| Get Your Money For Nothing | |
| ...But the chicks aren't free | |
In the shadow of America's greatest tragedy and as Fall temperatures cool the economy along with the weather, U.S. automakers bring an unprecedented offer to the table: Free Money!
Jeep
and Dodge
become the latest to join with their band of manufacturer brothers and
even offer no payments until 2002 for qualified buyers.
While "Ford Drives America" and General Motors inspires us to "Keep America Rolling," remember what your father taught you: There are no free lunches. While automakers try to make us feel patriotic about purchasing a vehicle, shoppers should be aware that there are a few strings attached.
No
Free Lunch
If
you're thinking about taking advantage of one these programs, be aware of some
of the fine print before visiting the showroom.
- Not all buyers will qualify for 0%. Your credit needs to be pretty good. (Jeep's program for no payments until 2002 is for "well qualified" buyers.)
- In most cases, a down payment is required -- 10%-20% depending on the vehicle and your credit.
- You must take delivery from dealer before 10-31-01.
- Most of the programs do not offer 0% beyond 36 months (Ford is offering 0% on some 2001 models for 60 months).
- Your payments may be the sportiest part of the deal. A $20,000 vehicle for 36 months has payments of $555.60 ($27.78 per $1,000 financed for 36 months.)
- While trade-ins are welcome, don't bring a vehicle with negative equity. They're not going to loan you the negative equity for 0%.
If the short term 0% deals don't really appeal to you, don't count yourself out of the savings. There are deals from .9% to 4.9% on almost all vehicles for just about every contract length. If you're thinking about buying a car, this may be the time to do so. When else will you be offered an opportunity to purchase a vehicle interest-free?
