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Nadia

Is this possible?! (0%)

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I received an online preapproval from Ford, but it didn't show the interest rate. I also got preapproval from Chase (have current loan with Chase) at 6.02%, And Wells Fargo at like 13%.

 

Well, today I called the Ford dealer to get the A-plan price for the car I'm looking at, and the salesman was able to see my preapproval. He said I was approved for top tier, 0%, 60 months with no money down (although I will be making a down payment).

 

The thing is, about a year ago, three medical collections (smallish) appeared on my reports (working on those) along with a Comcast collection (they can go to hell). I don't want to be negative Nellie, but I'm nervous to get to the dealer and have them tell me, oh...actually your rate is 12% or something. My FICO scores are 624, 634, 648 and I have pretty high util at the moment.

 

So...am I being paranoid, or could the sales consultant be legit? Have you seen such an approval with scores like that?

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Ford is doing 0% on certain vehicles currently - mainly last model year's leftovers (2015's) in order to clear them out - Typically we say preapprovals don't mean squat.

 

Would this be on a 2015 Fusion?

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No, you're not being paranoid.

 

The sales consultant is being legitimate, (his/her job is to sell cars).

 

If your thinking about buying a new car the ONLY thing you should think about is the price of the car. :wave:

 

If you make a decision based only on payment or interest rate you're probably going to be the biggest loser on the deal. :huh:

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Ford is doing 0% on certain vehicles currently - mainly last model year's leftovers (2015's) in order to clear them out - Typically we say preapprovals don't mean squat.

 

Would this be on a 2015 Fusion?

It's a 2015 Escape!

 

And you're right - the price is fixed. Not worried about the payment, I budgeted for a much higher rate anyway. But the picture looks quite a bit rosier with a lower rate. :)

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Well, don't sign up if the apr is not 0%. You won't even know till your go there. And indirect lender such as FMCC does not disclose terms to the consumer, they are set by the dealer.

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Now, see, I did not know that. Thanks for the insight.

 

And I will still buy the car if I don't qualify for 0% as I have a reasonable (in my estimation, 6% is reasonable) rate with another lender. I was just wondering if scores as low as mine even had a legit shot before I go in there and feel embarrassed when they shoot me down for 0%.

 

I KNOW there's no reason to be embarrassed. I am working through this in therapy etc., it's called AVPD. :)

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You may very well qualify for the 0%.. They are using auto enhances scores so it your scores may actually may be higher then what you think.

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