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GM Financing - Early refinance

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milkmaster Enthusiast

milkmaster

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Most auto loans with simple interest come with no prepayment penalty.  I would not accept a loan otherwise.  I swapped my own GM loan to my local credit union in about a month as soon as I got the first document with the GM loan account number.  The lower credit union interest rate saved me $4k in interest if I was to carry it to the end of the term.  I don't usually carry it that long, but no reason to pay higher interest for any reason.  I won't apologize for finding a much cheaper rate and using it.  Basic economics in action.

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rah7777777
rah7777777

I NEVER made a payment to GM. Got my 4 or 5k in incentives (and a 7% rate!!) and refinanced about 2 weeks later with a credit union at 2.74%.    I ended up not paying any payments at all for

spizike9
spizike9

When I bought my ‘18 the dealer told me the 6 month crap. I refinanced before my first payment and everything was fine. Then I was working a deal on a AT4 and the dealer looked up my past deal and saw

19TrailBoss
19TrailBoss

My guys told me 3 months, but said there was no penalty for sooner. In my opinion GM financial is bringing this on themselves for only offering these insane interest rates. Sent from my SM-G975U usi

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