50yrzo6

I was just curious if anyone had tried to buy a ZR1 with the 0% option yet. I had a discussion w/ someone who claimed GMAC was asking for a down payment because the amount was over what the were willing to finance/approve. This individual has stellar credit. What's up with that???? If they are going to advertise 0% shouldn't they honor it on the total price???? Curious if anyone had heard of this or had experience with it yet.

DYNAMIC RON

Credit score means nothing these days. I dont think any bank or credit union would lend 130K for a Z. I have heard that people are being turned down to buy a home with 20% down wtih good jobs and perfect credit.

Operations

I purchased mine yesterday with the 0%
took 5 days to get approval, the owner of the dealership had to get involved to make it happen
I have very good credit and never had a issue like this
The bottom line is this, they must have a VP at GMAC sign off on any loan over $75k, and they will not finance more then $100k, period.
Add to that is GMAC is no longer owned by GM, and are not interested in these loans. Dealer said they are looking for any reason not to give approval, two other deals on ZR1's were going through the same mess

In the end I've got a great car and I'm paying with in $200 of my Z06

A bunch here in the ZR1 section will post that if you finance one of these cars then you are no position of have one, pay cash or wait until you can. Each on to his own I say, no one knows your position in life but you, ultimately you will suffer if you buy something you shouldn't. Therefor if you can do it, go for it! It is a Covettes unlike any other.

william wyatt

Pay cash or do not buy one is total bull****.Ive bought 18 highline cars over the years and all have been leased or financed with 0 down.

50yrzo6

That seems to be the case here too. They were asking for a down payment to get it down to 100k at least and also as you said, it has to go through three levels of management. Seems to me they should qualify their advertising!!

DoctorV8

I did the same thing...agree 100%. Fantastic savings.

ZR Guy

I bought my Z on Thurs with 0% finance. My position is different than what you're looking for. I was going to pay for the car and was negotiating hard. When the 0% came up, I decided to finance $45k and then invest it.
Why pay for the car? I'm just old fashion and don't want to owe anyone. Got ten play cars and they are paid for... only owe for business investment is my rule... usually. So, this seemed like a no-brainer to keep the money and invest. You loose the $3k rebate but I'll make much more than $3k with a modest investment.
The car is 'way cool' and 'awesome'. Hard to believe it could be that much diff than my ZO6.
HAPPY BOY!

Kevin McCaffrey

Getting 0% on the entire purhase price must be impossible. . .

I asked around, I was thinking of pulling the trigger on a ZR1 and I would have need about $30K to put down. I have great credit, and 0 mtg payment. No debt except a few grand on a credit card "mthly cost", and the GT1 09' corvette financed due to the low-rate. .

Best of luck to those who can get 0% with little funds down. .

Kevin

50yrzo6

It sure sounds like it. Advertising is a little misleading but I suppose on a $100,000 car it is not unreasonable to ask for a down payment. I don't like to borrow money either but the 0% feature is hard to beat.

Operations

I did it with less
If you want to know, PM me and I will tell you

william wyatt

Whats the big secret???

Operations

No secret, just don't want my business out here.

RFZ

zr1 inventory has dropped some since the 0% was announced....people on the fence are jumping in

ufaj26

One thing to keep in mind is that the ZR1, as good as it is, will still depreciate as soon as you drive it off the lot. It is already a one year old car. Even if you can finance say 100k of it at the moment, if something goes wrong and your financial situation changes you'll have a hard time finding someone to buy your car for what you owe due to the depreciation. The lender knows these things can happen.

Not that it can't be done but I would be certain that lenders are looking hard at the larger car loans.

jamie furman

Depreciation is true of almost every new car at every price level so I am sure it is a consideration, but with a long sustained excellent credit history and the income to back it up I don't think it should be a problem getting the loan.
And face it, if the car cost 106k (Reliable) then 6k plus tax and tags down payment shouldn't be a big deal if GM will only loan 100k on the car.

ufaj26

I don't disagree with what you have said. All I am saying is that just because they offer 0% does not mean everyone even with good credit is going to be approved to get one.

There are still a lot of cars and houses being repoed everyday from good people that would be exactly as you stated in your post but then things changed.

LES STANFORD CHEVY

We have done three of them with ZERO down and zero percent-
You need a real strong file but it can be done

ZR Guy

Along with getting the 0% rate, you should be able to get the Z for under $110k. Check the internet deals and make your dealer hit those.

william wyatt

When you say 0 down did they put the tax down??Was the AMOUNT FINANCED over 100k???

LES STANFORD CHEVY

did not put down one penny- financed taxes and all- michigan resident 6% tax---like I said before- its all about the credit file- having past big payments on cars is helpful too-