"It's as close as you can get to a legalized
bait-and-switch scam,"
Remar Sutton, president of the
Consumer Task Force for Automotive Issues
Be an informed consumer. If it sounds too good to be
true…well, you know the rest of the story.
First of all, "zero percent financing" is often
limited to shorter terms and may only be good up
to 36 months. That’s a pretty hefty payment. In addition,
larger down payments may be required, pre-payment penalties may exist, and
negotiating a better deal could be a problem.
There’s
more! You may be limited to "on-site stock" thus minimizing your choices in
models, colors, styles, and other options. And if that’s not enough, your credit
history, employment history, length of residence and your general financial
well-being better be perfect.
The
credit union may have a better idea for the new car buyer. Take the dealer
rebate, and come back to the credit union for the rate. Based on the size of the
rebate and a low credit union rate, you may actually reduce your monthly
payment. Call us first!
An even
better idea might be to look into buying a used vehicle through Enterprise Car
Sales. Used car prices are highly competitive right now and with Enterprise’s
"Perfect Used Car Package" and great service during and after the sale, it could
be your best decision.
Don’t
forget! We have two great alternatives at the credit union. Do a little homework
before visiting the dealership and you may discover that you can save hundreds
of dollars by financing your new auto purchase with us. Or better yet, there are
some great deals on used vehicles right now that when combined with our great
financing could be your best bet.
Let's compare two 36 month loans, one with
0% financing,
and no rebate, and one with 3.9% financing and a $2000 rebate:
