General Motors is facing one of the first lawsuits to involve an autonomous vehicle, after a collision between its Cruise self-driving car and a motorbike in California.
Motorcyclist Oscar Nilsson is suing GM stating that the Chevrolet Bolt, which was operating in autonomous mode with a backup driver behind the wheel, “suddenly veered back into Nilsson’s lane, striking Nilsson and knocking him to the ground”.
The accident happened on 7 December in heavy traffic in the Hayes Valley district of San Francisco, with the GM vehicle reportedly travelling at 12mph and the motorcycle 17mph.
General Motors financing offers are sometimes referred to as incentives, or in slang term inducements. They can refer to a wide range of offers and promotions which refer both to the financing of the vehicle, or to the actual cost of the sale or running costs of the car or truck that the customer is buying.
Financing offers can be extremely attractive to a number of customers. General Motors tends to offer a number of fixed incentives to certain categories of customer, such as those who are currently serving or who have served in the military, people who are students etc.
In addition finance your offers can sometimes be portrayed as a rebate on the sale price of the vehicle. This needs to be looked at carefully as anyone buying a new General Motors car truck would expect a fairly sizeable discount on the list price anyway.
GM financing offers can also include certain deals with select insurance companies, who can offer attractive rates to General Motors customers. These deals can be quite good, but as with all insurance and finance related matters it is always a good idea to obtain alternative quotations that can be compared with the one-time offer on a like-for-like basis.
GM Financing Offers
GM financing offers are also often related to customers who pre-apply for a loan or lease agreement. It is often an attractive way of getting customers to sign up for the option of arranging finance, and is sometimes used as a leading either to certain select models which are being priced very competitively, or as a way of offering certain finance deals by way of a zero or low rate of interest or certain benefits on vehicle protection plans.
General Motors will also run a number of incentive schemes throughout the year, that either relate to specific models that they are trying to shift in terms of inventories, or aimed at certain categories of customer who they are trying to attract.
Some of these financing offers will be offered on a national basis, and others will be offered locally through GM dealerships. It is always worth remembering that even if there is no specific financing offer available, there is always the option to negotiate directly with a GM dealership on both the finance aspect of the deal and the sale price of the car or truck involved.
GM financing offers can also be relative to certain times of the year, when selected deals will be offered at time times of the consumer market, or when a boost is needed in terms of sales or associated revenue through servicing and maintenance contracts.
GM loans tends to be a slang expression for what is more formally called dealership financing in respect of General Motors.
Like a lot of manufacturers, General Motors makes finance available to selected customers in order for them to buy a new or used car or truck through the dealership network, and also to arrange the option of leasing a vehicle instead if that is a more attractive option for the customer.
Some people think that if they arrange the finance to General Motors at the same time as buying a car or truck directly they are likely to get more profitable terms regarding the credit finance arrangement.
This is actually unlikely to be true, and it is always a good idea when arranging any type of finance or credit to obtain a quotation from, in this case, GM financial, and then obtain alternative quotations from other lenders such as a bank or a credit union and be willing to compare them on a like-for-like basis.
GM financial will act as the credit arm of General Motors, and will carry out background checks on people applying for credit or loans.
A full credit history will be taken by way of a navigation form which will then be used as basis for determining the individual’s credit score, and GM financial will decide whether or not to lend the individual that money and if so on what terms and conditions.
It is often a good idea to separate out the financing of the vehicle from the sale, even if both are being done with General Motors. It is really a boundary issue.
There is normally, depending upon the individual’s credit score, a fair degree of scope to build negotiate both the finance and the sale of the vehicle. With regard to the finance the vocational areas normally relates to the size of the down payment, the interest rate charged and how long the contract to run for. It is also worth checking what penalty charges if any they may be if the finance arrangement is terminated early.
GM loans are normally secured against the car or truck that the individual is buying from General Motors, meaning that if the individual defaults on the loan cannot get back General Motors will repossess the car or truck and use its value as a way of offsetting or mitigating that exposure in terms of the debt of the individual.
A car loan from General Motors, often referred to as a GM financial auto loan, is essentially a secured personal loan offered to an individual for the purpose of buying a new or used car from General Motors. It can of course also include an auto loan for the purpose of buying a new or used truck.
The term of the loan is fixed at the outset and is normally summer between 12 months and five or six years. The shorter the period of the loan, normally the higher the interest rate, where as a longer period of loan may work out much cheaper for some people.
It is worth considering the length of time period of the auto loan involved, whether from General Motors or another lender. Many people will opt for a long period of time for the loan period as this normally means they will have a lower monthly repayment cost than if they had a short loan period.
GM Financial Auto Loan
Whilst this can sometimes be true, it also means that there is a much greater likelihood that their cart will devalue to such an extent that they are in effect in negative equity. Whilst the term negative equity is not always applied to auto loans, it does exist although obverse is not on the same scale as a sort of when referred to home owner loans.
It is however an important consideration given that if an individual has a GM financial auto loan in place, and the car is written off or totalled in anyway then there is obviously a significant gap between its value in insurance terms, and the amount left outstanding on the auto loan.
This is one of the reasons why it is worth making sure that you have gap insurance in place as this effectively covers the balance between the two. If no such insurances place then the amount outstanding on the loans is deemed to be a debt to General Motors owed by the customer, and as such the customer still liable to pay it off.
Most GM financial auto loans will work on this basis, and have a structure that means you pay a down payment on the vehicle, agree a fixed term loan length period, there will be an interest rate charged on the balance of the loan for the duration of the time period, and this will result in fixed monthly payments by the customer to General Motors.
This is assuming that the interest rate is a fixed rate which is fairly standard for most financial auto loans, and gives a much greater degree of stability to both sides as the amount is fixed for the period of the loan.
Arranging an auto loan with General Motors is a form of what is known as dealership financing, and GM finance rates will apply in the same way as interest rates are structured into a loan agreement by a bank or a credit union, when you’re the sort of financial lending institution.
GM finance rates will vary depending upon the individual applying for a loan and their credit score and credit rating as determined by the information provided on the petition form.
People sometimes assume that GM finance rates are more favourable to the individual if they are buying a car or truck from General Motors at the same time. There is no evidence to support this and it is more likely to be wishful thinking than based in actual fact or experience, although there may be some anecdotal evidence available that does lead to this conclusion.
GM Finance Rates
On the whole, General Motors will treat each customer same as any bank or lending institution would in terms of their assessment of their creditworthiness, and whether or not they want to lend the money and if so on what terms and conditions.
It is not in General Motors interest to lend money or saw a car to an individual who cannot afford to pay it back for a whole variety of fairly obvious reasons.
GM finance rates will be worked out and offered to the individual once they have applied for credit, either through pre-approval or through a GM dealership once the sale of the car or truck has begun.
It is fairly obvious that it is attractive to a number of people to be able to arrange the finance at the same time as buying a new car or truck. However it is worth separating out the two processes and treating them as separate issues, even if they are both being done at the same time.
For this reason, it is always a good idea to get separate quotations from alternative sources of finance and to be able to compare them on a like-for-like basis. This means they should have similar sizes of down payment and similar length of time loan periods.
GM finance rates will apply to personal secured auto loans, but it should be remembered that there is a fair chance these can be negotiated.
People often get drawn into the excitement of buying a new car and your sight of the fact actually any central savings they might make on the sale price of the vehicle can easily be lost in excess charges that they pay through not properly negotiating the finance side of the arrangement. Both areas of the transaction can be treated as being open to negotiation and should be able to offer some degree of benefit to the consumer.
Arranging a loan with GM financial inevitably involves a fair degree of paperwork, if not literally, and a sense of losing some degree of advice and guidance both throughout the process and afterwards.
GM financial has a strong reputation for its customer service arm which can do much good work in both these areas. Most people assume that the customer service arm of any dealership only comes into play once the sale or lease agreement has been agreed, and deals with feeding problems regarding payments or warranty issues
In fact a good customer service agent will do much more than that and be able to provide a degree of useful advice during the process as well.
GM Financial Customer Service
When deciding on what type of auto loan the individual requires, there are a number of factors to take into account. First and foremost is the sale price of the vehicle and how much they are going to end up paying for it, in terms of its list price and how much of a discount they can expect to be offered by the dealership. There will also be additional costs to be.
In terms of vehicle service contracts, servicing and maintenance plans, extended warranties and roadside assistance and emergency transportation plans. It is also worth remembering that insurance costs can be substantial on any vehicle, and it is a good idea to have some idea what these are likely to be prior to buying or leasing the GM car or truck.
GM financial customer service agents will have, or should have, a significant amount of experience in all of these areas and are a resource that although not always commonly thought of, should be used and can be used prior to the sale or lease agreement finalised.
Of course they are also there to deal with any teething problems once the loan or lease agreement has been finalised, but often they can provide insights into areas of the auto loan process that can prevent problems in the first base.
GM Financial is the finance arm of General Motor.
It provides finance for customers who want to buy or lease a new car or truck.
There are three or four main things to think about:
Whether to buy or lease
If buying, new or second hand
How to check your credit score
How to improve your credit score
How to get the best deal on price and finance
Many customers like the idea of being able to buy or lease a vehicle from GM
General Motors has a wide range of cars and trucks that it sells, ranging from Chevrolet to Buick to GMC to Cadillac.
It is a really good idea to decide how much you can afford to borrow before becoming too committed to a particular car.
Knowing how much you can afford allows you to decide which car to go for, and whether or not to buy a new or used car, or to lease one instead.
1.GM Financial Costs – Sales and Leasing
Whether buying or leasing it is always important to separate out the process of negotiating the final sale or lease price from the finance of it. Both need to be thought of separately, even if the final financing package is done with GM financial as well as buying or leasing the car.
The cost of buying the car can vary considerably, and a number of factors need to be taken into account. Firstly is the list price of the vehicle, and it is common to expect a significant discount on this.
However the deal may well add on other charges, such as a local national sales tax, some type of registration or title fee and what are known as document fees. All these additional charges can vary widely and should be identified and itemised at the beginning of the sales process.
In addition there are usually numerous add-ons available which may or may not be of use to the customer. What really matters is that the list price is negotiated a delay before visiting the showroom, apart from a test drive, and the customer is clear about what they need in addition to the basic specifications and what they do not need.
There are essentially two routes to finance, one known as direct lending and the other known as dealership finance, in this case gm financial.
Direct lending is borrowing the money from a typical financial institution such as a bank or a credit union, where dealership finance involves arranging the credit through the manufacturers dealership, in this case General Motors.
Both are similar in terms of application processes and credit rating analysis. Whilst there are differences between leasing and buying a vehicle, the credit application process is pretty much the same.
Dealership finance is where you approach GM financial either to finance the buying of a vehicle from them, or to arrange the finance of a leasing agreement. The application process for both is pretty much the same.
It can either be done online, or when visiting a GM dealership. There are advantages to do it online first, in that if pre-approval is given it gives you a good idea of how much you can afford to borrow and what is likely to cost to repay it.
In any event, it is a good idea to get alternative quotes from other sources such as a bank or a credit union in order to compare them with any offer from GM. It is not necessary to get a huge number of alternative quotations, three or four should give you a fairly good indication of what you are likely to be charged and by whom.
The dealership finance arrangement with General Motors will involve an application form, and a credit assessment by them which will then determine whether or not they often finance, and if so on what terms and conditions.
3.GM Financial – Leasing
Leasing a vehicle from General Motors is something that appeals to a lot of people, often because it gives them the opportunity to effectively owning a new car when they would not otherwise be able to afford it. In reality they do not own it, simply rent it on a long-term basis.
Thinking of it as a long-term rental is a good idea, but there are important differences. A leasing agreement will be for a fixed period of time, often between 24 and 60 months, there will be a fixed repayment charge on a monthly basis and there are likely to be costs involved at the end of the lease period.
The costs at the end of the lease on normally referred to as lease and costs, and relate to charges for any excessive wear and tear to the interior of the vehicle as well as the outside of the vehicle, and any repairs to the bodywork of the car or truck that may be needed.
Excessive wear and tear is deemed to mean any deterioration in the quality of the vehicle that is excessive compared to what would be expected given the age and condition of the car. The way these charges are worked out should be specified and identified at the outset and detailed in the lease agreement itself.
The customer will normally be given the option of having to work prepared by themselves first, or leaving the car at it is and letting GM doing the work, but charging the customer instead.
At the end of the lease the customer will normally be given the option of buying the car outright if they wish, or if not arranging a lease on another vehicle on favourable terms and conditions if the original lease has gone as it should according to contract.
One of the important aspects of all auto finance deals relates to vehicle protection. This is because it affects both the usage of the car, but also because it can represent a significant hidden financial cost to the customer.
General Motors will have a number of vehicle service contracts available, depending upon the sale or lease of the vehicle, its age and condition.
There will also be servicing and maintenance contracts, possibly a manufacturer’s warranty, possibly a dealership warranty and possibly an extended warranty as well. The option of some type of emergency roadside assistance may be available, often as an optional extra.
This is sometimes included in an auto insurance policy so it is worth checking that you are not duplicating additional cover that you will be expected to pay for.
5.GM Financial Account – Finance Tools
Opening an online account with General Motors will be done in the event that you pre-apply for credit, and is worth having even if you do not. It gives you the option of a number of finance tools and other useful information, both before any finance arrangement is agreed, and after a sale or lease agreement has been entered into.
GM or have an online calculator which allows you to work out what you can afford to borrow and how much it will cost to repay it. This can be very useful, but really depends upon the customer’s unwillingness to be really clear with insoles about their own budgetary restraints.
It is very tempting to minimise current outgoings and maximise current incomings in order to maximise how much you can borrow for getting nicer car.
This temptation should be resisted. In addition it should be possible to download a number of manuals relating to the vehicle you have bought or leased, and other technical information if needed as well.
In addition an online account can be used to deal with any payments may be made, and also to do or process with any problems may arise either rent payments having missed all competitions regarding repayment terms and conditions.
6.GM Financial Incentives / Loyalty Offers
General Motors will offer a number of incentives and loyalty offers to potential customers in a variety of different ways, in order to maximise sales. There are normally standard rebates to people who are active have been active in the military, and to college graduates or people still in college.
In addition, General Motors are likely to offer some type of discount by way of a rebate, either on the list price or on some type of servicing and maintenance contract. Certain deals on specific models will be advertised at different times of year, often as a way of shifting inventory.
There may also be specific finance deals, either on specific models or can certain times of year that will be available to people with a very good credit score.
Loyalty offers may also be made available to customers who are looking to either you a lease, or tradingin a car previously bought with General Motors in order to buy a new one, whether arranged with gm financial or not. All these incentives and loyalty offers do constantly change, some are available nationally and some will be dealer specific.
Understanding your credit rating is really important as it determines whether GM financial or any other institution will be willing to lend you money, and if so how much and on what terms and conditions.
Your credit rating is effectively your credit score, which is a number allocated to a range of different numbers as a way of showing what the credit rating agency deems your creditworthiness to be.
This credit score is based on a credit report which is a document detailing a huge amount of both personal and financial information about you. Depending upon where you live, you should have access to a copy of your credit report for free at least once a year, possibly more.
This is well worth accessing as you can then check the information that is contained within the credit report and if any of it is inaccurate or out of date you can ask for it to be changed.
Certain elements of the report that can have a major effect also have a limited time span and it is worth checking these to make sure they have not exceeded the length of time they are able to be included in the report and thereby affect your credit score significantly.
Most people know about the need for some type of auto insurance on their vehicle, and the costs normally associated with it. In addition, depending upon the type of agreement that you have with General Motors, and whether it is a sale or a lease agreement, GM may well require additional insurance protection be taken out against vehicle.
It is worth hearing this with the dealership prior to entering into any financial contract as the costs could well affect much you are willing to pay for the vehicle. In addition that is the question of gap insurance which may or may not be included as part of any package deal of extras that the dealership is willing to offer you.
Gap insurance Is designed to cover the difference between the final price that you pay on the car or truck, and its insurance value in the event of a total loss or a write-off. In such an event, its insurance value would be based upon an insurance companies assessment of its market value, which is likely to be significantly less and the final sale price of the vehicle.
This type of insurance policy is designed to cover the difference between the two, it would otherwise be left as an unsecured debt to be paid off by the customer.
The need for the best possible finance deals relating to commercial finance is a concept well understood both by businesses and by General Motors. Depending upon the nature of the business in terms of fleet and trucking operations, there can be significant sums of money involved.
The process of arranging finance with gm financialfor a commercial operation in some ways similar to that as affects a private individual, but honestly were certain differences. The business owner as it advantage of buying or leasing in bulk, and should be able to negotiate significant discounts based on the cars trucks themselves, and also to negotiate valuable terms of any financing.
The other thing to be aware of is that there are likely to be significantly increased cheques on the credit rating of the person applying for credit, and possibly to other individuals connected to the business and possibly family members as well.
This can sometimes be a bit time-consuming, and may even seem intrusive. Other than that same principles apply to an individual’s credit score credit rating should apply.
10.GM Financial and Refinance
Refinancing a car loan arranged with GM financial can be done pretty much at any time during the loan period, and is often done many different reasons. People should not be afraid to look to refinance early on in the loan, if they think they can arrange more favourable terms and conditions.
Depending upon how the loan is structured, most of the repayment costs in the early part of the loan will be virtually all interest, and as such refinancing might well make a significant cost reduction possible.
People refinance normally either to reduce the amount of monthly repayment costs, or often to get a better deal on an interest rate, either because interest rates have changed or their own personal circumstances have that allow them to negotiate a better deal.
11.GM Vehicles – How to get best Finance Deals – TBA
GM : CHEVROLET SPARK
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