Results of car shopping trip

Discussion in 'Credit Talk' started by martig4, Sep 9, 2002.

  1. martig4

    martig4 Well-Known Member

    My wife and I purchased a Ford Windstar this weekend.

    While shopping around I did manage in most of the dealerships to talk with the finance person since I was also doing some research for Creditnet.

    What I found here in NJ is that a credit score of 650+ will get you a prime rate (5.49% - 60 months - no downpayment) currently for many banks that the auto dealerships use.

    The auto manufacturers vary with their 0% requirements with a score of 640 (Ford/GM) to 720 (Toyota) being required to qualify for 0 down 0% deals.

    I had been approved by Peoplefirst for 5.49% but most dealers discouraged using them.

    For our purchase we had the choice of $3500 rebate or 0%. We took the $3500 and financed at 5.49%.

    The dealers that pulled my Experian report stated my score was over 700 (FAKO score 688).

    I can't post ALL of the information I gathered here in one post. If any of you are car shopping and have specific questions I will be happy to try to answer them.
     
  2. kbanger

    kbanger Well-Known Member

    Martig4,
    Thanks so much for this info. We are trying to get a Chevy Suburban adn our local dealer said we needed a 680 on TU for 0%, I have been working hard to qualify for this. EX is my best report and I will check around to see who pulls that, as I work towards 680 or hopefully less.
     
  3. martig4

    martig4 Well-Known Member

    Kbanger,

    You might try a dealership in a different area from where you live. Here in NJ they all pull Experian.

    If you are interested in traveling to get the car it might be worth it. Also, I do know of a dealer in Minnesota that will sell factory ordered Suburbans for $100 over true factory invoice.

    If I can be of any further assistance let me know.
     
  4. kbanger

    kbanger Well-Known Member

    Please email me as I am in CT, NJ is only 30 mins.
    If it will save thousands, I would get it from the MN dealer and drive it back. I do not mind miles because I always by the extended warranty as high as I can get it. Every car I have ever owned, I have driven it into the ground. Why buy a car and not use it. It depriciates so get all you can out of it.
     
  5. martig4

    martig4 Well-Known Member

    KBanger,

    Did you get my email?

    If not, you can email me privately at mnoraclegy@aol.com
     
  6. KHM

    KHM Well-Known Member

    KBanger-
    When I was car shopping (back in January) I was told the same thing. I had a TU score of 670 something at the time, BUT when the dealership pulled it it was over 700. Car dealers have a different scoring model. Provided you have at least one car loan PIF and no lates on it your score with them should be higher.
     
  7. kbanger

    kbanger Well-Known Member

    I have never had a car loan. I have had the same car for almost ten years, and paid cash for it. It has done me well. Along the years I have picked up other cars, that have done me so-so. I can no longer pay cash and will have to finance. My score with TU was 500 (the FAKO was 448), I am waiting for some deletions that should put me in the 600s (cross your fingers) on TU. I will also have some deletions on EX. I hope that will put me in the 650s. I am really working hard to qualify for the 0%
     
  8. cibomatto

    cibomatto Well-Known Member



    why do they discourage peoplefirst?

    I hope to use elaon for an auto loan once I get my score in a comfortable place.. 650+
     
  9. martig4

    martig4 Well-Known Member

    Its easier for them and they make more $$$ by providing the financing than using a voucher from one of the internet companies.

    But... use the PF rate to tell them just what you will pay. They tried to "upcharge" financing on me, but I told them I wouldn't pay more than the rate I already had approved.
     

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