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0% Financing?

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fuzzybean
Frequent Contributor

0% Financing?

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.

 

Message 1 of 9
8 REPLIES 8
chasmith
Valued Contributor

Re: 0% Financing?

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.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Message 2 of 9
fuzzybean
Frequent Contributor

Re: 0% Financing?


@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!

 

Message 3 of 9
Shogun
Moderator Emeritus

Re: 0% Financing?

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

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 9
fuzzybean
Frequent Contributor

Re: 0% Financing?

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!

Message 5 of 9
Cadillac-XTS
Established Contributor

Re: 0% Financing?

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

Message 6 of 9
fuzzybean
Frequent Contributor

Re: 0% Financing?


@Credit314 wrote:

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


Ford financing.

 

Message 7 of 9
coreyb80
Super Contributor

Re: 0% Financing?

Congrats on the purchase and the rate.

Message 8 of 9
LS2982
Mega Contributor

Re: 0% Financing?

CONGRATS!!!

Enjoy your new ride!!!!



EQ FICO 548 3/3/16
Message 9 of 9
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