[eldersCAMARO]

Probable noob question but does GM Financial determine your rates and incentives or does the dealer ship or both?

[super_sxxy322]

Originally Posted by eldersCAMARO

Probable noob question but does GM Financial determine your rates and incentives or does the dealer ship or both?

Your credit for the most part. And Federal Reserve. Incentives are set by manufacturers.

The dealer can then 'sell' you a higher rate then what the bank offers. Which generally runs up to 2 points.

[dormeas]

The answer to this questions is more complicated than you might think, also not sure what part you are asking.

So at the basic level, "The Fed" sets the baseline rate that has control over lending for homes, cars, and everything else.

Then it's up to banks to decide their own rates when it comes to different loans. This is why you see varying rate from different institutions. Credit unions are ususally better than banks but not all the time. GM Financial is just one of many institutions. And factory banks are usually more likely to offer promotional rates that fall well below the base rate. I have seen GM Financial offering near 0% on Silverado double cabs recently.

Third thing to consider is you own personal credit. Your score is very important but also debt to income and history. I'd say any score above 720ish is probably going to be good for the best rates available, again, not always, but usually.

Then the dealership finance comes into play. Dealers submit your info to one or multiple banks and get a returned offer of rates and terms. Believe it or not, they don't always tell you the best rate you can get. See if Chase bank returns an offered rate of 4% for 72 months, the dealer can offer you 5% for 72 and then the bank will pay the dealer for "bumping" your rate and making them more money. Now here is the kicker. A dealer bumping you interest rate probably sounds super shady and crooked, however, in reality, it may not be that big a deal. See dealers get better rate offers then you can get as an individual. So in some cases, even if a dealer bumps your rate, it may still be well lower than anything you can go obtain on your own and your dealer makes money. Profit isn't bad, everyone likes to make money, just not to the point of taking advantage of someone.

Bottom line is, do your research and see whats available. If you call local banks and credit unions they will send you or tell you what all current rates are. Then if you still decide to go to a dealer you know what to expect.

[DangerZL1]

Dormeas did a great job of explaining the process. Your best finance rate can be obtained by seeing what the best rate you can find on the market and using it as a bargaining tool when you get to the dealer's finance office. See what they offer you first, and if it's higher than what you found, then tell them they need to beat your rate. They'll usually be able to, or the finance guy doesn't make any money on the deal.

In my case, my credit association has very competitive rates.

[bootss]

We have a local dealer here that doesn't offer the GM special financing, so dealership can be a blocker in some cases.

[Vtor_ZL1]

Check rates before you sign.. Cap 1 if you have an account w them is VERY aggressive.


Often, if model you are looking for has incentives, the rates will be *much* lower than retail rates. Going rate now in 6%++ range?


YOU choose the lender -- NOT the dealer. wtf.

[eldersCAMARO]

thanks everyone I have a credit score of over 800 but I see the finance deals for chevy truck month and I was wondering how the hell I get those dells on a Camaro. GM Finance was a circle of answers so I was wondering how I get 0% or at least 2.0%.

[Joshinator99]

Originally Posted by eldersCAMARO

thanks everyone I have a credit score of over 800 but I see the finance deals for chevy truck month and I was wondering how the hell I get those dells on a Camaro. GM Finance was a circle of answers so I was wondering how I get 0% or at least 2.0%.

GM will run finance specials on vehicles they want to move off the lot. If you notice, that special financing on the Silverado was for the Turbo 4 model that most truck owners won’t want (they’re not necessarily bad, just that most truck guys love V8’s). Since the Camaro is decidedly lower production with a finite end date of production, there is no reason for GM to lower their profit margin at all.

[vj123]

Originally Posted by eldersCAMARO

I have a credit score of over 800 but I see the finance deals for chevy truck month and I was wondering how the hell I get those dells on a Camaro. GM Finance was a circle of answers so I was wondering how I get 0% or at least 2.0%.

Since these deals from GM are vehicle specific, its highly unlikely that you will get those rates for a Camaro especially towards the end of production.

[Trochoidal]

Also watch out for the person in finance pulling your contract to fill in the blanks. We bought a car a few years ago where the finance person went with a different option than we qualified. He shoved his form into the printer and when it was completely filled out, gave us the application and said sign here and initial in these 15+ locations.

Before we did any of that we reviewed the application and the finance person had provided a loan with the same term, higher interest rate and a different bank. Nice try!

He quickly tore it up and gave us the rate, terms and bank we agreed to using followed up with “Sorry, I grabbed the wrong application”.

I’ll also add our credit scores are/were above 800 too. He thought he was slick! Maybe an honest mistake except the portion where the bank and interest rate was something the printer added and not already on the application.

[TonyHarrington]

Hey! GM Financial sets the base rates and incentives, while the dealership might have some flexibility to offer additional discounts or special promotions. It's always a good idea to discuss your options with the dealership's finance team and see what they can do for you. I also suggest getting the help of a professional, like Mortgage Broker in Swansea, when making important decisions considering loans and mortgages. I hope that helps.

[armycop71]

Even with GM financial, timing is everything. I have both my cars financed through them. I bought my Camaro in Feb 2022 and got the special rate of 1.9% for 72 months. In Dec 2022 the special finance rate on my Equinox was 4.99% on 72 months. Both were the best rates offered at the time even vs credit unions.

[SnakeEyeSS]

Others are right about timing:

I got my 2017 for 17% off.

I got my 2023 for 13 dollars off.

When I bought my SS, I mentioned getting a little more off. (Might as well try!) And the salesman said " go pick any truck on the lot and I'll knock that much off"

The trucks have more room too, the avg profit on a GM truck is close to 10K I believe. And considering they are usually at least 6K off, that puts them at being very overpriced to begin with.

[TCL]

Both GM Financial and the dealership play roles in determining your loan rates. GM Financial typically sets the baseline based on their lending standards and your credit score. The dealership can then have a say in the final rate, sometimes marking it up a bit.

A few years ago, I faced a financial crunch with my trucking business and had to work with a San Diego bankruptcy lawyer. He helped me navigate through bankruptcy, advised on car loan negotiations, and helped me negotiate the rate when I got a new fleet. For instance, when I got my new fleet, he advised me to look at the fine print and compare the annual percentage rate (APR) across different lenders. Made a huge difference.