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Question By
BrooklynB5

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Credit debts Affect on Sign and Drive offer?
I have a 681 credit score.
I have a sign and drive offer of 235 a month being offered to me by a dealer.
He says all I need is to bring in the $235 and my license and I drive off.

Me being the rookie with a brain I know my credit may affect the monthly payments and possibly other things.

I have a 3 yr old debt with chase that im getting taken care of for more then 3k.

What will that Chase account do to the Sign and Drive deal?
Will I most likely be denied?
(He said he's approved tier 2 and 3 in the same credit score range)

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Did hey ran you credit before they quoted you that price? If they didn't, then, how can they possibly quote you an accurate price. If they did? Then they already knew about your credit profile and you "should" have nothing to worry about (as far as for thprice goes).

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If they didn't ran your credit? One collection and I assume it's a collection account, shouldn't affect your chance of being approved. they can always bump you up a tier or two, if they so chose. Just be firm and push for it.

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Additional info

What I mean with the 1st question is, 

How will that chase account debt affect the offer?

How high will the monthly payment go up if it even does go up.

etc?

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Reply by
EddyTX

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Most often with those offers, they purchased a list of names within a credit score range.  This info is often old and not very accurate.   When you go into the dealer, they will run your credit.  Those sign and drive offers (read the fine print) are usually offered to people with excellent credit, 740+.  They will then try to coerce you into another loan, since your already reved up to purchase a vehicle. Usually at a much higher interest rate.  Beware that they will often sh"Shop your loan" to several creditors trying to get you the best deal. this often results in a lot hard inquiries on your credit report.  You can get most deleted, but that is a hassle.

You want a sign and drive deal, get pre-approved for an auto loan with your credit union, Walk in knowing in advance what you can spend and what your payments will be. Negotiate as if your paying cash.

Good luck

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Called to check approval

I went through with letting him pull my credit. Waiting on approval from a honda rep.

@EddyTX

When I spoke to Max(my sales rep) I explained that 235 was the highest I was willing to pay.

I also explained how I dont wanna travel to him if im not driving home.

He explained how he's had people with worst credit scores sub prime even and theyve been accepted at rates like that.

@JohnnyRain127

I told him my score was 681. He went on to say as I said to ed, people with worst scores were approved as if they had mine or better.

Im a bit nervous on having him run my credit cause if I get denied no car today.

If I get approved I pick it up by 3pm.

If I get apprived and the price a month goes up, im screwed no car.

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