Is anyone familiar with the new GM Zero to Sixty financing program requirements. 0% for 60Mos. Score, CRA, Down Pymt etc...? I've read that their sales have been sluggish so maybe they'll be a little more lenient. Thanks.
"In order to qualify for this rate, you must have a perfect credit history â?? no history of late payments, defaults, or an excessive amount of outstanding credit." (from one of many articles on the subject). Search using Google using keywords such as: "0% financing" incentive or "0% financing" negotiate You get the picture. Lots of pitfalls and lots of reasons what it may NOT be a good deal, even if your credit DOES qualify you.
I would probably be DENIED then... NEVER LATE NEVER OVER-LIMIT NO COLLECTIONS NO BK 25+ YEARS BUT "EXCESSIVE" AMOUNT OF OUTSTANDING CREDIT AT TIMES...
And of those who DO qualify, plenty forget to negotiate price! They're so excited about the 0%, that they lose their senses and pay thousands more than they would otherwise. But they did get their 0% <g>
Thanks everyone. I was reading this month's Consumer Reports, Annual Car Issue, and there's an article relating to the Mitsubishi 0-0-0. Zero Down, Zero Pymts for a year, Zero Int%. The story told of someone who purchased a Montero using the program and made no pymts for a year. Then on the 13th month she received a bill asking for the pymts. She went to refi and was upside down about 30K! Her vehicle depreciated substantially and now she owed the original purchase price and a year's worth of payments. She stated she just wanted them to repo it. Anyway, it sounds like a lot of people get in trouble with 0% deals on purchases. I've read people getting behind when they go to places like best buy and charge a TV or computer. No payments for a year. Then when the 13th month rolls around they get socked with all the interest because they haven't been making payments. So, they're stuck paying substantially more for a product that is now used.
