FAQ

FAQ

The Credit Event is a special 4-day event sponsored by local area dealers that was developed as a way to help customers with credit problems find a way to purchase a new, used or pre-owned vehicle, without having to meet traditional lending criteria. At The Credit Event, you will meet with a financing specialist that will personally work with you to get your loan approved through a network of subprime banks specializing in financing customers with limited credit, no credit or bad credit.
NO. To qualify to participate in The Credit Event, dealers must meet the following criteria:
  • They must work with one or more major subprime banks
  • They must have a dedicated finance specialist on staff
  • They must have a minimum of 100 vehicles in inventory
  • They must have a satisfactory rating with the Better Business Bureau
  • They must have satisfactory Manufacturer CSI (Customer Satisfaction Index) score
YES. As long as you have a down payment of at least $1000 and have verifiable income, you will be able to qualify for a loan.
Even though our banks have very lenient approval requirements, it is still necessary to provide a minimum down payment that will at least cover your sales tax, registration and licensing fees, and any applicable bank fees.

Therefore, you will need to cover at least those costs to qualify. The good news is that you can use a credit or debit card, or apply the value of any trade in that you may have, towards the down payment.
YES. As mentioned, trade-ins are accepted and can be used towards your down payment. Even if you owe money on your car, Credit Event dealers can payoff your current loan and apply any remaining balance towards your new vehicle.
YES. You do not have to buy a car in order to sell your car during this event. Credit Event dealers will offer you the maximum trade-in value on your vehicle regardless of whether or not you are buying another car from their dealership.
Absolutely. All the banks participating in this program report to the credit bureaus, so as long as you maintain current payment history, it will be reported to at least one of the three major credit bureaus, thereby increasing your credit score over the next several months.
The Credit Event represents several authorized new car dealers, each offering new, used and pre-owned vehicles. All told, each event location offers no less than 200 new vehicles and 100 used vehicles available for sale during the event. Brands represented include:
  • Acura
  • Audi
  • BMW
  • Chevrolet
  • Chrysler
  • Ford
  • GMC
  • Dodge
  • Honda
  • Hyundai
  • Infiniti
  • Jaguar
  • Jeep
  • Land Rover
  • Lincoln
  • Mazda
  • Mercedes-Benz
  • MINI
  • KIA
  • Mitsubishi
  • Nissan
  • Scion
  • Subaru
  • Toyota
  • Volkswagen
  • Volvo
NO. Each dealership is independently owned and operated, and must individually qualify to participate in The Credit Event.
The banks will take several factors into account when reviewing your loan application in order to determine what the maximum loan amount you will qualify for. These primary factors include: • Down payment • Credit score • Employment history • Residence history • Income When trying to reestablish your credit and get financing with bad credit, your emphasis shouldn’t be on getting a particular car, but finding out how much the bank will give you and then work from there to find a vehicle you like within that budget.