GM Card

[ParkIng]

So I've been posting a few different threads here on the GM-Truck forum. I've been looking non stop for a new truck. One of the dealers that I ended up walking on because they wouldn't accept the fact I would be paying cash and did NOT want to finance not one dollar with them. Not to mention I caught them in pricing discrepancies and that they inflated the car over sticker in some of there paperwork. When I mentioned holdback they acted like I just flipped the salesmans desk over.

 

Anyway point of this thread is they had mentioned a $500 rebate or $500 off if I signed up for the GM Credit Card. To me I thought thats a no brainer get $500 off for a credit card I'll use once in a great while and rack up some points, pay it off every month, and eventually have some points for the to be Mrs. when she decides to get a new truck or SUV (hopefully GM makes an SUV version of the Colorado by then!!)

 

So I ended up NOT doing business with this dealer for the reasons above... I'm looking at the newspaper at a local mega dealer which is known as being one of the worst most horrendous unethical dealers ever and they have this mentioned in their ad that says this is available on any vehicle.

 

So I went to a dealer about a half hour away and looked at Colorado's and a Silverado.. I asked them about this deal and they said it was voluntary and that their dealership had opted not participate in this program.

 

Anyone know anything about this deal with the GM Card?

[RyanbabZ71]

I have never personally heard of it but I have had the gm card for years. It definitely is nice if you buy every 3-7 years as I usually get $2-3k off when I go to purchase

 

 

Ryan

[ParkIng]

The last few years I continued to tell myself to get it but I was dead set on getting a Tacoma as my next truck. But the Colorado/Canyons convinced me otherwise as well as the 2016 Tacomas talked me out of a Toyota.

 

Regardless I plan on getting as the future Mrs. is biased to GM as well and who knows a Camaro or something may end up in my driveway one day as a fun car.

[Z45]

Do you know what "holdback" is?

[ParkIng]

I do know what holdback is.

 

The question since you bring that up elcamino is that if I look at the invoice at the bottom it has Total Price less holdback and finance credit, is that the actual price that they pay (the dealer)? I saw on a Corvette forum that that is since obviously Invoice isn't the price they are paying for the car.

[Z45]

Dealer holdback is paid when the vehicle is sold and is retained in dealers account. Its used as an incentive for the dealer to maintain an inventory and the be able to sell vehicles below MSRP (at or near invoice) and still make a profit on the vehicle. Its impossible to know what the actual cost to the dealer is because its variable. For instance at the end of the model year GM may promise the dealer additional incentives to move stock such as paying them a bonus for moving 'x' amount of cars in a monthly period.

 

You will never know the dealers actual cost of a vehicle, the owner or the upper management of the dealership may be the only one who would know.

[ParkIng]

Are most manufacturers set up like GM with the holdback and all or is this a unique thing to there dealer structure?

 

I come from a Toyota Family and I'm the Black Sheep who dares to venture into the world of General Motors (though my mom has a Pontiac Solstice and bounces around and had a few Fords but they were all bought from family members) and I never even heard of Holdback till I started looking into this upcoming purchase last month.

[ParkIng]

Talked to the GM Card Hotline after being referred by the online Chevy Chat.

 

Certain dealers have signed up for this deal until the end of the month. If you sign up for the Buy Power Card in a participating dealer you get an additional $500 off any vehicle. They didn't tell me about any exclusions of vehicle. Not sure if GMC, Buick, and Cadillac are doing this too but food for thought everyone in the market should ask!

[Beer Belly]

A guy I work with pays all his bills with the GM card....including his mortgage....then goes and buys the cheapest car on the lot for practically no $$ out of pocket

[Z45]

 

then goes and buys the cheapest car on the lot for practically no $$ out of pocket

.

 

5% Earnings on your first $5,000 in purchases every year. After that get a full 2% Earnings on every purchase. You cannot use the earnings if you are purchasing using GM Employee Purchase Program or the GM Supplier Discount.

 

I have had a GM card ever since inception in 1993 and have redeemed $13,731 towards a new vehicle since then. Often times they will add bonus $ to your card toward new vehicle purchase, such as rounding up.

[AgDoctor]

A guy I work with pays all his bills with the GM card....including his mortgage....then goes and buys the cheapest car on the lot for practically no $$ out of pocket

This was true way back(1999), but not possible anymore. They imposed a limit preventing this. I bought a Sierra and a Tahoe in December and both had a $1500 limit. My card is a legacy card, and there are times when you can use more, but the most I have ever used is around $4,000. I pay most of my bills and I own a business and pay bills for it as well in my GM Card.

 

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[Jernik]

This was true way back(1999), but not possible anymore. They imposed a limit preventing this. I bought a Sierra and a Tahoe in December and both had a $1500 limit. My card is a legacy card, and there are times when you can use more, but the most I have ever used is around $4,000. I pay most of my bills and I own a business and pay bills for it as well in my GM Card.

 

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I don't have one, so no first hand experience from me, but if I'm looking at the right card... the Buypower card from CapitalOne, I don't see any mention of a limit on the reward amount you can use. I don't even see it in fine print - just that you can't use them with special purchase options like employee pricing. Maybe I'm missing it? Surely they would have to disclose any restrictions on redeeming rewards.

[AgDoctor]

Mine is BuyPower from Capital One, $1500 limit on Silverado/Tahoe twins

 

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[Jernik]

That's the one I saw. Good info. They aren't too forthcoming about that in their marketing for new customers.

[Z45]

I bought a Sierra Denali back in June 2015 and there was no limit on my card, I seem to recall more than $1500 was credited.

 

There have been several iterations of the GM Card over the years with less benefits towards new car purchases. GM has tempted me in the past to upgrade my card for more perks but also with limits of how much I can redeem. Several years ago (2012) when I was buying a new truck and the finance manager who was handling the transactions commented that I had one of the old cards and to never be tempted by GM Card to replace it. She said most of the newer cards have limits on them towards car purchases and mine did not.

 

My card does not look like the GM Buypower card, its all black and its called "GM Card" by CapitalOne.