re: Buying a new car

We just bought a 2022 MDX Tech for the wife earlier this summer as a CPO. Honda/Acura usually runs great financing deals on their CPO stuff. At the time, it was 1.49% for 36 months. They listed this car for $42k with 34k miles on it, original MSRP was $53k on it. I got them down to $40k even on it, so about a 25% discount from the original MSRP pre delivery.

Included a 7 year/100k mile warranty (big reason we went this route outside of just the financing) and complimentary first maintenance (oil change really).

There are some captives out there that are giving 0% financing for qualified buyers.

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Respectfully, if you're buying a vehicle where GAP insurance comes into play, you should be looking at a cheaper vehicle. The necessity for GAP insurance comes in when you're going into a vehicle purchase where you leave the lot upside down.

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Vehicle price usually doesnt matter as much for GAP. It's about the negative equity they are rolling into another vehicle from the current one and financing above what the vehicle is worth as a result. Doesnt matter if you buy a $10k vehicle or $50k vehicle. If you have $5k in negative equity in your current car with little to nothing down that $5k is tacked on top of whatever the purchase price of the car is.

People with negative equity also generally dont have any money (to put down).

In the end, I would find a creative way out of a vehicle with negative equity ultimately. There's a bunch of ridiculous lease deals with rebates on EVs right now which is not the worst way to get rid of negative equity while also driving a newer car for 2-3 years. That $7,500 tax credit alone being applied to a lease is a huge factor in that. EVs wont work for everyone though especially if you tend to travel long distances somewhat frequently. Very state specific here but with the rebates Colorado offers there are people out there getting ridiculous deals on Nissan Leafs for 2 years between federal/state tax credits and rebates. One youtube channel I follow got one for $9/mo after less than $2k down for 24 months with the rebates/credits just paying for the whole car almost (outside of tax/registration/dealer fee basically). Great way to erase some negative equity pretty quickly in something like that.

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There are some captives out there that are giving 0% financing for qualified buyers.

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Mazda has 0%/36 mo. deal on some vehicles. The small print worries me . must have stellar credit. depends on down payment yada yada yada.

credit shouldn't be an issue but you never know. weasels.

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credit shouldn't be an issue but you never know. weasels.

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Why do you say this? Or am I misreading your comment?

Are you looking to get a mazda and you're credit shouldn't be an issue?

Or are you saying they shouldn't factor credit into a special finance offer like that?

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our credit shouldn't be an issue but it seems they are just looking for any way to deny the special rate.

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As long as your credit score is solid (740+ usually) and make ok money you will be fine with manufacturer financing. They dont really dig that deep or require much outside of FICO.

I personally havent seen a manufacturer special financing deal that REQUIRES money down in the car market. In fact I would think they would want more money out of you than not (if interest rate is >0%)

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I am looking at new crvs crossing 40k this market is cooked

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I just bought a new CRV EXL for $34k in June. That was before TTL. Paid it off the first payment and got the title a few months ago.