Don't qualify for 0%, but do for 2%?

[GriffJ]

I'm in the final stages of buying a ZL1 and I think there are trying to do something shady. My credit is not perfect, but is ~685. They are saying I don't qualify for the 0% interest incentive but do qualify for a 2% incentive. I've seen nothing about a 2% incentive anywhere. Do you think they are trying to hit me with two points to pad their profit? The 2% would also disqualify me from the 2k rebate the same as the 0%.

[notmidlife]

Yes, they did that to a friend of mine a few years ago. When he said that we was walking away they "rechecked" the numbers and decided he qualified for the 0% after all.

[Camero5]

Originally Posted by GriffJ

I'm in the final stages of buying a ZL1 and I think there are trying to do something shady. My credit is not perfect, but is ~685. They are saying I don't qualify for the 0% interest incentive but do qualify for a 2% incentive. I've seen nothing about a 2% incentive anywhere. Do you think they are trying to hit me with two points to pad their profit? The 2% would also disqualify me from the 2k rebate the same as the 0%.

Its hard to say, but I would haggle with finance and let them know that you are serious to walk out with the Zl1 if you get the 0% & 2k rebate. I don't want to say they are being shady but knowing dealers, they tend to play a lot of games especially when its in their best interests.

Here is what happened to me
On the last day of the month about a year ago, I decided to look at a 2SS (Originally had a 2LT) and I just happen to run into the finance director and he told me he would give me whatever I requested as they were desperate to meet their numbers he said. I crunched the numbers and told him I wanted XXX payments and 3.9% APR (Lowest rate for the SS at the time with GMAC) and he said done. I was like, don't need to look at my credit score? He said he works with the banks daily and could get whatever he wanted. Ended up walking out with the SS that day with the terms I requested.

After that transaction, I knew they had a little more control with the banks than the lead you to think.

Fast forward to last month, upgraded to a used 2013 ZL1. Dealer told me 4.9%, knowing what happened last time, I walked into my local CU and applied for their special rate which was 1.89% and qualified. I walked into the dealer and gave them the paper work and told them to cut a PO to my CU. They made a call to the same bank they got me 4.9% and came back with a rate lower than 1.89% within 10 minutes.. Amazing right.... It sucks though you have to play these games to get the best deal.

In your case though, if I were not in a hurry and the dealer wont budge, I would walk into another dealer and let them know you want the 0% and incentive for the Zl1. If they happen to see you applied else where, just let them know you weren't satisfied with their service and leave it at that. See what happens.

Hope it works out for you.

[BlueAc]

Originally Posted by Camero5

Its hard to say, but I would haggle with finance and let them know that you are serious to walk out with the Zl1 if you get the 0% & 2k rebate. I don't want to say they are being shady but knowing dealers, they tend to play a lot of games especially when its in their best interests.

Here is what happened to me
On the last day of the month about a year ago, I decided to look at a 2SS (Originally had a 2LT) and I just happen to run into the finance director and he told me he would give me whatever I requested as they were desperate to meet their numbers he said. I crunched the numbers and told him I wanted XXX payments and 3.9% APR (Lowest rate for the SS at the time with GMAC) and he said done. I was like, don't need to look at my credit score? He said he works with the banks daily and could get whatever he wanted. Ended up walking out with the SS that day with the terms I requested.

After that transaction, I knew they had a little more control with the banks than the lead you to think.

Fast forward to last month, upgraded to a used 2013 ZL1. Dealer told me 4.9%, knowing what happened last time, I walked into my local CU and applied for their special rate which was 1.89% and qualified. I walked into the dealer and gave them the paper work and told them to cut a PO to my CU. They made a call to the same bank they got me 4.9% and came back with a rate lower than 1.89% within 10 minutes.. Amazing right.... It sucks though you have to play these games to get the best deal.

In your case though, if I were not in a hurry and the dealer wont budge, I would walk into another dealer and let them know you want the 0% and incentive for the Zl1. If they happen to see you applied else where, just let them know you weren't satisfied with their service and leave it at that. See what happens.

Hope it works out for you.

You can get the 0% and 2k rebate together? Thought it was one or the other.


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[ZYBORG]

The whole 2% deal does sound a little shaddy to me. I would try somewhere else. And you are correct, its either the 0% or the 2k bonus. 0% is better if you plan on keeping the car long term but 2k might he better if you can get a low apr somewhere else and plan on trading the car in within the first 2 years.

[millatime84]

That how the credit manager makes extra money by getting you to sign a higher% then a lender is willing to go.

[oldfriend]

Originally Posted by GriffJ

I'm in the final stages of buying a ZL1 and I think there are trying to do something shady. My credit is not perfect, but is ~685. They are saying I don't qualify for the 0% interest incentive but do qualify for a 2% incentive. I've seen nothing about a 2% incentive anywhere. Do you think they are trying to hit me with two points to pad their profit? The 2% would also disqualify me from the 2k rebate the same as the 0%.

The reason they are trying to do that is , they have some bank that got a loan for you at 2% , they will get some $$$$s from that bank , that's all there is to it
Try redo those numbers with that dealer , and if he insists on his first numbers , just tell him you are going to find someone that will make it works

[nxttruck2002]

Originally Posted by millatime84

That how the credit manager makes extra money by getting you to sign a higher% then a lender is willing to go.

What if you refi after 3 months? How did he make any money form very little interest?

[stoopid]

Fwiw, 685 isn't that great a score. Depending on the credit agency, mine is a tad higher and wouldn't qualify for the 0% either. Maybe you have a higher income and that's a determining factor. (?)

[Jason@JacFab]

I don't know if this is 100% true, but a friend of mine worked at the local Cadillac dealer for several years. He told me that to qualify for 0% you had to have a credit score of 700 or higher.

It's always a good idea to check with your local credit union.

[trm2]

He probably isn't BSing you, but that doesn't mean you should give up.

http://www.autobytel.com/car-financi...credit-100498/

[1110110]

You can ask for any rate you want. Ask for a dealer discount off of MSRP, + 2K + get the 1K private offer + 1.9% then come in and throw a trade on top of that if you have one and save some money on sales tax to boot. Don't be afraid to walk away and think it over. They'll still sell you one tomorrow, no matter what they say.

[PinLover]

Not sure why you can't qualify for 0% with a 685 score, although there are many different "credit scores". You have your FICO score when you buy a house, an auto loan score, and probably a number of other ways they look at your score depending on the loan you're getting.

With that said, back in April 2014, I purchased two 2013 Camaros - one on 4/6, and one 3 weeks later. My score was around 590 and my wife's is 605 (and no job at the time). I was able to get 0% on both from two different dealers. The payment on my 2LT/RS is $370/month (financed ~26K) through GM Financial. The payment on my wife's 2LS is $271/month (financed ~18K) through Ally Auto (GM subsidiary?). I really have no other bills other than rent, electric, insurance, internet, etc so my debt/income ratio was pretty low. Maybe that had something to do with it as well? When we got the second Camaro, the first already showed up on our credit, and didn't stop us from getting another auto loan!

And it is $2,000 OR 0%. The 0% is through some form of GM financing. Be sure to check out all offers available as well, what you can qualify for or use, etc. I could have saved another $1,250 off my 2LT if I knew about USAA and the GM Card Earnings Rebate with VQ35DE!

[GriffJ]

Originally Posted by PinLover

Not sure why you can't qualify for 0% with a 685 score, although there are many different "credit scores". You have your FICO score when you buy a house, an auto loan score, and probably a number of other ways they look at your score depending on the loan you're getting.
With that said, back in April 2014, I purchased two 2013 Camaros - one on 4/6, and one 3 weeks later. My score was around 590 and my wife's is 605 (and no job at the time). I was able to get 0% on both from two different dealers.

I pulled my report and it said 68x. I told this to them and they said they use a different 'score'. That score was 40 points lower. If it weights car loans then i probably know why. I was late a couple times in the 2007 year during my divorce. Totally my fault but I have three other loans since 2000 that had perfect payment history. Other than my mortgage I have zero debt and my income would put that payment at less than 15% of my net. My wife also makes the same amount but she will not be on the loan.

It also turns out they didn't even send in the app to the 0% company because they score 'was too low to qualify'. That is odd since is higher than what you are saying you had when you qualified for 0%.

I was willing to accept the 2% but the dealer ****ed around until I had left for vacation to get something done and I wasn't going to drive 5 hours one way on my vacation to buy a car. The day after the 0% expired they came back with 5.9% and I told them to go away.