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Discussion Starter #1
Hello Guys and Girls:

So my volt has arrived via train and I should be taking delivery next week. I have financing lined up at my bank (Chase) but I'm always open to other options.

The dealer sent me an application via email and seems they use Ally as a financer. I've heard the terrible stories when it comes to dealing with leases through them, but this is an outright purchase.

Wanted to see if anyone had some thoughts they'd like to share about Ally in terms of financing/buying? I'd probably be doing a 72 month term, but making double payments for the first year or two. (I like the flexibility down the line)

Currently chase has offered me 2.99% (financing 27K) and I have to admit I was a bit diappointed because I have damn near perfect credit. They advertise 2.25 on their website... needless to say I didn't feel like a valued customer. The other issue is Chase doesn't seem to understand loan recalculation, I told them after a year or two of making doulbe payments I'd want to have the loan recalculated *NOT refinanced* so monthly balance due would drop dramatically taking into account all the extra principal paid. They didn't seem to understand this at all.

Sadly for outright buying - there doesn't seem to be any dealer or GM incentives when it comes to financing through the dealer.

Any and all input is appreciated!
 

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Hello Not sure how some fellows here got just about 2% or even less. I have 2.3% from B of A that the dealer found. After we showed them the rate offer from USAA the dealer beat it by a bit with B of A. I also have Chase for the home loan and checking as the web site for billing is OK.
I have a good credit card from B of A, SO maybe that helped.
Ally is probally lending out all the money they got from people at car turn in. In any case lending money is not the same. There is not alot they can do if payments are all made. I think.
 

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My experience with Ally is that they are less than great. I wouldn't count on them doing any recalculations either. As for the APR, if your credit is that good then my guess is the dealer is padding it to make some extra profit. If your bank is offering a better APR then go with them. Or, try and leverage it with the dealer to make them get you a better rate than your bank.
 

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For a loan, I don't think it really matters who you go with....go with the one that offers the cheapest rate. Just stay away from a lender called "Crazy Joe's Honest Car Loans and More!". :)
 

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I got the 0% /72 month with them and haven't had any problems... I have autopay setup from my back account so maybe that is why it is so seamless. I was hoping that dragging out the payments would have been better but with inflation so low it hasn't been much of a difference.
 

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Other than the tax credit any leasing incentives will also show up as sales incentives. They're pretty much the same thing. If you're buying things are simple -- go with the lowest rate. I would definitely explore financing offered by Ally. I'd also look at a local credit union.
 

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We're 3 years in on our 0% 48 month Volt loan with Ally and everything has been perfect.

We have also used Ally as our primary bank for many years and have been very happy with their customer service, great rates and features. Honestly, it has been the best bank I've ever used.

I would use them again for a loan.
 

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I had a bad experience with Ally when was leasing my first 2012 Volt. Bad part was that you return your lease and your car seats on the dealer parking lot. In my case almost 3 weeks, until they send the inspector from Ally and without you being there he does the report and adds there everything possible and impossible. In my case it was a two year lease and the car was as clean as new, I even had brand new carpets back as I used a personal rubber year round ones during the lease time. Also I had almost 10,000 of non used miles as it was a 15,000 per year allowance. Inspector still managed to add almost a $1,000 in damages. Calling Ally lead to nothing, they were rude and threatened me with collection. I opened a case with Consumer Financial Protection Bureau, attached pictures of the car from the day it was returned and the charges were quickly dismissed by Ally.. Right now I have purchased and financed my 2015 Volt. It is 72 month 0% financing with GM Financial through Ally. So far everything is perfect. Just go with a good bank who is willing to give the lowest %. From my experience Chase is good but not the lowest one, usually credit unions are willing to give better deals.
 

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I got the 0% /72 month with them and haven't had any problems... I have autopay setup from my back account so maybe that is why it is so seamless. I was hoping that dragging out the payments would have been better but with inflation so low it hasn't been much of a difference.
Wow 0% for 72 months would be absolute perfect. I doubt they would be offering that for the Volt though since they don't seem to have any problems moving them.
 

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0% is never really 0%. This is just a sales incentive which is built into the price of the car. After you have the final price of the car, then just choose the best rate among the reputable banks.

For the double payments, you can just place the extra funds in a savings account and make a balloon payment at the end, or draw down gradually, effectively "lowering" your monthly payment.
 

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Hello... Also had a simliar/ neg experience with turning the car in with ALLY. But it was only for $260 not $1000. Also went to consumer protection and held back my last two months of payments. They finally backed down on the 200$ micro-mysterious scratch. But I comprimsed on 60$ to do that. I know the scratch was not there, when turned into the dealer.

But i would still take the 0% interest in any case. I think they may only do that on new 2015 my 2015 was technically used that I financed. They can not say there is a scratch on your monthy payment checks. Better not give them any ideas.


I had a bad experience with Ally when was leasing my first 2012 Volt. Bad part was that you return your lease and your car seats on the dealer parking lot. In my case almost 3 weeks, until they send the inspector from Ally and without you being there he does the report and adds there everything possible and impossible.
Inspector still managed to add almost a $1,000 in damages. Calling Ally lead to nothing, they were rude and threatened me with collection. I opened a case with Consumer Financial Protection Bureau, attached pictures of the car from the day it was returned and the charges were quickly dismissed by Ally.. Right now I have purchased and financed my 2015 Volt. It is 72 month 0% financing with GM Financial through Ally. So far everything is perfect. Just go with a good bank who is willing to give the lowest %. From my experience Chase is good but not the lowest one, usually credit unions are willing to give better deals.
 

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Discussion Starter #12
Yeah I just got the credit report information back that chase pulls (they automatically give you a copy) My reported score is 811... with a history over the past 15 or so years.

Since I'm not leasing with Ally -- if they can offer anything better than chase I'll probably go with them. After my very poor experience on the phone calling chase (per their secure email request) I'm not pleased at all with them. Wasted my time in the actual branch and their online application system is quite broken in a few parts (doesn't matter if you use Chrome/Firefox/IE)

I've never actually had a zero percent loan, so it would be a first for me. I'm used to paying off things ASAP just because I hate debt. I like the idea of paying it like normal and setting aside extra payments for a balloon payment towards the end to get out of it 2 years early. :)
 
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