Thread: Any cars salesman out there?

Im a sales....person. lol. Ur info seems alright... just have a co signer with good credit and money down will help. My gen is my first car in my name, and my credit is still new-ish. I put $8,500 down and had my dad (with good credit) as a cosigner. My Gen was $27,625. I was approved for financing and the whole 9 yards... even tho i went with leasing for the first 3 years . My dad didn't want me having high payments while i was still in school. I'm hoping to save up the cash to pay off my car at the end of the lease.

And btw you would need to talk to someone in the finance department for get an accurate answer. Salespeople just show the cars and get them to buy it basically. When it comes down to numbers we pass it off to finance.

i'm in the same boat as you are...but if statutes in PR are the same as in the upper states mid 600's is about standard since that is now considered "prime credit". The only problem I can foresee is your amount earned. Is that before or after taxes. And lastly they will investigate your debt to income ratio...if your monthly debt equates to approximately 33% of your monthly total income (before taxes) you are considered a sub-prime candidate for a car loan. But before you get reamed at the dealership, try your local bank...they've done business with you are more lenient as far as rates and usually if you get a car loan through them they'll use your car as collateral.

My overall suggestion...to avoid any issues, put down at least 33% of the total value of the car down so as to not go upside down within the first year...usually if you are not in the 700's creditors feel more at ease with higher downs.

I'm not completely sure how the american system works but if it's similar to the canadian then they won't just look at your score but your history. If you've been consistant on paying your bills and how often you're late. They'll also look to see if you've had any large loans in the past, might be your first new car but have you ever financed a used one? If you're doing a trade in does the old car have a lien?(outstanding owing on it). Having large amounts to put down is a good idea but it doesn't always make you look better to a lender, they want to make money off of you. Like alvlee01 said how much you make might be the bigger issue. If you've never had a large loan before, and if you pay rent then be prepared for them to ask for a cosigner. Going through your own bank is a pretty good idea too because they do know you better, and when you go to buy your car if it's set up right, it looks like a cash deal for the dealership which can be better if you want to haggle.
I'm 22 and my gencoupe is my second new car, and my parents never cosigned or payed a dime for either of them. I lucked out when I worked for Ford and my boss pulled some strings and got me financed after only working there for 2 weeks, and that helped when I went in and bought my gen because I already had a history of car payments and since I traded my Ford for the Gen it lowered my payments and looked real nice to my personal bank. (I never put money down on either vehicle.)

Oh and only a lousy salesperson just shows you the product. A good salesperson shows you the product and knows what the hell they are talking about. They can spit out numbers and financing quotes to you but you make the final decision, a salesperson needs to know how much what costs so they can help you better find the vehicle that doesn't just suit you but is in your budget. They should also have an indepth vehicle knowledge too, having your salesperson tell you that you have automatic lights when you actually don't is a piss off to say the least... or in my case when I bought my gen, my 6 foot something salesman tell me he was comfortable in the backseat.. I'm 5'10" and I hate and am very uncomfortable in the back seat.

Thank you for the insight!

to answer the questions yes I earn 26k/year after taxes, largest loan I had was 7k and I dont pay rent atm. Am really optimistic but am not sure if I will be able to get 33% money down by the time the car arrives and I really want to be one of the first to have a Gen coupe. At the moment i have 3k saved but I gotta save at least 1.3k for the fist year of the insurance plus the registration fees. at least I could put out 1.5k down but I am hoping I can get away with having to pay no money down so I can buy that nice blow off valve at the korean imports website. I should be able to send more feedback in a few days/weeks as am told at the dealer that the Gen coupes will be getting there at the end of this month so fingers crossed!!!!

btw you guys are awsome

when you give your income always give it before taxes otherwise known as Gross Income, you're saying Net income, make sure when you apply for financing you know which one they want otherwise you could really screw yourself. Have you decided what package you want to try and get?

Ty for the heads up. I am planning on getting the track ver of the 2.0T I fall on the conclution that since its lighter on the nose it will have less understeer than the v6 and with so many mods out there I will bet that in 1 year there will be some awsome kits to boost the 2.0T wHP. This will be my very first sports car so I am very exited about the whole thing