Can you early payoff gm finance loan w/out penalty ?

[Tim mcleod]

Gm finance offering 1500 bonus is you finance through them. Rate is much higher than my cu. Dealer employees say I can payoff after 4 months w/out penalty.
Has anyone refinanced the gm loan w/out headaches ?
Understand some loans are structured such that if you payoff early you still owe the imputed interests
Thanks
Tin

 

[Tiki]

To be safe, you should individually review the provided leasing arrangement as there can be unique language from one person to the next.

That being said, I reviewed this with a deal over the phone recently and he told me the requirement was 7 months under the financing arm before any changes could be made. I never made it close enough to get a copy of the papers to review, but I'm sure they would provide you an example copy.

 

[Doubeleive]

^^^ yes whoever is doing the loan paperwork will know the details and can tell you specifically, basically ask for it in writing

 

[LT1ZOB]

There’s a usual 90-360 day “buy-back” period in financing. Ask for the details in writing, but assuming you have good credit, 120 days sounds about right.

 

[PG01]

6 pymts or 6mths.

 

[Tahoe14]

This has been discussed before and others have said it was not specifically stated in their contract and switched financing without a problem.

 

[agsmoke]

I paid mine off when I received notice that the first payment was due. I did not incur any penalties and they sent me the title very quickly.

 

[Chrismnj]

it depends on the state, some states by law lender can't charge you penalty for paying off early

 

[agsmoke]

FYI, I am located in Jupiter, Florida

 

[msrvpeig]

Just purchased my (new) 2018 one week ago, with the GM financing deal. Finance guy advised I should make the first 3 months payments, and then can payoff after 3rd payment with no penalty. He advised extra payment to the principal can be as much as I want for those first 3 payments to lower the interest being paid. That's the plan.