Frequent Contributor
fuzzybean
Posts: 309
Registered: ‎04-04-2012
0% Financing?
[ Edited ]

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.

 

Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010
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
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Frequent Contributor
fuzzybean
Posts: 309
Registered: ‎04-04-2012
Re: 0% Financing?
[ Edited ]

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!

 

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
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+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
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Frequent Contributor
fuzzybean
Posts: 309
Registered: ‎04-04-2012
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!

Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012
Re: 0% Financing?

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

Frequent Contributor
fuzzybean
Posts: 309
Registered: ‎04-04-2012
Re: 0% Financing?

Credit314 wrote:

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


Ford financing.

 

Regular Contributor
coreyb80
Posts: 107
Registered: ‎07-26-2012
Re: 0% Financing?

Congrats on the purchase and the rate.

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
Re: 0% Financing?
CONGRATS!!!

Enjoy your new ride!!!!



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014