GM Money Back Guarantee Comes with $500 Rebate Choice
The company was hoping that returns would be few, and thus their sales would increase.
But now a growing number of consumers are willing to forego the trial period altogether for a more attractive option: a $500 cash rebate.
Under its "May the Best Car Win" challenge, GM is offering buyers the $500 rebate if they choose not to take part in the 60-day guarantee program.
But dealers are downplaying the rebate feature in their ads, placing more emphasis instead on the trial period - so that consumers gain an impression of confidence in their vehicles.
For most consumers, the $500 rebate simply makes more sense - especially since the money back guarantee comes with a set of limitations.
For example, the car can only be returned if it has less than 4,000 miles and no more than $200 in damage. Buyers don't get a refund for everything, either. Payments for insurance, registration, or financing are irredeemable.
Since only about 2% of buyers are expected to return the vehicles, our recommendation is to take the $500 rebate in lieu of the money back guarantee.
My Recommendation for Car ShoppersTrueCar No-Haggle, CarsDirect, and NADAGuides are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid