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View Poll Results: Should GM offer 0% financing on all vehicles to help boost sales?
Yes! Offer 0% financing! 222 92.50%
No. It's not necessary (read reasons why in posts below). 18 7.50%
Voters: 240. You may not vote on this poll

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Old 05-16-2009, 11:50 AM   #15
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I wish it would happen...I would jump all over it
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Old 05-16-2009, 11:53 AM   #16
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Quote:
Originally Posted by ssdavidw View Post

If someone is purchasing a Corvette or the $40k+ Cadillacs, then they should be well enough off that they don't need any special deals.

I know we gotta stay away from the politics!

But.....

Oh.....

My......


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Old 05-16-2009, 12:05 PM   #17
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^That's right, though. If you are spending that much, you should be. No politics involved here (or in that post). That's the same as saying, "you are buying a V8 LS3. Who are you to complain about gas prices?!?!"....but, let's try not to go the gas price route, okay?

For that guy buying the vette, maybe he just saved himself $3 grand. You realize that what I'm saying is that this guy could easily turn around and put that back into a HUD system for the car....better wheels....other options. You see? Most people will put the money back into the car (who are buying a higher tier type of vehicle). Those people wouldn't necessarily be affected by the zero %, but would put the money back in. Most folks nowadays simply couldn't afford anything like a new vette or Tahoe. We are talking, majority of car buyers are getting $15k to $20k vehicles. BUT....rather than restrict this to only those buyers, offer it to ALL buyers. GM will 90% of the time get all that money back in options anyway!

It's a win/win for GM and for the buyer.
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Old 05-16-2009, 12:07 PM   #18
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"0% financing is an illusion." This is a statement made by the finance guy in front of my salesman at the dealership this week. I was pissed because the salesman told me to get down to the dealership on April 30th because I was going to lose the 0% financing and the $4,000 rebates as of May 1, on the 3 Silverado’s I was looking at. I ran in there and quickly signed the papers and took off as I was busy working. A couple of days later I started looking the papers over and see I'm not getting 0% and I looked on the internet and GM is still offering the $4,000 rebate on Silverado’s.
I go into the dealership and ask what’s up with this. The salesman starts looking over his papers and says oh yeah, you’re right the $4,000 rebate is still in place. Then he says regarding the 0% financing he has to go get the finance guy. He comes into the room and tells me that since I’m buying for my business I can’t get 0%, it’s only for personal use vehicles. Then he says the 0% is really only an illusion to get people in the door. He says your credit has to be 850 or higher to qualify and good luck with that.
I told them if they needed those 3 Silverado’s to be sold by the end of the month, just tell me that and ask if I can help or do them a favor. Just fricking be honest with me and I’ll do what I can to help. Don’t get me down to the dealership on false pretenses.
Once again, let me repeat what the finance guy told me [I]“0% financing is an illusion.”[/I]
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Old 05-16-2009, 12:19 PM   #19
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Quote:
Originally Posted by Tanner View Post
"0% financing is an illusion." This is a statement made by the finance guy in front of my salesman at the dealership this week. I was pissed because the salesman told me to get down to the dealership on April 30th because I was going to lose the 0% financing and the $4,000 rebates as of May 1, on the 3 Silverado’s I was looking at. I ran in there and quickly signed the papers and took off as I was busy working. A couple of days later I started looking the papers over and see I'm not getting 0% and I looked on the internet and GM is still offering the $4,000 rebate on Silverado’s.
I go into the dealership and ask what’s up with this. The salesman starts looking over his papers and says oh yeah, you’re right the $4,000 rebate is still in place. Then he says regarding the 0% financing he has to go get the finance guy. He comes into the room and tells me that since I’m buying for my business I can’t get 0%, it’s only for personal use vehicles. Then he says the 0% is really only an illusion to get people in the door. He says your credit has to be 850 or higher to qualify and good luck with that.
I told them if they needed those 3 Silverado’s to be sold by the end of the month, just tell me that and ask if I can help or do them a favor. Just fricking be honest with me and I’ll do what I can to help. Don’t get me down to the dealership on false pretenses.
Once again, let me repeat what the finance guy told me [I]“0% financing is an illusion.”[/I]
It is sort of an illusion... for instance up here I think there is legislation requiring automakers to post the 'Effective Interest Rate" of the 0% offer.

It goes like this; Usually we have "Cash Purchase Option" which has a bunch of cash on the hood. You can take the 0% offer, but most of the cash on the hood gets taken away. So the advertisments have to factor that in, as your not really getting 0%. Your 'finance' charged gets rolled into the vehicle price and amortized over the life of the loan. If you sit down and crunch the numbers, at least where I'm from, you can usually get a better deal taking the cash incentives and financing through your personal bank.
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Old 05-16-2009, 12:27 PM   #20
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Originally Posted by Can-Am View Post
And we haven't even seen the worst of the next credit crisis: credit cards.
It'd be nice to see our Politicians have the balls to stand up to credit card companies, but apparently (as usual) they don't.
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Old 05-16-2009, 12:30 PM   #21
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Well for one GM does not have any lending. GMAC split off years ago and is mostly a real estate holder right now. It's namesake only but has not ties to GM other than working with them as an outside bank.

But GMAC should offer something like 3-4% to compete with the Credit Unions. Right now NCUA Credit Unions are the best fair deal in rates.

Edit add: Oops not years, more recently.
http://www.autosinsight.com/file/736...the-money.html

Last edited by Vash; 05-16-2009 at 12:34 PM. Reason: Timeline correction
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Old 05-16-2009, 12:37 PM   #22
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One way or other they need to make profit.

If they did offer 0% it is unlikely that they would offer that on the Camaro - simply too much demand.
GM needs to make as much money as possible on the cars that it can sell while staying competitive
Far more likely to do this on cars that they cant move or where they are weak against competition.

Why give away money on a car with 18000 backorders ?

Businesses will always want to maximise profit on new models with early adopters who buy lots of options and higher end models.
Does not matter if talking about cars, motorcycles, computers or bluray players - the folks who buy first pay more money.

Folks who are on here and who are genuinely going to buy a camaro in year one will :
- Have to be patient as production ramps up
- Deal with some early teething problems
- Be prepared to pay MSRP at best
- Expect no special finance deals

If not ready for the above then wait till 2010.
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Old 05-16-2009, 12:48 PM   #23
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0% is somewhat of a gimmick. You can always negotiate a lower cash price than the guy who takes 0%. They recently dropped the 0% on pick-up truckss up here and surprise, surprise - they are selling out the door for 5 grand less. In the end, GM makes the same amount of money and they should be offering this service right now.
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Old 05-16-2009, 01:41 PM   #24
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But as Vash said, GM is no longer in the business of financing cars. So, where would the money come from to finance the car? I don't understand what the process would be. Dealer pays GM invoice....GM gives money back to dealer, less downpayment?
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Old 05-16-2009, 04:32 PM   #25
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It will create more problems than it solves. Part of GM's profitability problems is the overbuilt quantity relative to demand, and so had to discount (fleet sales, incentives, etc) to move inventory. That eats into profitability (of course that all traces back to union greed, stubbornness, and inflexibility). Then consumers come to expect those kinds of incentives and won't buy until they are offered. I bought my Cobalt at 0% financing, and while it is great from a consumer incentive, the salesman mentioned how many people are interested but wait until GM offers 0% to buy (obviously). Until GM can create sales based on people wanting their cars rather than slashing prices to unprofitable levels, they are an unsustainable business entity, period. I do NOT want the state subsidizing unprofitable car sales from a nationalized GM.
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Old 05-16-2009, 04:33 PM   #26
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Who wouldn't want 0% financing??? Oh wait there are 7 fools in this forum that don't..lol..
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Old 05-16-2009, 04:35 PM   #27
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Of course all consumers want it, but would it be a good business move? Not at all. I'd like to see GM give away Camaros for free, but that doesn't mean they should.
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Old 05-16-2009, 07:39 PM   #28
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With the exception of the Camaro, If they really wanted to sell vehicles they would be offering 0% on all vehicles. The Camaro's gonna sell right now no matter what.
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