Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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0 Percent for 60 Months 2.5 Years after Discharge

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  • 0 Percent for 60 Months 2.5 Years after Discharge

    Just thought I'd share. I got 0 Percent on a brand new 2013 GMC Denali Diesel Truck. First new vehicle I've ever bought. It took quite a bit of convincing, mostly to verify my income as I'm self employed. It also probably helped that I traded in a paid off vehicle (gave me 12k) and also put down additional 9k. Apparently the financing is through Wells Fargo Dealer Services as that's what the paperwork showed in the mail. I never owed Wells prior to BK, also my business account is currently with Wells. Who knows if that helps or not?

    Credit score was 705 according to the dealer. Only credit I had since BK are two Cap One cards. One for my business and one personal. Statement balance is always paid on them every month so no Interest is charged.

    Good luck everyone
    Filed: 4-26-2010 341: 6-15-2010

  • #2
    Nice work and even nicer truck!

    I am also looking to purchase the new redesigned 2014 this summer. That Denali is a beautiful vehicle! I'll be about 2 years out from my BK7 when I order the truck. I've had several GMAC loans and always paid them off early, never late. My score now is 680. Like you, I'll be putting down a nice down payment which should be at least 50% of the Sierra.

    I was planning on going through my CU, but did the dealer offer to finance you through their own Bank, this WF Dealer Services? Or did you reach out to them directly first?

    Can you shed some light on what convincing you needed to do? Show proof of income, etc?

    Any tips would be greatly appreciated!
    BK7 - Discharged May 2011


    • #3
      Thanks. I was driving the old truck for 7 years and it was 10 years old. It was time. I initially applied at my local CU, I didn't want to waste anyone's time at the dealer if I was just gonna get turned down. The CU gave me 3 percent, or at least said I was pre approved anyway. Once I was there I applied and they got me the 0 percent. It was through the Dealer but the bank is Wells Fargo. They needed 3 months bank statements, my 2012 tax return (did taxes early, phew) and Profit and Loss reports for the last 3 months plus a few bills that were in my name.
      Filed: 4-26-2010 341: 6-15-2010


      • #4
        That's great news!! I also got an new car in Sept 2102 finance with Wells Fargo Dealer with 0% 72 months no down payment my credit score at the time was 674 not sure about what the auto score was. I am also self-employed did show bank statements for monthly income.


        • #5
          I wonder where wells makes money on these 0% loans...I understand Ford's gm etc...but hey great deal.
          Filed Ch 7. Jan 14th 2011. 341 Feb. 24th 2011. DISCHARGED April 26th 2011. Closed May 10th, 2011. Huge weight off our shoulders! Scores as of 5/14/11 : TU-639, EQ-642, EXP-602


          • #6
            This is not "direct" lending. It is "dealership" financing through Wells. You are getting a loan with the dealership. Think of Wells as the underwriter for the dealership loan. Wells gets a certain percentage of each payment that the customer makes, and probably gets a percentage (upon the deal closing) of the total deal value. This is why dealerships have "multiple" methods to finance.

            Now, you're asking, how does the dealership make money? Well, they certainly did not sell you the vehicle below their cost. In fact, there are all sorts of incentives and some are for factory to dealer specifically. So, everyone makes money on this 0% financing!
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            I am not an attorney. Any advice provided is not legal advice.


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