I was thinking about trying to buy a Saturn. Should I bother with applying online through GMAC, or should I just go to the dealer and do it all? I really hate getting turned down in person. my CU will finance me at 8.75%, but they want more money down that what I have to give.
2 years ago I HAD to purchase a truck for biz reasons. Since I had not yet any relationships with a bank, I had to finance through someone, like GMAC. I live in IL. I found a truck I liked in IN. My score was 580. Not great, but I was willing to pay the interest until I could get back on my feet scorewise. I was turned down. GMAC, Nuvell (who finances almost anyone, and one bank the dealership finances with often. Watch that one also. The finance dept at the dealership will just run your credit wide open until someone approves you. They flat out told me no. NOT ONE OFFER. I had money to put down, 32,000 truck, I would put down up to 6,000. I walked away. I found another truck at a dealership in IL. I told them I couldn't obtain financing with the IN dealership, even through Nuvell. The finance guy laughed at me. I was financed through GMAC, 4000 down and 7.75%. Go figure that one out. No co-signer, the same truck, the same deal. The finance guy tells me that IL GMAC is easier than IN GMAC? Is there a difference. I still have the 6 inquires on my credit reports from the IN dealership to prove it.
I got a GMAC lease this past February with a EQ of 547 (that's who they pulled, one inquiry only). They were advertising a "credit rebuilding event" in the paper when I went to the local dealership to apply. Luke
I just got financed in April with GMAC. They pulled EQ and my score was a measley 540. I had a lease running out so I had to take what I could get for interest. I am financed at 19%. UGH! But I did it thru the dealer and it was easy. I was in and out in about 2 hours from test drive to drive home. I'd say they are pretty easy if you're not too worried about a great rate. BTW, I did put down 2K with no trade in. Good luck!
they approved me for 0% interest for 60 months with $500.00 down no trade-in, for up to 25k is TTL included in that? I dont want to pay ttl out of pocket ..im poor this week
Congratulations on getting approved. The dealer will swear you have to pay TT & L , tell him you were approved just like that 500 max 25, and thats what you are willing to pay them are you will walk to another dealership. It usually works.
the salesman said TTL is included in the financing, so I don't have to worry about it. they didnt have the car I wanted , so I ordered it..will take like 4 weeks for it to be made :/ my eq score is 662 atm, exp (fako) is 629, TU is 573.. I have a utility charge-off on all 3 reports. on TU I have a few recent medical collections, or at least they appear on my report as recent. I show a pull from GMAC financing on all 3 reports. On EQ I show an additional pull from the dealer itself. will 'bumpage' that off shortly.
{{{I got a GMAC lease this past February with a EQ of 547 (that's who they pulled, one inquiry only). They were advertising a "credit rebuilding event" in the paper when I went to the local dealership to apply. }} You folks are living in dream land if you think that you will be approved for prime rate financing today (when auto sales are at record levels) with a FICO score of anything less than 650, or any negatives on your credit report. The 'lowest interest rates' in a generation only apply to those with FICO scores of 680 and above. You need at least a 750 FICO to be approved for 0% financing, not 640 (which is tier III), but 750. Of course, if your score is between 580 & 625, you can always be approved for a 15.9% used auto loan (this is considered 'tier IV'), but you must put down at least 10%, and the total price will be above the kelley blue quote. Financing thru a credit union is hard & not practical or realistic because many times you must meet specific criteria to join the credit union, and most times the dealers won't even accept financing from a credit union for any advertised price (you must pay full MSRP, or fully kelly blue book value)
{{{{I got a GMAC lease this past February with a EQ of 547 (that's who they pulled, one inquiry only). They were advertising a "credit rebuilding event" in the paper when I went to the local dealership to apply. }}} Usually these special "Events" are nothing more than bait and switch tactics in order for the dealers to move out the least desirable used cars (those with the 'unreported minor accidents'). Run the other way when faced with these ads & events, never believe that you will get any type of deal.
Where the heck do you get your info from? Thats crazy. I have walked in with check in hand from a credit union and gotten waaaaay less than the sticker price. I tell them that I am ready to buy, if they want my business, I have a check in hand. I ask to see the dealer invoice and tell them I will pay $50 over that. I will be going to all the dealerships in town until I find one that will sell me the vehicle I want.
Nick, That may be the case for some dealers, but I got into a brand new chevy venture with 8 miles on it. I didn't have a choice about going somewhere else. I needed a minivan asap and other dealerships had denied me. I don't think they bait and switched me. I called the financing manager he told me on the phone what I would qualify for and I went in to pick up the van. I just posted to say that GMAC gave me a chance when other dealerships (even the one who's lease was currently expiring) wouldn't. Luke
Jlynn, What does "TT&L" mean and what does "500 max 25" mean? Thanks... Nick, It's time for you to stop. What you think you know about auto financing is NOT what is happening in reality to people on this board. It's quite boring to read your posts telling people what they can't get, when they are obviously getting it. Simply, it makes you look fairly idiotic.
Re: Re: GMAC financing hard to get? TT&L = Tax, Title and License max 25,=he was approved for 25000 loan, with $500 down.
Congratulations on the new vehicle! I just purchased a 2002 Chevy Trailblazer through GMAC. My scores are in the 620 range and I have a discharged Chap 13 from 2002 also. I shopped for my car on the internet and found it to be an easy and hassle free way to buy. I phoned the dealership which was about 150 miles away. I told the salesman about my credit situation and made it clear that I would not accept anything less than 7 percent financing.In a couple of hours he phoned me back and I had been approved at 5.9 for 60 months. Two days later the salesman drove into my driveway with my SUV and I am in love(with the vehicle*LOL*) I have purchased 2 other vehicles through GMAC and one through Ford Credit.
Re: Re: GMAC financing hard to get? Nick, It's time for you to stop. What you think you know about auto financing is NOT what is happening in reality to people on this board. It's quite boring to read your posts telling people what they can't get, when they are obviously getting it. Simply, it makes you look fairly idiotic. marci __________ I think someone twisted his twinke. THE END ** *** ** LB 59
Re: Re: GMAC financing hard to get? Niki, thats not true. pure scoring as far as pulling your FICO doesnt mean too much in the car world. most places have their own scoring model, then on top of that they have financing folks in-house to give thumbs-up or down on the buyer. If they want to sell a car bad enough, they will get you what you want. It just might take alot of searching. In my case, this was the first 'dealer' I tried, because I wanted this specific vehicle. I think in this case as well, it might GMAC's scoring model, whatever that may be...it is obviously not the same as the FICO you'd get from EQ, otherwise I'd have a high interest rate. However, I should also mention that my CU was offering me a 8.75 (or 8.25%, it was 8. something) interest rate, if I put 10% down and paid TT&L. That isnt a bad deal either, in my opinion...as normally I would not want to put less than 10% down anyway. In Texas, you can join any CU as long as you live or work in the county which it is located. (or at least in North Texas) I had to open a savings account with $100.00 to join my CU (actually my 2 CU's...I went CU crazy recently) I've not placed any money in there since. CU = Credit Union
