GMAC auto loan rate 8.12 % !!! - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

larietrope · 07-01-2009, 08:09 AM

I was specing out a Camaro on Chevy.com just for fun and the GMAC loan rate is 8.12 %. No wonder GM is sick. MY rate locally was somewhere in the 5's.

cam2fst4u · 07-01-2009, 08:11 AM

Did you apply for it and that is the rate you got or just looked at their rate tables ?

67 Convertible · 07-01-2009, 08:15 AM

I think it ties in with your credit score also. Someone with a 600 score = higher risk, is gonna pay a higher rate than someone with an 800.

*Mindz* · 07-01-2009, 08:17 AM

They don't ask for your credit score when you estimate monthly payments so yo uge tthe normal rate

ItIsWhatItIs · 07-01-2009, 08:23 AM

Quote:

Originally Posted by larietrope

I was specing out a Camaro on Chevy.com just for fun and the GMAC loan rate is 8.12 %. No wonder GM is sick. MY rate locally was somewhere in the 5's.

It has to do with your credit score and a down payment, employment, annual income, ect. I suggest you sit down with a finance guy at a dealership to see what they can offer.

EllwynX · 07-01-2009, 09:12 AM

I got a 5.?% rate from GMAC when I got mine just over a month ago.

Just depends on your credit rating. They told me I was in the 'S' rating. I asked what that meant, and they told me 'Superb'. Under 'S' is the more traditional A, B, C etc... All dependant on that #.

Iwantone2 · 07-01-2009, 09:13 AM

ellwyn, what range is your score (if you dont mind me asking)?

mikeyp15 · 07-01-2009, 09:16 AM

Visit a State Farm Agent they also do auto loans believe it or not and there rate is 5.15% least in my area thats what they quoted me.

LabRat · 07-01-2009, 09:16 AM

Capital One 4.89 for 60 months.

EllwynX · 07-01-2009, 09:31 AM

Quote:

Originally Posted by Iwantone2

ellwyn, what range is your score (if you dont mind me asking)?

I don't mind. I don't know the exact number it was at the time, but it was over 700. Not over 800 though.

SSOOCH · 07-01-2009, 10:05 AM

I got 5% from GMAC when I closed the deal on 6/12.

ssump29 · 07-01-2009, 10:08 AM

Quote:

Originally Posted by larietrope

I was specing out a Camaro on Chevy.com just for fun and the GMAC loan rate is 8.12 %. No wonder GM is sick. MY rate locally was somewhere in the 5's.

You do know that GMAC is a whole separate entity and does not tie in with GM automotive financial sheets right?

Wow you totally screwed that one, always trying to bag on GM and GMAC is a lending service that has nothing to do with GM sales at all.

TomServo · 07-01-2009, 10:47 AM

Why would anyone pay that kind of interest. I got 3.99% 2 months ago from PFCU when I bought our 2009 SRX and am getting ready to buy a Z06 and will finance thru PFCU again.

https://www.penfed.org/productsAndRa.../autoLoans.asp

Of course if you have a poor FICO don't even bother.

Vash · 07-01-2009, 10:56 AM

That's almost sad. They are in financial trouble I think this is why they can't lend cheap like the Credit unions that didn't have to borrow lot of money to keep operating.

GMAC holds mostly real estate speculation now and is a seperate bank no longer part of GM.

07-01-2009, 08:09 AM	#1
larietrope Drives: 1970 Boss 302 Join Date: May 2009 Location: South Carolina Posts: 267	GMAC auto loan rate 8.12 % !!! I was specing out a Camaro on Chevy.com just for fun and the GMAC loan rate is 8.12 %. No wonder GM is sick. MY rate locally was somewhere in the 5's.

07-01-2009, 08:15 AM	#3
67 Convertible Drives: 67 Camaro Convertible Join Date: Jun 2009 Location: MA Posts: 1,721	I think it ties in with your credit score also. Someone with a 600 score = higher risk, is gonna pay a higher rate than someone with an 800. __________________ _____________________________________________ 2LT/RS RJT, Blk Rally Stripes, Beige Interior, Sunroof Placed order at dealer 4/24/09 1100 - 4/28/09 2000 - 5/01/09 2500 - 5/05/09 3000 - 5/05/09 3300 - 5/30/09 3400 - 6/05/09 3800 - 6/18/09 4000 - 6/18/09 4B00 - 6/18/09 4200 - 6/22/09 5000 - 7/01/09 6000 - 7/01/09 It's Home!! 0000 - 7/14/11 Traded in with 24,000 miles. Currently 5th Gen less

07-01-2009, 08:17 AM	#4
Mindz E.B.A.H. Drives: you wild... Join Date: Mar 2007 Location: In the happy padded room wearing a jacket that makes me hug myself... Posts: 18,421	They don't ask for your credit score when you estimate monthly payments so yo uge tthe normal rate __________________ Blue Rush, 2010 SS [Car of the Week 3/22/2010] Traded in on...ZLZBUBB, 2013 ZL1

07-01-2009, 09:12 AM	#6
EllwynX Drives: 2010 Camaro SS Join Date: May 2006 Location: Southern NJ Posts: 2,260	I got a 5.?% rate from GMAC when I got mine just over a month ago. Just depends on your credit rating. They told me I was in the 'S' rating. I asked what that meant, and they told me 'Superb'. Under 'S' is the more traditional A, B, C etc... All dependant on that #. __________________ 1100 = Preliminary Order: 10/19/2008 2000 = Accepted By GM: ???? 2500 = Preferenced: ????? 3000 = Accepted By Production Control:03/31/2009 (or shortly before) 3100 = Sequenced: ???? 3300 = Scheduled For Production: 04/18/2009 3400 = Broadcast: 04/28/2009 3800 = Produced: 05/05/09 VIN#7607 4150 = Invoiced: 05/15/09 (dealer received) 4200 = Shipped: 05/05/09 (according to the dealer) 5000 = Delivered To Dealer: 05/26/09 6000 = Delivered To Customer: 05/26/09

07-01-2009, 09:13 AM	#7
Iwantone2 Voice Of The Voiceless Drives: CGM 1SS RS Join Date: Feb 2009 Location: OC Cali Posts: 9,617 View My Garage	ellwyn, what range is your score (if you dont mind me asking)? __________________

07-01-2009, 08:11 AM	#2
cam2fst4u Drives: 08 SS trailblazer,08 Silverado Join Date: Mar 2009 Location: stanley va Posts: 6,268 View My Garage	Did you apply for it and that is the rate you got or just looked at their rate tables ?

07-01-2009, 09:16 AM	#8
mikeyp15 Drives: 07 B. Avalanche, Harley V-Rod Join Date: Apr 2009 Location: Grand Forks, ND Posts: 68	Visit a State Farm Agent they also do auto loans believe it or not and there rate is 5.15% least in my area thats what they quoted me.

07-01-2009, 09:16 AM	#9
LabRat Drives: Wheeled Vehicles Join Date: May 2009 Location: St Paul,MN Posts: 285	Capital One 4.89 for 60 months.

07-01-2009, 10:05 AM	#11
SSOOCH Camaro SL,UTs Drives: 2010 Camaro SS/RS #16429 Join Date: Sep 2006 Location: South Jordan, UT Posts: 7,358 View My Garage	I got 5% from GMAC when I closed the deal on 6/12. __________________

07-01-2009, 10:47 AM	#13
TomServo Drives: 2007 Z06 Join Date: Oct 2008 Location: Swansea IL Posts: 727	Why would anyone pay that kind of interest. I got 3.99% 2 months ago from PFCU when I bought our 2009 SRX and am getting ready to buy a Z06 and will finance thru PFCU again. https://www.penfed.org/productsAndRa.../autoLoans.asp Of course if you have a poor FICO don't even bother.

07-01-2009, 10:56 AM	#14
Vash Drives: 00 Blazer Join Date: Aug 2008 Location: Texas Posts: 5,104	That's almost sad. They are in financial trouble I think this is why they can't lend cheap like the Credit unions that didn't have to borrow lot of money to keep operating. GMAC holds mostly real estate speculation now and is a seperate bank no longer part of GM.

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