GMAC Financing - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

SaintTimothy · 06-09-2009, 09:12 AM

I have several questions for anyone that has checked into and/or has used GMAC financing for their Camaro. I have already checked into financing with my bank and credit union but both have rates over 5.5% (including HELOCs). I have read that PenFed has 3.99%, but that is still more than I want to pay. I am able to pay cash for the car, but would prefer to keep a little extra in our emergency fund. My credit score is over 760.

1) What rates are people seeing from GMAC?
2) Has there been any change in the rates since the bankruptcy?
3) Does the rate vary depending on how much you put down?
4) Do the dealers have any say on rates or is it just up to GMAC?
5) Do the dealers work with other financial institutions or just GMAC?

Thanks for the input!

Iwantone2 · 06-09-2009, 09:20 AM

I haven't gotten financing yet, but I know that my dealer doesn't just deal with GMAC. My dealer said that he would check with local credit unions as well. Hope this helps!

Tsudy · 06-09-2009, 09:50 AM

It's not very likely you'll be able to find financing for an automobile under 4.99% at this time. Last I checked the average was ~6.0% - 7% for people in the 750 score range.

bob2the2nd · 06-09-2009, 10:14 AM

I told my dealership that my credit union had 5.25 (if i dont get accepted for penfed), he told me he would beat that no question.

CASTIG 2010SS · 06-09-2009, 11:11 AM

Randolph Brooks Credit Union 3.8% 66 Months. Another .25% off if you sign up for an extended warranty. Brings it down to 3.55%. I know I got the check yesterday.

alex33x · 06-09-2009, 12:51 PM

Quote:

Originally Posted by Tsudy

It's not very likely you'll be able to find financing for an automobile under 4.99% at this time. Last I checked the average was ~6.0% - 7% for people in the 750 score range.

My credit union is offereing 3.99% on all new vehicles for 60 months. So it is very likely to find low rates right now.

mikenmar · 06-09-2009, 12:52 PM

I got 3.75% from Navy Federal Credit Union. I am putting down half, and the loan is for 36 months.

Vash · 06-09-2009, 01:15 PM

Most CU's are not in financial trouble. I forget on tv the other day someone said "well everyone knows.. there are good banks and bad banks".

GMAC is very heavy in debit and has probably more real estate investments than auto. They are an outside bank the seperated from GM before Chapter 11.

CU's are normally select members and manage there books much better. And are more tied to local economics.

I am not anti GMAC. I am pro owner. You know get the best deals with the most responsible institutions. Consumer empowerment.

mondain · 06-16-2009, 03:10 PM

gmac.com gives base quotes of 8.2%, but until they know who you are and run your credit, that's just a bogus number. Expect it to be less (unless your credit sucks).

My CU is 6% for a 5 year auto loan :(

EDIT: that 6% from my CU was just a web quote as well; once they run my credit I think it will be much lower than that.

LS3SSRS · 06-16-2009, 05:49 PM

Quote:

Originally Posted by SaintTimothy

I have several questions for anyone that has checked into and/or has used GMAC financing for their Camaro. I have already checked into financing with my bank and credit union but both have rates over 5.5% (including HELOCs). I have read that PenFed has 3.99%, but that is still more than I want to pay. I am able to pay cash for the car, but would prefer to keep a little extra in our emergency fund. My credit score is over 760.

1) What rates are people seeing from GMAC?
2) Has there been any change in the rates since the bankruptcy?
3) Does the rate vary depending on how much you put down?
4) Do the dealers have any say on rates or is it just up to GMAC?
5) Do the dealers work with other financial institutions or just GMAC?

Thanks for the input!

Dude I was wondering the same thing and i have prices for you!! Remember this is at a Canadian dealership, but i'lll tell you what i know.
1) 6.59% over 5 years, or 7.09% over 6 years
2) YES! the finance manager at my dealership said before the bankrupcy rates were around 18% so up till recently, they have been using credit unions or local banks
3) I don't think so
4) I told her i am applying at a local credit union for 5.99% over 5 years, and she said she might be able to match that percentage
5) read #2 LOL

Hope this helps, good luck.

crabby10 · 06-16-2009, 06:09 PM

EVERYBODY TRY BANK OF AMERICA @ 4.29 THEY WILL TAKE THE FULL AMT FOR 36 T0 60 MONTHS

2SSJIM · 06-16-2009, 06:13 PM

I got 4.55% at BofA.... I will have to re-check to see if I can get the 4.29%!

Liberty1 · 06-16-2009, 06:41 PM

Quote:

Originally Posted by crabby10

EVERYBODY TRY BANK OF AMERICA @ 4.29 THEY WILL TAKE THE FULL AMT FOR 36 T0 60 MONTHS

Their website is advertising 4.5% in Missouri; that's still the lowest I've seen @ 60 months... might have to go with them assuming I get my car in the next few days here!

06-09-2009, 09:12 AM	#1
SaintTimothy Drives: 2010 Camaro Join Date: Dec 2008 Location: Denver Posts: 162 View My Garage	GMAC Financing I have several questions for anyone that has checked into and/or has used GMAC financing for their Camaro. I have already checked into financing with my bank and credit union but both have rates over 5.5% (including HELOCs). I have read that PenFed has 3.99%, but that is still more than I want to pay. I am able to pay cash for the car, but would prefer to keep a little extra in our emergency fund. My credit score is over 760. 1) What rates are people seeing from GMAC? 2) Has there been any change in the rates since the bankruptcy? 3) Does the rate vary depending on how much you put down? 4) Do the dealers have any say on rates or is it just up to GMAC? 5) Do the dealers work with other financial institutions or just GMAC? Thanks for the input! __________________ 2LT/RS IBM, White Rally Stripes, Gray Int, M6 Ordered 10/18/08 Delivered - 6/19/09

06-09-2009, 09:50 AM	#3
Tsudy Drives: 2010 2LT/RS ABM Join Date: Jun 2009 Location: Fairfax, VA Posts: 208	It's not very likely you'll be able to find financing for an automobile under 4.99% at this time. Last I checked the average was ~6.0% - 7% for people in the 750 score range. __________________ ABM, 2LT, RS+Polished, Automatic, Sunroof, Black Interior, White Rally Stripes 0000: 06/06/09 (order placed with dealer) Country Chevrolet 1100: 06/08/09 (preliminary order accepted) #NKMWTD 2000: 09/09/09 (order accepted by GM) 2500: 09/09/09 (order preferenced) 3000: 09/14/09 (order accepted by production control) TPW 09/28/09 3300: 09/20/09 (order scheduled for production) 3400: 09/23/09 (order broadcast) 3800: 10/01/09 (order produced) 4000: 10/01/09 (available to ship) 4200: 10/02/09 (shipped) 5000: 10/15/09 (delivered to dealership) 6000: 10/15/09 (delivered to customer)

06-09-2009, 10:14 AM	#4
bob2the2nd Drives: CGM 2LT RS Join Date: Oct 2008 Location: newark, de Posts: 542	I told my dealership that my credit union had 5.25 (if i dont get accepted for penfed), he told me he would beat that no question. __________________ 2LT CGM auto/sunroof/RS 1100: 11-29-08 6000: 6-29-09 cracked windshield: 7-1-09 1000 miles 7-4-09 windshield replaced: 7-9-09 2000 miles 7-10-09 (yep 2000 miles in 11 days) 3000 miles 7-16-09 4000 miles 7-30-09

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06-09-2009, 09:20 AM	#2
Iwantone2 Voice Of The Voiceless Drives: CGM 1SS RS Join Date: Feb 2009 Location: OC Cali Posts: 9,617 View My Garage	I haven't gotten financing yet, but I know that my dealer doesn't just deal with GMAC. My dealer said that he would check with local credit unions as well. Hope this helps! __________________

06-09-2009, 11:11 AM	#5
CASTIG 2010SS Drives: 2010 CGM Camaro SS\RS Join Date: Apr 2009 Location: PA Posts: 56	Randolph Brooks Credit Union 3.8% 66 Months. Another .25% off if you sign up for an extended warranty. Brings it down to 3.55%. I know I got the check yesterday.

06-09-2009, 12:52 PM	#7
mikenmar Drives: Camaro 1LT Join Date: May 2009 Location: California Posts: 232	I got 3.75% from Navy Federal Credit Union. I am putting down half, and the loan is for 36 months.

06-09-2009, 01:15 PM	#8
Vash Drives: 00 Blazer Join Date: Aug 2008 Location: Texas Posts: 5,104	Most CU's are not in financial trouble. I forget on tv the other day someone said "well everyone knows.. there are good banks and bad banks". GMAC is very heavy in debit and has probably more real estate investments than auto. They are an outside bank the seperated from GM before Chapter 11. CU's are normally select members and manage there books much better. And are more tied to local economics. I am not anti GMAC. I am pro owner. You know get the best deals with the most responsible institutions. Consumer empowerment.

06-16-2009, 03:10 PM	#9
mondain Drives: toyota Join Date: Feb 2009 Location: NJ Posts: 298	gmac.com gives base quotes of 8.2%, but until they know who you are and run your credit, that's just a bogus number. Expect it to be less (unless your credit sucks). My CU is 6% for a 5 year auto loan :( EDIT: that 6% from my CU was just a web quote as well; once they run my credit I think it will be much lower than that.

06-16-2009, 06:09 PM	#11
crabby10 Drives: 2010 camaro 2ss Join Date: Jun 2009 Location: home Posts: 2	EVERYBODY TRY BANK OF AMERICA @ 4.29 THEY WILL TAKE THE FULL AMT FOR 36 T0 60 MONTHS

06-16-2009, 06:13 PM	#12
2SSJIM Drives: 2012 CRT ZL1 #1400 Join Date: Apr 2009 Location: AZ. Posts: 942	I got 4.55% at BofA.... I will have to re-check to see if I can get the 4.29%!