0% Financing??
Thread Starter
Instructor
Joined: Mar 2005
Posts: 103
Likes: 3
From: Grandville MI
0% Financing??
For those of you buying cars with the latest financing offers, are you really getting 0% financing of the purchase price of the car, or are you getting charged finance fees for every $1000 you "finance" up front? Someone shed some light on the fine print with the latest offers. Are some dealer waving the "fee?"
Melting Slicks
Joined: Apr 2005
Posts: 2,817
Likes: 1
From: united states
St. Jude Donor '12, '15
For those of you buying cars with the latest financing offers, are you really getting 0% financing of the purchase price of the car, or are you getting charged finance fees for every $1000 you "finance" up front? Someone shed some light on the fine print with the latest offers. Are some dealer waving the "fee?"
Thread Starter
Instructor
Joined: Mar 2005
Posts: 103
Likes: 3
From: Grandville MI
"Monthly payment is $13.89 for every $1,000 financed. Average example down payment is 6.8%. Some customers will not qualify. Not available with other offers. See dealer for details. Take delivery by 8/19/08."
This is from the Chevy.com website. I don't understand this statement.
This is from the Chevy.com website. I don't understand this statement.
Melting Slicks
Joined: Apr 2005
Posts: 2,817
Likes: 1
From: united states
St. Jude Donor '12, '15
"Monthly payment is $13.89 for every $1,000 financed. Average example down payment is 6.8%. Some customers will not qualify. Not available with other offers. See dealer for details. Take delivery by 8/19/08."
This is from the Chevy.com website. I don't understand this statement.
This is from the Chevy.com website. I don't understand this statement.
Instructor
Joined: Jun 2006
Posts: 102
Likes: 0
From: Lakewood Ca.
"Monthly payment is $13.89 for every $1,000 financed. Average example down payment is 6.8%. Some customers will not qualify. Not available with other offers. See dealer for details. Take delivery by 8/19/08."
This is from the Chevy.com website. I don't understand this statement.
This is from the Chevy.com website. I don't understand this statement.
Andy
Melting Slicks
Joined: Apr 2005
Posts: 2,817
Likes: 1
From: united states
St. Jude Donor '12, '15
If there was only 10 months in a year maybe...48 mos 0% = 208.33 per and 60 mos would be 166.67 on 10,000
Racer
Joined: Mar 2001
Posts: 463
Likes: 5
From: Parkville Missouri
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Racer
Joined: Jul 2008
Posts: 461
Likes: 0
From: Milford MA
I got 0%, didn't put a penney down, even rolled the taxes in. I'm taking the nice chunk of cash I was going to put down and put it in a CD or other investment and make at least 5%. I'm 24 and have a pretty long credit history and great credit score. I also got the car just below invoice and supplier discount. Couldn't have gotten a better deal if I tried between the actual price of the car and 0%.
Race Director
Joined: Apr 2008
Posts: 17,373
Likes: 6
From: Chatsworth California
Let me explain. GMAC would appreciate it if you put some money down as down payment but not necessary depending on your credit back ground. The silly figure of 6.8% equates to the approx amount of tax and tags. Approval is based on a tier system approval and customers that are tier A and B will get bought for 0%. That usually means a beacon score above approx 680, with 850 being the highest beacon score. Does that answer your question?
Team Owner
Joined: Apr 2008
Posts: 22,324
Likes: 1,683
From: South Carolina
I got ZERO...financed everything including tax/tags and zero down for 60 months on a new 07...no gimmicks or ups or nothing...I did change to bank draft after the fact as well....with GMAC
Last edited by hawkgfr; Aug 12, 2008 at 07:39 PM. Reason: mistake on months...
Race Director
Joined: Mar 2001
Posts: 14,768
Likes: 33
From: Out west in the mountains
Probably the dealer is taking a little extra profit knowing that the 0% will clinch the sale.
After the 0% offer ends on the 19th, the discounts might be back.
If GM extends the offer, the dealer might not give a deep discount.
Another day in the car business.
Last edited by RUBYREDVET; Aug 11, 2008 at 09:18 PM. Reason: spelling
Melting Slicks
Joined: Apr 2005
Posts: 2,817
Likes: 1
From: united states
St. Jude Donor '12, '15
It all depends on how good of a negotiator you are vs the dealership that has the Vette you want. The only tie to the 0% incentive is the attractiveness of the rate and the car. The price you pay is dictated by the market and the dealer.
Racer
Joined: Jul 2008
Posts: 461
Likes: 0
From: Milford MA
How the hell did you get 72 months? I would have done that if I could have, I have 48 months.....
Melting Slicks
Joined: Feb 2007
Posts: 3,488
Likes: 0
"Monthly payment is $13.89 for every $1,000 financed. Average example down payment is 6.8%. Some customers will not qualify. Not available with other offers. See dealer for details. Take delivery by 8/19/08."
This is from the Chevy.com website. I don't understand this statement.
This is from the Chevy.com website. I don't understand this statement.