Arguably, no. But IANAA.
Their attitude to you boils down to you, “What are you going to do, sue us?”
Is that someone you want to do business with?
Thank you guys, was not aware I can just go with their financing terms to get the car home, then refi immediately after.
But I’m worried there is some clause or stipulation that will penalize or stop me from refinancing immediately. Wondering if there would be any financial disadvantages such as taxes or paying extra fees that will arise by going this route. For example, would the payoff amount be higher to get out of the GM loan and getting into a 3rd party loan? If anybody can elaborate on this, that would be awesome.
I don’t want to do business with them but on the other hand they are not marking up MSRP and honoring employee discount. And I’ve ordered this car about 8 months ago so I’ve put it on a damn pedestal at this point.
Your payoff should be the same if refinancing. Generally, it’s a courtesy to avoid an immediate refinance so the dealer doesn’t get hit with any chargebacks from the manufacturer, in turn getting pissed off at you. There’s really nothing they can do about it unless they have you sign something agreeing not to flip or refinance, but how enforceable that would be is questionable. It’s quite possible that there’s some kind of hidden trunk money that’s enabling them to discount, but it’s only available when financing through GMF. It’s up to you how you want to proceed but I wouldn’t bring my car back there for service if I decided to refinance quickly.
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Update. I’m blessed to have a family member lend me the cash to buy the car outright. Once I got the title, I financed thru a local credit union via a balloon loan. Not only is the monthly payment better than what the dealership was forcing me into. But after the 4 year term is up, the balloon payment was only $40k. Or I could return the car to the financial institution. But I feel like I could easily sell the car for over 40k after 4 years.
Thx for everybody’s help, couldn’t have navigated this deal without you all.
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