Financial Approval
Financial Approval
What would you guys deem as eligible for the special offers for the 08 GSR?
I currently have a FICO score in the low 700's and make around $2000 a month. I live at home, therefore only having a cell phone bill and car note. My parents pay for my insurance. I'm also a full time student. $9000 down payment.
Do you think I'd qualify for the 0% finance offer? Do you think I'd even qualify for a loan without a cosigner?
Thanks.
I currently have a FICO score in the low 700's and make around $2000 a month. I live at home, therefore only having a cell phone bill and car note. My parents pay for my insurance. I'm also a full time student. $9000 down payment.
Do you think I'd qualify for the 0% finance offer? Do you think I'd even qualify for a loan without a cosigner?
Thanks.
Newbie
Joined: Oct 2006
Posts: 87
Likes: 1
From: Virginia Beach, VA
Yea I just called a dealership and they stated it is now 0% for 60mths on the '08 GSR [maybe the MR as well but I did not ask them to specify]. Unfortunately, with the current credit crisis I doubt if anyone but the very BEST credit worthy [i.e: 750+ FICO, Superior Income/Debt Ratio] will be able to get financed for it. And at the same time, I don't think it even is a good idea to buy a 35k+ car with so much uncertainty in our economy at the moment. People are losing their jobs, their homes and banks/businesses are falling apart in droves. Hell when the largest savings and loan bank in the friggin country [WaMu] goes under, I think it is probably time for every consumer to get their ducks in a row and curb discretionary spending to the absolute minimum.
Yea I just called a dealership and they stated it is now 0% for 60mths on the '08 GSR [maybe the MR as well but I did not ask them to specify]. Unfortunately, with the current credit crisis I doubt if anyone but the very BEST credit worthy [i.e: 750+ FICO, Superior Income/Debt Ratio] will be able to get financed for it. And at the same time, I don't think it even is a good idea to buy a 35k+ car with so much uncertainty in our economy at the moment. People are losing their jobs, their homes and banks/businesses are falling apart in droves. Hell when the largest savings and loan bank in the friggin country [WaMu] goes under, I think it is probably time for every consumer to get their ducks in a row and curb discretionary spending to the absolute minimum.
Evolved Member
Joined: Feb 2006
Posts: 2,145
Likes: 0
From: North NJ ---> ATL
Yea I just called a dealership and they stated it is now 0% for 60mths on the '08 GSR [maybe the MR as well but I did not ask them to specify]. Unfortunately, with the current credit crisis I doubt if anyone but the very BEST credit worthy [i.e: 750+ FICO, Superior Income/Debt Ratio] will be able to get financed for it. And at the same time, I don't think it even is a good idea to buy a 35k+ car with so much uncertainty in our economy at the moment. People are losing their jobs, their homes and banks/businesses are falling apart in droves. Hell when the largest savings and loan bank in the friggin country [WaMu] goes under, I think it is probably time for every consumer to get their ducks in a row and curb discretionary spending to the absolute minimum.
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In addition...........the depreciation on these Evo's is another thing to think about! Also, insurance on this car for a early 20 something male got to be high! Also, tires, maintenance etc. All your money will be going into this car. My advice 
...... is hold off until you can TRULY afford this type of car. Take $4K and invest it in a ROTH IRA, the other $5K of your "down payment" place in the bank for now (remember........FDIC up to $100K) and then in a year or so........if you still HAVE to have this car........... you can buy a used one for thousands $$$ less! 
...... is hold off until you can TRULY afford this type of car. Take $4K and invest it in a ROTH IRA, the other $5K of your "down payment" place in the bank for now (remember........FDIC up to $100K) and then in a year or so........if you still HAVE to have this car........... you can buy a used one for thousands $$$ less!
Evolving Member
Joined: Aug 2008
Posts: 225
Likes: 0
From: Southern CA
In addition...........the depreciation on these Evo's is another thing to think about! Also, insurance on this car for a early 20 something male got to be high! Also, tires, maintenance etc. All your money will be going into this car. My advice ...... is hold off until you can TRULY afford this type of car. Take $4K and invest it in a ROTH IRA, the other $5K of your "down payment" place in the bank for now (remember........FDIC up to $100K) and then in a year or so........if you still HAVE to have this car........... you can buy a used one for thousands $$$ less!
...... is hold off until you can TRULY afford this type of car. Take $4K and invest it in a ROTH IRA, the other $5K of your "down payment" place in the bank for now (remember........FDIC up to $100K) and then in a year or so........if you still HAVE to have this car........... you can buy a used one for thousands $$$ less! This make sense. And as far for your question. I have a credit score of mid 700
s to high 700 and are around the same age. I make 2600 a month and live at home with no bills. I didnt qualify!!! I was so dissapointed. I went to south coast mitsu. Every bank was saying insufficient credit history.
This make sense. And as far for your question. I have a credit score of mid 700
s to high 700 and are around the same age. I make 2600 a month and live at home with no bills. I didnt qualify!!! I was so dissapointed. I went to south coast mitsu. Every bank was saying insufficient credit history.
s to high 700 and are around the same age. I make 2600 a month and live at home with no bills. I didnt qualify!!! I was so dissapointed. I went to south coast mitsu. Every bank was saying insufficient credit history.
And did you have a down payment?
Last edited by Fishstix; Oct 1, 2008 at 07:07 PM.
Evolving Member
Joined: Aug 2008
Posts: 225
Likes: 0
From: Southern CA
