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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. |
That's hilarious. IF your income and credit can carry that much financed, that dealer must have some very poorly motivated finance pay plans
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:willy:Have you checked with your own bank/credit union? Or another Stealership?
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Originally Posted by DebRedZR1
(Post 1596510519)
:willy:Have you checked with your own bank/credit union? Or another Stealership?
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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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Originally Posted by DebRedZR1
(Post 1596510519)
:willy:Have you checked with your own bank/credit union? Or another Stealership?
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. |
Originally Posted by elegant
(Post 1596510646)
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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Originally Posted by Glenn Quagmire
(Post 1596510968)
An inane and superfluous statement.
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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 |
the dealer is likely thinking he can sell it to someone else for more money....
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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. |
Has GM even released the financing programs for the ZR1 yet?
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Why the shitty credit score?
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Originally Posted by Glenn Quagmire
(Post 1596510968)
An inane and superfluous statement.
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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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Originally Posted by danm1
(Post 1596510321)
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. |
Originally Posted by danm1
(Post 1596510321)
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. |
Originally Posted by Kurac
(Post 1596512219)
Why the shitty credit score?
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the $145,000 is what would have bothered me
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Paying $145k for a modified Z06 now that’s funny right there. |
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