Anyone finance with GMAC?

Anonymous · ‎02-13-2019

I am considering buying a truck and the dealer will take another $1000 off if I finance with GMAC. I don't know much about GMAC and wondered if anyone here had any experience with them. I can get the approval thru NFCU and walk in with that but wanted to hear any stories about GMAC from the community. If any good info please post, I would appreciate it. Thanks.

MitchDeerfield · ‎02-15-2019

GMAC is as reputable as anyone else. You just have to put the two offers side by side. GMAC will do everything possible to help you get into a GM product, of course, with subsidies that a credit union won't give. The CU isn't going to match the $1000 cashback. What is the APR in each case?

Anonymous · ‎02-15-2019

The apr I would get with Navy would be 3.69 for 60 months. I don’t know what it would be with GMAC as I haven’t applied yet.

MitchDeerfield · ‎02-15-2019

GM Financial, aka GMAC, is offering 0 percent for 72 months on their Silverado truck, on top of the $1000 rebate.

I don't think your credit union can top that! Good luck on the new truck.

(P.S. make sure you know about all the special GM finance offers because your dealer probably won't volunteer the information! )

Remember0 · ‎02-17-2019

Not to nitpick but GMAC is Ally Bank. They used to be GM's captive till the Great Recession. Now they do a lot of GM leases and financing but are not a captive.

GM Financial is the new captive lender for GM but is not related to GMAC. GM Financial used to be Americredit till GM bought them post Recession to have a captive lender. They used to mainly be subprime pre GM ownership, but post purchase have been diversifying rapidly into prime and taking share from GMAC/Ally at least when it comes to financing GM vehicles.

As a borrower, I'd say both are highly reputable and fine to go with. Just take whichever offers the best deal!

MitchDeerfield · ‎02-17-2019

True, no one can finance with GMAC anymore. It no longer exists. GM Financial can give special subsidies to encourage potential GM purchasers. Ally Bank will not, any more than Wells Fargo or Bof A..

Anonymous · ‎02-20-2019

Would it be better to walk in with approval with GM Financial or have the dealer run my credit at the dealership?

MitchDeerfield · ‎02-20-2019

With GM Financial, you might as well wait until you go to the dealership. GM considers people with 680+ a prime level borrower. You can find out what incentives Chevy is offering this month. You can print it out and show it to the manager who handles the loan.

https://www.edmunds.com/chevrolet/car-incentives.html