'Had To Pull Some Favors': Woman With No Credit Makes Offer On A $50,000 Chevrolet Silverado. Then She Gets A Response

A dealership manager had to pull some major strings when a woman with zero credit recently came in wanting a $50,000 Chevrolet Silverado. 

The details of the deal divided viewers, with some believing “That’s a ripoff,” and others applauding the manager for “working your magic.”

Dan from Grace Auto Group (@graceautogroup) discusses the logistics of pulling off this sale in a TikTok that has generated over 58,800 views as of this writing.

The dealership prides itself on finding a way to finance any potential buyer. Its Instagram profile lists, “Financing for all regardless of credit.” With the philosophy of no credit, no problem, Ronnie, the salesman, brings a new situation to Dan.

Ronnie steps into Dan’s office with a particularly unique scenario with a customer with zero credit. 

“I got a tricky one for you. There’s a person with no credit. They are looking at the 2022 Chevy Silverado 2500,” the employee starts out. 

This puzzles Dan, as he knows this is a $50,000 truck. However, Ronnie does reveal there is an upside.

“Plus side: $10,000 down,” he shares.

“That is a plus,” Dan agrees.

The salesman asks Dan what she needs to do to get approved, and Dan decides to check her credit.

“She has a zero score. The $10,000 helps, but it’s still a lot of truck for a first-time car buyer,” Dan says.

He inquires whether there is a trade-in, and whether a minivan they own outright is being traded in. They got an appraisal at $3,500, making the equity total $13,500. 

With this info, Dan called the bank and secured the customer's approval for financing. The bank offered a high interest rate of 16% and a monthly payment of $900. The salesperson relayed the information, and the potential buyers were okay with the monthly payment but believed the interest rate was too high.

Dan admits this is a tough situation, considering only one bank offered financing. But he decides to try to accommodate the request because this truck has been on the lot for an extended period. 

“I had to get creative with this one. I got the interest rate down from 16% to 11.5%. The payment goes down from $900 to $700 and change,” Dan reveals. 

“That’s crazy. How did you do it?" Ronnie asks. 

“Essentially, I had to buy the rate down, so I am paying a large fee to do that. But we want to earn their business, and this truck has been here a little bit. I’m eager to sell it, so I am willing to eat that fee,” he shares. 

Dan emphasizes that this is absolutely the lowest interest they can offer them. Well, the customers appreciate it and will move forward with this financing. 

“I bet they are happy. Sixteen percent to 11%, that’s a big jump. Ronnie, don't be thinking I can do this … every time for customers,” Dan concludes. 

‘You Are Like Carvana. Everyone Gets Approved’

Viewers were left divided on the authenticity of this interaction. While many thought the dealership went above and beyond, some weren’t buying it. 

“Working your magic ! I wish everyone fought this hard for business,” one TikTok commenter said. 

“You are like Carvana. Everyone gets approved,” another commented. 

“Love this guy, transparent, reasonable, and honest .I want to buy a car on this guy they want to sell not to scam customer,” a third shared. 

While other viewers disapprove of the transaction and even suggest the conversation is staged. 

“That’s a ripoff,” one shared. 

“Fake,” a second commented. 

“TS did not happen,” another added. 

Grace Auto Group told Motor1, “All our videos are based on real deals and real interactions.”

Can You Get A Car Loan With No Credit?

Buying a vehicle with poor credit can create more obstacles in the car-buying process. For customers with poor credit, it’s almost guaranteed that the financing will be tied to a high interest rate. While poor credit is considered to be anything under 580, customers have had issues securing financing with scores over 600. 

So, when it comes to buying a car with no credit history, you can imagine the extra barriers to entry. While it’s not impossible, financing will not be favorable for the potential buyer. 

According to Experian, there are several approaches to getting approved without any credit history. 

The first option is getting a co-signer to join when applying. Using a reputable person with a good credit score and stable proof of income can increase the likelihood of approval. This can also help land better financing rates by adding another signer. 

The second approach is making a large down payment. By not having any credit history, it’s difficult for lenders to determine how quickly you handle repaying debt. To help mitigate the risk, a sizable down payment can reveal to lenders that you are serious about making payments. The more you put down up front, the less you need to borrow. 

The third strategy is to get pre-approved by your bank or a credit union. Outside financing can be obtained online, and the financing approval can be brought to the dealership. Buyers can also utilize existing relationships with banks, as they may be more forgiving and relaxed with requirements, since the buyer has a history on record. 

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Additionally, potential buyers can provide proof of earning potential to help build the approval process. 

By using these approaches, the buyer may receive a lower interest rate and monthly payment offer from the lender. While it’s not impossible to buy a car without any credit history, it may just require extra steps to secure financing. 

 

 

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