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jessep28
Posts: 68
Registered: ‎05-09-2008
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GM 0% Financing

[ Edited ]

I'm seriously considering purchasing a new GM vehicle. In terms of 0% financing, what is GMAC looking for in terms of FICO score and down payment to qualify?

 

On the vehicle I am looking at, I can put 20% down, but obviously it makes more sense to have down payment money in a savings account if your being charged 0% on a loan.

 

I have fairly high FICO scores (TU: 767 EQ: 753), so I don't think they are going to be an issue.

 

Thanks,

 

Jesse

Message Edited by jessep28 on 04-24-2009 08:41 AM
TU 767 EX 761
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usmc58555
Posts: 1,673
Registered: ‎02-18-2009
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Re: GM 0% Financing

[ Edited ]

Your best bet would be to talk to a finance manager at a dealership. They would be able to explain better the specifics that would apply to you to the particulars of your transaction.


Not trying to pawn it off, but a car loan is not done by credit score only. Income, free cash per month, job history, history on car loans is all important.

 

In regards to putting less down: not an issue but do remember that may put you in a negative equity situation for the better part of the loan term.

 

Not a down side unless you plan to trade in/sell. And if you do go 0 down long term, get GAP coverage.

Message Edited by usmc58555 on 04-24-2009 09:12 AM
Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
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jahmal
Posts: 181
Registered: ‎08-13-2008
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Re: GM 0% Financing

0% is usually reserved for people with 750+ Fico's. I'm seriously thinking of getting a GM also but the GM I want is three months away from being on sale which is the 2010 Equinox

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moonlitnight
Posts: 208
Registered: ‎04-14-2009
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Re: GM 0% Financing

jahmal

 

Thats the car that I want also.   4 cylinder Equinox LT with a sunroof     *sigh*   What incentives do you think they may have??   The first cars are being sent to the dealers late May.   I have already gotten emails from 2 of them.    I'm waiting until July though unless incentives are right off the bat.   My car is in decent shape, just too small.   My friend works for GM and is getting me a discount code.   Hopefully that will help with the prices.  I'd like to get my loan under 20k (after incentives, discount code, trade in and down payment)


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jahmal
Posts: 181
Registered: ‎08-13-2008
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Re: GM 0% Financing

Well my eyes were on a used 2009 Murano but for $24K for a base with basically NOTHING inside it was a complete turnoff. I saw the new equinox on the net and I like so trying to see if I can get one when it's released if the price is right. They say it retails for 23K to start but if I can get one in black with black leather and a sunroof for under 22K then I'm sold.

 

My car is near her end so hopefully she can last then again I don't want a 20K loan so my have to suck it up and get a used sub 15K suv if something happens between now and then.


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jessep28
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Re: GM 0% Financing

[ Edited ]

I am seriously considering buying a 2009 Chevy Malibu myself.

 

For $23k I can get a Malibu with the 2LT package, V6, fully loaded, chrome wheels, etc. That car is up there in quality with the stripped V6 Nissans which start at $25k.

Message Edited by jessep28 on 04-27-2009 08:05 AM
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moonlitnight
Posts: 208
Registered: ‎04-14-2009
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Re: GM 0% Financing

I initially wanted a Nissan Rogue but I decided the back seat didn't have enough leg room.   It drove REALLY nice.   The other problem I had with Nissan is options.   I want a car with steering wheel audio controls and a sun roof.   That bumps the rogue up to 25k+.  

 

The Equinox 1LT has all of that (4 cylinder, steering wheel audio, sun roof and TONS of back room space) with similar gas mileage (estimated 21/30) for less.   I built mine on Edmunds and it came out to be 24 and change.  I have a friend at GM that is getting me a discount code.  I should be able to get out for 19.5k if they do a 2,000 incentive on the 2010.    *fingers crossed* 

 

I love the prices and options!  A 2008 (new) Rogue which my local dealer still has 8 of in stock with those options is still over 20k! 

 

I have always had GM or Chrysler for my cars... there is a reason.   The price is right and they will run a LONG time with the proper maintenance.  My first Chevy had 150,000 miles on it when i traded it in.


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jahmal
Posts: 181
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Re: GM 0% Financing

Well I saw the rogue and could care less about the back seat as I wont be driving back there so no biggie. I also hate Nissan options also where you must get something else to get the option you want. I did got quote for a 2009 Altima, black with black leather, sunroof, heated seats.. for $22K. I was almost sold until I tried to push in the mirros and notice they don't go in so live in NYC no way I can go without folding mirrors as I've lost many mirrors at night this way.

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moonlitnight
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Re: GM 0% Financing

I have a saturn ion coupe now which I bought when my son just turned 5 and was still in a car seat (he's little and only 59 lbs at 10 1/2 years old)   He has since outgrown the back seat.  His legs are always smooshed and in my back.   So the back seat space is a big consideration for me.   That and I tend to be the designated driver of my friends when we go out since I dont usually drink.   My cousins (male) are about 6 ft 4 or 6 ft 5.  My female cousins are about 5 ft 10 to 6 ft.   I'm the shrimp at 5 ft 9.       Luckily, even though I do park in front of my house, I have never had mirror damage.

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