topic Re: 0% Financing? in Auto Loans

0% Financing?

fuzzybean — Thu, 27 Sep 2012 15:43:35 GMT

Do you think we have a chance at 0% financing (regardless of money down)? It would be for a 2012 Ford F-150 crew cab.

Bankruptcy discharged 12/07. No baddies on our CR except the bankruptcy. However, our CCs are fairly new...5 months for hubby, 2 months for me. No trade in. We owe about 9k on another car loan. Have perfect auto loan record. 138k income. Own our house so no mortgage. CC utilization under 1%. Auto enhanced FICO scores were 740s for hubby and 720s for me.

Re: 0% Financing?

chasmith — Thu, 27 Sep 2012 17:39:06 GMT

I just got 0% 66 months on a Fusion Hybrid, my scores are below. I put $1,500 into the deal but had $4,000 negative equity so was "upside down".

What you might want to do (which I did, recommended by Stephen Snyder) was to talk directly with the finance guy first. I specifically told him he wasn't authorized to pull. Told him about my scores, BK, and history (good over 20 years) with Ford Credit. He told me I should qualify, I believe I was considered Tier 2 (not Tier 1) but still got the 0%. If the dealership wants to play financing games, walk out.

Re: 0% Financing?

fuzzybean — Thu, 27 Sep 2012 19:40:23 GMT

chasmith wrote:
I just got 0% 66 months on a Fusion Hybrid, my scores are below. I put $1,500 into the deal but had $4,000 negative equity so was "upside down".

What you might want to do (which I did, recommended by Stephen Snyder) was to talk directly with the finance guy first. I specifically told him he wasn't authorized to pull. Told him about my scores, BK, and history (good over 20 years) with Ford Credit. He told me I should qualify, I believe I was considered Tier 2 (not Tier 1) but still got the 0%. If the dealership wants to play financing games, walk out.

Unfortunately, they did a hard pull already. We were told it wasn't but later that night we got an alert from our credit monitoring letting us know. I was not happy!

Re: 0% Financing?

Shogun — Fri, 28 Sep 2012 00:08:49 GMT

I believe it will be possible. They just don't look at scores, they take into account your income also.

Re: 0% Financing?

fuzzybean — Fri, 28 Sep 2012 00:13:36 GMT

We did it! 0% for 60 months. No $ down (had it but why bother if 0% financing, will go into our house fund)! 3.5k below KBB with taxes, etc. included. Free Scorpion bed liner and all gratuitous advertising removed! I refuse to own a car with the dealership crap all over it! My husband is totally stoked right now!

I think it's time to get myself a new car, too? Right? LOL!

Re: 0% Financing?

Cadillac-XTS — Fri, 28 Sep 2012 01:00:50 GMT

Congrats. What lender did you go through if I may ask?

Re: 0% Financing?

fuzzybean — Fri, 28 Sep 2012 01:13:46 GMT

Credit314 wrote:
Congrats. What lender did you go through if I may ask?

Ford financing.

Re: 0% Financing?

coreyb80 — Fri, 28 Sep 2012 15:27:37 GMT

Congrats on the purchase and the rate.

Re: 0% Financing?

LS2982 — Sun, 30 Sep 2012 15:02:59 GMT

CONGRATS!!!

Enjoy your new ride!!!!