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Can 590 get you a new car?

FMC
Frequent Contributor

Re: Can 590 get you a new car?


@dunn2500 wrote:

@Gladius wrote:

@SH21 wrote:

Back when my scores were high 500's (2015) I got a brand new Ford with 0% for 72 mo.  I put $2000 down, but also carried in $1,800 negative equity on my trade plus tax, title, license.


Not trying to be an arse, but I find this hard to believe.


very hard........i had 625 with perfect payment history and they would only do 13%


LTV matters a lot with lower credit scores. 

Message 31 of 39
user365735
Established Member

Re: Can 590 get you a new car?

Ok so I picked up the car...I'm not entirely sure what happened but when we were doing the paperwork work my monthly payment was maybe $30 lower. When we got to the apr it was 8.9 and not 10.7 like they originally said.

 

Did someone make a mistake? Or did they just inflate the numbers to make sure I could really afford it?? I dunno I'm not complaining! They originally said it was 12% but then said they called in a favor and got it to 10.7. I call bs it was approved at 8.9 the entire time which is what ford advertises. 

Message 32 of 39
OmarGB9
Community Leader
Super Contributor

Re: Can 590 get you a new car?


@user365735 wrote:

Ok so I picked up the car...I'm not entirely sure what happened but when we were doing the paperwork work my monthly payment was maybe $30 lower. When we got to the apr it was 8.9 and not 10.7 like they originally said.

 

Did someone make a mistake? Or did they just inflate the numbers to make sure I could really afford it?? I dunno I'm not complaining! They originally said it was 12% but then said they called in a favor and got it to 10.7. I call bs it was approved at 8.9 the entire time which is what ford advertises. 


10.7 could've been inflated for their benefit.


Last App: 04/05/2021
Penfed Signature Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 33 of 39
Loquat
Moderator

Re: Can 590 get you a new car?

@user365735  Congrats on your new ride!  Work on increasing those scores so you can refi at a much better rate after you get a little history and payments behind you. 

Message 34 of 39
daveg38
Established Contributor

Re: Can 590 get you a new car?


@user365735 wrote:

I call bs it was approved at 8.9 the entire time which is what ford advertises. 


I had a 584 score and not even Westlake would touch me under 17% with perfect auto payment history with VW Financial (2 accounts). COs are aging, and I do have more good accounts reporting than bad.

 

Capital One was at 16.3%.

 

Both rates above factored in putting $2500 down on a $17,500 used car purchase.

 

Nobody would give me new car financing.

Ch7 Discharge: 5/14/2016 | Amex HH $1000 (AU), Mission Lane $750, Williams-Sonoma $500, Credit One $400, Express $250
Message 35 of 39
SH21
Contributor

Re: Can 590 get you a new car?


@Gladius wrote:

@SH21 wrote:

Back when my scores were high 500's (2015) I got a brand new Ford with 0% for 72 mo.  I put $2000 down, but also carried in $1,800 negative equity on my trade plus tax, title, license.


Not trying to be an arse, but I find this hard to believe.


It's true. Then 3 yrs later with scores in mid 600's I got a new Jeep Compass @ 2.9% for 72mo.  

Message 36 of 39
SH21
Contributor

Re: Can 590 get you a new car?


@dunn2500 wrote:

@Gladius wrote:

@SH21 wrote:

Back when my scores were high 500's (2015) I got a brand new Ford with 0% for 72 mo.  I put $2000 down, but also carried in $1,800 negative equity on my trade plus tax, title, license.


Not trying to be an arse, but I find this hard to believe.


very hard........i had 625 with perfect payment history and they would only do 13%


It helps when the FI person has a good relationship with the Ford loan rep. Smiley Wink

Message 37 of 39
Gladius
Frequent Contributor

Re: Can 590 get you a new car?


@SH21 wrote:

@dunn2500 wrote:

@Gladius wrote:

@SH21 wrote:

Back when my scores were high 500's (2015) I got a brand new Ford with 0% for 72 mo.  I put $2000 down, but also carried in $1,800 negative equity on my trade plus tax, title, license.


Not trying to be an arse, but I find this hard to believe.


very hard........i had 625 with perfect payment history and they would only do 13%


It helps when the FI person has a good relationship with the Ford loan rep. Smiley Wink


So the 0% was based off of a "hook-up" not necessarily your credit profile?

Message 38 of 39
Loquat
Moderator

Re: Can 590 get you a new car?

OP hasn't returned to the thread in almost a week. In efforts to keep this one from going off the tracks, going to lock the thread. OP, reach out to myself or any Mod if you'd like to share any additional info.
Message 39 of 39
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