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First let’s take care of some unwanted comments before they inevitably happen: We don’t care that your paying cash! We don’t care that you think we should pay cash either. This thread is not for you.
What are the best interest rates you guys are seeing for new car purchases? Last week American 1 credit union was at 3.5% but looks like they just raised it to 4.99%.
Does GM offer any decent financing? Just thinking aloud….
2 weeks ago when I purchased my used 2021 C8 GMAC gave me a rate of 7.89% for 60 months, I had $34k down and a credit score of >800. Not a good deal. I don't see any new GM deals listed today.
Without getting into politics, the interest rate will continue to climb as the Fed says they plan to increase it in 2023. Hopefully, the MSRP wall will begin to crack with high interest rates reducing sales?
GM also didn't offer me good rates with a 760 credit score and 55k down. It was 8% (from GM) compared to the 4% my local credit union did. Was alittle disappointing cause I figured I would get better rates like the 2% I traditionally got offered but I guess those days are gone.
My allocation isn’t coming up until late this year. I’m hoping that if rates are still high, recession is in full swing, that maybe GM will have to offer special financing rates to move vehicles…even in 2020, GM offered 0% for 72 months. I know that was a different economy, but I’m hoping for at least 1.99% or something along those lines if car sales have slowed greatly by that time. In the meantime, I’m saving like a madman to put as much cash down as I can…hopefully I can put half down on my ‘24 1LT when it arrives…
Regular savings accounts are earning 4% right now and will increase if the fed keeps increasing rates. I would rather finance at 4-5% and keep my cash vs paying cash. I'm hoping rates don't keep going up before my Z06 gets here hopefully by mid February.
My allocation isn’t coming up until late this year. I’m hoping that if rates are still high, recession is in full swing, that maybe GM will have to offer special financing rates to move vehicles…even in 2020, GM offered 0% for 72 months. I know that was a different economy, but I’m hoping for at least 1.99% or something along those lines if car sales have slowed greatly by that time. In the meantime, I’m saving like a madman to put as much cash down as I can…hopefully I can put half down on my ‘24 1LT when it arrives…
GM May very well offer lower interest rates on cars they’re trying to move. I can guarantee you that the C8 will not be part of that incentive. There is no need. They still have a 1 year backlog of buyers.
01-04-2023, 11:09 PM
Best Interest Rate
