Re: Re: GMAC financing hard to get? 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. NickL =========== How are you coming up with this nonsense? I thought we had you straightened up on the other thread. guess some people never learn! THE END ** *** ** LB 59
Re: Re: GMAC financing hard to get? 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) NickeL ========== Where are you getting this information ? Didn't we just go through this on another thread a while back? Most All Questions Answered HERE! THE END ** *** ** LB 59 Validation Must Reads!!! Originally posted by humblemarc The Validation/Dispute Sequence http://consumers.creditnet.com/stra...n"#post207457 Validation to OC? http://consumers.creditnet.com/stra...n"#post208973 http://consumers.creditnet.com/stra...n"#post155510 A Signed Contract in not enough! http://consumers.creditnet.com/stra...n"#post155510 3 month clean up, How? http://consumers.creditnet.com/stra...n"#post116094 ----------------------------------------------------------- THE END ** *** ** LB 59
NickL, I received a GMAC loan for a 2002 Impala w/2.9% financing with something in the 630's or 640's. I can't remember. I paid $150 above wholesale (not sticker price). I did have to give up the rebate however. But all in all, I think I received a good deal. Sounds like someone has been blowing smoke up your **s. Did they charge you 15.9% on your lease?
Sounds like someone has been blowing smoke up your **s. sirrowan =============== Either that or his resentment has gotten into his attitude. THE END ** *** ** LB 59 Click here: CREDITNET | Straight Talk | Sample Letters http://consumers.creditnet.com/stra...000&sortorder=&sortfield=lastpost&pagenumber= THE END ** *** ** LB 59
Those of us buying and leasing new gmac cars and who are also members of upromise don't forget to register your vin number within 6 months to collect your $150! I got super lucky in February, GMAC was running a special "triple" contribution for a certain period of time and I qualified for a contribution of $450! The salesguy didn't tell me about it, I just found out by browsing the upromise website. I had totally forgotten that gmac gave contributions to upromise. So my kiddos got $450 towards college and I didn't have to go out and buy anything I wouldn't have ordinarily. Luke
We bought a 2001 Saturn SL2 in June 2001 and got financed via GMAC with no hassles and no problems. Even got .9% financing too (doesn't pay to pay it off early!). I walked in, told them what I wanted to pay, what I wanted period and they got it for me. I was shocked to get approved so quickly too being our bankruptcy was still on our reports from 11/91 (it came off in 11/2001). Therefore If I were you I would go to the dealership and tell them what you want, etc.... And BTW: You can get a much better rate then what you would get at the bank! I never thought that I could get less then 1% financing and I did!
Re: Re: GMAC financing hard to get? I went the credit union route as well, approved w/ 10% down-and they allowed me to use the trade in value as 10%. And the beauty to that was, the dealer had already negotiated the cost-so I said "OK, in order to make this happen, I have to get at least X for the trade in." I actually got more than the blue book value/10%. Good luck.
Re: Re: GMAC financing hard to get? We are in the process of negotiating a deal through GMAC right now. Salesman says my scores are all in the 600s. Here is our deal... we are trading in a 2002 GMC Sierra (too much truck now that we don't live on a ranch) for a Chevy Cavalier (a car I've wanted, cute + good gas mileage). They are giving us a 10% rate at $0 down and $3000 cash back. The cash back will eat up most of our upsidedownness in the truck but we will have to pay some of it still in the end. No suprise to us. The nice thing is, is that we are losing our terrible interest rate on the truck and can afford to continue making our truck sized payments on the car, over paying by over $200 a month. Plus if we were to put what we will save monthly in gas and insurance...that should pay the car off much quicker. P.S. GMAC did this even though I had a loan with them years ago that had 5-30 days. And the only reason I got the interest rate I did was because there was a paid charge off and two open collections reporting.
