01/12/2020

Mechanic Escape

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Chevy’s Latest Financing Offer Is Mighty Impressive

For example, Chevy is now offering 0.9 percent interest for 72 months on nearly every...

For example, Chevy is now offering 0.9 percent interest for 72 months on nearly every single model. Want a $14,000 Chevy Spark or a $75,000 Silverado 3500 HD? No problem. Both are eligible. But, there is a catch and, sadly, not all buyers will even notice before signing on the dotted line.

Turns out the financing contract states dealerships have the option to mark-up the rate by 0.2 percent. They also have permission to lower the rate in exchange for a two percent bonus, courtesy of GM. In other words, every dealership can approach GM Financial’s offer as they see fit. Now, a mere two percent may not seem like much, but say you purchase a $40,000 vehicle, this means you’ll be paying an additional $2,524 in interest.