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Camaro Price | Ordering | Tracking | Dealers Discussions Discuss pricing and ordering experiences.

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Old 06-26-2010, 11:28 PM   #1
FutureCamaroOwner
 
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How does GM financing work?

I noticed on the build your own page on chevy.com that you can estimate your payment. On the site it says something like GM rate of like 6.4% or something like that. Does everyone that gets approved get at least that rate? My purchase is fast approaching and I want to know all my options. Is GM an easier or more difficult lender?
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Old 06-26-2010, 11:38 PM   #2
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At least in my case GM runs your credit through a bunch of different banks and whichever one gives the best deal they use for financing. If you have good credit it should be around 5. I know some people who have had 7-8%. The website is probably just using 6.4 as an average.

About a week after I got my Camaro I started getting "sorry but your application for credit has been denied" letters from various banks. I was able to get 5.4 I think through SunTrust.
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Old 06-26-2010, 11:41 PM   #3
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If your credit is better than 720, you will bet much better than that for 60 months, with some down, of course. Maybe 3%.
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Old 06-26-2010, 11:45 PM   #4
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One of my scores is over 720. The other 2 are mid and high 600
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Old 06-27-2010, 08:44 AM   #5
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I just got financed for 2.99% for 60 months. That was through AAA - go figure... They had the best rate. Now if my car would only show up!
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Order Number: NXZTB0 - 2LT/RS CGM Auto
VIN# 3529
Status: (1100) Preliminary order accepted - May 11, 2010
Status: (2500) Order Preferenced - May 18,2010
Status: (3000) Order Accepted by Production Control - May 20,2010
TPW: 6/14/10
Status: (3300) Order Scheduled for Production - May 26, 2010
Status: (3400) Order Broadcast - June 9, 2010
Status: (3800) Order Produced - June 15, 2010
Status: (4000) Order Available to Ship - June 15, 2010
Status: Finally picked up July 2nd, 2010!

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Old 06-27-2010, 08:53 AM   #6
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4.9% via GM. 60 months no money down
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Old 06-27-2010, 09:29 AM   #7
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Local credit union has 2.99%. Shop around. Dealer may be able to match local rates.
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Old 06-27-2010, 09:42 AM   #8
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If you can, use the dealer - otherwise you end up running around doing paperwork instead of them. They should be able to match the low rates.
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Order Number: NXZTB0 - 2LT/RS CGM Auto
VIN# 3529
Status: (1100) Preliminary order accepted - May 11, 2010
Status: (2500) Order Preferenced - May 18,2010
Status: (3000) Order Accepted by Production Control - May 20,2010
TPW: 6/14/10
Status: (3300) Order Scheduled for Production - May 26, 2010
Status: (3400) Order Broadcast - June 9, 2010
Status: (3800) Order Produced - June 15, 2010
Status: (4000) Order Available to Ship - June 15, 2010
Status: Finally picked up July 2nd, 2010!

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Old 06-27-2010, 09:53 AM   #9
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Quote:
Originally Posted by Lurker67 View Post
If you can, use the dealer - otherwise you end up running around doing paperwork instead of them. They should be able to match the low rates.
Yes.

If GMAC happens to be the one, so be it. Otherwise, best source for rates is to let the dealer bounce you through their range of banks & see who comes back with the best rate. Unless you can find & secure a better rate yourself, that's the best idea & best way to get a good rate.

Ours, for instance, is through JP Morgan which offered back the best rate for my mother, the night at the dealership in December. It's always changing & different banks have different requirements. Give the dealer a shot, or look around carefully on your own & apply if they're not getting anywhere.
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