Modern Camaro Forums banner

1 - 14 of 14 Posts

·
Registered
Joined
·
1,148 Posts
Discussion Starter #1
They no longer offer leases as of September 01 2008 and as of the end of September they no longer offer Smart buys. I have been told that most banks wont even roll over negative equity into a new car loan anymore due to the economy. There goes my Camaro dream :mad: For at least a couple more years anyway.
 

·
Banned
Joined
·
7,873 Posts
Well, you're certainly better off not rolling over negative equity into a new car loan...unless you're getting 0%.;)

Keep the faith and keep saving your $$.
 

·
Registered
Joined
·
3,055 Posts
It depends on how long it takes for regular consumers to get easier credit again. Right now you have to have a very good credit rating to sign and drive. It's not quite as easy as it used to be. But still do-able. I think right now, people that need to get the loans are more worried about if they'll keep their job long enough to pay for the loan.
 

·
Registered
Joined
·
43 Posts
Ok every one calm down, it is no different getting car credit now than it was before. Gmac is not the way to go but there is many other avenues out there. And you do not need to have outstanding credit. Its just as "easy as has been in the past"
DON'T BELEIEVE THE HYPE.
Everyone needs to go on as life as normal, its the only way things will get better. Stop with all the knee jerk reactions, thats only making things worse than they really are.
 

·
Banned
Joined
·
7,873 Posts
Ok every one calm down, it is no different getting car credit now than it was before. Gmac is not the way to go but there is many other avenues out there. And you do not need to have outstanding credit. Its just as "easy as has been in the past"
DON'T BELEIEVE THE HYPE.
Everyone needs to go on as life as normal, its the only way things will get better. Stop with all the knee jerk reactions, thats only making things worse than they really are.

EXACTLY:patriot:
 

·
Supporter of common sense
Joined
·
9,152 Posts
They no longer offer leases as of September 01 2008 and as of the end of September they no longer offer Smart buys. I have been told that most banks wont even roll over negative equity into a new car loan anymore due to the economy. There goes my Camaro dream :mad: For at least a couple more years anyway.
These are very GOOD things.
 

·
Registered
Joined
·
1,257 Posts
750 and up
 

·
Registered
Joined
·
189 Posts
I have an 807 and the best my local bank would do is 8% with 20% down. In a few short words, I told them to stick it.

I haven't worked to get and maintain excellent credit to get an 8% auto loan.

A buddy of mine in the last month bought a Yukon with nothing down and got 5.9 through whichever bank they used.

Who knows where all this will be when we actually need it, but let's hope it gets better for all of us.
 

·
Supporter of common sense
Joined
·
9,152 Posts
I have an 807 and the best my local bank would do is 8% with 20% down. In a few short words, I told them to stick it.

I haven't worked to get and maintain excellent credit to get an 8% auto loan.

A buddy of mine in the last month bought a Yukon with nothing down and got 5.9 through whichever bank they used.

Who knows where all this will be when we actually need it, but let's hope it gets better for all of us.
According to http://www.myfico.com the National average for a 36 month auto loan in your score range is about 6.667%

Funny thing about the 'almighty' FICO score is it 100% based on debt and shows your ability to get into more debt :rotflmao:
 

·
Registered
Joined
·
1,257 Posts
yeah but i think you should talk to suze orman about ficos cuz she knows her stuff on that subject
 

·
Registered
Joined
·
318 Posts
I have a 728 score and I'm having issues getting credit anywhere. I'm thinking I may pass on the Camaro for a while, sadly. Fkng economy.
 

·
Supporter of common sense
Joined
·
9,152 Posts
Checkout local credit unions for a new car loan, that is one of the best ways to go, always has been. They actually review your ability to pay and do not tend to worship the almighty FICO score.

yeah but i think you should talk to suze orman about ficos cuz she knows her stuff on that subject
She should, she has a business relationship with the company that creates the FICO to promote how 'important' your score it :rotflmao:

http://www.fairisaac.com/fic/en/news/press-releases/myfico-suze-fit-kit-7-16-07.htm

She has some sound financial advice, but when it comes to your score, she's all about staying in debt and keeping your credit card balances high and not removing them from your record. That is all fine if you don't mind being in debt or having all of that open credit staring you in the face.

This is the basic makeup of your FICO score:

35% of the score is your payment history
30% of the score is based on the ratio of the amount you currently owe to the amount of credit (potential debt) you have available to you. The lower your ratio, the better your score.
15% of the score is based on the length of your debt history. Also based upon the average length of time your current accounts have been open and available.
10% of the score is based on new credit (potential debt) applied for
10% of the score is based on the type of debts, a mix of credit cards, store credit, installment debt, etc. More variety will increase your score.
 
1 - 14 of 14 Posts
Top