New car financing...

Cybercowboy · 09-26-01, 02:58

As you may know, I am sitting here going nuts waiting for my 2002 conv. vette to arrive. Should be here in the next two days, so they say. I wanted to pay the dealership in full, and do financing by using mainly cash and a tad of home equity. My finances are pretty good, I guess I'm fortunate.

Well, after moving money around and stuff I find out GM has anounced this:

TO ALL GM DEALERS

GENERAL MOTORS AND GM DEALERS
KEEP AMERICA ROLLING

0.0% Financing on All GM Cars and Trucks - September 20 through October 31*

Cars Trucks

2001 36/Mos 0.0% 36/Mos 0.0%
48/Mos 0.0% 48/Mos 0.9%
60/Mos 0.0% 60/Mos 2.9%

2002 36/Mos 0.0% 36/Mos 0.0%
48/Mos 0.9% 48/Mos 2.9%
60/Mos 2.9% 60/Mos 4.9%

* Program details will be announced in an incentive administrative message later today. Please refer to the program guidelines for specific vehicles incentives and eligibility.

Of course, my dealership hasn't said a word to me about this. They think I'm going to write them a cashier's check for the vette.

I think I am going to buy some stock instead, and do the 36 month 0% thing. Just wanted to let you guys know, if somebody gives you a 0% loan and you can make money with what you haven't gave them yet, you will come out ahead. Of course, I have been burned by the market before, but there is always bonds and stuff that will give you 6% or so that are locked in.

Won't the dealership be surprised! I need to verify it applies to my car first, and I'll let you know what finally happened.

YoSteve · 09-26-01, 03:38

ah the infamous pc ranchero...

I was noticing the free money too. Is the 0% or low financing for the full term of the loan? I'd read the fine print, but really I don't know and would like to find out. (cause when mitsu had their zero, zero, zero program, it wasn't for the full term)

oh yeah, almost forgot, 2002 will be the last year for camaro's and firebirds (sorry Jason

)

Cybercowboy · 09-26-01, 04:38

I would certainly hope it's zero percent for the entire 36 months or they could be accused of bait-and-switch. But what do I know, I'm no lawyer. I'm going to ask a lot of questions, that's for sure. And I won't be the first one to do so, I imagine.

I am going to test them a bit, and see if they actually mention this deal without me asking. Just so I can get a feel for their integrity (haven't dealt with them in about 15 years.)

JasonC8301 · 09-26-01, 05:52

As soon I get this signing bonus and my license. I will be car shopping.

I really loved the Camaro and picked out a very nice Z-28 with the options I like for $25,000.

Jason

Cybercowboy · 09-26-01, 10:21

Seriously guy!

Be safe.

We old guys are counting on you. I think your patriotism is inspiring. No bs.

Dude · 09-26-01, 11:03

I bought my Jeep four months ago for1.9% for 60 months. There was no catch. It's really a 1.9% loan, and there are no fees (i.e. "origination" or "processing" fees) which increase the cost of the loan. In my case, what I saw was what I got.

I would have someone you trust read over the finance agreement for the 0.0% GM loans, but I strongly suspect that the offer is legitimate. Don't worry about the contract; worry about the salespeople. They'll try to screw you in every possible way, and this most definately can include obtaining financing which carries a higher interest rate. In other words, I suspect that GM really is prepared to give you 0.0% financing- the salesperson, however, may try to get you to pay more. If he doesn't offer 0.0%, walk away. Hold out for the real thing- 0.0%.

Belicoso · 09-27-01, 07:17

It sounds real... I got 0.9% APR for 60 months from GM on my wife's Minivan last year, and that was the APR (no hidden stuff)... cheap money, so I did not even bother to look at the lease!

Cybercowboy · 09-27-01, 10:05

for the 0.0%. They were very cool about it, and they even offered the suggestion that I go this route when I called today to find when the car will be ready (this afternoon around 3:00.) They said that normally GM financing approval is 1 or 2 hours but with this new rate they are running around 5 hours because they are swamped. That is good news for the economy, IMHO.

So, it's real, it's 0.0% for 36 months on 2002 all passenger cars (even vettes!!!), and even longer for 2001's. Great deal! Oh, and no money down in my case! Can't get any better than this.

I promise a picture (it will be the before pic) tonight.