Tried to buy a ZR1
02-02-2018, 06:02 PM
#1
Racer
Thread Starter
Tried to buy a ZR1
My credit score is 701, was going to put 15% down, car came to $145K with all the options I wanted. The dealership, who I bought my last car from, a 2017 Grandsport, said no can do. On this car, a ZR1, they told me the banks want at least $50K down to finance a purchase. They said they could almost guarantee I'd be turned down. I went home rejected.
The last car I bought was $82K and I put ZERO money down and they couldn't approve me fast enough. The dealer told me that once a car goes over $100K the banks usually want a 30% down payment. Wow! What a wake up call and disappointing day. Well, at least I had the motivation.
The last car I bought was $82K and I put ZERO money down and they couldn't approve me fast enough. The dealer told me that once a car goes over $100K the banks usually want a 30% down payment. Wow! What a wake up call and disappointing day. Well, at least I had the motivation.
Popular Reply
02-02-2018, 06:48 PM
Safety Car
On the dealership’s side, you were wanting to buy a $145,000 car, with just around $22,000 down, on a car that will be worth once you drive it ten feet, roughly $120K.
02-02-2018, 06:32 PM
#3
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Have you checked with your own bank/credit union? Or another Stealership?
02-02-2018, 06:40 PM
#4
Racer
Thread Starter
02-02-2018, 06:48 PM
#5
Safety Car
On the dealership’s side, you were wanting to buy a $145,000 car, with just around $22,000 down, on a car that will be worth once you drive it ten feet, roughly $120K.
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02-02-2018, 07:35 PM
#6
I’ve had auto loans from Desert Schools FCU and NuVision (Boeing) CU. Their loan criteria did not change with auto loans over $100k.
I also agree with the other statements made; with a 15% deposit, you will be upside down day one. But that’s true for almost all cars.
02-02-2018, 07:38 PM
#7
02-02-2018, 08:07 PM
#8
The entire benefit of enough income and well built credit is to enjoy the freedoms of not having to put a down payment on a depreciating accet or any potential accet. Every car bought without down payment, the bank incurs a collateral value loss at a percentage relative to the value and immediate depreciation...
without going on, find a more motivated dealer/bank network.
Thats a bummer
without going on, find a more motivated dealer/bank network.
Thats a bummer
Last edited by Apex ZR1; 02-02-2018 at 08:08 PM.
02-02-2018, 08:07 PM
#9
Racer
Thread Starter
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02-02-2018, 10:23 PM
#11
Drifting
Perhaps the dealer was just not interested in selling at MSRP. Alternatively, it’s possible that your financial situation may require a significant down payment. 701 credit score by itself is no indication of loan approval/amount.
02-02-2018, 10:36 PM
#12
Has GM even released the financing programs for the ZR1 yet?
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DebRedZR1 (02-03-2018)
02-02-2018, 11:34 PM
#14
Team Owner
02-02-2018, 11:35 PM
#15
Melting Slicks
My credit score is 815 out of 850 and I would not even consider financing a car as expensive as a ZR1. If you can't write the full check, you may be trying to play in the wrong league.
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ZERRY 316 (02-05-2018)
02-02-2018, 11:37 PM
#16
Team Owner
My credit score is 701, was going to put 15% down, car came to $145K with all the options I wanted. The dealership, who I bought my last car from, a 2017 Grandsport, said no can do. On this car, a ZR1, they told me the banks want at least $50K down to finance a purchase. They said they could almost guarantee I'd be turned down. I went home rejected.
The last car I bought was $82K and I put ZERO money down and they couldn't approve me fast enough. The dealer told me that once a car goes over $100K the banks usually want a 30% down payment. Wow! What a wake up call and disappointing day. Well, at least I had the motivation.
The last car I bought was $82K and I put ZERO money down and they couldn't approve me fast enough. The dealer told me that once a car goes over $100K the banks usually want a 30% down payment. Wow! What a wake up call and disappointing day. Well, at least I had the motivation.
02-02-2018, 11:40 PM
#17
Team Owner
My credit score is 701, was going to put 15% down, car came to $145K with all the options I wanted. The dealership, who I bought my last car from, a 2017 Grandsport, said no can do. On this car, a ZR1, they told me the banks want at least $50K down to finance a purchase. They said they could almost guarantee I'd be turned down. I went home rejected.
The last car I bought was $82K and I put ZERO money down and they couldn't approve me fast enough. The dealer told me that once a car goes over $100K the banks usually want a 30% down payment. Wow! What a wake up call and disappointing day. Well, at least I had the motivation.
The last car I bought was $82K and I put ZERO money down and they couldn't approve me fast enough. The dealer told me that once a car goes over $100K the banks usually want a 30% down payment. Wow! What a wake up call and disappointing day. Well, at least I had the motivation.
Last edited by 3 Z06ZR1; 02-02-2018 at 11:44 PM.
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