12-15-2010, 06:38 PM
Lots of news on the lease options for the Volt. How about financing a purchase? Any news on what the dealers are offering on interest rates on a Volt purchase. Lot's of low interest rate loans out there for other cars. If the dealer doesn't have a good rate, I will get a loan from my credit union. Would be nice to know so I can start working on that.
12-15-2010, 06:54 PM
Have not heard of %'s but we did see this a short while ago.
Finance Alternatives through Ally
Ally is providing 3 finance alternatives to assist dealers/customers when a customer purchases a Volt:
• Option 1: “$7,500 Single Payment Program” which allows you to get the benefit of the tax credit at the time of purchase with a 0% interest loan.
• Option 2: “Spike Payment Program” which allows you to get the benefit of the tax credit at the time of purchase while offering equal monthly payments with an increased payment of up to $7,500 (due in June of the year following purchase) with no deviation in the payment schedule.
• Option 3: “Equal Monthly Payment Program” which offers equal monthly payments at standard rates up to 72 months.
12-15-2010, 07:10 PM
I have used Capital One in the past. They offer kind of a cool program. You apply in advance for a maximum amount. They'll finance up to $40K so you'll have to put some money down if you're buying a Volt.
Capital One then sends you a blank check usable for any amount up to the amount you applied for. The dealer name isn't even needed ahead of time so you can use it when shopping. If you choose to use it, you fill out the dealer name and amount and sign the check, hand it to the dealer on the spot. Done. Do check that your dealer is on their dealer list, but I think all of the major brand dealers are.
Your payments are based on the amount for which you write the check and the APR (based on loan term). Currently 2.99% for up to 36 months, 3.39% for 48 or 60 months, 3.99% for 72 months. Checks are valid for up to 45 days from when they send it. If you choose not to use it, just shred the check or tear it up, no cost or obligation to you at all. Payment calculator on their web site or use any interest calculator.
Those interest rates are based on automatic ACH withdrawal. If you want to mail in checks, it's an additional 0.5% APR for the privilege. No pre-payment penalty. I have no affiliation with them other than as a satisfied customer.