Discounts on New Cars with Poor Creditby Steve Cypher on Friday, November 16th, 2012
Consumers with less than great credit scores that are either employed by a car company or have family members or friends that are may be able to take advantage of additional new car incentives.
At Auto Credit Express were familiar with these potential savings for a couple of reasons. For one, we’ve been helping credit-challenged car buyers for the past two decades find dealers that can give them their best opportunity for approved car loans.
Secondly, we’re headquartered in southeastern Michigan, an area that’s home to the three domestic automakers, hundreds of supplier companies and thousands of people who are employed in the automotive industry. So you can take our word for it when we say understand the various additional new car incentives offered to employees and suppliers as well as to the family and friends of employees.
Qualifying for additional new car discounts
Due to the higher costs associated with buying a new vehicle, most car shoppers with bad credit will usually decide to finance a low-mileage used car.
But there are some applicants who, if the lender determines they qualify, might discover that financing a new car can be either nearly or just as affordable.
Specifically, if the approved buyer is a Ford employee, retiree or a friend of a Ford employee or retiree (A-plan, S-plan or X-plan) a Chrysler employee, retiree or a friend of an employee or retiree or works for a supplier company (Employee Advantage employee purchase, friends program, affiliate company program), or a GM employee, retiree or preferred supplier or even the friend of a preferred supplier (GMO, GMS), that individual, regardless of credit scores, can use one of these discounts to actually reduce the selling price of an eligible new vehicle.
But it gets better. In addition to one of these discounts, in most cases these buyers can also deduct any advertised new car incentives (customer cash and dealer cash, although usually not any military discounts) from the employee, employee family, employee friend or supplier discount price for even more savings.
Using these discounts
So if you do qualify for one of these new car discounts, can you always take advantage of it?
This is a good question because qualifying for one of these discount programs doesn’t necessarily mean that you can use it. Here’s why:
Issues with employee new car discounts
Even if an applicant qualifies for a loan and has received a car loan approval from a subprime auto lender, the guidelines outlined in the payment call sent over by the lender have to be followed. In other words, once the lender has determined a vehicle budget and interest rate, it’s up to the finance manager to determine which cars in inventory meet those requirements. This includes deciding whether or not any new cars eligible for any of the employee, family, friend or supplier discounts fall within the lender’s guidelines.
The fact is, in some cases it will work and in some cases it just won’t happen.
Something that also has to be considered is that these discounts are manufacturer specific. Since not all new car dealers are willing to work with customers that have experienced car credit problems, qualifying for one of these discounts will also depend on whether or not a particular franchised new car dealer has the right personnel and is signed up with a broad range of high-risk lenders.
Improving your chances
If you’re faced with any of these issues, there is a way of improving your chances of this happening without having to drive all over town.
Auto Credit Express specializes in helping applicants that have experienced auto credit difficulties find dealers for their best chances at auto loan approvals.
So if you’re ready to reestablish your credit, you can begin now by filling out our online auto loans application.