I talked to a salesman the other day and he said he knew the 0% was ending but he thought it would either be extended, or that the interest rates would still be quite low. They are hurting to sell the X's.. and most cars in general out there. Every dealer I have been to has had a lot full of them and one of the lots a RR X had been there for almost a full year.

 

not true, they would need a IRS form 4506T to request your tax return. However on a credit application they always ask you for your income, job, housing, etc....

I have heard similar, 740-780 score needed for tier 1 depending on the financial institution, it used to be much lower

Job history and credit score are only a portion of the things needed for approval on almost any loan. DTI (debt to income ratio) length of credit history, housing history, depth of history (just credit cards or car loans, or motgages) all are included in approving someone.

 

Sounds like a good excuse to save up and pay cash!

 

They still didnt tell you why you were not approved? Sometimes they are really not to forgiving on these special rate programs or have the credit limit score set high. They advertise the hell out of it to bait and switch you over to a program that makes them more money which no doubt they tried with you. Kinda a double standard, Dealers are hurting to sell cars but the financing to move them still is not there

What did they end up offering you financing wise and deal wise on the car? Have you thought about leasing? What money were you willing to put down? There is nothing wrong with having a cosigner. Everyone needs some help sometimes. Nothing wrong with it as long as you are stable and pay that note. My first new car was a 1993 honda prelude and my father cosigned with me. Now of course I dont need it but sometimes starting out you do.

 

wtf?

They basically told me I had to much credit tied up. I am thinking that they may have credit data from a few months ago (not sure how often companies report credit status?) because I have paid a substantial amount off in the past month. He said I had around $6000 tied up on credit cards which in reality is now $3500. And really the only reason I have that much is to keep balances on a few cards to keep building credit history.

I told the sales guy that I would walk if I didnt qualify for 0% so there was no bait and switch or anything. He told me that It wasnt going to happen at 0% and I shook his hand and peaced out.

 

You know what, you did the right thing of shaking his hand and leaving. Your still young, and as people have said before the evo isn't an envistment or necessity but a toy. Just keep saving your money dude and when the time is right, it will happen and you'll get that evo you want. It can be in a week if they call ya back and tell you they can approve you or it can be a year. These days, it seems like time goes by so fast! So don't even worry. You'll have it before ya know. Don't settle for anything. Either it be a higher apr or lower amount for ur trade in. Maybe in the near future you'll have enough to pay cash and you won't worry about a lame payment and with all that other money a month you save, you can put toward mods. But right now, if its not the time, then no worries, just save your money and you'll get the evo before ya know it.

 

I find this a little odd. Seeing as I'm basically in the same boat. I financed the same price car, no money down credit score of 740. At current job 3.5 years and just paid off all credit card debt in aug/sept. I'm 23 and I also
own a house. No problems on the credit app at all. Bought car second week of December. Sorry it didn't work out for ya, but I think everything happens for a reason. I almost bought an X two other times before this one but because it didn't happen I kinda fell into this one at a great
price and it just worked out. Like others are sayin I think maybe its best you didn't land on the used demo X. Best of luck to you.

 

Ur right, the credit companys that do the reports only update every 3-6 months. I had a problem with a collection that i payed off, and was told it would be taken out of the report asap. Well it was taken off but for the next few months i was shopping for a car it still came up as unpaid even though it was removed because the whole report info itself was dated.

I would say u should try again in a few months. Having NO running balance of ur plastic will help to.

 

It just sucks the 0% is over...unless they choose to extend it.

 

Nothing yet. My dealer told me the MR won't be in showrooms until late spring. They had very slow sales with the GSR so far as they had no incentives, and fuel prices most of the summer in excess of $5/gallon (converted). Also, there has been little to no advertising around the Evo, other than a few posters which don't say anything. They will be releasing the MR, with new incentives, around the same time that the Sportback model appears for the Ralliart and Lancer lineup.

To the OP:

You probably have too many cards/too much credit. There is a lot more to getting approved than your credit score.

Basically, all your cards, even if they have $0 on them, is considered debt. If you dont need so many pieces of plastic, cancel some of them. We don't deal with "credit scores" up here in Canada, just debt ratio. Basically, if your credit debt load exceeds 40% of your annual income, you will have trouble getting approvals, even if you have a good history. The banks want to see that you have room for incidentals, as well as daily life, and WILL be able to pay them back. Then again, it could be a night and day difference on both sides of the border. Canadian banks are heavily regulated, and have very strict rules to comply to. It can be harder to get loans, but our banks arent going under.

I'm betting with the current credit crunch in the USA, you just LOOK too high risk right now.

 

http://www.evoxforums.com/forums/showthread.php?t=10320

For ya op

 

thats great news if its official. I may be able to try again in a couple months...

 

no doubt about that one!

 

just adding to my own post that they ARE in fact extending the 0% APR.

 

I got a call today from my local dealer about the 0% on the MR I was looking at so it's true.

Maybe I will end up getting the car after all.