Help me understand this one!

Slim

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Why are they giving an extra 1,250.00 to people with bad credit? Hoping to repossess one day? It should be the total opposite. I have a 800+ FICO where is MY love????
<h2>$2,250 cash back on select Ram 1500 models</h2>


  1. $2,250 cash back
  • Applies to select new 2019 Ram 1500.
Offer only valid 4-18-2018 through 5-31-2018
Get up to 2,250 Cash Allowance
$1000 Northeast BC Retail Consumer Cash 32CK1<sup>(1)</sup>
$1250 Northeast Non-Prime Retail Bonus Cash NECK1V<sup>(2)</sup>

* Disclaimer(s)
  • (1) Northeast BC Retail Consumer Cash 32CK1 Residency restrictions apply. See dealer for details. Must take retail delivery by 05/31/2018.(2) Northeast Non-Prime Retail Bonus Cash NECK1V Bonus cash for Type 1/B sales. Customers must have a FICO score below 620. A Transunion, Equifax or Experian credit bureau report is required. See rules for details.
  • See State Disclaimer *
 

chade014

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Slim said:
Why are they giving an extra 1,250.00 to people with bad credit? Hoping to repossess one day? It should be the total opposite. I have a 800+ FICO where is MY love????
<h2>$2,250 cash back on select Ram 1500 models</h2>


  1. $2,250 cash back
  • Applies to select new 2019 Ram 1500.
Offer only valid 4-18-2018 through 5-31-2018
Get up to 2,250 Cash Allowance
$1000 Northeast BC Retail Consumer Cash 32CK1<sup>(1)</sup>
$1250 Northeast Non-Prime Retail Bonus Cash NECK1V<sup>(2)</sup>

* Disclaimer(s)
  • (1) Northeast BC Retail Consumer Cash 32CK1 Residency restrictions apply. See dealer for details. Must take retail delivery by 05/31/2018.(2) Northeast Non-Prime Retail Bonus Cash NECK1V Bonus cash for Type 1/B sales. Customers must have a FICO score below 620. A Transunion, Equifax or Experian credit bureau report is required. See rules for details.
  • See State Disclaimer *
Someone with a 620 score will end up getting a much much higher interest rate so they are trying to off set it with some cash back. That is kind of clever.
 

Slim

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chade014 said:
Someone with a 620 score will end up getting a much much higher interest rate so they are trying to off set it with some cash back. That is kind of clever.
Thanks. I knew there had to be an angle!
 

Jared B

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Not a bad play, but would someone with a 620 even qualify for a loan? Not trying to be an *** just curious.
 

firecadet613

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Jared Balfour said:
Not a bad play, but would someone with a 620 even qualify for a loan? Not trying to be an *** just curious.
That's my thoughts exactly. A 620 credit score trying to get a loan for a $50,000 truck.
 

chade014

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firecadet613 said:
That's my thoughts exactly. A 620 credit score trying to get a loan for a $50,000 truck.
Plenty of banks will do it.
 

habu987

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I admit, I was one of those doofuses when I bought my first new car years ago. Roughly $45k car loan with a ~580 credit score. Got a nice 19.8% interest rate, but I was living the dream! I'm much smarter about car buying these days.
 

mrmachaveli

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The purpose is in hopes of Chrysler being nice enough to overlook your credit score, you will become brand loyal to them, for their kind favor. And interest is complex.
 
D

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Jared Balfour said:
Not a bad play, but would someone with a 620 even qualify for a loan? Not trying to be an *** just curious.
Score isn't a good indication of whether someone will get approved...

There are a lot of factors that come into play. Good auto-loan repayment is sometimes all that is needed to get a "prime" finance rate. Scores are just a snapshot of someone's ability to handle credit, however, many lenders just want to know that whatever asset they are lending against is to a client with a history of prioritizing that payment.

Just a tid bit.
 

SoCal Truck

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BobbiBigWheels said:
Score isn't a good indication of whether someone will get approved...

There are a lot of factors that come into play. Good auto-loan repayment is sometimes all that is needed to get a "prime" finance rate. Scores are just a snapshot of someone's ability to handle credit, however, many lenders just want to know that whatever asset they are lending against is to a client with a history of prioritizing that payment.

Just a tid bit.
exactly right.
 
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