got rid of 2 dead weights that l don't enjoy driving any more so they went to 2 good homes where they will be fed played with and loved . Bye Bye C6 and C4 and thanks for the cash. As an investment they were not pulling their weight .
2020 C8 Financing Question
- Thread starter Magneeeto
- Start date
Very rarely is a car an investment. Yes, some are, if they are unique, and only after several decades.
I beg to differ, having been in the business for 30 years I know different. Reserves are paid by finance sources, yes. They vary depending on many factors including rate, amount financed and the bank. Example, the 0% you see offered by many captive manufacturers source pays zero to the dealer. It is a very competitive market, shop the finance rate just like you would the price of the car. Currently banks are offering 3.99 to 5.99%. if you get the lowest rate (shop around) the dealer will make 1% , 50,000.00 vehicle = 500.00 reserve for the dealer.
When you say currently and mention 3.99 to 5.99... does that apply to GM and the C8 as well? I'm hearing the lowest available is 5.99%. and how can we shop around when it's delivered directly to the dealer?
Dealerships have several finance sources available. Rate is somewhat dependent on your credit and your negotiating skills. If you aren't happy with their rate, go to your bank. Make and model of the car is irrelevant to the bank although if you ordered the car without getting a quote on the finance rate they have a bit of a captive customer if you choose to use them for financing.
Not much to add here. But just fully in support of using a HELOC as the cheapest probable funding option. Anything else will be standard lending rates. lots of banks are aggressive on home equity loans.
Doesn't that say interest is calculated daily on the unpaid balance? In that case, the cost of borrowing section would indicate the total cost of borrowing if the payment schedule is followed until the end. Maybe more to it, but that's how I read the above.
There are a few scenarios you could do, some mentioned above :
1. Home Equity Line of Credit. Currently, Canada is 2.45% plus 1/2 to 1%. Much better than 5.99% from GM or any other bank
2. Standard car lone,but as just mentioned, 5.99%
3. If you have a business, you could run the car through that and save the HST, and have the vehicle be a 100% taxible benefit to the corporation,
which also means you save on interest charges etc....... capital expense. (keep mileage reports for vehicle allowance reporting to CRA)
Just my thoghts.
1. Home Equity Line of Credit. Currently, Canada is 2.45% plus 1/2 to 1%. Much better than 5.99% from GM or any other bank
2. Standard car lone,but as just mentioned, 5.99%
3. If you have a business, you could run the car through that and save the HST, and have the vehicle be a 100% taxible benefit to the corporation,
which also means you save on interest charges etc....... capital expense. (keep mileage reports for vehicle allowance reporting to CRA)
Just my thoghts.
Not true , any current owner of a delivered C8 could sell it immediately for a profit doesn't even matter the spec
l just wonder if we all got together would it be a love fest or a slug fest
It depends if the "Pinata Celebration" gets outta hand or not....
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