GM Financing - Early refinance

2fst4u · April 11, 2019

pay in cash...no worries then

Dmart · April 11, 2019

19 minutes ago, 2fst4u said:

pay in cash...no worries then

Na cuz then you lose out on $1500

duquephart · April 11, 2019

5 hours ago, 2fst4u said:

pay in cash...no worries then

Why not cash in on a free $1500?

Loco-diablo · April 11, 2019

13 hours ago, duquephart said:

Getting a good rate is not the ultimate goal. Getting an additional $1500 discount and then getting a good rate, through refinancing, is the goal.

Absolutely. At the time i bought, there were no additional incentives offered if you used GM financing.. The offer at the time was 18% off sticker on dealer stock. It didn't matter how you paid for it.

You can get a great rate, incentives and all discounts and rebates, but they're all negated if they pork you on your trade. They tried to screw me on my trade of a 2008 Tacoma.. KBB/NADA trade was $8000 - $9000 , they offered me $3000... After I got up out of my chair 2 or 3 times, I got my $8500..

Edited April 11, 2019 by Loco-diablo

Imcrazy · April 12, 2019

23 hours ago, spizike9 said:

Just trying to help

I appreciate it! Not trying to put you down!

Imcrazy · April 12, 2019

Wound up passing on the GMF rebate because we got a 3.99 rate from the credit union... Didn't want to deal with refinancing later and or taking my chances on the rates going up...

Dmart · April 12, 2019

12 minutes ago, Imcrazy said:

Wound up passing on the GMF rebate because we got a 3.99 rate from the credit union... Didn't want to deal with refinancing later and or taking my chances on the rates going up...

You could've ran credit with your credit union and locked in the rate for 30-60 days

cire0309 · April 12, 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?

That may be one of those docs that you wanted a copy of. The language in the document (which you acknowledge by signing) may indicate how they’ll get their money from you. Shady on their part though.

duquephart · April 12, 2019

Guy I spoke said there is a minimum loan amount and a minimum number of payments to retain the rebate - if paid off early the rebate is charged back to the balance. Presumably this would all be detailed in the paperwork. This came from a salesman so probably questionable info at best.

Imcrazy · April 13, 2019

On 4/11/2019 at 11:00 PM, Dmart said:

You could've ran credit with your credit union and locked in the rate for 30-60 days

That would be okay except that you have to hold the loan for 6 months or the dealer loses out on their credit for the loan, I bought from a honest local dealer who gave me a great deal I wouldn't go back on our agreement to keep the loan for 6 months... I'm not looking to pull a fast one on a dealer and ruin my reputation over a measly $1000.00..

Dmart · April 14, 2019

21 hours ago, Imcrazy said:

That would be okay except that you have to hold the loan for 6 months or the dealer loses out on their credit for the loan, I bought from a honest local dealer who gave me a great deal I wouldn't go back on our agreement to keep the loan for 6 months... I'm not looking to pull a fast one on a dealer and ruin my reputation over a measly $1000.00..

Gotcha. I couldnt care less about the dealership I bought from after they tried to give me a hard to repair chips on the front bumper. Refinancing before the first payment

lebag335 · April 14, 2019

It’s not personal. It’s business. I’m under no illusion that the dealership or salesman gives two craps about me.

cire0309 · April 14, 2019

It’s not personal. It’s business. I’m under no illusion that the dealership or salesman gives two craps about me.

Really depends on a person’s relationship with the dealer. Not everyone has 5 dealerships within 40-50 miles of their home. If you only have one dealership in your town, you may not want to burn your dealer.

Imcrazy · April 14, 2019

1 hour ago, cire0309 said:

Really depends on a person’s relationship with the dealer. Not everyone has 5 dealerships within 40-50 miles of their home. If you only have one dealership in your town, you may not want to burn your dealer.

Exactly, there are only two or three decent dealers in my area that are any good to deal with... Also regardless if I give a crap about a dealer I give a crap about my word, if I agree to wait 6 months I am going to wait 6 months because I honor my word and the agreements I make...