Hummer financing ???

[Lucky1]

What finance companies,credit unions or banks if any still finance Hummers ? My cousin tried to purchase a 2005 H2 with 95,000 miles from a Ford dealership and they didn't realize that they didn't have lenders that would loan the money. After they told him the truck wad definitely his the very next day when the paperwork was supposed to be signed, they told him Wells Fargo and no other banks would lend on Hummers because it was a defunct company.

[Lucky1]

Is that true or can they just not get it financed at that dealership ? He has a good credit rating and was approved for everything else they had. He still wants that H2 pretty bad though.

[markdoddridge]

Just go through a credit union, thats what i did, although this was back in 06 when hummer was still around

[fyr145]

I bought my '07 a year ago and Wells Fargo financed mine.

[tiny2012]

i got one in january thru credit union....3% interest

[LoJac963]

fairly certain it has absolutely nothing to do with what type the vehicle is. Sometimes you may have higher rates depending on the vehicle but to say the dealership doesn't have any lenders because its a Hummer sounds a little ridiculous to me.

I picked up my H2 a year ago and never had any issues, we bought the wifes Saturn Sky Redline a couple years ago after Saturn was gone and didn't have any problems either.

[Lucky1]

He told me later that the dealership said they had one lender that would carry the loan but the rate was gonna be outrageous. I guess they were just fishing for more finance points. Good to know that Wells Fargo stillcarry Hummer loans.

[Lucky1]

I think I want him to have the Hummer more than he does. Lol.. Thanks for all the super quick responses.

[iwillnc]

I had mine financed around jan 2011, and they took to it quickly, then again the credit score was almost perfect

[LoJac963]

^exactly, scores play a HUGE role in financing a vehicle-even more so with a used vehicle.

When it comes to financing a used vehicle most banks will only finance a percentage of the value of the used vehicle. That being said if you are going into a used vehicle with negative equity from a previous vehicle it is highly unlikely to get financed. Banks used to finance I believe it was up to 120% of the new "used" vehicles value. Now with the economy being in the dump for so long almost everyone has cut that percentage drastically.

It all boils down to this:
Negative equity, value of the Hummer, credit scores, down payment, income and of course a bank willing to lend on a vehicle that is relatively a little old already.

[H2005]

Chase will finance it

[GRTWHT1]

Some front line dealers/finance co. won't do over 5 year old cars.

[TGCOFTN]

I am shocked to hear that. I figured anyone with heart beat, blood pressure, and a good credit score could get anything financed.

I got both of my Hummers thru GMAC @ 0% Internest when they were having the special. Since all the problems with GMAC, they are thru Alley Bank still @ 0%.

[LoJac963]

yeah I believe I'm at 5.25% through BofA which isn't too terrible and that was before my scores were touching the 800 mark as they are now. Who knows I may try to refi the thing in a few months to get the payment down.