GM financing question

IH8WNTR · 03-12-2017, 05:15 PM

I know GM is offering $1000 incentive if you go with their financing. I have a credit union that is 1.99% apr if I go through them. If I get my financing through GM financing and then get the loan through another financial institution, is there a penalty?

Eric SS · 03-12-2017, 05:16 PM

Nope. This is a smart thing to do. Finance through GM and then immediately get your own financing to pay off the GM loan. Best of both worlds.

IH8WNTR · 03-12-2017, 06:14 PM

That is awesome news. Thanks for the fast reply!

Eric SS · 03-12-2017, 06:21 PM

Quote:

Originally Posted by IH8WNTR

That is awesome news. Thanks for the fast reply!

No problem. You may want o talk to your lender about interest rates. I know some are higher on used cars than new and I'm not sure how your lender would look at this. You should probably talk to them about your plans so you'll know the rate.

Red Devil's Rebel · 03-12-2017, 11:15 PM

This is actually what I'm doing. Didn't know this was an accepted thing but it was exactly what was suggested that I do from both my dealer and the loan rep from my credit union, so I was like hells yeah - best of both - save $ on incentives and a low APR!

drew.87 · 03-13-2017, 08:41 AM

I am looking at doing the same thing. My dealer told me i had to wait 3 months but the F&I guy told me I have to wait 6 months! I assume they are saying that because they will get some kind of charge back, if i refinance right after i drive off the lot. Any insight in this? I just don't want to refinance and then get hit will a rebate bill.

TJay74 · 03-13-2017, 08:43 AM

The dealer charge back is the only reason the dealer finance guy is telling you to keep it 6 months. I only keep it the minimum I have to then move it over to my bank. I am moving mine right now as we speak for a way better rate.

Dark_Ghoul · 03-13-2017, 08:49 AM

Quote:

Originally Posted by TJay74

The dealer charge back is the only reason the dealer finance guy is telling you to keep it 6 months. I only keep it the minimum I have to then move it over to my bank. I am moving mine right now as we speak for a way better rate.

What was the minimum time? Is there a penalty for payoff during the first 3 months?

I'm looking at this route, but I couldn't get an answer out of my dealer.

Red Devil's Rebel · 03-13-2017, 08:56 AM

Quote:

Originally Posted by drew.87

I am looking at doing the same thing. My dealer told me i had to wait 3 months but the F&I guy told me I have to wait 6 months! I assume they are saying that because they will get some kind of charge back, if i refinance right after i drive off the lot. Any insight in this? I just don't want to refinance and then get hit will a rebate bill.

I was told to wait till I get the 1st bill then go to credit union to refinance.

drew.87 · 03-13-2017, 08:58 AM

If i wait for the first bill then refinance, does the credit union refinance the car as a new or used car? I know the rates are better for new cars.
thanks,

Red Devil's Rebel · 03-13-2017, 09:13 AM

Quote:

Originally Posted by drew.87

If i wait for the first bill then refinance, does the credit union refinance the car as a new or used car? I know the rates are better for new cars.
thanks,

Great question, I was concerned about this too as I had heard the same thing. However, my CU has the same rate for new & used (listings read "New/Used Vehicle" so it never came up. Sorry!

chrest · 03-13-2017, 10:38 AM

this is exactly what i did. I have had the car a week and am starting the refi as we speak.

Dark_Ghoul · 03-13-2017, 10:39 AM

Navy Federal CU treats 2016 and 2017 model year as New for their loans. So my refi will be as a NewCar. Definitions vary by lender. It costs nothing to ask them.

IH8WNTR · 03-27-2017, 11:16 PM

My CU considers it new as long as it's under 10k miles and the current model year.

03-12-2017, 05:15 PM	#1
IH8WNTR Drives: 2017 1SS 1LE Silver Ice Metallic Join Date: Jun 2016 Location: SF Bay Area Posts: 255	GM financing question I know GM is offering $1000 incentive if you go with their financing. I have a credit union that is 1.99% apr if I go through them. If I get my financing through GM financing and then get the loan through another financial institution, is there a penalty?

03-12-2017, 11:15 PM	#5
Red Devil's Rebel Drives: 2017 Camaro 2LT RS V6/A8 Join Date: Apr 2016 Location: Boston/North Shore, MA Posts: 533	This is actually what I'm doing. Didn't know this was an accepted thing but it was exactly what was suggested that I do from both my dealer and the loan rep from my credit union, so I was like hells yeah - best of both - save $ on incentives and a low APR! __________________ My Journal Thread: http://www.camaro6.com/forums/showthread.php?t=488330

03-13-2017, 10:39 AM	#13
Dark_Ghoul Drives: Had '12 IBM 2LT/RS, 83 Z28 T-Top Join Date: Feb 2012 Location: Virginia Posts: 62	Navy Federal CU treats 2016 and 2017 model year as New for their loans. So my refi will be as a NewCar. Definitions vary by lender. It costs nothing to ask them. __________________ DG Order TTBK4P ZL1 M Coupe Black, Nav, PDR, CF Hood 1100: 9/8/16 2000: 2/9/17 3000: 2/14/17 TPW 3/6 3400: 2/27/17 TPW 3/6 3800: 3/7/17 VIN Issued 4300: 3/7/17

03-12-2017, 05:16 PM	#2
Eric SS #becauseracecar Drives: 2016 SS Sedan, 2016 Camaro SS Join Date: May 2015 Location: Phoenix Posts: 2,959	Nope. This is a smart thing to do. Finance through GM and then immediately get your own financing to pay off the GM loan. Best of both worlds.

03-12-2017, 06:14 PM	#3
IH8WNTR Drives: 2017 1SS 1LE Silver Ice Metallic Join Date: Jun 2016 Location: SF Bay Area Posts: 255	That is awesome news. Thanks for the fast reply!

03-13-2017, 08:41 AM	#6
drew.87 Drives: 2017 Camaro 1LE Join Date: Feb 2017 Location: Houston Posts: 128	I am looking at doing the same thing. My dealer told me i had to wait 3 months but the F&I guy told me I have to wait 6 months! I assume they are saying that because they will get some kind of charge back, if i refinance right after i drive off the lot. Any insight in this? I just don't want to refinance and then get hit will a rebate bill.

03-13-2017, 08:43 AM	#7
TJay74 Drives: 17 Camaro SS 1LE & 16 Sierra AT CC Join Date: Nov 2016 Location: Norman, OK Posts: 2,424	The dealer charge back is the only reason the dealer finance guy is telling you to keep it 6 months. I only keep it the minimum I have to then move it over to my bank. I am moving mine right now as we speak for a way better rate.

03-13-2017, 08:58 AM	#10
drew.87 Drives: 2017 Camaro 1LE Join Date: Feb 2017 Location: Houston Posts: 128	If i wait for the first bill then refinance, does the credit union refinance the car as a new or used car? I know the rates are better for new cars. thanks,

03-13-2017, 10:38 AM	#12
chrest Drives: 2017 Camaro 2SS Join Date: Mar 2017 Location: Portland/Vancouver Posts: 410	this is exactly what i did. I have had the car a week and am starting the refi as we speak.

03-27-2017, 11:16 PM	#14
IH8WNTR Drives: 2017 1SS 1LE Silver Ice Metallic Join Date: Jun 2016 Location: SF Bay Area Posts: 255	My CU considers it new as long as it's under 10k miles and the current model year.

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