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Chevrolet Silverado Prices Paid and Buying Experience

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  • I purchased last Friday a new 2004 Chevrolet Silverado Crew Cab LS for $16,415 + TT&L (sticker price before TX/OK/LA truck discount was $31,590).

    A dealer here in Houston was advertising the 2004 Silverado Crew Cabs (4 only) for $19,977. The total GM to dealer rebate to get to that price was $6,000 which required me to finance through GMAC.

    I had additional rebates/discounts of:
    $1,562 in GM credit card earnings.
    GM also gave me $1,000 in credit card bonus earnings for purchase & delivery between Aug 18 & Sept 30.
    I also had a $1,000 24 test drive certificate.

    My total additional rebates = $3,562, so my total cost was $16,415.00 + TT&L. There were no dealer ad ons to the price.

    I also got stuck with the 7.99% interest rate from GMAC (my current GMAC rate is 6.25%). The finance guy told me there was no prepayment penalty - but when I told him then that I intended to refinance the note if that was the best rate I could get, he got agitated and said I had to make 3 payments or GMAC would tack the $1,500 to the payoff amount. He also asked why I would want to cheat GM on the note. Huh? Said GM uses my interest to help others including those upside down on their loans. I couldn't believe he was arguing with me. My guess is they lose something if I refinance. He also could not give me anything in writing in regards to the 3 payments required to refinance (see lower paragraph).

    My note does say at the top "Motor Vehicle Retail Installment Sale Contract - Simple Finance Charge", so no Rule of 78 in my case.

    I just called GMAC and asked about having to pay back any of the $1,500 rebate if I refinance and the person I talked to said no, there would be no rebate to repay. Maybe someone else can also call and see what they say. My bank will finance 60 mo @ 5.9%, so in my case that makes a $14/mo savings or over $800 over the life of the loan. Sorry, finance guy.

    This truck will replace my 2002 Chev Silverado LS Ext Cab that I've been very happy with. Hopefully my 2004 will be similar.
  • I will pass along any info I have gotten regarding this $1500 financing plan this weekend. For my brother lives on the other side of the country and they just had twins Wednesday. I tried to contact GMAC but they would NOT give me a DEFINITIVE yes/no answer to my premature payoff question. The dealer keeps telling me (but will not put it in writing) that one can pay off the loan prematurely. I think the SLEAZINESS of this whole plan is enough to TURN OFF a a lot of potential buyers. But GM and Ford are STUCK with an inordinate amount of 04's still so maybe just maybe we consumers here will "win out" here for once.
  • the 1000 dollars is a coupon that is mailed to you if you have a GM credit card. the incentive is paid if you buy a vehicle at this time.
  • I owned a 02 silverado 1500 w/5.3 liter. mileage on that was about 13 around town but improved to 20 on road. it had a 3.73 rear that read 2000 rpm at 70 mph. i traded it on an 04 2500HD and the mileage is about 11.7. i noticed that the rpm's are significantly higher, (about a 1000), at 60mph and higher. the reason, i believe, besides, the obvious (6 liter eng. & increased truck weight) is the 4.10 rear. Is it possible to swap out the 4.10 gears for the 3.73 gears to improve the gas mileage. i am willing to have it done if possible. any thoughts anyone? thanks.
  • The most open dealer I have dealt with told me to forget the $1,500 GMAC rebate and go to the Credit Union for a loan. He said the rate is 7.99% and not simple interest. Beware of differences in terms -- "simple finance charge" may not mean simple interest amortization rules. My research found that Federal Law precludes use of the rule of 78's on loans OVER 60 months long. How long is your loan? Three payments at the price of these vehicles will give GMAC their $1,500 back in the up-front collection of interest. Even one payment will recover a large part of the $1,500 rebate if applied to interest. GMAC may be establishing negative amortization with the amount you owe actually increasing in the early months over what you borrowed even thought you are making monthly payments. That may be the reason the dealer said GMAC claims back part of the rebate. You try to pay it back and owe more than you borrowed. Consumers should ask for a loan amortization schedule similar to what lenders give for mortgages. I bet they will not give you one. Please share your pay-off experiences.
  • I don't believe that "negative amortization" will occur under any case if payments are made timely. That only happens when a payment is missed and the lender adds the missing interest that should have been paid to the principal balance. That would be negative amortization.

    The total interest paid under simple interest or Rule of 78's is the same. Rule of 78's simply calculates more of the interest in the front part of the loan so that if you pay the loan off early the payoff is higher then if using simple interest. It does not create negative amortization. If a person ends up making all of the loan payments it doesn't matter how the interest is calculated.

    Nothing I signed indicated an interest calculation other then simple interest and it says "You may prepay all or part of the unpaid part of the Amount Financed at any time without penalty." The GMAC person I spoke to also stated the same.

    I plan to make my first payment to GMAC and have my bank refinance the note at that time. If the result is anything other then what I expect I will raise my voice loudly. After all, there are Truth In Lending laws. And what I signed says simple interest and no prepayment penalty. I will let this group know of the outcome.
  • I agree. I did a google.com search for Rule of 78's and found some excellent explanations with formulas and amortization tables. There is extra interest in the early payments so the effective rate is well over 7.99% if you pay off early--just not as bad as I had originally thought--no negative amortization. My web search also said that these loans will generally not state "Rule of 78's" but may refer to a "rebate of interest if paid off early." Rebate only in the concept that somehow they charge you less than the full interest the note would have accrued in its entire life to maturity. How misleading is it to call this a rebate of interest which sounds like a good thing? Also, many states have consumer laws that prevent use of the rule of 78's so there may be different variations of the notes depending on the state in which the loan is made. One of the Rule of 78's sites shows states that preclude use of this rule. When you get a payoff you can plug the numbers in an amortization table to confirm if this rule was used and is allowed in your state.
  • Hi,

    I am interested in a new truck, possibly a Silverado. Did you get the $1000 24 hour test drive incentive because you did the Test Drive and did NOT buy at that time or did you just happen to get it in the mail?

    Also, regarding the $1000 GM credit card incentive - do you have the GM Gold Card or the GM Blue card or what? What card is providing the $1000 incentive?

    Thanks,
    Fritz
  • All '04 Silverado's have 5k rebates .. unbelievable .. even the '05 are high.

    GM is one hurting car company if they need
    incentives this high on '04 and '05's to
    move the iron.
  • I previously had purchased a 2002 Silverado and applied a GM Card rebate on it. After that I would receive various additional incentives in the mail.

    The $1,000 24 hour test drive was a certificate they sent me in the mail. Also I did not have to do the test drive, just present the dealer with the certificate at time of purchase.

    Not sure which GM card I have, my GM card has no annual limit on how much rebate I can accrue in one year, but does have a limit on how much can be applied to a particular vehicle. I was again mailed a promotion from GM adding $500 or $1,000 on a purchase and delivery between Aug 18 & Sept 30th depending on vehicle.

    A note: Make sure that if you are going to purchase a GM vehicle and apply a GM card rebate that you check with GM and see if you've been given a bonus rebate amount, it's possible a mailing may not have gotten to you and if you don't know about it don't count on the dealer to let you know (meaning they may keep the bonus amount themselves).
  • Hello all... I just wanted to share my experience with purchasing a new Silverado. Just purchased Sep. 7.

    I used the GMAC financing in order to get the rebate and the rate that I received was 7.75. The contract does state that "in the event of early payoff, some of the interest may be refunded." I guess I do have a rule of 78 contract. After learning this, I contacted GMAC to find out about refinancing. They have not received my information yet, but I asked if there was any minimum length I was required to keep the contract. The lady told me that there was a six month requirement. I replied that I didn't see it anywhere on the contract and asked her to point it out to me. She then puts me on hold for a couple of minutes. She comes back and says that her supervisor told her that there is no minimum contract length.

    I am happy with my purchase and the dealership, but the GMAC financing seems to be kind of shady. I wish I would have read these boards before signing that financing contract, however I plan on refinancing asap.

    Cost:
    $25477.31 (Stated Invoice) + $300 + $159 DOC Fee + $350 (spray in bedliner) + Tax = Total: $27863 - $5000 rebates - $750 military discount - GM Card Earnings $723 - $1000 bonus earnings (received in the mail) + title, and some other $3 fee = $20410 total financed (no down payment)

    Options:
    2wd ext. cab LS (4.8L), two-tone paint (black and silver), steering wheel mounted radio controls, spray in bedliner, spare tire lock, cd & cass., Fog lights, high capacity air cleaner, 16" aluminum wheels, white letter tires
  • Here's the info - 2004 Silverado 1500 Crew Cab Z71 with MSRP of 36,260 (which includes $915 in options). After negotiating and applying all rebates, the selling price of the truck was 25,819. Add back the cost of tax, tag, doc fee, title, and delivery charge for finding/getting truck from dealer 295 miles away = $27,033 total. I told one of my coworkers about the deal and it made him sick! He told me that he paid $1500 more for a Z71 extended cab(third door) in 2000, and his doesn't even have as many options as mine in the Crew Cab! The dealer found the exact truck I wanted, with nothing more or less, which was real important to me. I'm glad I waited and found this one.
  • Good morning. Last week I purchased a standard 4X4 work truck with the 4.8L and hitch package. MSRP was $24,727 - -I got the $5K rebate + $1K coupon from dealer + $2K on my GM card + $1K coupon I received in mail. Paid $22,900 for the truck with doc fees - $9K rebates,etc. = $13,900 + ttl = $15,200. This was $2K less than my 2000 work truck and that truck was a manual!

    Like WILDMAN above I'm glad I waited - -almost pulled the trigger 3 months ago and then the truck would have been $3K more.
  • You stated that the dealer found your exact truck. You mean color as well as options? What color did you get and could you explain in detail how you got 30% off a new truck. Best I could do was $28,500 on a similar priced Silverado.
  • aug 28 bought dark grey ext cab z71 msrp 34705 5.3 v-8 pwr everything,bucketseats, xm radio,
    onstar,bose system paid 24495 plus got $200 free
    gas doc fee was 299 plus tax and title i was charged no other fees i used gmac financing got 6.99 was told by finance manager i can pay loan off at any time with no penalty also states that in the "fine print" my credit union has 4.0 apr so i plan on making 1 payment then refinancing i bought this truck in portland maine, there is a law i believe in this state, rule of 78 can not be used on any auto loan 60 months less or more
    every state is different easy to find info about your state online oh yeah i love my tuck test drove everything no better value,no first year problems, third chevy truck i have owned every one was basicly trouble free
  • Yes, you can, and I recommend it. I had the same configuration as you on a '96 1500, and went to a higher ratio (lower numerical rating),significantly reducing fuel consumption. You will pay for this in low-end performance, but if you are not requiring this, you will definitely save expensive fuel on the road.
  • Yes - He found exactly what I wanted - Dark Metallic Green Crew Cab Z71 with tubular assist steps, HD towing package, and six way power driver seat. The dealer claimed he was running a local special selling trucks at 500 below invoice (I don't know if this is right, but the bottom line sure sounded good to me). $31,819 minus 4500 for rebate and another 1500 for using gmac financing brought the price to 25819. Add back the taxes, doc, tag, title, out of state deilivery fee, and it goes for $27033 total out the door. I just couldn't turn it down!
  • bwwbbwwb Posts: 1
    chevy and maybe all of GM will be offering 0% for 72 months on all 2004 vehicles PLUS all cash incentives from 9/27-9/30

    it's on pretty good authority. I couldn't believe the incentives part - but my contact stands by it
  • re .-1

    That is not true .. if you take the 0% you DO NOT
    GET THE REBATE AS WELL. One or the other only.

    Go to GM.COM to verify ..

    If that was the case 0% and 5k in rebates .. that would be too good to be true.
  • Last week, before the new 0% financing offer, I purchased a loaded Z71 with a MSRP of 35,500 for $25,700 plus processing fee. This was $1,000 under invoice less $5,000 in incentives. Dealer tried unsuccessfully to add back freight to invoice but it was already in the invoice. Dealer said they could do the deal because this truck entitled them to the 3% holdback. They really pay invoice less 3% less other incentives that we will never figure out. I took a $5,000 GMAC finance (min. allowed) to get the full $5,000 in rebates @ 9.25% for 2 years. I plan to pay off ASAP. Appears to be a simple interest loan. I think the money maker in this loan was the high interest rate. Dealer was loaded with these trucks. Ultimately, supply and demand is the greatest factor in final pricing.
  • 28% off the sticker is about 8% MORE than I've been offered by all dealers that I've contacted in the last month. $28,398 on a $36,750 sticker (which includes the GMAC finance rebate) I find it hard to believe that a dealer would sell these units at such a loss that you referred to. However, GMAC is now the financial "backbone" for GM. Most of it's profits come from their financial arm. And charging 9.25% is the stuff that juice loans are made of.
  • I'm being offered an 04 silverado extended cab w/5.4 V8 LS. MSRPs at 30,600. Selling price is 21,287 after rebates.

    My question is: how long do I have to leave my car financed with GMAC? If their rates are too high, can I refinance through my credit union, and how soon?
  • Just got off the phone w/GMAC. She stated some dealers were giving out incorrect info stating consumers must keep the loan for a certain amount of time.

    There is no minimum time limit.
  • Just purchased a new 2004 Chevy 2500HD Duramax. Extended cab, allison trans, LS package with tonneau cover, under back seat storage locker and bed extender. Sticker was 43,265.00. Received $5003.00 GM Supplier discount, due to working for a global coal mining equipment manufacturer. Since it was a diesel it only had $2500.00 rebate. Dealer took $7503.00 right off the top and then we started trading on the balance. Traded 1999 Z71 extended cab with 108,000 and it brought an even $11,000.00 on trade. After taxes and a small down payment I financed $24,000.00 at 5.15% on 72 months. I thought this was a pretty good deal from Shelor Chevrolet in Christiansburg Virginia.
  • Just bought an 04 Silverado 4x4 Reg Cab Long Bed.

    Equipped with:
    LS Decor, Light Duty Power Pack, Plow Prep Package, 245/75R16 ALS WOL Tires, HD Suspension, 6-Way Power Driver's Seat, OSRV Mirror w/Driver Side Auto Dimming, Pwr Fold, Adj, Heat, Turn Signal, Deep Tinted Glass

    MSRP: $30,308
    Paid: $16,600 (45% off MSRP After Rebates (3500 + 1500 GMAC + 994 GM Card)
    Trade Difference = $3,500 + 03 GMC Sierra W/T w/18K miles, KBB trade value 13,100

    (Bought the 03 Sierra new in 8/03 for $15,132, 35% off $23,265 MSRP after rebate, Olds loyalty & GM card earnings)
  • natitnatit Posts: 5
    bought my 2004 ext cab z-71 last month gmac financing 6.99 refinanced today at 4.25 at my credit union $33 a month savings i asked the loan officer if they are doing a lot of gmac she laughed said she had five today any one thinking of buying take the $1500 and refinance no minimum contract length no penalty also if your looking at a 4x4 you should get NO LESS than $10,000 off sticker never mind what the dealer invoice is
  • 2004 Silverado ext cab. 4x4.
    It has LS Package with single disc and BOSE and bucket seats. Lt duty package and a few other odds and ends.

    Sticker is 35,050. They are discounting it to 30,600. Then 5000 in rebates and its 25,600.

    I am upside down in my trade. Its a 2002 2WD silvarado LS Ext cab with 49000 miles. I owe 20,200 on it and they are offering 13000. So add that back in and we are at 32,800. Still under MSRP.

    Any ideas on getting them lower on new truck or getting more out of the trade?

    The dealership still has 22, 2004 4x4s ext cabs on the lot!!! All simular in price and packages.

    Any help?
  • jhs70jhs70 Posts: 213
    What in the blue blazes are you trying to do to yourself ... get yourself further into a hole that you'll never get out of? Think about it -- you want to take out a loan for 32800 on a vehicle that's worth at best mid to upper 20s right now and sinking fast? You'll never get out of that hole. You don't give all the essentials on the truck you want to buy, but I suggest you take a SERIOUS look at what they're selling for used right now. If you thought being $7000 upside down was rough, you'll be in for a rude awakening.
    Don't do it. Of course, I'm no financial advisor.
  • I hear you!!! Either way I have scewed myself with the damn lease. I will be over miles so bad I will have to buy the truck at the end of the lease. Truck has 48000 miles lease is for 60k and I have a long time to go. The new truck would be a purchase.
  • lee_wlee_w Posts: 239
    Thanks for sharing your experience, but Please be careful with language. We are G rated here.
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