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Smart Shopper Credit Scores and Vehicle Financing
935 messages, Last post on Jul 28, 2009 at 1:12 PM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Replying to: volvomax (Apr 22, 2009 12:56 pm) I don't think anyone is suggesting that you sell at a (real) loss but are you folks saying that your profit margins were so razor thin in good times that there is simply zero slack in the current market? tidester, host SUVs and Smart Shopper
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Replying to: tidester (Apr 22, 2009 8:32 pm) 
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Replying to: Mr_Shiftright (Apr 23, 2009 7:01 am) Bingo. |
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Replying to: tidester (Apr 22, 2009 8:32 pm) Unless you are selling Porsche's or the like, your profit margin is thin in the best of times. The problem today is all the doom and gloom that the media pumps out have given consumers an unrealistic expectation of the market. Even if you can take $10,000 off a new car(thanks to rebates) a customer walks in and wants ANOTHER $10,000 off. No way to make a deal there. |
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I'm sure that this has always been a problem but how does a salesman determine who can obtain financing nowadays and who won't be able to before you invest 1000 hours in a transaction that's doomed to fail? Or has the situation improved to where it's possible for average Joes like the undersigned to get loans again? I guess, to be precise, what kind of credit score are you going to need to be able to get a $20K loan towards a $30 K car?
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Replying to: lokki (Apr 23, 2009 8:06 am) A lot of folks come in and even ask to get pre approved before hand. This lets us determine if someone is financeable or not. Usually fico scores below 500 are not doable, 500-600 will be subprime with 15-29% apr, and may qualify for a $10-$20k car, and above 600 will be close to prime but still dependent if there's any collections or detrmintal stuff on file or not, and how much debt one carries. At times you can have decent fico scores but carry a ton of debt, so you might not get approved cause your debt service is too high.
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Replying to: boomchek (Apr 23, 2009 9:13 am) And yet these people buy anyway... |
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Replying to: fezo (Apr 23, 2009 11:30 am) There's also those that don't care what their APR is as long as they have a flashy car. And then there are others who wish they could get approved even at 29% apr who had auto repos less than a year before applying with us, and who applied literally everywhere for a loan, and who even have collections for things like $20 bounced checks, payday loan places, telephone and cable bills, etc. They're just really really not very good with their finances in general.
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Replying to: boomchek (Apr 23, 2009 12:21 pm)
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Replying to: Mr_Shiftright (Apr 23, 2009 12:23 pm) |
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