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Just Announced: 0% Financing For 72 Months On Silverado And Sierra 150

silveradojim-101

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silveradojim-101 Enthusiast

silveradojim-101

Posted
Posted

Well it figures. I bought my new truck about 3 weeks ago and they just announced 0% for 72 months thru GMAC on Silverado and Sierra 1/2 ton models. This would have been sweet to get, but I missed it. I did get 0% for 60, so that was good. But not as good as 72!!

 

This is the 2nd time I have missed this deal in the past year. We bought my wife an Acadia about a year ago and we missed 0% for 60 months by less than 1 week!! Oh well, you win some and you lose some. LOL!!

 

For people in the market for a new truck, this is the best deal you will find on financing.

shocktrp Enthusiast

shocktrp

Posted
Posted

It's the same or better to arrange your own low interest financing and take the rebates.

 

Plus, you can double up on payments and come out ahead.

Tsmith Enthusiast

Tsmith

Posted
Posted
It's the same or better to arrange your own low interest financing and take the rebates.

 

Plus, you can double up on payments and come out ahead.

 

Yeah that was my thinking also. I chose the $8055 in Rebate & Incentives instead of the 0%.

Crazy Canuck Enthusiast

Crazy Canuck

Posted
Posted

The rebates and incetives are effectively the interest costs. Although they are claiming 0%, the opportunity costs of that 0% is the rebate. I also think that 72 months is a long time to be locked into a loan on a depreciating asset. Given the way the trucks depreciate, you will never be anything but upside down on your loan until the last 6 months or so. If you plan on keeping the truck for 10 years, its a great idea. If you are like me and like a new vehicle every couple of years or so, it is a really BAD idea to use this type of financing. If you do, expect your truck will be worth less than what you owe come trade in time. I would not let anyone close to me finance a vehicle for this long of a period. My 2 cents anyway.

SparkySparks Enthusiast

SparkySparks

Posted
Posted

Same here, I went to the dealer told them what I wanted and how much I wanted to spend and had my own loan in hand from the Credit Union, I ended up with about $10,000 in rebates.

VMax2007 Senior Enthusiast

VMax2007

Posted
Posted
I got all of the rebates AND 0% for 36 months back in Mar 2007. :thumbs:

 

 

Then you got a great deal and truly 0% financing.

 

 

 

Yep, I had no intention of financing my truck at all. I ordered it in Jan 07 and when it arrived in March, the sales manager informed me of the additional 0%/36 mos incentive and asked if I wanted it. I said "sure" and stuck the money in the bank. I only financed $18K but should have financed more and invested the money. But I hate payments. :dunno:

Crazy Canuck Enthusiast

Crazy Canuck

Posted
Posted
I got all of the rebates AND 0% for 36 months back in Mar 2007. :thumbs:

 

 

Then you got a great deal and truly 0% financing.

 

 

 

Yep, I had no intention of financing my truck at all. I ordered it in Jan 07 and when it arrived in March, the sales manager informed me of the additional 0%/36 mos incentive and asked if I wanted it. I said "sure" and stuck the money in the bank. I only financed $18K but should have financed more and invested the money. But I hate payments. :dunno:

 

 

I couldn't agree with the way you did things more. If you can get 0% with the rebates you would have received if you paid cash then you are best to have your money work for you somewhere else by investing it. I wasn't knocking financing and I hope nobody thinks I was, I am jsut trying to point out that it is not truly 0% if you are foregoing rebates. Also, I am trying to save someone from losing their shirt in three years when they go to, or need to trade their truck in for some reason. I also feel, without trying to cause a problem with anyone that if people are going to 72 month payment plans to lower their monthy payment to be able to afford it, then they can't really afford the vehicle in the first place and probably should be looking at something with fewer options or less. I can appreciate that everyone works hard and wants a sweet truck, but overextending ourselves by taking advantage of sweet credit offers is what got the world into the situation that we are in right now. Again, just my $.02

silveradojim-101 Enthusiast

silveradojim-101

Posted
  • Author
Posted

I'm sorry, I forget that not everyone gets GMS pricing like I do. I was able to get almost 7k in discounts AND true 0% financing for 60 months.

 

I agree if you can get 3.9% from a credit union or bank, take the rebates/discounts.

silveradojim-101 Enthusiast

silveradojim-101

Posted
  • Author
Posted

Quote from Crazy Canuck:

 

The rebates and incetives are effectively the interest costs. Although they are claiming 0%, the opportunity costs of that 0% is the rebate. I also think that 72 months is a long time to be locked into a loan on a depreciating asset. Given the way the trucks depreciate, you will never be anything but upside down on your loan until the last 6 months or so. If you plan on keeping the truck for 10 years, its a great idea. If you are like me and like a new vehicle every couple of years or so, it is a really BAD idea to use this type of financing. If you do, expect your truck will be worth less than what you owe come trade in time. I would not let anyone close to me finance a vehicle for this long of a period. My 2 cents anyway.

 

end quote:

 

 

Sorry, but I have to disagree with you on part of your statement. If your paying NO interest, you should have no trouble breaking even after approx 1/2 of the payments. This is assuming you did not roll in a bunch of negative equity or extra accessories. This is also taking into consideration that you received some dealer discount off the MSRP.

 

I just traded in an 07 after about 20 months of a 60 month 0% financing loan and I was $1800 upside down, which was due to me rolling 2K of negative into that loan.

 

Without that 2K in negative, I would have been right at even after 20 months. I will admit I lost about $1500 in aftermarket accessories I installed on my 07, but that was expected. I ended up selling it to a friend of mine that has a wholesale business, but the dealership accepted a voucher he gave me so I could get the tax savings.

Crazy Canuck Enthusiast

Crazy Canuck

Posted
Posted
Quote from Crazy Canuck:

 

The rebates and incetives are effectively the interest costs. Although they are claiming 0%, the opportunity costs of that 0% is the rebate. I also think that 72 months is a long time to be locked into a loan on a depreciating asset. Given the way the trucks depreciate, you will never be anything but upside down on your loan until the last 6 months or so. If you plan on keeping the truck for 10 years, its a great idea. If you are like me and like a new vehicle every couple of years or so, it is a really BAD idea to use this type of financing. If you do, expect your truck will be worth less than what you owe come trade in time. I would not let anyone close to me finance a vehicle for this long of a period. My 2 cents anyway.

 

end quote:

 

 

Sorry, but I have to disagree with you on part of your statement. If your paying NO interest, you should have no trouble breaking even after approx 1/2 of the payments. This is assuming you did not roll in a bunch of negative equity or extra accessories. This is also taking into consideration that you received some dealer discount off the MSRP.

 

I just traded in an 07 after about 20 months of a 60 month 0% financing loan and I was $1800 upside down, which was due to me rolling 2K of negative into that loan.

 

Without that 2K in negative, I would have been right at even after 20 months. I will admit I lost about $1500 in aftermarket accessories I installed on my 07, but that was expected. I ended up selling it to a friend of mine that has a wholesale business, but the dealership accepted a voucher he gave me so I could get the tax savings.

 

The longer that you take to pay back a loan though, the more depreciation takes place. I can believe that the vehicles in the US do not depreciate quite as fast as they do in Canada due to rust, a higher ($55 K + in some cases) original sticker price, etc. But, your 20 months on a 60 month loan would take 24 months to pay off based on a 72 month loan, and still have 4 months more of depreciation putting your break even point even further into the future. Maybe 6 months is a tad low for a break even point, but the longer the loan is, the more you will be paying catch-up. When gas goes to $4.00 a gallon again down there and they can't give trucks away, the used ones will be worth nothing. Imagine something like that happens 2 years into your 6 year loan? As far as I'm concerned, I would not want to be paying for something that I am constantly playing catch-up on. A vehicle (that is not a collector) is a losing proposition anyway you look at it, I am just hoping that I don't see everyone who buys a truck on 72 mo financing on the GM-Trucks board in three years talking about how they can't trade in their '09s without taking a 10k hit. Again, just my opinion. I am not looking to argue, I am just trying to share what I consider sound financial advice.

 

Crazy

silveradojim-101 Enthusiast

silveradojim-101

Posted
  • Author
Posted

crazy I understand your point, but not many people can afford to plop down 30k cash for a truck so financing is the only option and 0% is your best option.

 

I also do not beleive that in 3 years I will be 10k upside down on my 09. No way that will happen, not here in Texas. Trucks here hold better resale value than any other vehicle. In 3 years I will owe 17k on my truck and feel very confident I will be able to get that much for it in trade regardless of the gas prices. I do agree the more it goes up, the worse the value.

 

As far as my situation, as long as I can afford it, I will always have a vehcile payment because I don't keep vehicle any longer than 3 years, period. Thats just me. Some people drive vehciles until the wheels fall off, but thats just not me.

 

I appreciate your advice and agree with most of it.

AgDoctor Senior Enthusiast

AgDoctor

Posted
Posted

the 0% interest makes since, if you keep the vehicle for the entire term of the interest rate. If you get rid of the truck before that then you lose money versus the rebate. I'll take the rebate any day.

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