getting the title may have been a trick answer on their part. 
The bank you refinance through will just request from the bank you are currently financed through.

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1 minute ago, 19TrailBoss said:

The bank you refinance through will just request from the bank you are currently financed through.

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Agreed, but he said once he had the title........

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Sorry once I have paper title in mail from DMV showing gm financial as lienholder. My credit union will need the actual title before they let you refi.

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After I bought my RST I spoke to the neighboring dealership salesman and he said there's nothing they can do about your refinancing early. I'm refinancing and cancelling extended warranty and gap

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15 hours ago, Teacherman25 said:

Just made my first payment, dealer said I had to wait 3 months.  Just called GM financing and they said there is no penalities.  Calling the my credit union on the way home and getting refinanced!

 

Lie!

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1 hour ago, duquephart said:

 

Lie!

Cause I need to lie to sound cool? It's what Laverne at GM Financial Told me yesterday (4-3-19) I asked her at least 3 times to be sure.  

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18 minutes ago, Teacherman25 said:

Cause I need to lie to sound cool? It's what Laverne at GM Financial Told me yesterday (4-3-19) I asked her at least 3 times to be sure.  

He’s clearly saying that what the dealer told you wasn’t accurate, not an attack on you.  

 

Take a deep breath.  

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Wow,  now I feel like a fool.  My dealer told me four months.  I could have paid cash but I got the $1500 incentive to finance.  I’m right now at four months.  Wish I would have asked about this or seen this thread sooner.

 

For those of you looking at your financing paperwork, I think you’re looking in the wrong place.  The language would be in paperwork associated with the incentive.  This is where I really feel foolish.  I just took the word of the dealers finance guy.  I should have asked to see the four months in writing.  Lesson learned.  Find it, or ask, to see their claim that you have to wait in writing.

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19 hours ago, ShamrockShooter said:

$40k loan at 7.29% for 6 years, the total interest payment after 6 months would be roughly $1,418. So that is about equal to the $1,500 they gave you.

To my knowledge I did not sign anything that says the dealer could come after me. I asked the finance guy straight up if I could refi after I get the title and he said yes, they just would not get their incentive. Considering they will probably make $5k to $6k on my trade sale, I think they will do just fine.

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If you plan to refinance elsewhere, then you should subtract the interest cost from the alternative bank to find out the "extra" cost of GM financing over that 6 months.

 

If you planned to pay cash but finance just to get that incentive then your math is solid.

 

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If you plan to refinance elsewhere, then you should subtract the interest cost from the alternative bank to find out the "extra" cost of GM financing over that 6 months.
 
If you planned to pay cash but finance just to get that incentive then your math is solid.
 
Good point sir. 40k @ 3% for 6 years which I can get from my credit union is $580 interest total first 6 months.

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