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Old 03-26-2023, 07:27 AM   #1
paradigm
 
Drives: 2022 Camaro 1SS 1LE
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Can I apply the current finance rate to a new purchase?

I bought my 2022 1LE, in June 2022. I was going to buy the car cash, but GM offered me 1.9% financing that I couldn't say no to, so I decided to finance approx half the car.

I have been thinking of trading to a 2023 ZL1. Any chance I would be able to apply the existing 1.9% financing to the new car if I traded the current car?
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Old 03-26-2023, 07:55 AM   #2
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I would think not. Separate car, separate transaction, separate deals. And obviously interest rates have spiked since June 2022, so all else equal, there would no reason for GMAC to leave higher profit on the table by continuing to offer the low rate.

That said, there are often all sorts of financing products available that are simply not advertised on dealer (or even manufacturer) websites, and can't know what they are until you are there, and you ask. (You'd have to be *really good* to get them to tell you over the phone.) Sometimes they don't seem to make any sense in the "real world", but hey, there are things going on in the background that the lay person is not meant to understand, and if they are financially beneficial, and no hidden tricks, use them to your advantage.

One obvious advantage you already have is that if you trade in the 1LE, and you had financed only half of it, then the "other half" is your equity now, and that would count as a pretty darn good sized down payment towards the new loan. You should be able to secure the absolute lowest rate they can offer since you'd be borrowing only 50/60-ish% of the cost of the new car, instead of 90%.

Good luck. Sounds like a win either way...
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Old 03-26-2023, 02:03 PM   #3
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Won't happen. Interest rates are completely different now.
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Old 03-26-2023, 02:06 PM   #4
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You get a new loan each time. Rates will apply at that time
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Old 03-26-2023, 02:32 PM   #5
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In Tampa Florida we are at 5.75% the lowest with credit unions. It’s crazy
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Old 03-26-2023, 02:47 PM   #6
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Each deal is separate, all you can do is see how good of a rate you can get now.
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Old 03-26-2023, 05:25 PM   #7
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No.
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Old 03-26-2023, 05:43 PM   #8
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Quote:
Originally Posted by DancingJess View Post
In Tampa Florida we are at 5.75% the lowest with credit unions. It’s crazy
5.99% here with my credit union and my 800+ credit score, a sick joke if you ask me.

OP, as stated above, this is a new loan and the concept of such automatic continuation does not exist.
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Old 03-26-2023, 05:46 PM   #9
eldersCAMARO
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I was super lucky with NFCR and got 4.79 I begged the dealership to inquire about a different rate from GM but it was a total no go
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Old 03-26-2023, 06:45 PM   #10
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Quote:
Originally Posted by arpad_m View Post
5.99% here with my credit union and my 800+ credit score, a sick joke if you ask me.

OP, as stated above, this is a new loan and the concept of such automatic continuation does not exist.
They are trying to calm down the spending. It isn't working.
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