[dogger37]

Just saw this morning that if you finance through Ally financial ( aka the old GMAC ) that you will get 0% and $1500 total allowance. Not sure how long or short the term for the loan is though. Just thought I'd pass the info along.


http://www.gmc.com/currentoffers/index.jsp?brand=&site=retail

 

[PaleGreen]

The first payment gets deferred 120 days, too. It's a sweet deal.

It's the main reason I just picked up a 2011 Nox.

 

[dogger37]

PaleGreen,
do you know the loan term options?

 

[PaleGreen]

The 0% is only available for 36 months. I think somewhat higher interest rates were available if you wanted longer loans.

 

[lucky19]

were does it say for 36 mths??? and does that mean you have to pay it with in those 36 mths or you get a high apr for the remainder of the rest???

 

[fourmoremarine]

were does it say for 36 mths??? and does that mean you have to pay it with in those 36 mths or you get a high apr for the remainder of the rest???

It means you get 36 months to pay it all off, if you can't you will pay more for the loan
I think the payment for 0% for 36 months is around 16 dollars a month for each 1000.

 

[suprax]

Yep it's 0% for 36 months only. We just bought a Terrain last week with this exact deal. $1,500 off MSRP and 0% for 36 months. You have to do it both or get nothing. However since for us that's quite a large payment, when the registration arrives in the mail (2 weeks) we will be refinancing for 5 years through a different bank at 3.27%. Pay some interest but much more manageable payments than doing it in 3 years.

 

[Dave25]

Yep it's 0% for 36 months only. We just bought a Terrain last week with this exact deal. $1,500 off MSRP and 0% for 36 months. You have to do it both or get nothing. However since for us that's quite a large payment, when the registration arrives in the mail (2 weeks) we will be refinancing for 5 years through a different bank at 3.27%. Pay some interest but much more manageable payments than doing it in 3 years.

Isnt that a big risk if nobody takes the refinance? I just bought my car with the deffered payments but we passed on the $1500 and 0% because of the 36month deal. We had to do 60 months as you cant deffer on a 72 month loan.

BTW my payments are $580/month. I think my interest rate is around 4.0 or something.

 

[suprax]

Isnt that a big risk if nobody takes the refinance? I just bought my car with the deffered payments but we passed on the $1500 and 0% because of the 36month deal. We had to do 60 months as you cant deffer on a 72 month loan.

BTW my payments are $580/month. I think my interest rate is around 4.0 or something.

We are already locked in for a rate for 30 days. All we need is our registration to arrive (within 2 weeks) and we can refinance through the bank at 3.27% for 60 months. At first we were concerned about the refinance and waiting to do it but once we found out about the 30 day rate lock we feel better. 0% for 36 months meant our payments were going to be ~$630/month versus now ~400/month @ 3.27%/60. Plus we were able to get the $1,500 off MSRP.

 

[Old Lar]

Current long term car loans mean you are upside down with the car loan vs the value of the car. Years ago I was told that the longest car loan you should take is a three year loan to keep ahead of the cars depreciation. A new GM product except for Corvette, loses about 20% of its value as soon as you drive off the lot.

I used my home equity loan to purchase the last two cars I owned. At least the interest is deductible. The down side is that it is a variable rate. The good side is that the current rates are less than 3%.

GM has jacked their prices up on the cars and still wont deal on the Equinox or Terrain. $1500 is about a 5% discount on the cost of a nicely equipped Terrain ($30K after all the taxes etc are added on).

The commercials I've seen on TV about those discounts seem to be for the trucks. I have, in the past, kept my cars for about 6 years at which time they all seem to be worth $3000 with about 100+K miles on the clock. I'll have my current car for five years next March so I'm looking for it replacement and I'm waiting to see what the economy is going to do and to see if the prices drop or I win the lottery.

 

[MadMark]

The first payment gets deferred 120 days, too. It's a sweet deal.

It's the main reason I just picked up a 2011 Nox.

I'm missing this ... where is it available for the equinox?

All I see is 2.9%, no cash allowance. Maybe it's regional?

 

[PaleGreen]

There's a link on www dot chevrolet dot com - look for "Chevy's Giving More" in the lower right.

No monthly payments till spring, plus 0% APR, and $1,500 Holiday Allowance for qualified buyers on the following 2011 Chevy models:
Avalanche
Equinox
Malibu
Silverado 1500
Suburban
Tahoe
Traverse

etc...

 

[PaleGreen]

Let's see if I can post URLs yet:

http://www.chevrolet.com/offers/?offer=giving-more&evar3=givingmore_hom_off

 

[suprax]

Current long term car loans mean you are upside down with the car loan vs the value of the car. Years ago I was told that the longest car loan you should take is a three year loan to keep ahead of the cars depreciation. A new GM product except for Corvette, loses about 20% of its value as soon as you drive off the lot.

I used my home equity loan to purchase the last two cars I owned. At least the interest is deductible. The down side is that it is a variable rate. The good side is that the current rates are less than 3%.

GM has jacked their prices up on the cars and still wont deal on the Equinox or Terrain. $1500 is about a 5% discount on the cost of a nicely equipped Terrain ($30K after all the taxes etc are added on).

The commercials I've seen on TV about those discounts seem to be for the trucks. I have, in the past, kept my cars for about 6 years at which time they all seem to be worth $3000 with about 100+K miles on the clock. I'll have my current car for five years next March so I'm looking for it replacement and I'm waiting to see what the economy is going to do and to see if the prices drop or I win the lottery.

I don't think this is always true. With a lower interest rate, it's not that way. I traded in my 2008 Mazda CX7 for my Terrain last week, and only owned it 2 years. When I traded it in, I made more money than I owed on it, only after 2 years. It wasn't dramatic but I was far from upside down on the loan.

It's not always feasible to take a 36 month loan. Or even if it is possible for someone, money can be better saved or invested elsewhere than putting into a car just to pay it off quicker.

 

[nolimits76]

It means you get 36 months to pay it all off, if you can't you will pay more for the loan
I think the payment for 0% for 36 months is around 16 dollars a month for each 1000.

No! Cost is $27.78 per $1,000 on a 36 month 0% interest deal. It's just straight math ($1,000 / 36 months). However, with the 4 month no payments, it might be slightly higher, probably closer to $31.25 per $1,000 ($1,000 / 32 months).

So if you finance $24k, your payment would be $750/mo ($31.25 per $1,000) or $666.72/mo ($27.78 per $1,000).

I won't dare get in the middle of everyone's financial matters, but I think for most that is a pretty stiff payment for most folks. Although the luxury of being DEBT FREE of a car in 3 years is rather appealing if you can afford it.

In regards to the "rebate". It's real. We just bought our '11 Nox on 11/30 and it was offered to us. We wanted the rebate deal but didn't like the terms, so we used our local bank on a 5 year term.

For those thinking of taking the money and doing a refi, be sure to read the fine print. Usually you have to make X number of payments before you refi or you risk having to pay back the rebate. Which then makes it interesting...with 4 months of no payments, even if you had to make 2 payments, theoretically that would push your refi out 6 months. Just some food for thought.

 

[PaleGreen]

However, with the 4 month no payments, it might be slightly higher, probably closer to $31.25 per $1,000 ($1,000 / 32 months).

Untrue. The payments just start 4 months later, and the loan is paid off 4 months later.

 

[suprax]

No! Cost is $27.78 per $1,000 on a 36 month 0% interest deal. It's just straight math ($1,000 / 36 months). However, with the 4 month no payments, it might be slightly higher, probably closer to $31.25 per $1,000 ($1,000 / 32 months).

So if you finance $24k, your payment would be $750/mo ($31.25 per $1,000) or $666.72/mo ($27.78 per $1,000).

I won't dare get in the middle of everyone's financial matters, but I think for most that is a pretty stiff payment for most folks. Although the luxury of being DEBT FREE of a car in 3 years is rather appealing if you can afford it.

In regards to the "rebate". It's real. We just bought our '11 Nox on 11/30 and it was offered to us. We wanted the rebate deal but didn't like the terms, so we used our local bank on a 5 year term.

For those thinking of taking the money and doing a refi, be sure to read the fine print. Usually you have to make X number of payments before you refi or you risk having to pay back the rebate. Which then makes it interesting...with 4 months of no payments, even if you had to make 2 payments, theoretically that would push your refi out 6 months. Just some food for thought.

We just did the $1,500 rebate and are refinancing soon and there is no fine print about making X amount of payments. You can refinance the Ally loan at any point. The dealership has done it for a bunch of people, they've verified and I also checked.