A newly enhanced CPO program from Mazda could help some car shoppers with bruised credit lower their overall auto loan costs
Just yesterday Mazda announced that its certified used car program has been upgraded. The changes that were made could further help consumers with problem credit during an auto loan as this move increases the warranty coverage for Mazda used cars.
Here at Auto Credit Express we think the changes make a good program even better – especially for borrowers on a tight budget. We base this judgment on the fact that for over two decades we’ve been helping car buyers with bad credit that have been searching for online car loans get matched with dealers that can afford them the opportunity for car loan approvals.
But while not all credit-challenged car buyers will find themselves at a Mazda dealer, those that do should be aware of the new program. Specifically, here is what has to happen:
1. Buyers have to qualify for a new, used or certified used car at a franchised Mazda dealer (which doesn’t always happen)
2. The vehicles they qualify for must be Mazda models
If these terms are met, buyers with damaged credit should know that Mazda does offer two affordable new cars (and their used counterparts) that are recommended by Consumer Reports and will typically fit their budgets – the subcompact Mazda2 and the compact Mazda3.
Mazda certified used cars
One area credit-challenged buyers should look at is warranty coverage – since a number of repossessions are a result of breakdowns due to a lack of upkeep (who wants to pay for a vehicle that doesn’t run?).
“Mazda has seen substantial success with its CPO program and we are continually looking for ways to enhance it in order to exceed the expectations of our customers and dealers,” said Ron Stettner, vice president of sales, MNAO. “Over the last year, sales of certified pre-owned Mazda’s have gone up by 40.2 percent and dealer participation has increased by 6 percent.” We look to continue this momentum with the additional warranty coverage and model eligibility.”
Mazda described the enhancements to the program that began on September 4th:
• All CPO vehicles will come with a 12-month/12,000-mile additional limited warranty with no deductible on covered components
• The additional warranty will begin when the factory warranty ends
• If the vehicle is outside of the factory warranty, the new limited warranty will begin on the CPO retail date
In addition to those details, the Mazda also noted that it “is also adding one year and 20,000 miles to CPO eligibility requirements. Vehicles spanning the 2008-2013 model years with less than 80,000 miles are now eligible to become CPO vehicles. The additional year and 20,000 miles will give consumers more options when shopping for a certified pre-owned Mazda.”
The Mazda certified used car program also includes a three-year buyback guarantee through AutoCheck by Experian. This means that “if a purchased Mazda CPO vehicle is found to have a certain title brand after the vehicle is reported to be free of the brand, the AutoCheck Buyback Protection program covers what the customer paid for the vehicle (up to 110 percent of the NADAguides.com published retail value) plus coverage of up to $500 in aftermarket accessories.”
As we see it
While these changes aren’t as far reaching as those of Volkswagen and Chrysler, they do mean that borrowers with questionable credit can shop with greater confidence once they’ve been approved at a Mazda dealer.
Something else that’s good to know: Auto Credit Express matches consumers that have experienced car credit issues with dealers that can offer them their best chances for approved car loans.
So if you’re ready to establish your auto credit, you can begin now by filling out our online car loan application.
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