topic Re: GM Financial Advice? in Auto Loans

GM Financial Advice?

CreditOnTheRise1 — Tue, 24 Nov 2020 22:21:41 GMT

Has anyone had recent experience with GM Financial? Looking to buy a 2020 Demo. Cadillac XT6. Dealership is offering $10k off msrp and says that GM has a 0% interest for 72 months special going. But my auto scores are all over the place. Anywhere from 650's to 689. Salesperson said that 680 may qualify for Tier 1 rate(0%). Anyone know which bureau GM pull? I already have a good 2.29% rate with NFCU to buy this car and don't want to risk a hard pull if it's going to pull from one of the lower scores. Appreciate all the DP's you can give!

Re: GM Financial Advice?

ridgebackpilot — Thu, 26 Nov 2020 16:42:46 GMT

Not sure about GM, but I just got Tier 1 financing (0 percent) with Ford Motor Credit on similar scores.

My sense is that most car manufacturers are still having trouble selling cars, and they've relaxed their credit requirements somewhat as a result. Most manufacturers also take your history with them into account, so it would probably help if you've had a previous loans with GM.

In any case, the prospect of saving thousands of dollars over the life of your loan by going from 2.29% to 0% is definitely worth a hard pull!

Re: GM Financial Advice?

CreditOnTheRise1 — Thu, 26 Nov 2020 18:03:19 GMT

@ridgebackpilot wrote:
Not sure about GM, but I just got Tier 1 financing (0 percent) with Ford Motor Credit on similar scores.

My sense is that most car manufacturers are still having trouble selling cars, and they've relaxed their credit requirements somewhat as a result. Most manufacturers also take your history with them into account, so it would probably help if you've had a previous loans with GM.

In any case, the prospect of saving thousands of dollars over the life of your loan by going from 2.29% to 0% is definitely worth a hard pull!

Thanks! I don't have a relationship with them, but good to know your data points! Appreciate the response.

Re: GM Financial Advice?

CreditOnTheRise1 — Thu, 26 Nov 2020 18:04:24 GMT

@ridgebackpilot wrote:
Not sure about GM, but I just got Tier 1 financing (0 percent) with Ford Motor Credit on similar scores.

My sense is that most car manufacturers are still having trouble selling cars, and they've relaxed their credit requirements somewhat as a result. Most manufacturers also take your history with them into account, so it would probably help if you've had a previous loans with GM.

In any case, the prospect of saving thousands of dollars over the life of your loan by going from 2.29% to 0% is definitely worth a hard pull!

What bureau did Ford pull for you? Was also looking at the explorer on my end.

Re: GM Financial Advice?

ridgebackpilot — Thu, 26 Nov 2020 18:38:15 GMT

@CreditOnTheRise1 wrote:
What bureau did Ford pull for you? Was also looking at the explorer on my end.

Between the dealership and Ford Motor Credit, they pulled all three bureaus.

Re: GM Financial Advice?

Azuieldrago — Sat, 28 Nov 2020 18:59:15 GMT

I just bought a 2021 Chev Silverado. I am less than one yr BK discharged anny ( Feb. 2021). They ran my credit and got me JP Morgan Chase. My score was EQ 670. My total income is about $57K a yr but I also had a sizeable down payment. Problem is, if you want something specific, you will either have to order it and wait about 90 day turn around or expand the search. Had to to fly down to a dealership to get my truck. Reason is, with dealerships having difficulties in replacing sold vehicles, not many are willing to do dealer to dealer trades unless they can get an equal vehicle that they know they can sell. Which was my problem. As for GM Financial itself, odds are, they will run your credit and go with the one that gives you the lowest APR that matches your needs.

Re: GM Financial Advice?

Anonymous — Wed, 02 Dec 2020 21:01:04 GMT

GM Pulls Transunion Fico 9 Auto Score. Tier One is at 710 for 0.0% finance, you can get bumped to tier one with enough down to overcome score or sometimes get bumped if less than 72 months at 0.0%.

Re: GM Financial Advice?

ridgebackpilot — Fri, 04 Dec 2020 03:23:14 GMT

@Azuieldrago wrote:
Had to to fly down to a dealership to get my truck. Reason is, with dealerships having difficulties in replacing sold vehicles, not many are willing to do dealer to dealer trades unless they can get an equal vehicle that they know they can sell. Which was my problem.

This is consistent with what I've seen an my local dealerships. Earlier discounts, rebates, and subsidized financing cleaned out a lot of inventory. Dealers are having trouble replacing that due to lower factory output stemming from the fact that auto manufacturers closed their plants for three months. So you may have to travel farther and negotiate harder to get the vehicle you want.

Re: GM Financial Advice?

CreditOnTheRise1 — Sun, 06 Dec 2020 01:59:10 GMT

@Anonymous Thank you!

Re: GM Financial Advice?

falcon7xx — Wed, 09 Dec 2020 03:35:35 GMT

I just got a loan from GM financial on a new GMC Yukon for $84k at 84 months at 5% with $0 down

Re: GM Financial Advice?

CreditOnTheRise1 — Thu, 17 Dec 2020 07:00:59 GMT

@falcon7xx wrote:
I just got a loan from GM financial on a new GMC Yukon for $84k at 84 months at 5% with $0 down

Did they pull TU?

Re: GM Financial Advice?

JGGM — Sat, 19 Dec 2020 11:51:39 GMT

I think the bureau pulled depends on region. At my dealership, the standard is Equifax 5. When I leased my truck (thru GMF) in August my EQ was frozen. GMF used TU as their decision.

As for 0%, typically north of a 700 is needed to be considered A+ or A1 tier. If the dealer has a good enough relationship with GMF (which they should as the captive lender) they can ask for a tier bump in Route1 (the program most dealers use to submit deals to banks). Some times you'll get the tier bump sometimes you won't. In the past I've submitted a note with the deal that says something like "customer approved with X bank for 2.9%" to see if GMF will reconsider. Again, some times it works, other times it doesn't. Some times 0% doesn't make sense. With GMF you will give up some (possibly all) rebate money. You need to work the deal with full rebates and say 2.9% interest and compare that to the 0% offer but with less rebates.

Also - if they have 0% for 84 months (they did earlier in 2020), typically you need to have 760+ and little to no negative equity from a trade.

From experience, Ford Motor Credit and Nissan Motor Acceptance are a little more lenient on 0% offers - I think NMAC has 10+ credit tiers in their scoring system.

Re: GM Financial Advice?

Anonymous — Mon, 28 Dec 2020 02:55:03 GMT

Congrats!! Did they require POI proof of income?

Re: GM Financial Advice?

TeddyKG — Wed, 30 Dec 2020 05:04:13 GMT

Any situation at the end of a lease that you paid on time for 39 months that they would give you a loan if your currently unemployed in order to exercise your option to buy that vehicle? What if you put down $5,000 towards the 20k purchase price?

Re: GM Financial Advice?

dunn2500 — Fri, 01 Jan 2021 01:26:37 GMT

usually its 0% or rebates.....since this is demo make sure that offer is for demo cars as well....they play alot of games sometimes, went thru this twice in last year and came out solid

even if you cant get 0% take as much off the car as you can, you can always refinance with credit union shortly after.......from 0% to 2% isnt that much more....GM wasnt too kind to me so i went CU.....dealer promised 6% but when all said and done they tried 13% and were lying the whole time....had a 630ish so lower than yours but not whole lot

833 for 0%and 876 for 2%......50k @ 60 mo....total intersest is 2.5k @ 2%

almost forgot they gave my brother 5% with 820 score thru GM last year.....he didnt care paid it off 3 months later so, but still a joke

if they wont do 0% but take off another 2k you have made up the difference or close

can refinance at anytime, do math and weigh options.......good luck

Re: GM Financial Advice?

dunn2500 — Fri, 01 Jan 2021 01:34:40 GMT

i like cars and trucks so i checked and seen 6k off brand new 2020.....you can usually do bit better than advertised price, so they should have more wiggle room on that demo