GMAC Financing
Thread Starter
Instructor
Joined: Mar 2007
Posts: 116
Likes: 0
From: Ohio
GMAC Financing
I was just playing around Chevy's site to see play with numbers and get a rough idea of what a payment would be on a new vette. The 08's weren't available to spec out, so I used 07 data.
Am I the only one who thinks GMAC's numbers are a bit high? 10.1% intererst on traditional finance? The money factors on the "smart lease" seemed rediculously high as well!
I know interest rates and lease money factors are not what they used to be, but geeze...
Am I the only one who thinks GMAC's numbers are a bit high? 10.1% intererst on traditional finance? The money factors on the "smart lease" seemed rediculously high as well!
I know interest rates and lease money factors are not what they used to be, but geeze...
Instructor
Joined: Aug 2007
Posts: 127
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From: GA
Melting Slicks
Joined: Jan 2004
Posts: 2,158
Likes: 4
From: Henderson Nevada
Also, the numbers on the web site are not intended to be the best available from GMAC. You will likely (assuming you have good credit) get much better through GMAC if you apply. The best thing to do is to get approved for a loan from your favorite credit union, bank, whatever, in advance of shopping. If the dealer can beat the numbers, fine. If not, you already have financing in place.
Whenever I buy, I give the dealer the 'opportunity' to do my financing and to buy my trade-in. I make it clear that they must compete for this portion of the business just like they compete to sell the car. It makes negotiations much easier and more straightforward.
Whenever I buy, I give the dealer the 'opportunity' to do my financing and to buy my trade-in. I make it clear that they must compete for this portion of the business just like they compete to sell the car. It makes negotiations much easier and more straightforward.
Racer
Joined: Aug 2007
Posts: 304
Likes: 0
From: Ridgedale MO
GMAC standard rates are usually higher than most conventional lenders. JP Morgan Chase Prime, Fifth Third Bank, CitiFinancial are the most competitive lenders I use. Don't ever expect GMAC to be the best bet unless they are offering an incentivized program. If you need further info PM me.
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Thread Starter
Instructor
Joined: Mar 2007
Posts: 116
Likes: 0
From: Ohio
The last car I purchased I got 6.1% for 60 months, My beacon was around 700. I know 680 is the big make or break # in financing.
I did notice that GMAC's site doesn't ask you for a guess beacon or any other info for that matter, it also defaults to a 15k mile lease when you get lease quotes. I would think these numbers would scare most people away in a hurry.
I did notice that GMAC's site doesn't ask you for a guess beacon or any other info for that matter, it also defaults to a 15k mile lease when you get lease quotes. I would think these numbers would scare most people away in a hurry.
Racer
Joined: Aug 2007
Posts: 304
Likes: 0
From: Ridgedale MO
Currently there is 0% x 60 months for any 2006 C-6's left in inventory or 1.9% for 72 months on 2006's. A couple of months ago there was indeed 0% for 72 months on the 2006's
Team Owner
Joined: Dec 2003
Posts: 57,408
Likes: 164
From: queensbury ny
The last car I purchased I got 6.1% for 60 months, My beacon was around 700. I know 680 is the big make or break # in financing.
Safety Car
Joined: Aug 2000
Posts: 3,510
Likes: 43
From: Tulsa OK
GMAC ranks your credit base on tier scores. I did the same thing you did and thought the payment was outrageous. When I went to the dealer and he ran the numbers, I came up with a lower payment because I was in the "A" tier.
So, GMAC does not use the best credit scores in their online quotes. I have financed my last 4 cars thru GMAC and never had a problem. I lease (smartbuy) my cars and when I bought the Corvette, GMAC made my last 3 payments on my GTO with the pull-ahead program. Hard to argue with free money.
So, you may find a better rate by finding the car you want and having a dealer run the numbers for you.
So, GMAC does not use the best credit scores in their online quotes. I have financed my last 4 cars thru GMAC and never had a problem. I lease (smartbuy) my cars and when I bought the Corvette, GMAC made my last 3 payments on my GTO with the pull-ahead program. Hard to argue with free money.
So, you may find a better rate by finding the car you want and having a dealer run the numbers for you.
Racer
Joined: Aug 2007
Posts: 304
Likes: 0
From: Ridgedale MO
GMAC ranks your credit base on tier scores. I did the same thing you did and thought the payment was outrageous. When I went to the dealer and he ran the numbers, I came up with a lower payment because I was in the "A" tier.
So, GMAC does not use the best credit scores in their online quotes. I have financed my last 4 cars thru GMAC and never had a problem. I lease (smartbuy) my cars and when I bought the Corvette, GMAC made my last 3 payments on my GTO with the pull-ahead program. Hard to argue with free money.
So, you may find a better rate by finding the car you want and having a dealer run the numbers for you.
So, GMAC does not use the best credit scores in their online quotes. I have financed my last 4 cars thru GMAC and never had a problem. I lease (smartbuy) my cars and when I bought the Corvette, GMAC made my last 3 payments on my GTO with the pull-ahead program. Hard to argue with free money.
So, you may find a better rate by finding the car you want and having a dealer run the numbers for you.
