First Time Buyer Program
Eligible VehiclesNew and untitled 2013 and 2012 Accent, Veloster, Elantra, Elantra Coupe, Elantra GT and Sonata vehicles, including demonstrators and Service Loaner vehicles with less than 6,000 miles.
- 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.
- 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.
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