Robin was reading the Times Standard this morning and pointed out that there is a Jeep Renegade with Altitude Package sale with rebates over $7,000 brings the price in at $15,777. (That includes back up camera, Air Conditioning, cruise, Tilt, Custom Wheels, Power heated mirrors and 31 MPG!) She then pointed out that we aren't eligible for $2,250 of the rebates because our credit is to good. She said to check out the small print and sure enough it says to qualify for some of the rebates you have to have a credit score under 619!
How is that so? You have to have rotten credit to be eligible for a "Non-Prime rebate" which is term for loan types that do not fit into the restraints of government lending standards known as Prime, Agency, or A-Paper Lending and defined as Qualified Mortgages. Non-Prime loans are also known as temporary or fixer loans for borrowers who are on their way to Prime but need a little help before they qualify. Non-Prime loans characteristically are made to borrowers who have had a past credit event or events in the form of Foreclosure(s), Bankruptcy(ies), Short Sale(s), late payment(s), collection(s), charge-off(s), etcetera.
A reward for bad behavior. No wonder times seem so weird.
Hi Richard. I'm sure the "rebate" is a return of part of the 18-24% they'll have to pay on their non-prime loan. Be happy you don't have to pay $37,000 for a $15,000 car!
ReplyDeleteLong time no see, good to see you're still out there!
Claudia Cranford