After doing some research, the current CPO financing special unfortunately doesn't apply to the GS
For someone with sub 800 credit scores what do you think the rate will
be on 60 month financing?

Car is 2007 GS350, (CPO)

 

Please take this constructively...

To answer your direct question, the rate will be ugly... very ugly.

Financing a 5 year old vehicle for 5 years is a really bad decision. I say this regardless of condition, mileage, etc. 3 years, maybe, definitely not 5. 24 months would be my max on a 5yr old vehicle.

Rarely if ever would I suggest this for a personal vehicle (one who cannot benefit writing it off as a business expense) but leasing a new vehicle might be a good choice for you right now. Why? The used market is tighter than a frog's you know what. That in turn is driving residuals 8, 12 and even 18% + higher than originally calculated (especially on '08 and '09 lease turn ins). Which then drives the residuals being calculated on new leases much higher too... thus substantially reducing "usage" portion you pay for in a lease (along w/ a low MF b/c it's new). It's one of the few times I've ever seen this happen so dramatically and thus why I am even suggesting it.

At the end of the day, a lease would end up being much better and probably cheaper for you over-all w/ less unknown risk. Additionally it would limit your "upside down" risk and leave you an option to buy out (w/ cash or finance) at lease end a nice vehicle whose history you know and/or trust (or not). Of course other things need to be considered like insurance costs and how your state treats leases for tax purposes. However, it's definitely something I suggest you study to understand more and look into for now as an option while increasing your credit score.

Good luck

 

BOA has 2.99 on up to 8 years old. and 100k miles.
My brother is a FnI guy and has seen it from more than just BOA.

 

I thought all lexus CPO cars were eligible for "new car" financing. Who told you and why is the GS excluded? I bought my GS CPO and the "special/new car rate" was offered to me.

 

CPO cars are eligible for "standard" new car rates through LFS, which means 5-6%. Capital one and Bank of America (and surely others) can eat them alive.

 

The salesman is adamant that the CPO rate doesn't apply to the 07 GS. Will look at Cap One- ty

 

Oh, and you said sub-800... Does this mean 780 or does this mean 600? Reason I ask is 740+ is generally what's required for the best rates, 710 with some lenders.

 

I know Lexus is 740+ for a new car. My sister just bought an RX350 financed through Lexus (and she has xlnt credit).