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Questions About Financing New Vehicles

2253 messages,  Last post on Nov 18, 2009 at 12:07 PM

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What is this discussion about? Car Financing

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#41 of 2253 Mazda financing by Car_man HOST May 25, 1998 (5:10 pm)
Unfortunately, Stewart, the dealer is right. Mazda will not allow dealers to combine their cash rebate and special financing programs. You have to choose either the $1,000 or the 2.9% financing. You will end up saving more money in the long run if you go with the special financing program.
#42 of 2253 gregsintx by gregsintx May 26, 1998 (4:06 pm)
I also used PeopleFirst (www.peoplefirst.com) for financing my new Dodge Ram truck, and it was a great experience. I received a "blank" check from them for up to $25,000 that I just filled out at the dealership. Unlike CarFinance.com, the PeopleFirst check required no additional faxes or income verification. The dealership had no problem with it at all, and with a rate of 7.25%, they couldn't beat it. The folks are PeopleFirst are very responsive and friendly - definitely a good loan experience.
#43 of 2253 Gregsintx by shawkins May 27, 1998 (5:36 am)
Gregsintx, I ditto everthing right to the letter!! They'll definitely get my recommendation to relatives and friends, as well as a shot at any future car purchases. Scott
#44 of 2253 art by artem May 28, 1998 (4:15 am)
I've got a new job, so I plan to move into new apartments and buy a new car -. The question is that: When is the best time to get financing? 1) before taking a new job - It means (+) I would have lower income, however (- )they would figure out I'd had a job for a while. 2) after getting a new job - (+) higher income (-) not enough time on the job I'm puzzled. Art
#45 of 2253 Car_man by Car_man HOST May 28, 1998 (11:48 pm)
Art, personally I think that it probably is better for you to apply for financing once you have started your new job. Your higher income will probably more than outweigh the fact that you have not been at your new job for a long period of time.
#46 of 2253 How much is too much? by rushforth Jun 03, 1998 (12:47 am)
I recently purchased a (new)1997 Chevy Tracker for my wife (great deal btw, under $10k after rebate). The only problem we had was when it came to the financing. I am also leasing a second car (Corolla), which I intend to return at lease end in Aug98. I have the usual credit cards etc and my credit is excellent. When I asked the dealership about leasing the tracker, they told me that GMAC would not approve a lease unless I turned in my other car now. Obviously I did not want to do that because we wanted two cars, but the finance manager told me I could not have two cars on a lease because I was maxed out according to GMAC. They actually got us the finance through Ford Motor Credit who must have less strict criteria. My concern now is that I want to lease another GM car after I return the Corolla, but I expect to run into the same problems and have finance it with a conventional loan (possibly at a higher rate). I have been reducing my monthly outgoings by paying off my credit cards and cancelling anything that I don't really need, so come Aug/Sep my loan to income ratio will be better. I also expect a pay raise and a bonus in Aug which should help too. My question is how much IS TOO MUCH? Is there an average formula that finance companies work from, or even better does anyone have a contact at GMAC that could tell me what their criteria is. Many thanks.
#47 of 2253 Car_man by Car_man HOST Jun 03, 1998 (11:55 pm)
I think that every finance company has different guidelines as to who they accept and who they reject. It sounds as though you are on the right track. My suggestion is to pay off as much debt as you can before applying for GMAC credit again. The fact that you will be getting a raise will definitely help your situation. If for some reason GMAC still rejects you when you try to lease a GM vehicle in August, you still have other options. There are many other reputable finance companies that offer leases on vehicles such as World Omni and Chase. These companies often have cheaper leases than the manufacturer's captive finance arm like GMAC. One of these companies may accept you even if GMAC doesn't. Good luck.
#48 of 2253 what's the interest? by sharyn Jun 04, 1998 (5:50 am)
Hi. I'm a new college grad looking to buy a new car this summer. Probably a Honda Civic. What's the interest rate I can expect? Are there special rates for new college grads? I start working in Sept. Would that make it harder to get financing?
#49 of 2253 Honda Grad Program by Car_man HOST Jun 05, 1998 (1:55 am)
I don't believe that Honda has any special finance rates or cash bonuses for recent college graduates. However, I have heard that they give special consideration to recent grads when they apply for financing. Honda's standard finance rates are nothing special and you could probably beat them by going to a bank. However, if you purchase before the end of the month Honda is offering a special low interest rate on Civics.
#50 of 2253 thiulede by thiulede Jun 05, 1998 (7:05 pm)
Here a scenario for you: I'm in Texas and looking to purchase a 98 Exepedition. There is a dealer in Oklahoma that will order one from the factory for me for $99 below invoice. I either have to pick it up from them myself or they will drop ship it to a Texas dealer for $500. It appears to be a legitimate deal. I have seen numerous posts on several internet sites saying that people have actually done this and that is worked very well. The issue is the lease financing. They say that they normally only do purchase loans for out-of-state customers. Not leasing. So, I need to find my own lease financing. Any recommendations?

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