Current GMAC Financing? Car loan % rates?

[Embalmer]

Does anyone know the current state of GMAC financing? I'm looking at an April delivery date on my car and I'm wondering if I should even bother looking at GMAC. What are their current rates for very good credit scores (mid 700'ish)?

Looks like Chase has around 5% right now......

[Inspector 17]

Originally Posted by Embalmer

Does anyone know the current state of GMAC financing? I'm looking at an April delivery date on my car and I'm wondering if I should even bother looking at GMAC. What are their current rates for very good credit scores (mid 700'ish)?

Looks like Chase has around 5% right now......

GMAC is alive and well (or at least as well as can be expected). In fact, I just bought an Enclave and got 0% from them. Not saying that 0% will be offered on the Camaro, just saying.

[mikes7960]

do a line of credit and deduct from your taxes also!

[Inspector 17]

Originally Posted by mikes7960

do a line of credit and deduct from your taxes also!

I believe there was some new legislation passed that will allow you to deduct the taxes you pay on a new car this year. Search on here and you can find details.

[armando416]

I believe what he meant is that an equity LOC will allow you to deduct the interest paid. At least that's what I'm assuming. But since car rates are usually lower than LOC rates I think it's a moot point. In the central and eastern regions, GMACs lowest rate is 5.59% If you have good credit, this is the lowest rate you can get from a dealer that has GMAC floorplan. If they tell you something higher, they are more than likely marking up the rate to make extra profit.

[FAF]

Originally Posted by Embalmer

Does anyone know the current state of GMAC financing? I'm looking at an April delivery date on my car and I'm wondering if I should even bother looking at GMAC. What are their current rates for very good credit scores (mid 700'ish)?

Looks like Chase has around 5% right now......

Try a local credit union if you have one in the area just open a small saving account and you can get a car loan. They are usualy 1% lower than banks unless GMAC offers the o% on the Camaro but It's doughful if they are like the dealers they will be gauging on the pre orders.

[NUCAR]

Originally Posted by FAF

Try a local credit union if you have one in the area just open a small saving account and you can get a car loan. They are usualy 1% lower than banks unless GMAC offers the o% on the Camaro but It's doughful if they are like the dealers they will be gauging on the pre orders.

Not giving you tens of thousands of dollars of money to use free for 5 years is gouging the preorders???!!

[Rodrunner]

Originally Posted by camaropete

I believe there was some new legislation passed that will allow you to deduct the taxes you pay on a new car this year. Search on here and you can find details.

That's correct. I got an e-mail from Barbara Mikulski concerning the absurd Stimulus Bill (no, my writing her didn't help this time, but I don't plan to stop), and she mentioned that amendment to the Stimilus Bill which is now law:

"I'm heartened that my automobile amendment was included in this legislation. It makes state sales or excise car tax deductible for all new cars purchased before the end of this year. It helps consumers and it helps save jobs in the automobile industry. From the salesman who sells the car, to the manufacturers who make it, to the mechanic who fixes it, and office managers who process the paperwork."

[HTWLSS]

Originally Posted by Rodrunner

That's correct. I got an e-mail from Barbara Mikulski concerning the absurd Stimulus Bill (no, my writing her didn't help this time, but I don't plan to stop), and she mentioned that amendment to the Stimilus Bill which is now law:

"I'm heartened that my automobile amendment was included in this legislation. It makes state sales or excise car tax deductible for all new cars purchased before the end of this year. It helps consumers and it helps save jobs in the automobile industry. From the salesman who sells the car, to the manufacturers who make it, to the mechanic who fixes it, and office managers who process the paperwork."

A worthless incentive for those of us who don't have a state sales tax. A lot of good it does for us to buy a car when there's no tax incentive for us.
Instead, we get reamed in income tax and property tax. I don't see a deduction offered for that.

[350 HRSS]

Originally Posted by Rodrunner

That's correct. I got an e-mail from Barbara Mikulski concerning the absurd Stimulus Bill (no, my writing her didn't help this time, but I don't plan to stop), and she mentioned that amendment to the Stimilus Bill which is now law:

"I'm heartened that my automobile amendment was included in this legislation. It makes state sales or excise car tax deductible for all new cars purchased before the end of this year. It helps consumers and it helps save jobs in the automobile industry. From the salesman who sells the car, to the manufacturers who make it, to the mechanic who fixes it, and office managers who process the paperwork."

Need more info on this tax deductible bill, I want to ask my dealer about it this week....can someone start a thread or add more to this one about this bill?

[trm0002]

Originally Posted by 350 HRSS

Need more info on this tax deductible bill, I want to ask my dealer about it this week....can someone start a thread or add more to this one about this bill?

http://www.cnn.com/2009/POLITICS/02/...inners.losers/

[350 HRSS]

Originally Posted by trm0002

http://www.cnn.com/2009/POLITICS/02/...inners.losers/

Thanks!!!!!!!! Sending this to my dealer now!

[joepitt]

Originally Posted by 350 HRSS

Need more info on this tax deductible bill, I want to ask my dealer about it this week....can someone start a thread or add more to this one about this bill?

If you buy a new car between Feb 17 and Dec 31 you can deduct the sales and excise tax on the cost of the car up to $49,500. That isn't $49,500 of sales tax, it is the tax on up to $49,500. It is an above the line deduction, which means even if you don't normally itemize you can still take the deduction. For instance, your cost on the Camaro is $30,000 and your sales tax is 5%. That equals $1,500 in sales tax you can deduct. For those who are used to deductions, this means you take the $1,500 off your income and then calculate tax. If your normal taxable income would be $40,000, it would now be $38,500 and you would pay the tax on the new figure. If your normal max tax rate is 20% you would multiply the $1,500 by 20%, which equals $300, which is how much less tax you would pay at the end. In my book, this isn't much of an incentive unless you were already planning on buying a car. It may push you to buy this year instead of waiting until 2011.

[tylermoore]

what he said ^^^