Bad Credit? No Credit? Chrysler doesn't care either
Anything you can do, I can do better... so sang Bingo and so says DaimlerChrysler to Ford. In the battle for customers, Ford had extended its 0% financing deal to sub-prime candidates for the first time last month. Now Chrysler is doing the same for those clamoring for a Commander. Zero-percent financing options are now available for up to 72 months on the 2006 Jeep Commander and Grand Cherokee, the Dodge Durango SUVs and Chrysler's family of minivans. Chrysler is also offering 1.9% for 60 months and 3.9% for 72 month financing on Dodge Ram pickups.Chrysler actually put this new plan in place on September 1 and just recently lowered the bar to include people with less-impressive credit ratings in the program. It plans to continue it until October 2. Chrysler said it has seen immediate positive results and that dealers are happy about the change as much as the customers. Although Ford's plan extended to virtually everything in the range except the outgoing Ford GT supercar, Chrysler seems content to use the plan only for it's light and heavy trucks right now.
[Source: The Detroit News]
_opt_thumbnail.jpg)
_thumbnail.jpg "2011 Audi A8: Live from Miami")
Reader Comments (Page 1 of 1)
jennylanny 2:39PM (1/14/2009)
Today I found Paris Hilton nice video :) Enjoy..
..
http://sexy-tube-world.net/view.php?Paris_Hilton_Nude
..
..
Reply
jennylanny 11:32AM (1/17/2009)
72 months...
Reply
jennylanny 8:46AM (1/18/2009)
this is great!
Reply
Yes 6:35PM (9/13/2006)
you spelled ford incorrectly
Reply
Corey 6:40PM (9/13/2006)
"How could it not work?" asked John Berry, a sales manager at the Hollywood, Fla., dealership. "Just today we had a customer that we would have missed if the new rules weren't in place."
A single mother of five with subpar credit drove off Tuesday in a new Town & Country minivan because she qualified for the financing deal, Berry said.
---------
Uhhh... It could not work when everyone defaults on their new vehicle.
Reply
TJ 6:41PM (9/13/2006)
Soo...
Today: Good news everybody, sales up 10% this month by loaning money to people that every other *sucessful* company has decided it wouldn't be profitable to sell to.
Tomorrow: Bad new everybody, a higher percentage of people than we expected have defaulted on their loans or declared bankruptcy so we're actually losing money this year. This was even more unpredictable than last year's surprising drop in sales of large gas guzzling SUVs. Our jobs are very hard. Give us a break. We're doing our best.
Reply
hondafan 7:17PM (9/13/2006)
The repo guys are going to be busy in the next couple of years.
Reply
Timothy Auhll 8:16PM (9/13/2006)
Single mom's that use to be married to worthless deadbeat husbands are the one's that Ford and Dodge are looking for. Not all single mom's are bad risk's just their ex's
Reply
clay 8:24PM (9/13/2006)
not everyone with poor credit is a dirtbag... my credit isnt worth the paper its printed on, but i am a responsible person. i make an great money and have a almost no expenses compared to my income... BUT i have had identity theft which DOES NOT EVER SEEM TO GET CLEARED UP... no matter what you do and how much you try, theres allways something on some credit report somewhere until you finally just stop caring. after 1 year of monthly and weekly battles that dont seem to get you anywhere, you just say to heck with it. soooooooooooo Thank you Chrysler... i will be coming to see you and maybe i can finally drive something more fitting :-)
Reply
Edmund Dantes 8:55PM (9/13/2006)
If I'm not mistaken, Mitsubishi did this several years ago with disasterous results.
Reply
Mal Fuller 9:00PM (9/13/2006)
"Bad Credit? No Credit? Chrysler doesn't care either"
Why should they? After all, they've also had bad credit before!
".....and jsut recently lowered the bar to include less-impressive creditors in the program."
Try JUST recently!
Not to mention that a creditor is someone to whom you OWE money, not someone to whom you are lending money!
Reply
Mal Fuller 9:07PM (9/13/2006)
Two things are apparent.
One Autoblog should edit their blogs more carefully and...
Two This would provide the Autoblog staff less time to worry about what its readers might say!
Reply
Ryan 9:43PM (9/13/2006)
From an investment standpoint:
As shitty as a car is to invest in, why would anyone use credit for the purchase of an automobile? Good credit or not, using credit to purchase a car is stupid.
As for this deal? The bankruptcy laws have changed, so it would me much harder to avoid having to pay for this car, ergo you can't really compare this to the Mitsubishi deal from a few years ago.
Reply
Joe 10:38PM (9/13/2006)
72month financing....good God. That's a long time to have a liability to pay off. Maybe I just don't like writing checks.
Anyhow, I just saw a Chrysler/Jeep tv ad. It said "for well qualified buyers". Until an article states the qualifying credit range, its all ambiguous what is "good" or "bad" credit.
BTW #10. Unless you're making money off your car, don't consider it an investment, or an asset. Credit allows people who don't have $20,000 sitting around to own a car, to get to work and such. Yes, you could argue that used car fits the bill better, but peace-of-mind is worth it.
Credit ought to be used within reason, I'll agree.
Reply
Joe 11:32PM (9/13/2006)
GMAC already offered 0% to 60 months on anybody in tier S, A, B, and C... That goeas as low as 600 FICO score... Pretty damn low...
Reply
Stoneman 12:07AM (9/14/2006)
GMAC is very flexible. Even if you were in bankruptcy, they are only concerned about your payment history with GMAC. They are the only company I know that will finance without hesitation on previous customers with good payment history.
Stoneman
http://www.stonemanautoreview.com
Reply
Jake 2:44AM (9/14/2006)
It is my opinion that gas prices are down for numerous reasons. Elections being one of them.
Is this another?
Reply
DPC car videos 4:12AM (9/14/2006)
It seem like desperate measures for desperate times.
Reply
Richard Warren 6:49AM (9/14/2006)
Customer: I need a loan to buy a home, my rent would be the same as my new mortgage:
Bank: What equity do you have?
Customer: Well, I'm just starting out, I have an old car and a good name.
Bank: Well, we need to have some equity before we could give you a loan, how much are you putting down?
Customer: I was thinking I could go 5%.
Bank: That's not enough with your lack of credit history.
Customer: But how am I going to do that if you can't give me a loan?
Bank: Try buying a car or something, get some credit under your belt, then come back and see us, have a nice day.
Customer: Well gee thanks, now that I have more debt, how can I be credit worthy. Gosh banks are strange, I really NEED the money.
Fast forward 5 years, same bank, same customer. Hi, I need a loan I don't have much credit but have a million dollars in your bank from making money buying and selling house, A friend loaned me some money 5 years ago when you would not.
Bank: You have money? Plenty of it? No problem here are the loan papers. "We will always loan money if you already have money and plaenty of it, we will even help you increase your debt past your ability to pay. Hek we can even give you an interest only loan so that you never build any equity! Have a great day!"
And who cares what Chrysler Credit does? It's their business.
Do they care if you have an interest only loan on your home, that you only can afford the interest payment on? Do they care that you pay off one credit card with another one? Do they spew all over the Internet that this is just plain stupid and dangerous that good ole Billy Bob has a bad idea? No, because they realize it's your business.
Reply
NEBTEK2002 11:22AM (9/14/2006)
Bad credit can result from other factors than being a deliberate deadbeat.
My stepdaughter had inadequate health insurance(many people lucky enough to have health insurance find that deductibles and co-pays have risen nearly as fast as premiums, lately).
The hospital wanted immediate payment. Daughter said she wasn't back to work yet but that she'd start making payments once she could work again.
Hospital said"Pay in full within 60 days or we'll take legal action."
Daughter went to a reputable non-profit credit counselor who worked up an extended repayment plan for all of her bills. This plan fell apart because one creditor said "No. I want it how and when I want it or I'll sue."
Daughter went to a lawyer who recommended Chapter 7. The hospital got nothing!
Perhaps this was a bit extreme. I'd have gone Chapter 13 and taunted the "pay up or else" bitch over the phone every month the tiny check went out to the hospital from the court. But that's just me.
I had things go badly for me in court twice and had bad credit for a while afterward.
Everybody wanted a higher interest rate from me after a divorce in 1987. This despite excellent repayment records with all of them.
Years later, I lost what I thought was a slam-dunk in my favor in small claims court.
Some, but not all, creditors jacked up my interest rates despite the fact that the judgment was paid in-full the day it was rendered and was for only a few hundred bucks.
Most of the jackers were department stores whose cards I signed up for to get my instant 10 or 15% discount on today's purchases and were since languishing in a file folder. The bank card that had a balance was paid off and never used again.
Some lenders, like GMAC, care only about what you do with them. I wish they were all that way.
Reply