First Time Buyer Program

Eligible Vehicles

Program Parameters

• First automotive secured loan or credit transaction. *First Time Buyer means applicant has no previous automotive secured loan or credit tradeline on his/her credit report.
• Minimum six months on current job or qualified co-buyer.
• Qualified applicants are eligible for standard rates.
• Up to 100% advance.
• Up to 72 months maximum term.
• Minimum of $1,000 total down payment required (Total down payment may include rebate cash).
• Excludes credit tiers 7 & 8.

Credit Requirements

• No adverse credit history. No bankruptcies, foreclosures, repossessions, collection  accounts, charge-offs, tax liens, judgments, or any other delinquent credit.
• Verifiable (paystub, W-2, etc.) monthly income sufficient to cover vehicle payment, ordinary living expenses, and all currently outstanding debt, if any.
• Payment to applicant’s gross income from primary job cannot exceed 15%.
• Total monthly debt to monthly income ratio of 50% or less. Total monthly debt includes, if applicable: monthly vehicle payment, monthly rent or mortgage payments, other monthly payment obligations (installment loans, revolving loans, alimony or support payment, etc).
• Subject to additional HMF credit guidelines.