October 5, Las Vegas, NV
[caption id="attachment_178" align="alignleft" width="300" caption="0% on popular camry model"]
Toyota Motor Company has announced 0% financing on 11 models except the Yaris, and their popular hybrids. Forget Scion and Lexus too! This is an exceptional deal for credit-worthy Toyota lovers, but be prepared that the offer is limited to in-stock models and the 0% is only for 36 months, rising to 2.9% for 60 months. Still it’s a good deal IF you qualify. At the same time, don’t expect the dealers to be flooded with new 2009 product, as Toyota has strategically respond with reduced production, resulting in less negotiation room on both the 0% and new 2009 models. Local Las Vegas dealers have been quick to react to the announcement, “We don’t have a lot full of 2008 stock with the exception of gas-loving trucks and SUV’s.” Consumers report some dealers are holding pat on MSRP or limited discounting when 0% financing is requested.
HOWEVER, don’t give up yet! You can still find 0% financing offers from many other car makers as recently as this week! Here are a few of the 0% financing offers on the table, some for longer than 36 months and with REBATES…
0% for 60 months is where the consumer really makes out! And 1.9% for 72months as Hyundai offers on the popular Santa Fe, Veracruz and Entourage models. The 2009 Azera is available for 3.9% for 60 mos., still a great deal on a luxury car.
Chrysler, Dodge and Jeep are offering 0% for up to 36 mos. on the popular 300C, Jeep Grand Cherokee, Commander, Journey and Charger among other models, or you can combine a 2.9%-3.9% with some cash rebate to help the down payment demand. If you are “upside down” or “buried”, as dealer’s like to say, (meaning you owe more than your car is worth), then consider taking a partial rebate to lower the overall amount you are financing. Local credit offers have been hovering around 7.95% for good credit scores over 695. Don’t be surprised if the interest rate goes up when you have no down payment, as more and more banks are requiring car buyers to have a minimum 10% down, even with a 700 score.
GMC and Chevrolet are tinkering with a limited few low financing offers for 36 mos., but nothing as across the board on popular models as their competition.
Don’t expect Nissan or Honda to follow the Toyota lead, as neither company is loaded with inventory.
Sarah Lee is a 20 yr. auto industry veteran writing on consumer populist automotive issues. You can email her with your comments or questions at www.mycarlady.com
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