03-03-2022, 06:02 PM | #1 |
Drives: 2022 Vert 2SS Join Date: Mar 2021
Location: MI
Posts: 70
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Must GMFinance for MSRP
GOod day folks-
I'm in the hunt for a new Camaro, been in the hunt since 10.15.21 @1100 with big dealership here in MI. Added another order at another promising dealer in Jan, also with our good friend Joe @JMC. Although they all tried, no one could attain an allocation for my rapid blue 1ss vert. Last week I started seriously looking for dealers within 2000 miles- I didn't want to wait for a 2023. Found a few with what I'm looking for. I intend on using PLYCAR, and I've been following those threads. Question Is, One dealer said that I had to use their financing in order to be sold to at MSRP. If I used my own bank, they wouldn't sell at MSRP. Is that a thing?
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2022 1SS 'Vert on order
OCT 15, 2021 > 1100 (Paid $500 @Dealership) Feb 25, 2022 > 1100 MAR 1, 2022 > Found 2SS Vert in Transit, out of state, put down deposit Mar 15, 2022 > Went to original dealer to retrieve $500 Deposit, original order now at 3000 |
03-03-2022, 06:10 PM | #2 |
Love my Satin Steel LT-1!
Drives: 6-Speed LT-1... Join Date: Aug 2016
Location: Kentucky
Posts: 497
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Right now, the GM rates are better than most banks. I got 1.9% for 72 months. My credit union was 2.49% when I checked.
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2022 SATIN STEEL LT1
6-Speed Man|Carbon Flash Wheels Technology Pkg|NPP|Satin Blk Pkg ZL1 Rock Guards|Red Knee Pad Set PBC LT1 engine built by Debi Lewis |
03-03-2022, 06:20 PM | #3 |
Drives: n/a Join Date: Jul 2018
Location: Mia
Posts: 64
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The GM rate is pretty good. However, if you don't want to use it you can go through GM and pay the car off after the 1st month with whatever financing you want. Just confirm with your bank beforehand.
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03-03-2022, 06:40 PM | #4 |
Drives: 2022 Wild Cherry ZL1 1LE Join Date: Mar 2021
Location: Fremont, CA
Posts: 446
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As armycop71 said, GM's rates are way better than banks' rates. I myself went for the 0.9% for 60 months (and a bigass down payment, just because). No bank was near that rate!
And looking at the loan fine prints, I couldn't find any pre-payment penalties if you somehow wanted to do that, either to payoff the loan or to refinance with somebody else. Geoff |
03-03-2022, 06:46 PM | #5 |
Drives: 2022 Wild Cherry ZL1 1LE Join Date: Mar 2021
Location: Fremont, CA
Posts: 446
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Oh, and to answer your immediate question, I don't believe financing through GM is a requirement for MSRP. It certainly was not a requirement when I purchased my car 3 weeks ago.
That would mean it's purely a dealer "requirement", allegedly because they get some sort of incentive back from GM financial. Geoff |
03-03-2022, 08:34 PM | #6 |
Drives: 2016 Mazda6, 2011 Mustang 5.0 Join Date: Mar 2010
Location: Portage, Wisconsin
Posts: 4,049
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By their financing, do you mean GM financing, or does the dealer have their own thing going?
Either way, I've never heard of such a thing. The finance company should have no effect on the principal negotiated. Dealer is just getting creative. Just like some try to require you to get a security system or other useless but lucrative accessories, except sneakier. This is one of those red flags to not do business with them.
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2022 1SS 1LE (Arrived 4/29/22)
"The car is the closest thing we will ever create to something that is alive." . 2022 1SS 1LE (Coming Soon) |
03-04-2022, 06:23 AM | #7 |
Drives: Waiting for the 2SS Join Date: Feb 2022
Location: CO
Posts: 61
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I wanted to but a beautiful 2ss 1LE from a place in KS. J & R CAR AND TRUCK CENTER, LLC. They will not allow you to use the GM financing, have to use their BS financing which is 7.9%. I sincerely hope they go out of business.
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03-04-2022, 06:48 AM | #8 |
Drives: 2022 Camaro ZL1 Join Date: Dec 2021
Location: Nashville, TN
Posts: 216
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I bought mine with no contingency regarding financing at slightly less than MSRP last month. They did offer financing through GM.
Dealers are independent businesses that can pretty much stipulate whatever they want. They do get a kickback on financing in many cases, so there's an incentive to drive you (pun intended) towards those lenders. I've always heard the loan has to have been in effect for 3 payment periods before the dealer gets their "rebate" from the consumer's lender.
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Randy in Nashville
2022 Chevrolet Camaro ZL1 A10 2020 Ford Mustang Shelby GT500 2020 Genesis G90 Ultimate 2019 Mercedes-Benz SL450 2017 Corvette Grand Sport A8 2016 Hyundai Equus Ultimate 1971 Datsun 240Z |
03-04-2022, 07:01 AM | #9 | |
Drives: 23 ZL1 A10 Rapid Blue Join Date: Aug 2020
Location: MO
Posts: 1,992
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Quote:
So I walked but it tells you how much kickback a dealer can be getting from a lender if they incentivize you for $1K. |
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03-04-2022, 08:13 AM | #10 |
Drives: 23 LT1/22 Colorado TB/69 Chevelle Join Date: Jun 2006
Location: Greenville, Tx
Posts: 4,970
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What are you looking for specifically? I have a Rapid Blue 1SS Convertible at 3800 that was just built yesterday and it has not been spoken for yet. It's available at MSRP.
1AJ67-1SS Convertible Primary Color: GMO-Rapid Blue Trim: H1T-Cloth, Jet Black, Interior Trim Engine: LT1-Engine, 6.2L, 8 Cylinder Transmission: MX0-Transmission, Automatic w/ Overdrive 56V: Wheel, 20", 5 Spoke, Black A9B: Black Package - Satin Black Mirrors & Spoiler AQJ: Recaro Seats BCD: Performance Copper-Free Brake System NPP: Performance Exhaust System RMH: LPO: Front Splitter Carbon Flash Metallic SFE: LPO: Wheel Locks |
03-04-2022, 11:30 AM | #11 |
Tampa Bay Camaros
Drives: 2017 Krypton Green 2SS Join Date: Jul 2011
Location: Westfield, IN
Posts: 1,021
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Stunning... My build will be similar to that one but 2SS with MRC, and other changes
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Me and wife, in order
2011 2SS SGM 2013 2SS Hot wheels vert 2016 C7 DSOM 2012 2SS yellow vert 2017 2LT Krypton Green 2018 2LT Hot wheels crush 2020 2SS Shock vert. 2017 2SS Krypton Green coupe |
03-04-2022, 02:48 PM | #12 |
Drives: Camaro 2SS, Jeep Gladiator Willys Join Date: Dec 2021
Location: NC
Posts: 81
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I bought mine for MSRP and all I did was hand the salesman a check.
It's all from the dealer, not from GM. |
03-04-2022, 03:11 PM | #13 |
Drives: 2022 Vert 2SS Join Date: Mar 2021
Location: MI
Posts: 70
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Man you all really have me contemplating now. I was just about sold, he has overnighted me the paperwork. I see on the Chevy buildsite, 1.9% for Well Qualified, which I thought I was. Roughly a 750 credit score across the board. He offered me MSRP minus $750 incentive, and said GM returned with 5.4APR. I Asked about the advertised offer and he said that's for the 850 tier credit score. I offerd another 2k down and he GMFinancial returned with a 4.1APR loan. I can refi in 6months.
Overall not a bad deal, MSRP - $750. PLYCAR wants $950 to go a couple of states. I don't want to drive it 4 hrs straight yet. Thanks for the offer @GearheadSS, That's a sweet whip. That's exactly what I was looking for at first but since I've found this gorgeous 2SS for a smidgen under MSRP, I want the heated and cooled leather seats and steering wheel and camera mirror and lights and gadgets to play with over the years as I pay for this thing lol
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2022 1SS 'Vert on order
OCT 15, 2021 > 1100 (Paid $500 @Dealership) Feb 25, 2022 > 1100 MAR 1, 2022 > Found 2SS Vert in Transit, out of state, put down deposit Mar 15, 2022 > Went to original dealer to retrieve $500 Deposit, original order now at 3000 |
03-04-2022, 04:21 PM | #14 |
Drives: 2022 Chevrolet 1SS 1LE SGM Join Date: Jun 2020
Location: Apex, NC
Posts: 19
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I just bought a 2022 1SS 1LE with PDR and got .9% for 60 months and $750 loyalty cash from GM. I paid MSRP and shipped the car from WI to NC.
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