04-24-2009 08:40 AM - edited 04-24-2009 08:41 AM
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.
04-24-2009 09:06 AM - edited 04-24-2009 09:12 AM
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.
04-25-2009 11:21 PM
04-26-2009 06:28 PM
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)
04-26-2009 11:11 PM
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.
04-27-2009 08:03 AM - edited 04-27-2009 08:05 AM
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.
04-27-2009 08:31 AM
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.
04-27-2009 04:15 PM
04-27-2009 04:57 PM
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