Thread: Ge Money Car Credit Application

First of all this is my first post so Hi everyone

I went to a car dealership to buy a car and the dealer applied for finance through from GE Money.

I'm not quite sure if I'm already in a contract with them as the dealer did the application on the phone and after I got accepted, he got me to sign the application form. I'm assuming this is not a contract as when I asked for a copy he said the contract will be ready on Monday and asked me to fax through the paper copy of my drivers licence to them today.


What I need to know is 'Has anyone had any experience with paying off a GE Money car loan early and what were the penalties?'

The car dealer said it's a flexible loan and I'll be able to pay it off whenever I want without any penalties but I am not willing to take his word for it because he promised me an interest rate of 8% and I saw on the acceptance form that the APR was 15%.

I know when the receive the contract on Monday it will probably state the cancellation terms but I want to know if I should arrange other methods of finance before I go in on Monday.

I will rather get a loan through my bank or even use my credit cards because I can pay that off when I'm comfortable to do so. Ideally I would want to clear the loan in January.

Any advice?

Thanks in advance.

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Originally Posted by itwinkle

I want without any penalties but I am not willing to take his word for it because he promised me an interest rate of 8% and I saw on the acceptance form that the APR was 15%.

Sounds like he gave you what he promised. 15% APR will work out to be an interest rate of approx 8% (flat rate - which is what he would have been referring to when he promised it)

nothing stopping getting another loan, he has only arranged an offer its up to you to accept when you sign forms and return. GE are a reputable loan firm and you can pay off at any time, altough the earlier you pay off the more interest you will pay as with any loan. You would get a discount on the total amount of the repayment. If you have a good credit rating you may get better than 15% apr.