Rebate or 0 intrest
07-01-2008, 03:16 PM
#3
Senior Member
Join Date: 11-20-2006
Location: Peoria, IL
Posts: 931
22,500 @0%: ~375/month for 60 months
20,000 @5.29%(capital one's current rate): ~380.00/month for 60 months
So, you might save 300 by using 0%. But, if you sell the car early at all, you would probably loose the savings. You could also get screwed if it were wrecked early on in its life... you would be upside down for much longer if you took the 0%. I personally would take the cash rebate.
07-01-2008, 04:13 PM
#5
Senior Member
Join Date: 03-31-2008
Location: So Cal
Posts: 179
Depends on how much you're financing... if you have a trade-in it may not be the best deal. Even without a trade-in it's pretty close to the same price:
22,500 @0%: ~375/month for 60 months
20,000 @5.29%(capital one's current rate): ~380.00/month for 60 months
So, you might save 300 by using 0%. But, if you sell the car early at all, you would probably loose the savings. You could also get screwed if it were wrecked early on in its life... you would be upside down for much longer if you took the 0%. I personally would take the cash rebate.
22,500 @0%: ~375/month for 60 months
20,000 @5.29%(capital one's current rate): ~380.00/month for 60 months
So, you might save 300 by using 0%. But, if you sell the car early at all, you would probably loose the savings. You could also get screwed if it were wrecked early on in its life... you would be upside down for much longer if you took the 0%. I personally would take the cash rebate.
07-01-2008, 06:26 PM
#6
Senior Member
Join Date: 07-21-2006
Location: Ft Walton Bch FL
Posts: 1,708
Two years ago when I got 0% financing, the dealer tried to talk me into a 72-month loan because it wouldn't cost me anymore. I wasn't sure how this new model would hold it's value so I stayed a 60-month loan. You can go 72 months now and save tons of money knowing the HHR will have a good resale value. That rebate disappears way too soon but 0% financing goes on and on.
07-01-2008, 08:57 PM
#7
Senior Member
Join Date: 06-29-2008
Location: Crystal Lake
Posts: 839
The 0% is a better deal if you way upside down. I think my total was 28k Or something like that. There for the 0% is better then 6.99% for $28,000.
Depends on individual. I can tell you around here most people are takeing the 0% due to trading in one-two year old Suv's/Trucks.
Depends on individual. I can tell you around here most people are takeing the 0% due to trading in one-two year old Suv's/Trucks.
07-02-2008, 06:42 AM
#8
Member
Join Date: 06-03-2008
Location: Sheboygan, WI
Posts: 69
Bought our 2008 LT1 a month ago and 0% wasn't available at that time. We got the $2500 rebate, $1000 GM credit card cash, $500 GM creditd card bonus cash and a dealer discount of $880, paid $17800. I've always heard if you can't pay for a car in three years you can't afford it. Our financing was 5.99% for 60 months so we sent in the payout amount yesterday. Interest would have been around $2400.
Brwbier
Brwbier
07-02-2008, 11:09 AM
#10
Senior Member
Join Date: 06-16-2006
Location: Bakersfield, CA
Posts: 830
Don't forget that if you do a 0% interest deal you can save that big down payment you were going to make and put it back in the bank drawing interest and making money for you. That's how you really take advantage of the 0%.
Unfortunately when we bought out HHR two years ago, we didn't know about the 0% deal that was going on. We had found the HHR we wanted. We had decided to put a $10,000 down payment on it. When we got to the dealership and found out about the 0%, I should have made a smaller down payment and put the extra money back into an interest bearing account but we were excited so I still made the $10k down. Oh well, the $118 per month payment is not bad!
Unfortunately when we bought out HHR two years ago, we didn't know about the 0% deal that was going on. We had found the HHR we wanted. We had decided to put a $10,000 down payment on it. When we got to the dealership and found out about the 0%, I should have made a smaller down payment and put the extra money back into an interest bearing account but we were excited so I still made the $10k down. Oh well, the $118 per month payment is not bad!