Hello! I hope to be the owner of a new vibe shortly but I have financing fears?!

[urbanvibe]

Hello all,After researching like mad for the past few months I have decided that the Vibe is the vehicle for me (well, us lol).Anyhow I'm really looking for input on a couple of things.Financing in Ontario, any advice? I really wanted to just apply online at the GM website and know ahead of time if I was approved before going in but the dealers are telling me not to do that and do it through their financing guys instead. Is this really better? And what should I have credit rating wise anyhow?The other thing I was wondering about is I thought that when you purchased new you were able to order whatever options you wanted? (This is our first brand new vehicle) I know I read that this is the last year for the Vibe but I didn't realize that meant that production was already shut-down?Sorry for all the questions on my first post but I'd really appreciate the advice TIA

[Its_Dave]

Hey, cool congrads if you get one, I've had mine for a month now and its pretty good, really happy with it.I think the only thing I can help you with is that Vibe production is done, you can't order your own vibe to get what options you want, you have to settle for what the dealer has, and if your already going to settle with that I'd personally consider looking at used as well, save yourself alot of money.

[urbanvibe]

Okay thanks, I wasn't sure if that was right or not.I looked into buying one a few years older but with the higher financing rates I'd still be paying the same per month but with no warranty. I plan on keeping the car for a long time so I guess I'd rather know how it has been treated and driven since the beginning as well.Thanks for the quick response.

[joatmon]

The deaelrship telling you not to talk financing directly with GM makes me wonder how much of a cut they skim off for getting you a loan through GM. You should probably check with your bank to see what kind of loan terms they will offer.Be reaslistic about how much car payment you can afford. There are a number of sad threads here about people who loved their VIbes but had to sell them because reality set in and they couldn't make the payments. That is one of the advantages of buying used, let someone else take the instant depreciation that happens when a new car is first driven off the lot. These cars are generally high reliability, and it might be easier to find a used one with the options you want instead of limiting yourslef to the few remaining new ones.

[urbanvibe]

Thanks for the advice Sorry, maybe I could have explained a little better, it's not the payments I'm worried about (I've already talked those over with my advisor) it's just the actual process of going for the financing because I'm not sure if my scores are good enough. I talked to my bank and they told me to talk to the dealership first and then they would see if they could give me a better offer but I've read other stories about dealers running a bunch of queries at a time to different institutions simultaneously and I was just worried about that happening. Maybe I'm just being paranoid but I thought it was strange that ther dealer didn't just not want me to go through GM on my own, they didn't want me to go through GM financing AT ALL. Maybe they truly are trying to get a better deal for us and I'm too cynical to believe it...lol

[jake75]

AND - there is always the option of a new Matrix equipped just the way you want! My understanding in the US is that people with decent credit ratings can get a 6.9% apr 72 mo new car loan at the bank. The payment is about $17/1,000. $20,000 loan = $340.02 mo. A 5.9% rate would be $330.51.

[clbrfan]

I went to through the dealership when I financed mine. First they tried my bank and they declined me, not for credit score (700) but income to debt ratio. Then i was approved thru gmac at 9.9% but my finance guy tried the company he just bought a car thru, Wachovia Dealer Services and they gave me 6.9%. He might have tried more I am not sure. I bought mine during cash for clunkers and got a $17,000 car for under $10,000. It is a 2009 base carbon grey 5 speed and no I dont have any pics.

[urbanvibe]

Thanks everyone! After all the research I guess all that is left for me to do now is go for it and see what happens.Fingers crossed

[jake75]

Quote, originally posted by clbrfan »I went to through the dealership when I financed mine. First they tried my bank and they declined me, not for credit score (700) but income to debt ratio. Then i was approved thru gmac at 9.9% but my finance guy tried the company he just bought a car thru, Wachovia Dealer Services and they gave me 6.9%. He might have tried more I am not sure. I bought mine during cash for clunkers and got a $17,000 car for under $10,000. It is a 2009 base carbon grey 5 speed and no I dont have any pics. 9.9% is very high for a loan amount that is certainly well secured as you got a $17,000 msrp car for $10,000. Not likely you would ever be under water even if the loan was 6 years. GMAC may just not want those longer 60-72 month loans.

[Kincaid]

There is something funky going on with GM financing and the dealerships but I don't know what.I bought my new 2009 in June. One dealership would not budge off of their internet price on a GT - it was $19,500 IIRC. This was with factory 0% financing that they were offering at the time. Another dealership at first would not move off of their $19,540 price on a 2.4L base. Then when I dropped my requirement for factory financing - and got it thru a local credit union at 3.9%, they dropped the price to $18,453.

[jammies]

Quote, originally posted by urbanvibe »Thanks for the advice Sorry, maybe I could have explained a little better, it's not the payments I'm worried about (I've already talked those over with my advisor) it's just the actual process of going for the financing because I'm not sure if my scores are good enough. I talked to my bank and they told me to talk to the dealership first and then they would see if they could give me a better offer but I've read other stories about dealers running a bunch of queries at a time to different institutions simultaneously and I was just worried about that happening. Maybe I'm just being paranoid but I thought it was strange that ther dealer didn't just not want me to go through GM on my own, they didn't want me to go through GM financing AT ALL. Maybe they truly are trying to get a better deal for us and I'm too cynical to believe it...lolYou have every right to be cynical, it is your money. I sold Toyotas state side for almost two years....First, check out this article.Confessions of an Auto Finance Managerhttp://www.edmunds.com/advice/....htmlSecond -- You should definitely know the rates you qualify for prior to visiting the F & I guy. The line your bank gave you is full of crap. They either are too lazy to do the work, or they want the last opportunity to offer you a loan and present you with an offer that is .25 or .5 lower, neither makes that much differnce in payments, but sounds good when it is presented to you.First, get your credit score(s). State side through Toyota we used Experian. Then check out the finance specials through the manufacturer. State side it is 0% for 72 months "FOR QUALIFIED BUYERS." Find out what credit score you need to be a Qualified Buyer. I searched for Canadian offers, but could not find anything specific on Vibe. Regardless, if you want to decrease your cynicism, you need to shop rates in your area, once you know your credit situation.Your GM dealership may very well get a point or two for you going through them. The difference between their "buy" rate and "sell" rate. You meantioned you are not concerned with the payement, but wouldn't you rather payless?Dealerships state side rountinely run multiple queries trying to get a client bought. Basically, they punch the info into a computer with your credit info, and up pops a bunch of lending institutions with their rates, and qualification stipulations. This is not a big deal, but they might choose a bank which offers them more profit. So you need to know where you stand before going in.my $.02

[vintagegz]

take the finance cash of $2000 in Canada, add 1000 of loyalty if you are eligible, and any GM Visa points, then go to the bank, they will be lower than dealer, then with lower amount to finance pay it off as quick as you can.

[urbanvibe]

Thanks, that was a really great article. I did already get my credit scores (transunion & equifax) but I haven't been able to find out what is considered to be a good score for Ontario car loans. As fate would have it we are unable to go to the dealership tomorrow so I think I'll contact the bank on Monday and speak to someone else.

[urbanvibe]

Yeah I do qualify for the GM loyalty credit, I don't have the GM points but I do have a "clunker" so that will be another $1000.

[vibedrivermatt]

ohh hello! and goodluck! My recommendation is whether you go new or used, get it with the premium sound package... the vibe that comes with the factory sub woofer is such a good factory sound system for listening to your music. I love my monsoon system, no need to upgrade any stereo equipment here.. I think you get the sunroof with that package too.. I also think you should try to get all of the options you want right down to the color. The dealer can try to sell you a vibe equipped the way you don't want it.. as far as buying goes, going for an 08 is gonna save you major bucks...but use the internet and look everywhere.. there are smokin deals on vibes all over the place even with alot of 09's.. and for financing, Id go to a bank not the dealer.. they could probably get you a better APR..