0% and $1500 cash allowance available on the terrain!?

lucky19 said:

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???

Click to expand...

suprax said:

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.

Click to expand...

Dave25 said:

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.

Click to expand...

PaleGreen said:

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.

Click to expand...

Old Lar said:

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.

Click to expand...

nolimits76 said:

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

Click to expand...

nolimits76 said:

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.

Click to expand...