GM Financing - Early refinance

Kachup · April 8, 2019

Very interesting and useful thread here to learn that the 90-day commitment is at the dealer level, rather than at the buyer level.

I was told by every dealer that if I took the rebate I had to hold the GM loan for 90 days, and then I could refinance it with my credit union. In fact when I called my credit union, the gal at the CU even told me that if I was with GM she believed that I was required to wait 90 days. The CU also said that I had to keep the mileage under 5000 for 90 days to get the best new car rates. I considered turning down the rebate because of that, but didn't.

I finally signed papers for a 2019 using GM financing this weekend in NC. My paperwork specifically said I could pay it off at any time without penalty, so I asked the finance guy to to point me to where the 90 day commitment comes into play. He couldn't. Danced a little and said "that's a great question, no one has ever asked that, I'll have to look into that". Nothing I signed had a 90-day clause in it. Great information here.

duquephart · April 8, 2019

15 minutes ago, Kachup said:

Very interesting and useful thread here to learn that the 90-day commitment is at the dealer level, rather than at the buyer level.

I was told by every dealer that if I took the rebate I had to hold the GM loan for 90 days, and then I could refinance it with my credit union. In fact when I called my credit union, the gal at the CU even told me that if I was with GM she believed that I was required to wait 90 days. The CU also said that I had to keep the mileage under 5000 for 90 days to get the best new car rates. I considered turning down the rebate because of that, but didn't.

I finally signed papers for a 2019 using GM financing this weekend in NC. My paperwork specifically said I could pay it off at any time without penalty, so I asked the finance guy to to point me to where the 90 day commitment comes into play. He couldn't. Danced a little and said "that's a great question, no one has ever asked that, I'll have to look into that". Nothing I signed had a 90-day clause in it. Great information here.

And there you have it.

Cmillerjr · April 8, 2019

I refinanced mine after 2 months, didn’t have any issues at all.

duquephart · April 8, 2019

3 hours ago, Cmillerjr said:

I refinanced mine after 2 months, didn’t have any issues at all.

Why wait two months?

Cmillerjr · April 8, 2019

No particular reason at all, that’s just the timeframe when I did it.

spizike9 · April 9, 2019

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 that I had refinanced early and he told me he wasn’t going to do business with me. That night I called GM and told them the scenario. The next day GM called me and said the dealer will sell me the truck if I still want it. I told him nope. I’m going to buy from a different dealer if I end up buying now.

Treehugger · April 9, 2019

Was told the same 3 month story. Dealer didn't seam to care that I only financed $8K. Even if I kept it for 3 months it was worth it, but I will payoff as soon as I get the 1st payment. Ironically the finance guy said I could pay it off right away.

Dmart · April 9, 2019

For credit purposes, I first financed with gm financial but also applied for the loan with my credit union. I have 60 days from the application date to refinance without re-pulling my credit. Im in the process of doing it now and I have yet to make my first payment with gm financial.

Edited April 9, 2019 by Dmart

duquephart · April 9, 2019

There is such a thing as dealers who will not allow a test drive until a credit ap is filled out. I know there are "good" dealers out there but there are clearly a lot of dirt balls as well. Researching dealers is just as important as researching vehicles. My advice to anyone is to spend the first couple days of a car-buying journey no more than a few inches away from your keyboard.

Imcrazy · April 10, 2019

Good info, thanks to all for sharing! We're buying a 2018 Equinox Premier this week for my wife and I will be taking the GMF rebate and refinancing with a local credit union in pretty short order.. A side note, because it was a courtesy transporter We're buying a $39k MSRP Equinox for $25,600 with 4500 miles on the ODO.

Edited April 10, 2019 by Imcrazy

Donnyb313 · April 10, 2019

My dealership made me sign a document that stated I wouldn't refinance until I've made 4 payments. It says if I do refinance I'll forfeit the 1500$ down payment assistance. Not sure if that means they'd come after me in Civil Court to get their 1500$.. ?

I did get a good price on the truck. 3rd one I've bought from this dealer so I'll probably just wait to refinance.

duquephart · April 10, 2019

1 hour ago, Donnyb313 said:

My dealership made me sign a document that stated I wouldn't refinance until I've made 4 payments. It says if I do refinance I'll forfeit the 1500$ down payment assistance. Not sure if that means they'd come after me in Civil Court to get their 1500$.. ?

I did get a good price on the truck. 3rd one I've bought from this dealer so I'll probably just wait to refinance.

The down payment assistance didn't come from the dealer. Was it a GM document? Sounds like a steaming pile of turtle shit to me. Getting "a good price on the truck" is no reason to roll over.

Donnyb313 · April 10, 2019

18 minutes ago, duquephart said:

The down payment assistance didn't come from the dealer. Was it a GM document? Sounds like a steaming pile of turtle shit to me. Getting "a good price on the truck" is no reason to roll over.

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?

Edited April 10, 2019 by Donnyb313

duquephart · April 10, 2019

8 minutes ago, Donnyb313 said:

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?

Call them out. Complete and utter nonsense.

TXGREEK · April 10, 2019

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?

No, dealerships get their money only at tome of purchase and have absolutely nothing to do with refinancing any vehicle, that’s solely up to you.

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