Price I should offer - paying in FULL

[MacLaren]

If were talking about an LT Trail Boss with what he listed, that sticker price should be well over 50k

Prolly $56k?

He might do very well to get 12k off that.

Since it's an LT Trail Boss.

Not just your ordinary LT like mine.

Does this sound about right?

I mean, I would LOVE to get an LT Trail Boss for $39k!!!

Edited July 26, 2019 by MacLaren

[econometrics]

No chance of getting an LT TB below $40K. None. 

 

If you could get $46K, I think you would be doing well on this truck, OP. 

 

LT TBs are HOT sellers, and GM & the dealers know it. 

[davester]

From those other threads, you can pay off the loan immediately (at least with GM Finance), as in, next day.  The dealer may not get their kickback, but there's nothing they can do, as it's not a deal with you, but a backdoor deal with the finance company.

 

And yes, I did sleep in a Holiday Inn last night.

[Thomcat]

5 hours ago, davester said:

From those other threads, you can pay off the loan immediately (at least with GM Finance), as in, next day.  The dealer may not get their kickback, but there's nothing they can do, as it's not a deal with you, but a backdoor deal with the finance company.

 

And yes, I did sleep in a Holiday Inn last night.

.02  Threads, schmeads.....I'd like to hear from someone who has actually done that the next day. Sure, it's easy.....step right up and the next day you can easily outsmart and cheat a dealer out of the his GMAC financing rebate.  Fun to try if a beggar for punishment.

 

I always buy cash and never did that......there is good a reason why this cannot be done and another why it should not be done. I've had many dealers suggest this approach to reduce the price and make the sale more lucrative, so there's the proof that you and not them are going to be screwed!  The rebate discount for financing with GMAC is not valid until the loan commitment paperwork is filed and the vehicle is titled by the State listing GM as the primary owner. There is no way you will obtain the Certificate of Origin required for original State titling from the dealer (the guy you are attempting to cheat out of the rebate) the next day so you can title it by yourself as sole owner unless you first fork over the additional cash for the rebate received to the dealer to complete a no financing rebate sale and retrieve the signed loan applications where you legally acquiesce to GMAC as a lienholder and commit to make payments.

 

To receive the rebate and then make the payoff in full, you must first wait until the loan is formalized and finance company receives their copy of the State issued  original title listing them, the finance company, as primary owner. And, until you receive a clean title, technically you do not own the vehicle. To receive a clean title you'll have to wait a month or longer to receive the original title, then obtain a payoff letter necessary to resubmit for a title removing the finance company from the title. (I'm sure that the finance company will be in a real hurry to furnish the payoff letter and until you do, you are legally obligated by the signed paperwork to make loan payments!) And those first payments are all interest likely negating  some if not all of the rebate advantage. And, until you receive clean title, according to the State and insurance company, you do not technically own the vehicle. And been there, done that, the insurance company confirms ownership with the State, they will not authorize repairs or reimburse dime one for any claim until ownership is confirmed. Get into an accident in the interim and you're in a whole pile of $hit straightening out the payment and repair decisions with the insurance company because until you get a clean title you do not have exclusive control of the situation including who receives payment and who does the repairs.

Edited July 26, 2019 by Thomcat

[foghorn23]

6 hours ago, davester said:

From those other threads, you can pay off the loan immediately (at least with GM Finance), as in, next day.  The dealer may not get their kickback, but there's nothing they can do, as it's not a deal with you, but a backdoor deal with the finance company.

 

And yes, I did sleep in a Holiday Inn last night.

I didn't sleep at Holiday Inn last night, but you are absolutely correct.  Look at the finance contract.  If it is simple interest with no prepayment penalty, you can pay that sucker off ANYTIME you choose.  I know this is going to be hard to believe, but some dealers will LIE and tell you 1 month, 3 months, 6 months, etc.  Remember, any time a dealer employee's lips are moving, more than likely he/she is lying.  Unless there's something in writing to the contrary, finance it and pay it off the next day.

[aseibel]

14 hours ago, Grumpy Bear said:

I do not declare my trade nor my finance preference until we have a price on what I came to buy.

This is the best advice. Don't walk into the dealer telling them what you are going to do. Figure out their best price first, then you are in the driver's seat on what happens next.

[aseibel]

14 hours ago, Thomcat said:

Every financial expert worth 2 cents recommends using cash on a depreciating value purchase if you've got it, over financing it. Can boost your credit rating after you pay it off.... but it's also a liability as long as you owe on it.

Would that financial expert tell you to pay cash for your depreciating asset when you can get a loan for 1.99% interest and my money in the bank is making 3% interest in a high yield checking account?

 

That's what I did. I paid half down in cash and financed the rest to get all of the rebates they were offering. After my annual bonus came that winter, I ended up paying the whole thing off roughly 6 months after signing. 

 

I'm not sure your argument about whose name is on the title when you get in an accident is the way to make financial decisions. I'd be worrying more about not getting in accidents.

[Thomcat]

1 hour ago, aseibel said:

Would that financial expert tell you to pay cash for your depreciating asset when you can get a loan for 1.99% interest and my money in the bank is making 3% interest in a high yield checking account?

 

That's what I did. I paid half down in cash and financed the rest to get all of the rebates they were offering. After my annual bonus came that winter, I ended up paying the whole thing off roughly 6 months after signing. 

 

I'm not sure your argument about whose name is on the title when you get in an accident is the way to make financial decisions. I'd be worrying more about not getting in accidents.

.02

 

Paid off six months later!......so I assume interest on $45K at 2% would be roughly around $450 and Interest gained at 3% would be $725. with money tied up for the duration of the loan. A gain of $250 minus retitling fees for tying up your money and $1K in aggravation re-titling the mess is hardly worth the effort. Gained more than that throwing $5K on the credit card paid off at the end of the month and the car is titles in my name.

 

Nothing so special about trying to avoid accidents or worrying about having one....everyone does! However, they are called Accidents and not On-Purposes for a good reason. And when it happens the argument about owning clear title in an accident is a valid one...been there, done that.....try driving for 50 years with a spouse and three children driving over the course trying to avoid one, whether or not at fault,  and you'll soon learn just how valid it is!

 

Less than $250 compensation for aggravation to one who can drop $45G's at the drop of a hat should be peanuts. Learned the secret to wealth long ago from a true financial expert when I was around 6 yo.....luckily my parents didn't find out or it would have been a strap across the a$$...asked our very wealthy elderly neighbor: "You People are all rich, what is your secret for making money....... he told me, never forgot it and lived by it: "Never chase the pennies or you will miss the dollars" and damnnnnnned if over the next 60 years discovered just how right he was!

Edited July 26, 2019 by Thomcat

[KARNUT]

Some of the wealthiest people I know finance their rides. Of course they only pay one point, while their money is earning much more. So the money ( other peoples) is free. They use their money buying real estate ( you know appreciation assets) not depreciation assets. One rent house pays for the car payment and vacations. The other for the next one. If I happen to get in a wreck I’ll just drive the other of the 4 paid off cars while I’m waiting for the insurance to pay the car off.


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[jlong1984]

15 hours ago, econometrics said:

No chance of getting an LT TB below $40K. None. 

 

If you could get $46K, I think you would be doing well on this truck, OP. 

 

LT TBs are HOT sellers, and GM & the dealers know it. 

I'm pretty sure you could get a basic one with cloth seats, no Bose or upgraded infotainment for under $40K after all is said and done. 

[econometrics]

6 hours ago, jlong1984 said:

I'm pretty sure you could get a basic one with cloth seats, no Bose or upgraded infotainment for under $40K after all is said and done. 

Right. I meant an LT TB like the OP is looking for. (Convenience II, leather, etc)

[Wiggums]

I just looked in cars.com for the LT TB.. a lot for $10k to 12k off in the Memphis area where the OP is.

 

 

Link: https://www.cars.com/for-sale/searchresults.action/?drvTrnId=27105&mdId=22044&mdId=22061&mkId=20053&mkId=20061&page=1&perPage=100&rd=150&searchSource=GN_REFINEMENT&sort=price-lowest&stkTypId=28880&trId=36431381&trId=36431245&yrId=36362520&zc=38018

Edited July 27, 2019 by Wiggums

[Imcrazy]

On 7/25/2019 at 6:40 PM, KARNUT said:

I never pay cash for a vehicle. I make more money in investment interests than pay using someone else’s money to buy a car.


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Exactly, with interest rates so low and the intrinsic value of having money in the bank for other things plus the opportunity to invest that money to make more money I see no reason to not at least finance your ride for 2-3 years.. Personally I am not in the position at the moment to pay cash for a vehicle but, maybe someday I will... 

13 hours ago, aseibel said:

Would that financial expert tell you to pay cash for your depreciating asset when you can get a loan for 1.99% interest and my money in the bank is making 3% interest in a high yield checking account?

 

That's what I did. I paid half down in cash and financed the rest to get all of the rebates they were offering. After my annual bonus came that winter, I ended up paying the whole thing off roughly 6 months after signing. 

 

I'm not sure your argument about whose name is on the title when you get in an accident is the way to make financial decisions. I'd be worrying more about not getting in accidents.

All great points!

9 hours ago, KARNUT said:

Some of the wealthiest people I know finance their rides. Of course they only pay one point, while their money is earning much more. So the money ( other peoples) is free. They use their money buying real estate ( you know appreciation assets) not depreciation assets. One rent house pays for the car payment and vacations. The other for the next one. If I happen to get in a wreck I’ll just drive the other of the 4 paid off cars while I’m waiting for the insurance to pay the car off.


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Exactly...

[Imcrazy]

To the OP, I think my buddy just bought a 55k RST Crew Cab for 43K + tax & title with 0% APR thru GMF... Also yes you can pay off your loan early at any time...

[jlong1984]

10 hours ago, Imcrazy said:

To the OP, I think my buddy just bought a 55k RST Crew Cab for 43K + tax & title with 0% APR thru GMF... Also yes you can pay off your loan early at any time...

He did damn good if he was able to get that much discount AND 0%.