GM Throws Cash at Card Holders
Published: January 14th, 2009
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One of our Best and Brightest has received a bit of mail recently… “My GM Card has collected $777 towards a new GM of my choice. They sent me a snail mail volunteering to up it to $2000, no questions asked. And here’s the kicker: “Valid in conjunction with all other rebates and offers.” (I’d scan and email it to you, but my scanner has taken a dump.) Sweet, but I wish they go ahead and knock 75% off the price of a new truck, as opposed to this 50% bullshit. Then, I’d place it under ‘definite maybe, but forget about it because the economy sucks’ status.”
More by Robert Farago
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The person who bought the Cobalt at a amazing price had better keep some of the saved "Cash" to pay for maintenance that is not covered by the warranty! Most of these Cards including one I have used for Airline trips are really not good after one has to pay for all the extras, like extra handling fees, Taxes etc. The Card looks good at first glance but there is always the bottom line, buyer beware eh?
The classic GM mastercard introduced circa 1992 was a great deal. You earned a straight 5% on all purchases up to a $500 annual ceiling, able to be accumulated over 7 years. That means you could walk into a dealer after seven years, work your absolute best possible deal, including all rebates, and then when discussing payment use your accumulated credits to pay down $3500 on any GM car (excluding Saturn at that time). Ford came out with the same thing shortly after. The deal was apparently too good, because Ford cancelled enrollment for any new cardholders after about only a year. Likewise for GM. After a few years the terms changed; new cardholders could only accumulate a lesser amount at a lesser rate, and there was a maximum amount per model type that you could redeem- say $1000 max ever for a cobalt transaction. GM grandfathered in the original cardholders, so some still use that great deal. That amount was also applicable to a GMAC Smartlease... so if say your lease payment over 3 years would have totaled $15,000, you could apply your $3500 card credit immediately. No strings, no hidden charges.
"The person who bought the Cobalt at a amazing price had better keep some of the saved “Cash” to pay for maintenance that is not covered by the warranty!" What in the world do maintenance costs have to do with anything? The Cobalt has a very low maintenance schedule compared to most others as a matter of fact. Warranty is also one of the best. ?????