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GMAC loan early payoff

9

9fingers

Full Member
Joined
Sep 23, 2004
Messages
104
Well I bought my AV with the 1000.00 GMAC rebate ..and I wanted to pay it off early. My dealer said I had to make at least 4 payments...

I found out through this forum that that was false ... so at the first evidence that they had my account established (a letter wanting to set up autodraft for payments) I called 1-800-200-gmac . Entered my account number (from the letter) and got a payoff...pushed 0 to talk to a person and asked now that i found my payof amount, is there any ealy payoff penelties ??? reply was nope just send it in.
Its in the mail today. Thanks gmac for the 1000.00 off.
 
Meeee toooooo!!!1
 
9fingers said:
Well I bought my AV with the 1000.00 GMAC rebate ..and I wanted to pay it off early. My dealer said I had to make at least 4 payments...

I found out through this forum that that was false ... so at the first evidence that they had my account established (a letter wanting to set up autodraft for payments) I called 1-800-200-gmac . Entered my account number (from the letter) and got a payoff...pushed 0 to talk to a person and asked now that i found my payof amount, is there any ealy payoff penelties ??? reply was nope just send it in.
Its in the mail today. Thanks gmac for the 1000.00 off.
Click to expand...

If you bought your AV in the same month as me (Sept. '04), it was GM that had the $1000 rebate. GMAC may offer some deals to first time buyers or college graduates... I forget and don't qualify anyway! :D

James
 
Ugh! I still have a while, even with a large DP and a $5K payment after that. :p

But it's still worth it!
 
Hmm that's interesting, my Dealer shifted me from GMAC to Provident (I don't quite remember the name) and they charged me $157 in interest to pay it off. (Which I MADE the dealer pay for because they lied about GMAC)

GMAC must be nicer to not have interest charged from the moment the loan was made.
 
sperry said:
Ugh! I still have a while, even with a large DP and a $5K payment after that. :p

But it's still worth it!
Click to expand...

man that's a big monthly payment...neary 10X mine ;)
 
9..........
Did they take the $1000 off at closing
or are they sending you a check

About a month ago i did read theGMAC fine print, which did detail the waiting /payment period
 
There is no "waiting period"......dealers will tell you to keep it open for 3 or 4 months so they don't get charged back for the contract. Account has to open 3 months for GMAC to pay the dealer for contract.
 
IN-thk snow said:
There is no "waiting period"......dealers will tell you to keep it open for 3 or 4 months so they don't get charged back for the contract. Account has to open 3 months for GMAC to pay the dealer for contract.
Click to expand...

This is exactly right. It helps us out from being charged back if you wait till after 3 payments but there is no pre-payment penalty if you do it as soon as they get the contract. I am up front with my clinets about this and most are willing to put off a refinance for a few months.
 
Why would I want to pay it off early... 0% for 60 months...... No advantage for me! But then again, I don't have the money to pay it off anyway! I guess I'll just have to keep paying the monthly mortgage on it!
 
If you do pay it off early and never use the extended warranty, do you get a refund on that? My extended was $1500 do I get that back for never using it?
 
When we bought our 04 last month, the dealer told us we had to keep GMAC for 6 months. To get 72 mos, the rate was up around 6.5% or so. I'm going to call GMAC, get the payoff, and see if I can refinance through my local credit union since thier rate is only 4.25%.

It's nice to know the truth about GMAC.
 
6 mo minimum is B/S ! ! !

as for bluonyx's question re: the service contract... compare it to your insurance. if u prepay for the full year, but then only kept the car for 2 months, u get 10 months prorated back to you. ex-service contract works the same way... they prorate the unused portion... the lesser of miles remaining or term remaining... but either way... NOT 100% (whether u used it or not)
 
RichUF said:
man that's a big monthly payment...neary 10X mine ;)
Click to expand...

That's my once a year principle - Voluntary. I want to pay it off asap... (Don't we all!)

Maybe just in time to pay that much more a year for gas. :E:
 
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