I Could Not Buy "American"

[Joe Fields]

My wife and I were needing another car. I wanted to get a new car, which, in the 22 years we've been married, we have never had. But we are doing well, or I should say better financially, than in quite a long time.

Okay, so we wanted a new car. We knew we wanted one that got at least 30 MPG, and we knew what price range we could afford. There were a couple of types of cars that GM and Ford made that fit our criteria, looked nice, and we could have been satisfied with.

We never got out of the starting gate with either Ford or GM. Our credit scores weren't high enough. In both cases we were told that our scores weren't bad, but just not quite good enough. There were a few blemishes on our record, but nothing bad. In other words, we were told that we were on the cusp of having the credit scores we needed for them to do business with us.

What was left for us to do? We drove to the nearest KIA dealership and a few hours later my wife and I drove off the lot in a new KIA.

This is bullshit.

I really like my KIA, but wanted to buy either a new Ford or Chevy.

We, my wife and I have a lot of company. There are millions of families out there like us. How can the auto industry and the banking industry get back on it's feet if it shuns us?

[MADem]

1. I'd go talk to the Ford and Chevy people, drive over there in your new car.

Let 'em know...maybe they'll let their bosses know, and get the spirit.

I drive a twenty three year old Pontiac subcompact, though, that gets INCREDIBLE mpg--use it up, wear it out, make it do or do without! I'll drive this baby a few more years, yet!

[Joe Fields]

3. yes, I just had to let my 14 yr.old ford go.

[EnviroBat]

2. You should be able to walk into ANY Ford or GM dealership

With a credit score in the mid 600's and finance a vehicle for 0% interest. If these American car companies want to continue to shoot themselves in the foot, I say fuck them. I looked at a new Pontiac G8, (mid-life crisis I know). The "deal" was outrageously horrible. I think I'm buying a Hyundai Genesis in April. Unbelievable, high-quality car. Really gorgeous.

[Joe Fields]

4. Hyundai has some nice cars and great deals.

I just happened to be able to make a fantastic deal for the new Rio that I purchased.

[tanngrisnir3]

5. Exactly. It's the dealership who didn't want to 'get you bought' by a....

financial lender, not the manufacturer.

Having sold cars for 3 years at a massive, multi-brand dealership some time ago, believe me, they have a million ways to get someone to pick up your loan.

[Joe Fields]

6. I feel that way. Many of them treat you like you're stupid,

but I have a good idea of what they are capable of doing. In both cases, I told the dealers it was their loss. We'll see how much longer they stay in business.

[tanngrisnir3]

13. I can't believe you didn't get a call back (or many calls back) from the dealership...

saying, (classic opener/closer phrase) "WHEN CAN YOU COME IN?!?!?" and informing you they 'found a way to go'.

They can't afford to lose ANY business right about now, esp. the Domestics.

[ConcernedCanuk]

7. I never bought a new car, and never bought on credit - I saved until I could afford what I wanted

.
.
.

So I got what I paid for

NO monthly payments

NO interest charges

NO repossession when I got broke

and I've been broke a few times in the last few decades

Truck has been parked a few times in the last 18 years

YEAH

I've owned it for 18 years


Paid $3,000 for it in 1990

OH

make that 19 years then - in June

averaged out maintenance cost less than $500 per year

that's less than 42 bucks a month

INSURANCE costs me 50 bucks a month

Gas - I don't drive much - is between 20 - 50 bucks a month

If I didn't need the vehicle for moving around, and gathering wood and such - it would be cheaper for me to take cabs -

BUT

I NEED this vehicle

gotta move a whole lot of stuff this year - again

HOPING to have a property of my own real soon - then the move thing will not be a concern

Wood gathering -??

I'll have to ponder that one . .

[Joe Fields]

10. so what's your point?

[ConcernedCanuk]

19. OK - let me make it simple - save your money - THEN buy whatever car you want

.
.
.

NO payments

NO interest

NO fear of having it repossessed if your financial situation should change

Got it now?

Short answer

pay cash . . . .

[SmileyRose]

8. Ford Credit is still approving loans on FICOs over 600.

I just made a quick call to our Ford store and confirmed the minimum FICO score for Ford Credit is still 600. From there up it's just a matter of down payment required and interest rate. My salesman (who we've known for over 27 years) told me he just got alternate financing for someone 2 months after discharge of the bankruptcy. It was high rate and high down but they hammered it out.

I also called Bank of America who said they will approve a loan on a new car with a FICO as low as 570 under some circumstances but they like to see at least a 600 also.

600 is pretty low and dealers are so desperate to sell cars they have tentacles all over the place on sources who will still finance people who are sound now but previously had trouble.


At any rate, it's a shame you had a problem at your Ford Store.

[Joe Fields]

11. yes I know.

for some people, 600 is low, but I've heard it's a little above average, and we hit at the average, just below 600, and most of that is that we haven't used credit much, plus a delinquent student loan.

The upside is that, once this car is paid off, we should be on the positive side of 600.

[SmileyRose]

24. So, is your financing Kia Motors or did the dealer find you alternate financing?

I'm really just curious. Seems if they found you alternate financing you might could have contacted them directly to see if they could back you for the Ford or GM instead.

I dunno, but if I was going to spend more than a year's salary on a brand spankin new car and really really wanted an American car, if my local dealer either couldn't or wouldn't figure out a way to get me in the car, I'd be on the internet finding a dealer with the car I want and who is willing to figure out my financing with me. I once took a bus to "outinthesticks" Kentucky to a dealer and bought my Escort from them because the price was so much lower than what I could get around Michigan that it was worth the hassle.

Anyways just a few ideas for those, like you, who want an American car but face road blocks with the dealer.

[madokie]

9. If you really wanted to buy a Ford or Chevy you would have

you type this is bullshit, I agree that what you're saying is

One can convince oneself of most anything if they pick and choose what they want to believe. imo that is

[Joe Fields]

12. I've bought many Fords and Chevy's, you asswipe.

I wanted a new one.


Jeez. Pay attention and get a clue.

[madokie]

14. Asswipe huh

[Joe Fields]

15. Oh yeah. By the way, I just cut my carbon footprint in half.

[DainBramaged]

17. Stupid dealers just stupid. GMAC is offering up to 60 months at 0%

for FICO socres over 650. The lowered it from 700 when they got the Fed's money.

The dealers don't belong in business.

[madokie]

18. Well bless you

I did that many years ago

[Realityhack]

23. Don't mind him/her...

some of us actually read posts before responding.

I hope you enjoy your new car despite not being the one you first went out for. And you did a good thing cutting your carbon footprint. Check out terrapass.com if you want to offset the remainder.

[Mad_Cow_Disease]

16. With the way things are going right now

I'd trust that Kia warranty moreso than any of the American warranties.
So don't feel too bad about it, I guess.

It's a shame the dealers are shooting american dealers in the foot.
Did you try getting your own financing (outside the dealership)?
Credit unions usually provide very competitive rates... but then you may loose out on promotions.

[Joe Fields]

20. I tried my own bank and was unsuccessful.

They told us we didn't qualify for a loan. I'm not sure, but I think money is tighter for them(although it shouldn't be, with all the tax money thrown at these institutions), and they are loaning money only to individuals with stellar credit histories.

It's a shame, as you say. The whole ordeal has me wondering how we are going to get this economy going again. I've made a couple of mistakes with my finances, but shoot, we're about average, I figure, no worse than most, not as good as some, when it comes to credit scores. I hope thy all ease up a bit.

Anyway, we have our new car and it is a nice one.

[ejpoeta]

25. we bought a chrysler town and country just about a year ago.

this was before all this economic mayhem happened. i wanted the stow and go seating, so that meant dodge/chrysler. plus my husband could get a deal because his company buys fleet vehicles through dodge. we also wanted the lifetime powertrain warranty. now we hear about chrysler possibly going under and wonder what that means for our warranty. arrggh!! this is the first new vehicle we have ever owned. before this we have never had a vehicle newer than 10 years old.

btw.... we got a personal loan through our credit union.

[yourout]

21. If a US car maker made an equivelant to my TDI Jetta I would gladly buy it.

Or a car comparible in price and quality to a Honda Civic or Toyota Corolla.

[Joe Fields]

22. and right now they aren't.

they HAVE to get with it and put out comparable autos.

[dana_b]

27. well Kias are good cars

enjoy it!

American cars are the ideal situation but I got to tell you... I love my Honda!

[Vinca]

26. Years ago my husband and I were in the market for a new vehicle

and drove to a local GM dealership. We were the only customers on the lot and could see a group of 4 or 5 sales people in their office building. We waited and waited and waited and waited and waited. Apparently they were having so much fun in the office they didn't want to break away and wait on a customer. We left and drove 20 miles to a VW dealership and bought a Rabbit that same day. Now I'm Toyota loyal and have gotten the best service ever from the dealership. They actually search around for the best financing rates for their customers.

[SmileyRose]

28. My local Ford dealer is like your Toyota dealer.

Unfortunately we too often judge the car maker and turn our backs on them rather than the dealership. In my case, since I am extremely loyal to UAW made vehicles, if I hit a roadblock at one dealer I go find another Ford dealer. Fortunately in my neck of the woods the few piece of shit Ford dealers than were have been bought out by a dealer I personally know to be a really decent person and spends a lot of time developing his employees.

[Vinca]

29. I think you're exactly right. nt