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Prices Paid: Buying & Leasing Experiences Chevrolet Silverado Prices Paid and Buying Experience
675 messages, Last post on Oct 26, 2009 at 10:25 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: adscurry (Sep 06, 2004 1:47 pm) The total interest paid under simple interest or Rule of 78's is the same. Rule of 78's simply calculates more of the interest in the front part of the loan so that if you pay the loan off early the payoff is higher then if using simple interest. It does not create negative amortization. If a person ends up making all of the loan payments it doesn't matter how the interest is calculated. Nothing I signed indicated an interest calculation other then simple interest and it says "You may prepay all or part of the unpaid part of the Amount Financed at any time without penalty." The GMAC person I spoke to also stated the same. I plan to make my first payment to GMAC and have my bank refinance the note at that time. If the result is anything other then what I expect I will raise my voice loudly. After all, there are Truth In Lending laws. And what I signed says simple interest and no prepayment penalty. I will let this group know of the outcome.
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Replying to: rheiling (Sep 06, 2004 5:33 pm) |
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Hi, I am interested in a new truck, possibly a Silverado. Did you get the $1000 24 hour test drive incentive because you did the Test Drive and did NOT buy at that time or did you just happen to get it in the mail? Also, regarding the $1000 GM credit card incentive - do you have the GM Gold Card or the GM Blue card or what? What card is providing the $1000 incentive? Thanks, Fritz
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All '04 Silverado's have 5k rebates .. unbelievable .. even the '05 are high. GM is one hurting car company if they need incentives this high on '04 and '05's to move the iron. |
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Replying to: workingman (Sep 08, 2004 4:56 am) The $1,000 24 hour test drive was a certificate they sent me in the mail. Also I did not have to do the test drive, just present the dealer with the certificate at time of purchase. Not sure which GM card I have, my GM card has no annual limit on how much rebate I can accrue in one year, but does have a limit on how much can be applied to a particular vehicle. I was again mailed a promotion from GM adding $500 or $1,000 on a purchase and delivery between Aug 18 & Sept 30th depending on vehicle. A note: Make sure that if you are going to purchase a GM vehicle and apply a GM card rebate that you check with GM and see if you've been given a bonus rebate amount, it's possible a mailing may not have gotten to you and if you don't know about it don't count on the dealer to let you know (meaning they may keep the bonus amount themselves). |
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Hello all... I just wanted to share my experience with purchasing a new Silverado. Just purchased Sep. 7. I used the GMAC financing in order to get the rebate and the rate that I received was 7.75. The contract does state that "in the event of early payoff, some of the interest may be refunded." I guess I do have a rule of 78 contract. After learning this, I contacted GMAC to find out about refinancing. They have not received my information yet, but I asked if there was any minimum length I was required to keep the contract. The lady told me that there was a six month requirement. I replied that I didn't see it anywhere on the contract and asked her to point it out to me. She then puts me on hold for a couple of minutes. She comes back and says that her supervisor told her that there is no minimum contract length. I am happy with my purchase and the dealership, but the GMAC financing seems to be kind of shady. I wish I would have read these boards before signing that financing contract, however I plan on refinancing asap. Cost: $25477.31 (Stated Invoice) + $300 + $159 DOC Fee + $350 (spray in bedliner) + Tax = Total: $27863 - $5000 rebates - $750 military discount - GM Card Earnings $723 - $1000 bonus earnings (received in the mail) + title, and some other $3 fee = $20410 total financed (no down payment) Options: 2wd ext. cab LS (4.8L), two-tone paint (black and silver), steering wheel mounted radio controls, spray in bedliner, spare tire lock, cd & cass., Fog lights, high capacity air cleaner, 16" aluminum wheels, white letter tires |
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Here's the info - 2004 Silverado 1500 Crew Cab Z71 with MSRP of 36,260 (which includes $915 in options). After negotiating and applying all rebates, the selling price of the truck was 25,819. Add back the cost of tax, tag, doc fee, title, and delivery charge for finding/getting truck from dealer 295 miles away = $27,033 total. I told one of my coworkers about the deal and it made him sick! He told me that he paid $1500 more for a Z71 extended cab(third door) in 2000, and his doesn't even have as many options as mine in the Crew Cab! The dealer found the exact truck I wanted, with nothing more or less, which was real important to me. I'm glad I waited and found this one.
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Good morning. Last week I purchased a standard 4X4 work truck with the 4.8L and hitch package. MSRP was $24,727 - -I got the $5K rebate + $1K coupon from dealer + $2K on my GM card + $1K coupon I received in mail. Paid $22,900 for the truck with doc fees - $9K rebates,etc. = $13,900 + ttl = $15,200. This was $2K less than my 2000 work truck and that truck was a manual! Like WILDMAN above I'm glad I waited - -almost pulled the trigger 3 months ago and then the truck would have been $3K more. |
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Replying to: wildman (Sep 13, 2004 3:05 pm)
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aug 28 bought dark grey ext cab z71 msrp 34705 5.3 v-8 pwr everything,bucketseats, xm radio, onstar,bose system paid 24495 plus got $200 free gas doc fee was 299 plus tax and title i was charged no other fees i used gmac financing got 6.99 was told by finance manager i can pay loan off at any time with no penalty also states that in the "fine print" my credit union has 4.0 apr so i plan on making 1 payment then refinancing i bought this truck in portland maine, there is a law i believe in this state, rule of 78 can not be used on any auto loan 60 months less or more every state is different easy to find info about your state online oh yeah i love my tuck test drove everything no better value,no first year problems, third chevy truck i have owned every one was basicly trouble free |
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