I learnt yesterday that Chrysler Financial, under pressure from Daimler Chrysler, have lowered their criteria for "0 down - 0 interest" - provided you have a FICO of 680, or better with TU, and no previous problems with them, your in! Plus they are giving some pretty good rebates to clear most of the 03 inventory. Neil
The big Chevy dealer here in Central Florida has a 720 Beacon (EQ) requirement. 680 is kinda low for 0%. My credit is questionable and my TU is a 688.
I work for an auto company as a credit analyst. Fico requirments for us for 0% financing when we offer it is 720.
I think Chrysler were 720 earlier this year but definitely aren't now - they accepted my TU on-line which was well under 700 this morning.
I STILL WOULD LIKE TO KNOW IF YOU CAN GET "BONUS" POINTS FOR MONEY DOWN...like you have a F.I.C.O. of 690 and put down $5,000 or $10,000 and you need F.I.C.O. of 720...YOU CAN THEN GET THE 0.00%
I didn't have to put anything down. Actually it was better than that, as my wife's brother works at Daimler Chrysler and we got an empoyee discount of just over $2,100. They financed the MSRP at 0% and gave me a check for the discount.
I want to buy a car at 0% so bad. It would make my father so proud. He always told me "don't spend your own money, when you can spend someone else's" It is why I seeked out this forum. It is currently my Number #1 mission in life. What do they have similar to a Chevy Tahoe?
As far as Toyota goes, it is purely score driven. Income/money down, etc does not affect your Tier Score.
For what's it's worth. There was an article in our local paper that pitted 0% loans against low interest loans, and found in most cases, you wind up paying more for the 0% loan. The reasoning being is that in order for the 0%, most company don't allow you take the corporate refund ($1,000 to $3,000). where as a 3% loan on the purchase of car less the $1,000 - $3,000 actually was a better deal. It seemed the total of the interest was less than the amount of the principal reduction. It was quite an eye-opener. Check out both, don't get blinded with the 0%. GG in NJ
It's often the case. If something seems too good to be true, it probably is. You're using their money for five years for NOTHING??? And they make their money how?? It's the same thing with furniture. No payments, no interest until 2005. The problem is that you pay twice as much for the furniture!
How about this though? Example: Toyota Highlander - 0% for 60 mos OR $1000 factory cash back. --------------------------------------------------------- 0% scenario: $0 down/0% APR/$404 per mo/60 months. --------------------------------------------------------- $1000 Cash scenario: $1000 down/4.9% APR/$438 per mo/60mos --------------------------------------------------------- In this case, which is very common, the 0% is the better option. Taking the cash back will cost you over $2040 in interest charges, over the life of the loan, even if you manage to get the 4.9% Remember, contrary to popular belief, your salesperson gets paid the same, no matter which option you choose, so ask to see both scenarios, and if they won't show, just leave.
I'm trying to get a New Chevy Tahoe. The dealer here has these 2 deals: 0 down 0% for 72 months. 720 Beacon Required. or $2500 cash back. 0% for 72 months on 35k = 35000.00 and 3% for 72 months on 32.5k = 38287.44 Plus the interest you would earn if you kept your 35k in the bank for 72 months. If I spend their 35k for the car, I get to keep my 35k in savings for 6 years, at the same 3% is 6892.51 in interest I make. So I end up only paying 28107.49 for the car when it is all said and done. Unless I am missing something. I just wish I had the 35k to sock away.
You're right. People only look at the cost, not at the savings. It's the same principal as not paying off your mortgage. If you took that money and invested it, you'd make more than you pay. And you get a tax deduction as well. There is a difference between just reducing debt and building wealth. You're looking at the building wealth scenario. Good for you!!
Any time you can borrow money for less than you make, it's a good deal. I have a 3.9% BT for life of transfer. I'll only make minimum payments on it until it's paid off. I can get more than 3.9% on my money, so if I take that extra that I'd pay and invest it, I'll come out ahead in the end (have more wealth). So debt isn't always bad.
