refinancing for a canadian.

microELVIS · Post by **microELVIS** » Wed Dec 03, 2003 4:41 am

Last year when I leased my vibe, I recieved an interest rate of 6.4% Since the interest rates are now so low on these cars I was wondering if a refinance would be a possibility. I make so much of a payment now, say around $430. So would the difference in interest make a similar payment for a 2004 model ? Just throwing this out there, if there are any financial gurus who could answer my question or have any insight.

Raven · Post by **Raven** » Wed Dec 03, 2003 7:29 am

That's about what I pay for my '04 with $1500.00 down and 1.9% financing on a purchase. You are paying way too much for a lease in my opinion.

Sputnik · Post by **Sputnik** » Wed Dec 03, 2003 7:40 am

Yes those of us who bought/leased our Vibes early on (ie early last year) have high finance rates. My lease rate is 6.4%! It would have been more if I had bought it.

Sub-Vibe-R · Post by **Sub-Vibe-R** » Wed Dec 03, 2003 11:34 pm

I bough mine at 4.9% and it cannot be refinanced....Too bad, you have a contract and it will be very very hard to change this

drunkenmaxx · Post by **drunkenmaxx** » Wed Dec 03, 2003 11:35 pm

man, i put no money down, refinanced and am now paying a little over 3%!

microELVIS · Post by **microELVIS** » Thu Dec 04, 2003 12:12 am

Hey drunkenvibe , was that on a lease ?Ya it was just tough last year, having such high interest rates and the olds dieing at such an inopportune time, and finding a dealer that even had a base vibe in stock up here (some of you will remember that bs) and coming up with a down payment that wouldnt skyrocket my monthly's. Im still happy with my car now i would recommend it to anyone really.

drunkenmaxx · Post by **drunkenmaxx** » Thu Dec 04, 2003 12:19 am

nah, i bought it. my payment went from $440 to $359, not too bad!

microELVIS · Post by **microELVIS** » Thu Dec 04, 2003 12:43 am

Well ill have a quick look over my contract when I get home, who knows.

Sub-Vibe-R · Post by **Sub-Vibe-R** » Thu Dec 04, 2003 12:50 am

You will be able to refinancing your car but from a different place.If GM financed your car, you can go at your bank and have then remaining amount on your car financed by the bank and pay GM.But it will be more expensive that way.I doubt you will be able to refinance your Vibe from GM to GM....

pmh013 · Post by **pmh013** » Thu Dec 04, 2003 1:57 am

OK, so let's assume you can get out of your lease with no penalties (ha!).I went to this website to get the math (I'm too lazy to calculate the effective monthly interest): http://www.bankrate.com/overke...r.asp Ball park, a new 2004 Vibe will cost you about $22000 CDN, plus taxes (where I live, that's 13%), so you'd be financing $24860 ($0 down). Let's assume that you keep you want your monthly payments at $430, and you'll finance for 60 months. You'd need to get an interest rate of 1.47% annually.I don't know if you'll get that from a bank or not. My guess is not. You might be able to get 1.9% from GMAC (but probably not on the 2004 Vibe, when I bought my 2003 in July 2002, it was 1.9% but not on the Vibe, I got 4.9%).I'd go to the above website and crunch the numbers. Here's $0.02 to help you out

refinancing for a canadian.

refinancing for a canadian.

Re: refinancing for a canadian. (microELVIS)

Re: refinancing for a canadian. (Sunny)

Re: refinancing for a canadian. (Sputnik)

Re: refinancing for a canadian. (Sub-Vibe-R)

Re: refinancing for a canadian. (drunkenvibe)

Re: refinancing for a canadian. (microELVIS)

Re: refinancing for a canadian. (drunkenvibe)

Re: refinancing for a canadian. (microELVIS)

Re: refinancing for a canadian. (microELVIS)