I have a low FICO (around 550) and want to buy a new car that's $21k. There's a $3500 rebate out on the car and a $3500 employee cash discount that I get for buying th is specific brand. If I take that $7000 and apply it all towards the car and possibly kick in another $1000 or $2000, does anyone think I have a chance of getting an approval? Is the employer cash discount counted towards the downpayment....does anyone know?
Welcome to CreditBoards! We hope that you find what you're looking for here.
Some helpful tips:
Again, welcome to the CreditBoards family!
: LKH, Pam, radi8, breeze
: CargoJon, Chris in OK, cotterpin, CramItCCCAs, Fallon, MarvBear, CtSoxFan, pryan67, psp, Stryker, TrevorHere
: brazen, Brian B The Loan Professor, cedski, DallasLoanGuy, hoapres, ICANHASMUNY?, Lighthouse84, Linx04, Neen, TeeSharice
---
If it's an actual cash discount, then it should be netted from the sales price, and not shown as cash downpayment.
The $3500.00 rebate would be seperately disclosed as an actual rebate and show as a down payment.