Quote:
Originally Posted by Evergreen6
When I bought my 1SS a few days ago, it was a slimy experience.
I came prepared to pay cash. But they'd give me an additional $700 off if I financed, which was after $750 GM rebate and $500 First Responder rebate. So I let them run me through their buy-here, pay-here bank after a long story about how they couldn't write through any bank I work with, so I took a subprime rate of 7.39 when I qualify for 6.49 which is the best rate through my credit union. Whatever. They want to pad the back end, save the lies. What's going to be disappointing is when loan paper drops and I'm already requesting the 10 day payoff. All that work and any money the dealership is getting on that loan will be clawed back.
Play at their level. Fair is fair. I never agreed in writing or otherwise to hold the loan to term.
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I purposely financed my truck last month through GM Financial with the 3 year 1.9% rate because it allows me to leave my cash in the bank and earn 4.5% which more than makes up for paying interest on the loan. If rates tank, I'll pay the loan off early. If I couldn't have gotten than rate, I would have financed if it netted me any savings and then immediately paid it off instead of carrying the loan. So, I understand where you're coming from.
You -might- get a small surprise if they sell the servicing of that loan off while you're waiting for the initial payment date to arrive. Also, you might actually want to consider making one payment before paying off to ensure that the title gets generated in time. That way, you can go directly to DMV/RMV and request a duplicate once you have the payoff letter if they don't send it to you right away. If you pay the loan too quickly, the title may still be "in process" when you pay off the loan and that could cause headaches if something happens to the car...