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.