I think I'm right around, poissbly slightly lower than 700 and wondering if anyone got the 0% financing with a score less than 700?

I saw a post here on the board saying you need 680+ , but 2 dealers I spoke to said 700+.

 

I was approved yesterday and my score was 686 from Equifax. They also take other things into consideration, like your income. At least that's what my dealer told me.

 

Here's what I posted in another thread, thought it'd be quite relevant here too. Make sure to get it in writing:

Be VERY careful when you go to a dealer and buy an EVO at 0% financing. I've heard of several cases where they call up later and say the 0% financing was not approved and you're slotted into an interest-charging loan. I personally am going through this right now as of yesterday. I've "owned" the car since this previous Monday and was told "no problem" your credit scores are great and I had the 0% financing. A week later, they're trying to lock me in at a 1.9% rate. I was initially told my scores were borderline but they'd call in a favor. By borderline I mean high 600's, low 700's. I was "told" 690 which going by the messages here, is Tier 2. Now apparently it's 675 and Tier III. I know of at least one other forum member this happened to here and one on another board. Yet another I ran into around town. They give you the car for a week and roll the dice that you won't want to give it back, making you swallow a higher rate. Apparently the "banks" won't budge on the EVO even though it's a MMNA program.

I'm going to do a couple of things....first, I'm going to ask for the MMNA Tier ratings in writing. I'll ask to see my score in writing (machine print) from a credit bureau and compare the two. If I'm not Tier II, I'm not Tier II. Thing is, if I had known I wasn't eligible for the 0% financing, I never would have driven the car off the lot and the wife probably wouldn't have let me! Which brings me to what I'll do next...file a complaint with the state attorney general's office for fraudulent practices AND one with the credit fraud division.

My advice, get IN WRITING from the finance manageer that you're eligible and have received the rate you think you're getting BEFORE leaving with the car. Finance managers get a cut or points by sliding you into a higher rate. They will LIE LIE LIE in the hopes you want the car so bad you'll bite on the higher rate. Buyer beware!

As for me, yeah, I like the car. The interest rate isn't bad but it's the principle (no pun intended for you finance guys!). I may just drive over there on Monday and leave them the keys. It's just about broken in (and correctly) but the next buyer will see the 600+ miles on the odometer and probably be able to get it below cost. I've applied for a title but I don't think it's been sent in yet by the dealer. Very sneaky.

 

I was told 700 was the cut off for 0% I was just a few points away and they would not move on it

 

You are either approved for it or you aren't. Sometimes they make exceptions. Debt to income is a big factor, as well as car payment history. The tiers are bracketed by beacon scores, but it isn't the only factor.

 

Finally someone is going to take some legal action about this....and I hope that you get all the credit when we all start getting 0% financing...



Good Luck bro

 

Thanks for the head's up. Although it looks like I'm not getting the car now, if I do, I'll DEFINITELY get the 0% put down in writing by the finance manager.

 

well when you signed your loan paprerwork when you received the car that did put the rate in writitng. Youll have to sign another set for the new rate of 1.9 or whatever in order for them to lock you into it. Good luck

 

Dealer told me 740, i told him i have 680 and sure enough, i got 0% and walked out with my 05 for $51 over invoice and they paid off my 03.... 22,800...