You Can Delay The First Payment On A New Chevrolet EV By Up To 4 Months, But There’s A Catch

Watch out for that interest rate. It might just turn a seemingly good deal into a long-term financial nightmare.

2024 Chevrolet Equinox EV

Iulian Dnistran

By: Iulian Dnistran

May 31, 2024 at 11:00am ET

Add InsideEVs as a preferred source in Google

Comment

General Motors wants to sell as many new electric vehicles as possible–that’s how businesses work, you know. As part of its renewed Ultium push, the American automaker is offering more and more financing and leasing options, and this latest one is aimed at people who are looking to get a new EV but maybe can’t afford it at the beginning.

According to an official bulletin sent to dealers and seen by Cars Direct, Chevrolet is offering buyers the option to defer the first month’s payment by up to 120 days–that’s almost four months–when financing a brand-new EV. However, the devil is in the details, so make sure you read the small print twice before you make a decision.

Get Fully Charged

More finacing options don't always mean better deals

Chevrolet is offering a new financing deal for its EVs where the buyer can defer the first payment by up to 120 days. But with a big interest rate, the initial joy of not having to worry about payments might turn into a stressful six-year loan.

The problem lies with the annual percentage rate, which is offered at a “promo rate” of 5.99% for 72 months on the 2024 Chevrolet Equinox EV and 7.79% on the larger Blazer EV. Furthermore, GM Financial allows its dealers to hike these rates by an additional 1.5 percentage points, leading to an APR of 9.29% in the case of the electric Blazer.

More EV Deals

You Can Lease A Jeep Wrangler 4xe For Under $300 A Month

This Amazing Ford F-150 Lightning Lease Deal Can Get You Up To $15,250 Off

The Hyundai Ioniq 6 Trim You Actually Want Is Just $272 A Month Right Now

Turned Off By Tesla? Consider A Nissan Ariya Or Toyota BZ4X

As Cars Direct points out, that’s an awful deal for someone who’s taking a six-year loan on a car that costs $50,000, as it would result in over $15,400 paid extra in interest alone, even without factoring in taxes and fees.

What do you think?

View

Comments

At the same time, the first Blazer EV and Equinox EV units aren’t eligible for the $7,500 tax credit when purchasing, but later models are. To add to the confusion, GM is offering a $7,500 Ultium Promise Bonus Cash incentive for EVs that don’t get the federal tax credit, so make sure you ask the dealer what’s the incentive situation for the specific car you’re trying to buy.

If you don’t want to defer the first payment, Chevrolet has better financing options with an APR as low as 3.9% for a 60-month loan on the all-electric Equinox. Keep in mind, however, that the 120-day deferring offer isn’t available for loans with an interest rate lower than 5.99%.

Get the best news, reviews, columns, and more delivered straight to your inbox.

back

Subscribe For more info, read our Privacy Policy & Terms of Use.

We want your opinion!

What would you like to see on Insideevs.com?

Take our 3 minute survey.

- The InsideEVs team

Share this Story

GO TO COMMENTS

(

)

Got a tip for us? Email: tips@insideevs.com

View all comments ( )

Trending

Lucid's $50,000 Tesla Model Y Rival Is Getting Closer To Production. Here's The Latest

Tesla Is Squeezing More Money Out Of The Cybertruck Before It Dies

This BMW i3 Drove 3,658 Miles. It Needed Less Than 3 Hours Of Charging

Rivian's New Robots Will Initially Handle 20% Of Factory Tasks. The Goal Is 80%, CEO Says