[BowTie-Guy]

Interest rates killed my deal. Over 800 credit score & rate was 6.29%. In the end I would end up paying 60K for a car with a 47k msrp. No way... So painful to walk away but I can't justify paying that much in interest for a toy.

[raptor5244]

Originally Posted by BowTie-Guy

Interest rates killed my deal. Over 800 credit score & rate was 6.29%. In the end I would end up paying 60K for a car with a 47k msrp. No way... So painful to walk away but I can't justify paying that much in interest for a toy.

Good example of how interest rates impact sales, prices and resulting demand. Not to mention the cost increase of everything else so folks do not want to part with cash.

[sblavesc]

Originally Posted by Preemo

Crazy how much rates changed since my build started back in June.
Theyve gone from 1.99% and with my vehicle finally arriving in a few weeks looks like my rate will be around 5%-6%. Turned my $750 monthly payment to about $960. Feels wonderful

Yeah it sucks , especially when it makes that big of a difference. I know when mine comes in, I will defiantly keep a eye on rates and refinance down the road when rates come down to a worthwhile savings.

[sblavesc]

Originally Posted by BowTie-Guy

Interest rates killed my deal. Over 800 credit score & rate was 6.29%. In the end I would end up paying 60K for a car with a 47k msrp. No way... So painful to walk away but I can't justify paying that much in interest for a toy.

That sucks, did you check local credit unions?

[BowTie-Guy]

Originally Posted by sblavesc

That sucks, did you check local credit unions?

Yes, & I know I could have gotten a slightly lower rate with a credit union, but I still can't justify it. Lower rate usually also means shorter terms, so not much change in the monthly payment. This would have been a 3rd vehicle for me. A WANT & not a NEED. Had GM not taken almost 8 months to get my car built & delivered it would probably still be in my garage.

[arpad_m]

Just as a reference point, I got 1.99% on my new Camaro back before covid... but I wouldn't buy a fun vehicle that I couldn't pay for in cash, the only reason I financed it was to improve my credit score (and I paid back the loan fairly soon).

[vj123]

I wish GM financial provides customers an option to lock in rates like other OEMs.

I bought a vehicle early this year and my CU was offering 1.99% for 72 months and their current rate is 4.99.

[BowTie-Guy]

Originally Posted by arpad_m

Just as a reference point, I got 1.99% on my new Camaro back before covid... but I wouldn't buy a fun vehicle that I couldn't pay for in cash, the only reason I financed it was to improve my credit score (and I paid back the loan fairly soon).

I could have done that, but given the current economic situation & uncertain times ahead I want to hang on to my cash. I still have other bills, a mortgage & a family to take care of first & foremost. So this was both a very easy but also hard decision, if you know what I mean.

[arpad_m]

Originally Posted by BowTie-Guy

I could have done that, but given the current economic situation & uncertain times ahead I want to hang on to my cash. I still have other bills, a mortgage & a family to take care of first & foremost. So this was both a very easy but also hard decision, if you know what I mean.

Oh absolutely, I understand and you'll have no judgment from me. We are living in quite tricky times.

One of the reasons I moved my family last year was to cut our debt and have much less mortgage exposure, and if I wanted a Camaro today, I might also want to medium/long term finance it and put my cash elsewhere (well, I'm not sure I'd even buy, but then again there's the fact that the Camaro is going away soon...).

[BowTie-Guy]

Originally Posted by arpad_m

Oh absolutely, I understand and you'll have no judgment from me. We are living in quite tricky times.

One of the reasons I moved my family last year was to cut our debt and have much less mortgage exposure, and if I wanted a Camaro today, I might also want to medium/long term finance it and put my cash elsewhere (well, I'm not sure I'd even buy, but then again there's the fact that the Camaro is going away soon...).

The Camaro going away was the major driving factor for me. My only hope now is that there will be a surprise 7th gen announcement. That's a long shot I know, but I would feel much better knowing there would be another opportunity. Who knows though, maybe things will change & I can get another order in for '24

[bootss]

I just got 3.49% with a credit union. Just don't finance with a bank. Use a credit union. You have to have good credit obviously, but still. Don't pay bank rates.

[raptor5244]

Originally Posted by BowTie-Guy

Yes, & I know I could have gotten a slightly lower rate with a credit union, but I still can't justify it. Lower rate usually also means shorter terms, so not much change in the monthly payment. This would have been a 3rd vehicle for me. A WANT & not a NEED. Had GM not taken almost 8 months to get my car built & delivered it would probably still be in my garage.

Another option is to sit tight and wait for prices to correct, which is what is starting to happen now.

[BDay33]

Originally Posted by BowTie-Guy

Interest rates killed my deal. Over 800 credit score & rate was 6.29%. In the end I would end up paying 60K for a car with a 47k msrp. No way... So painful to walk away but I can't justify paying that much in interest for a toy.

How were you only able to get 6.29%? I have over 800 as well and got 5.19% going through GM financing on 11/5 of this month.

[Big Lou 1le]

I financed my car on 28 oct 2022 with GM financial at 4.39 for 72.