GM Financial Advice?

[CreditOnTheRise1]

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@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

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Did they pull TU?

[JGGM]

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. 

[Anonymous]

Congrats!! Did they require POI proof of income? 

[TeddyKG]

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?

[dunn2500]

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

[dunn2500]

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