what is a "well qualified buyer" for automobile special financing 0% etc.

[maiden_girl]

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@Anonymous wrote:

In 2010, my wife and I were 3 years past bk, had a 700 FICO score and low utilization on 3 unsecured  credit cards.  We had financed our previous vehicle with Honda Finance and did not declare it in the bk but they were aware of it.

Our income was (and remains) 'fixed' based on SS (retirement for me, disability for her) plus a 18k annual disabily pension for her.  We own our home and, in 2010, had a few store accounts open with low balances as well as a $5,000. credit limit on a Dell acct. opened in late 2008.

We financed a new (2010) Civic with only the equity in our trade-in (approximately $2,500) as a dp and received the 1.9% 'special' financing rate (on a 60-month loan).

This was our 3rd car loan with Honda Finance so that was probably a factor.  I plan to purchase a 2013 Honda and expect to receive the 1.9% financing again on the basis of a perfect payment record with them and approximately $4,000. equity in my current Honda which will be my DP.  

In brief, Honda Finance has been good to us and yes, there is life after BK.

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Usually if you are post BK and a company is aware of it but you haven't done anything to jeopardize your relationship with them...they will usually stay with you. This is true for most companies.

[Anonymous]

The same with Honda's subdivision, Acura Financial. Last month I was approved with them for a lease with a 724 score. They told me the cutoff for tier 1 is 720 and that that was the score required for the advertised special that quoted, "for well qualified lessees".

[Anonymous]

I should add that Honda/Acura is very forgiving. I surrendered a 2003 Accord after reaffirming it after filing Ch 7 bankruptcy. After being approved through Acura Financial last month, I received a letter in the mail saying, "Welcome back to our family". So they still had my surrender paperwork almost 10 years later from Honda Financial.

[rjbales]

Hello, 

I have a very low score of 570. I just financed a brand new truck with not a dime out of my pocket, low payments at 72 monthes at an unbeleivable fixed APR of 1.9%. I asked the dealer how was they was able to pull it off with my credit score being sooo low. They replied by saying it was based on rebates they were offering combined with meeting the banks requirements (Ally Bank). The truck was not cheap either. It was the fully loaded Chevy Silverado LT costing $36, 900.00.   

[azguy13]

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@rjbales wrote:

Hello, 

I have a very low score of 570. I just financed a brand new truck with not a dime out of my pocket, low payments at 72 monthes at an unbeleivable fixed APR of 1.9%. I asked the dealer how was they was able to pull it off with my credit score being sooo low. They replied by saying it was based on rebates they were offering combined with meeting the banks requirements (Ally Bank). The truck was not cheap either. It was the fully loaded Chevy Silverado LT costing $36, 900.00.   

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Congrats! Thats amazing

[Ditovera]

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@Anonymous wrote:

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@blackarsenic wrote:

In all honesty, well qualified is another way to say "not all buyers will qualify"   They cannot quantify it simply with a score since there are many other factors that are considered. Ihave seen 580s get a 0% rate due to how the deal was constructed.

Impossible

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Possible: Recovering from a BK, but had re-established, had an existing relationship with FMC with no blemishes, was a Ford Employee, put 3K down, and was a vehicle that Ford wanted to get off the lots.

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POSSIBLE!!

I had an (auto) FICO score of 635!... traded in my car for $11500 and got 0% financing for 60 months on a $28,500 prius for a total finaced amount of $17,000 through toyota financial services. But i walked in with a preapproval from usaa with 2.49% apr and told the dealer only way id finance was if i got 0% 

[Anonymous]

As a follow-up to my previous post (12/12) - we bought a 2013 Honda Civic in March, 2013 with the 1.9% 'preferred' interest rate.  My FICO score was 762. My wife's was 720.  I traded my 2010 and my equity was $3,200. which served as my DP (no cash down). I'm sure over 8 years of perfect payment history with Honda Finance was a factor as well as the (then) six-year time period past our 2007 BK.  Our credit is well on the way to being solidly rebuilt and I'm sure when the BK drops off (in 2017) we'll be into the low 800 range.  

[14IS4]

It's definitely possible to get 0% financing with any credit score. The dealer will take the money off the trade or put into the financed amount hidden in fees or whatever else they want to. I've seen plenty of deals were people in the 400's that had 0% interest. The dealer will say we need $4000 down to get 0% and that money will be used to pay the difference you would have paid in the interest rate they were going to give you.

[Anonymous]

Applied to Acura finance for 36 month lease advertised by acura national ad on tv. They pulled transunion auto score 4 which mine was 696 and was approved for " well qualified" In Pennsylvania.

Fico TU 745 EX 773 EQ 765

[Anonymous]

Any experience with "well qualified" for borrower with 2 auto loans on record and 1 30-day late car payment 48+ months ago? Fico8 scores in 760s.