Less-than-perfect credit? Chrysler expands 0%

[Ritchard1]

Wednesday, September 13, 2006

 

 

 

The Chrysler Group has relaxed its zero-percent financing program to nab consumers

with less-than-stellar credit.

 

The Auburn Hills-based company is following Ford Motor Co., which bucked industry

practice by offering no-interest deals to customers with imperfect credit scores.

Chrysler started offering zero-percent financing for up to 72 months on Sept 1. It

began relaxing its credit standards this past weekend. The promotion runs through Oct. 2.

 

There was some concern that not enough people would qualify for zero-percent for 72

months, and that only top-shelf people would qualify," said Kevin McCormick, a Chrysler

spokesman.

 

"We are definitely trying to broaden the pool to give the program the best chance to

be successful."

 

Chrysler is trying to increase showroom traffic after months of weak sales. For the

year, combined sales of Chrysler, Dodge and Jeep are down 9.7 percent.

 

New-car buyers who do not have top-notch credit scores are now eligible for

zero-percent financing for up to six years on the 2006 Jeep Commander and Grand

Cherokee, the Dodge Durango SUVs and Chrysler's family of minivans.

 

In addition, Chrysler is offering 1.9-percent financing for 60 months and 3.9-percent

financing for 72 months on light-and heavy-duty Dodge Ram pickups.

 

"We wanted to make sure that the program was appealing," McCormick said.

"Dealers are obviously receptive to that because it allows a larger number of

customers to qualify."

 

At Hollywood Chrysler Jeep, the program change has already reaped buyers who

would not have qualified last week.

 

"How could it not work?" asked John Berry, a sales manager at the Hollywood, Fla.,

dealership. "Just today we had a customer that we would have missed if the new rules

weren't in place."

 

A single mother of five with subpar credit drove off Tuesday in a new Town & Country

minivan because she qualified for the financing deal, Berry said.

 

 

Source: Detnews

[nokonihi]

Wednesday, September 13, 2006

 

 

 

The Chrysler Group has relaxed its zero-percent financing program to nab consumers

with less-than-stellar credit.

 

The Auburn Hills-based company is following Ford Motor Co., which bucked industry

practice by offering no-interest deals to customers with imperfect credit scores.

Chrysler started offering zero-percent financing for up to 72 months on Sept 1. It

began relaxing its credit standards this past weekend. The promotion runs through Oct. 2.

 

There was some concern that not enough people would qualify for zero-percent for 72

months, and that only top-shelf people would qualify," said Kevin McCormick, a Chrysler

spokesman.

 

"We are definitely trying to broaden the pool to give the program the best chance to

be successful."

 

Chrysler is trying to increase showroom traffic after months of weak sales. For the

year, combined sales of Chrysler, Dodge and Jeep are down 9.7 percent.

 

New-car buyers who do not have top-notch credit scores are now eligible for

zero-percent financing for up to six years on the 2006 Jeep Commander and Grand

Cherokee, the Dodge Durango SUVs and Chrysler's family of minivans.

 

In addition, Chrysler is offering 1.9-percent financing for 60 months and 3.9-percent

financing for 72 months on light-and heavy-duty Dodge Ram pickups.

 

"We wanted to make sure that the program was appealing," McCormick said.

"Dealers are obviously receptive to that because it allows a larger number of

customers to qualify."

 

At Hollywood Chrysler Jeep, the program change has already reaped buyers who

would not have qualified last week.

 

"How could it not work?" asked John Berry, a sales manager at the Hollywood, Fla.,

dealership. "Just today we had a customer that we would have missed if the new rules

weren't in place."

 

A single mother of five with subpar credit drove off Tuesday in a new Town & Country

minivan because she qualified for the financing deal, Berry said.

 

 

Source: Detnews

Until someone puts real numbers to this above, it goes on my "yawn" list.

[MarvBear]

http://creditboards.com/forums/index.php?showtopic=201935

 

*YAWN*

[nokonihi]

http://creditboards.com/forums/index.php?showtopic=201935

 

*YAWN*

I've read that.

 

Repeat.

 

Until someone puts hard credit score numbers against the released statement, it's a yawner.

[MarvBear]

YOU BET IT'S A YAWNER.

 

relaxed my behind!

 

I am a Chrysler dealer.

[SparkysWife]

Marv,

 

How "less-than-perect" can your credit be???? I know it depends on a lot of things, could you give me a general idea??

 

We would have a 2000 Gr. Caravan for trade (nothing owed on it) 81,000 miles. maybe 1500-2000 down. 5000 gross monthly income. Paid off loan with CFC...and 3 other paid off car loans in the past. Not very good scores though. Mine is better than DH, but he has the income.

 

If I am out of line asking, sorry.

 

TIA!!

 

 

ETA: AND, it is better to go to the dealer and apply, rather than an online app, correct??? Thanks again!

Edited September 13, 2006 by SparkysWife

[ohjewel75]

Marv, what do you honestly think on this and the credit score that you need to be? I am just curious as to my situation I was denied by FORD due to Bankruptcy I guess the dealer said and was approved by CPS but you seen that post bad situation. Let me know what you think.

[tfmotors]

YOU BET IT'S A YAWNER.

 

relaxed my behind!

 

I am a Chrysler dealer.

INTERESTING OBJECTIVE NUMBERS. HMMMMMMM..........

[MarvBear]

daimler/chryser does not approve based off of a FICO score.

[willgator]

daimler/chryser does not approve based off of a FICO score.

well Marv how do they do it ??????????????

[MarvBear]

internal scorecard.

 

DAIMLER_CHRYSLER.pdf

[willgator]

internal scorecard.

 

DAIMLER_CHRYSLER.pdf

I am looking now , THOUGHT YOU WOULD SAY AUTO ENHANCED BEACON SCORE SORRY ABOUT CAPS