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OMG, how do some of these people get approved for a NEW car

I see so many people that i know doesn't have very much money or has had repos and what have you driving around in brand new cars. One even got a new toyota tundra pickup , never made the first payment and had it repossessed. I am like what? I have trouble getting a used one because my credit is kind of bad because of maxed out credit cards . I am like how are these other people getting approved? Anyone know ? And what is with the dealerships advertising bad credit, repossession, foreclosure, no credit, no problem. They don't seem to be able to help me.

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Anonymous

Asked by Anonymous at 2:11 PM on May. 1, 2009 in Money & Work

Answers (4)
  • Usually they will have someone with GREAT credit cosign. what makes me laugh is when you see these big drug dealers that have no income other then their illegal income, driving around BMW's and Lexus's and they dont think they will get caught, doesnt that look suspicious
    Anonymous

    Answer by Anonymous at 2:15 PM on May. 1, 2009

  • Oh, i know , what do they put down as income, or where they work?
    Anonymous

    Answer by Anonymous at 2:21 PM on May. 1, 2009

  • We had to put down 4000 on our truck. We went through a dealership that had a program for building back up your credit, I can't remember what it was called though. The cars we had to choose from were all used, but not all way old, we got an 07.
    Anonymous

    Answer by Anonymous at 2:58 PM on May. 1, 2009

  • Its very possible that they are actually doing leases on the cars. A lot of people with bad credit opt for a lease rather than purchasing the new car. Car dealerships push these type of sales. They might be doing the car under someone elses name, like a parent or something. They might also be doing a huge deposit or have a giant interest rate. Some places will approve you with bad credit but give you a 32% interest rate. There are lots of ways they could be working around it :) Hope that helps!
    usbornebooksdh

    Answer by usbornebooksdh at 4:32 PM on May. 1, 2009

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