Financing through GMAC refinance ??

bac078 · December 29, 2004

I have been reading through the posts and I heard from one dealer that you can refinance in 3 months and be OK another said 6 Months, does anyone know what the truth is or where I should go to get a straight answer???? I am at 6.95% because I grabbed all the cash rebates and would like to refinance ASAP to catch the best rates.

MS3DALE · December 29, 2004

I have asked our finance manager here at the dealership that a few times and I got 3 months for the answer.

If anyone else heard any different I'm sure they will chime on in.

jauto98 · December 29, 2004

I just refinanced my TrailBlazer (bought in late September) in December and got a letter from GMAC that my loan was paid in full with no penalty. So I would assume 3 months is good enough. Hope this helps.

Jeff

Colorado Kid · December 29, 2004

I bought the Suburban on September 30th and took the GMAC financing to get the bonus. I closed the refinance at my Credit Union on November 18th. No penalty. Never made a payment to GMAC.

The finance guy at the dealership looked alamed when I asked about refinacning, and said I should make at least 3 payments to avoid damaging my credit rating I suspect that the dealership had something to loose if I refied sooner. They signed me up at 8.9%, which was robbery given my credit rating. I'm at 3.25% at the Credit Union. Since they were perfectly willing to screw me, If I aced them out of a kickback then

I read the contract from GMAC carefully before signing up, (which made the finance guy insane, as folks were stacked like cordwood in the lobby waiting for the one and only finance guy on a day that they sold 25 vehicles). It clearly stated that there is no prepayment penalty, and how to contact GMAC for the payoff amount. As soon as I could get a payoff amount, which did take a few weeks, my CU was ready to do the refinance.

By the way, the President of the Credit Union assured me that refinancing would have no adverse effect on my credit rating as long as nothing was overdue.

As with jauto, I got a letter from GMAC stating that it was paid off in full.