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Friday, January 20, 2012

Crazy 88 Auto Loans And Guaranteed Approval Credit Not That Great

I had previously written about Crazy 88 Auto Loans back in 2009 before the first Basic Credit Info website had gone down, and I see that it is still going on strong. I don't want to have to repeat all that I said so here is a link to the original article that had been posted on another site I was using.

(Writers update: the following appears to be older information as the company has updated their site.)

One of the most important parts of looking at this company is the disclaimer which states the following:
Disclaimer
See dealer for complete details on all programs. Not responsible for typographical errors. See dealer for details. Bank approval required on all credit applications. Subject to finance approval to qualified buyers. Certain restrictions apply based on lender approval. $88 a month for up to 3 months at dealer discretion. Offer may be withdrawn at any time and is not to be used in conjunction with any advertised offer. Amount of down payment and monthly payment may vary based on consumer's credit history.
For full NADA book value: negative balance applied to new loan balance. Financing on approved credit through dealer designated lender. All vehicles plus tax tags and freight. Guaranteed trade for purchase of used vehicles only. Offer may be withdrawn at any time and is not to be used in conjunction with and advertised offer CRAZY 88 is a registered marketing agent and not an automotive finance company or lender. Negative balance applied to new loan balance. Financing on approved credit through dealer designated lender.
So as you can see this isn't that great a deal.  Especially since the deal can only last for up to three months. This is very similar to those instant auto approval deals you see on TV. Many times they tell you that you can get approved regardless of your credit history. Why wouldn't someone who keeps getting denied credit not want to take this deal?

The above disclaimer shows that while it may be great short term in the long run you will be hurt worse. What happens if you get a car and your payments go up to four or five hundred per month? Will that help your credit if you can't pay for your new car? Always check out disclaimers on these companies before doing business.

This is the new updated disclaimer showing on the Crazy 88 website.

Disclaimer
The terms for which you qualify will depend on your credit history and other factors. An $88 monthly payment is based on a loan amount of $5082 at an APR of 4.9% over a term of 66 months and an $88 down payment. Down Payment amount does not include government fees that includes tax, title, and other related fees. These are not actual consumers but demonstrate potential results. Crazy 88 is an auto dealer referral service. A local dealer in your area will provide the car and arrange for your loan
I'd like to think that this site and others led to this change due to pointing out that previously you could only get the $88 dollar deal for up to three months. Even then as you can see, the deal only applies to a certain amount, APR, and terms of loan length to get what they promise on the site. Even then to get this deal it is all dependent on your credit history and factors!!! Wasn't the point of this promotion to get the $88 dollar deal no matter your past credit history? It's right there on their front page:
During this event, you can purchase a car, truck, van or SUV is available to you for only 88 dollars down and 88 dollars a month, regardless of your past credit history. Get the car you want today!
Looks like their own disclaimer contradicts their website. Don't be fooled, this whole promotion still stinks and I would avoid it if you are looking for a new car.

9 comments:

  1. Great analysis. "Irregardless" is not a word. think that you meant to say "regardless".

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    Replies
    1. Luis with such a powerful search tool as Google available I am surprised you did not use it and find irregardless is an actual word in Webster's Dictionary. I'm ex military Army Rangers 75th Battalion 2nd Rifle Command and our motto was , "Think first before replying to any comment."

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  2. Irregardless is a word. Its a blend of the words irrespective and regardless. Its used more frequently verbally than written, however. Check an American dictionary.

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  4. Get guaranteed auto loan approval for bad credit or poor credit history. CarLoans123 will help you to get guaranteed approval despite. SBA refinance loans

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  5. Is this place located in michigan?

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  6. Irregardless is a word. It's a nonsense word that has long been in dispute. "Irr" and "less" cancel each other out. So when you use it you are actually saying "regard" instead. So yes the writer should have said "regardless." No, most people don't put the word in print. And yes all of you who said check the dictionary or Google should have actually checked the dictionary and Google. Sheesh.

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  7. It shouldn't matter what word a writer decides to utilize in a sentence as long as he or she uses the word correctly. You are actually allowed to used alternative words when writing. Was the information presented candid in nature? That is what our concerns should be about.

    ReplyDelete
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