GM buyback process? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

MustangKiller · 10-13-2012, 02:25 PM

Can anyone tell me exactly how the buyback works? Do i have too refinance? If so supose i cant get as good of rate as before will they help you out ?

The Stig · 10-13-2012, 02:51 PM

Quote:

Originally Posted by MustangKiller

Can anyone tell me exactly how the buyback works? Do i have too refinance? If so supose i cant get as good of rate as before will they help you out ?

Its the same as if you were trading your Camaro in and buying a new one. Except your trade in value is MSRP (unless you bought the car used, then your trade in value is whatever you paid for the car). So yes, you get refinanced.

MustangKiller · 10-13-2012, 02:59 PM

Quote:

Originally Posted by stieger

Its the same as if you were trading your Camaro in and buying a new one. Except your trade in value is MSRP (unless you bought the car used, then your trade in value is whatever you paid for the car). So yes, you get refinanced.

Ty stieger

kfm237 · 10-13-2012, 03:07 PM

Refinancing is dependent upon the bank you're currently financed with.. Some will just transfer over the loan, mine would not.. I had to get a whole new loan.. Also none of the GM incentives apply (with my buyback anyway)

BNB · 10-16-2012, 07:43 PM

Quote:

Originally Posted by kfm237

Refinancing is dependent upon the bank you're currently financed with.. Some will just transfer over the loan, mine would not.. I had to get a whole new loan.. Also none of the GM incentives apply (with my buyback anyway)

Yup! I just went through it in August and if my car isn't fixed this next go round just might go through it again...

kfm237 · 10-16-2012, 08:02 PM

Quote:

Originally Posted by BNB

Yup! I just went through it in August and if my car isn't fixed this next go round just might go through it again...

Yeah, I've got an issue with the Camaro that replaced the Camaro they bought back. I wouldn't wanna go through the buy back process again. If I do I'll take the cash instead of the car the 2nd go around!!

tramtwo · 10-17-2012, 03:28 PM

Man I hope I can get a substitution of collateral when the time comes. The new one will be worth more than the payout on the current loan.

In my case GM subtracted the 900 DFC on the current vehicle's MSRP and the dealership is including it in the new one as part of the MSRP. That is an 1800 dollar swing that of course upsets me. GM says the dealership is responsible for that payment and I should work it out with them. The dealership says they can not negotiate these fees because the money goes to GM but IT IS clearly marked on the stickers and I will pay it twice it seems.

A buyback holds a bunch of little surprise like this. So be careful. It has been a long and sometimes very frustrating process for me. In the end GM DID STAND BEHIND their product and for that

.

95birdible · 10-17-2012, 05:12 PM

Tram, I am going through my paperwork right now and I was not charged the $900 bucks the second time around. Must have to do with your states policy on how they do the Lemon Law

tramtwo · 10-17-2012, 07:45 PM

Quote:

Originally Posted by 95birdible

Tram, I am going through my paperwork right now and I was not charged the $900 bucks the second time around. Must have to do with your states policy on how they do the Lemon Law

Not sure... if it is part of MSRP it should apply to both sides of the equation!

InfidelSpartan · 10-17-2012, 08:59 PM

Quote:

Originally Posted by MustangKiller

Can anyone tell me exactly how the buyback works? Do i have too refinance? If so supose i cant get as good of rate as before will they help you out ?

like stated before it is all bank dependant on whether they will swap collateral or not. mine said not and I too didn't get as appealing of a rate. my rate went from 4% to 6% with a new bank. all in all my payments went down cause I lengthened the terms and owe on a 2013 what I owed on my 2011.

best of luck to you and just stick with it, it can be a lengthy process.

Nessal · 10-22-2012, 11:40 AM

I might have to go through this soon. Did they pro-rate that mileage that you put on the vehicle and then deducted from the buy back amount? If so, how much? Did they also tried to nickle and dime you for dings and such?

crsr1 · 10-22-2012, 11:58 AM

When I went through this process, I did get a substitution of collateral. Basically, when GM gave me my new car, the credit union just switched titles/VINs. This made it possible to keep my current loan....absolutely no changes. I went from a 2011 to 2012 and didn't pay a penny! Thank you to a good GM service rep!

kfm237 · 10-22-2012, 03:36 PM

Quote:

Originally Posted by Nessal

I might have to go through this soon. Did they pro-rate that mileage that you put on the vehicle and then deducted from the buy back amount? If so, how much? Did they also tried to nickle and dime you for dings and such?

Yes, how much depends on the Lemon Law of the state you're in.. Generally you are charged a user fee (forget what it's called) but there's a formula for it.
You are only charged the milage from the time you purchased the car until it was brought to the dealer for the problem for the 1st time.. In my case, they bought it back with 4000 or so miles, but the problem was 1st documented at around 500 miles.. They didn't even charge me a user fee..

They did look the car over for about 30 seconds when I gave it back, but I had no dings, dents or scratches...

CHMSC · 10-22-2012, 03:41 PM

What problems did you guys have with your car that made GM do a buy back?

10-13-2012, 02:25 PM	#1
MustangKiller Drives: 2013 2ss/rs A6 yellow !!!!! Join Date: Nov 2011 Location: Woodbine Maryland Posts: 659	GM buyback process? Can anyone tell me exactly how the buyback works? Do i have too refinance? If so supose i cant get as good of rate as before will they help you out ?

10-17-2012, 05:12 PM	#8
95birdible Drives: 2012 1SS Camaro Convertible Join Date: Sep 2010 Location: Blaine, MN Posts: 1,674	Tram, I am going through my paperwork right now and I was not charged the $900 bucks the second time around. Must have to do with your states policy on how they do the Lemon Law __________________ 2012 1SS Crystal Red Convertible "Cherry Bomb" Winner of the #NameThatCamaro Spring Special Edition "Green Flash"

10-22-2012, 11:58 AM	#12
crsr1 Drives: Camaro Join Date: Jul 2011 Location: TN Posts: 309 View My Garage	When I went through this process, I did get a substitution of collateral. Basically, when GM gave me my new car, the credit union just switched titles/VINs. This made it possible to keep my current loan....absolutely no changes. I went from a 2011 to 2012 and didn't pay a penny! Thank you to a good GM service rep! __________________ 2012 2SS/RS 2007 Tahoe Z71 2004 Nickey Hayden RC51 2013 Silverado Z71

10-22-2012, 03:41 PM	#14
CHMSC ROAD COURSE JUNKIE Drives: 2012 SS/RS LS3 Join Date: Oct 2012 Location: Somewhere Posts: 4,868 View My Garage	What problems did you guys have with your car that made GM do a buy back? __________________

10-13-2012, 03:07 PM	#4
kfm237 Drives: 2012 Camaro SS Join Date: Jan 2012 Location: New Jersey Posts: 139	Refinancing is dependent upon the bank you're currently financed with.. Some will just transfer over the loan, mine would not.. I had to get a whole new loan.. Also none of the GM incentives apply (with my buyback anyway)

10-17-2012, 03:28 PM	#7
tramtwo Drives: 2021 1LE Join Date: Jul 2011 Location: N'Awlinz Posts: 6,315	Man I hope I can get a substitution of collateral when the time comes. The new one will be worth more than the payout on the current loan. In my case GM subtracted the 900 DFC on the current vehicle's MSRP and the dealership is including it in the new one as part of the MSRP. That is an 1800 dollar swing that of course upsets me. GM says the dealership is responsible for that payment and I should work it out with them. The dealership says they can not negotiate these fees because the money goes to GM but IT IS clearly marked on the stickers and I will pay it twice it seems. A buyback holds a bunch of little surprise like this. So be careful. It has been a long and sometimes very frustrating process for me. In the end GM DID STAND BEHIND their product and for that .

10-22-2012, 11:40 AM	#11
Nessal Drives: Exige, Miata, Ghia Join Date: Jun 2011 Location: CA, Bay Area Posts: 2,309	I might have to go through this soon. Did they pro-rate that mileage that you put on the vehicle and then deducted from the buy back amount? If so, how much? Did they also tried to nickle and dime you for dings and such?