GayWheels and others reported yesterday Bank of America is denying car loans to Saab and Isuzu buyers. We called the company for a statement and they explained they're actually still loaning money for buying Saabs. However, there is a catch.
Julie Westermann of Bank of America told us:
We continue to finance discontinued models such as Saturns and Saabs, but expect borrowers to put more money down to account for the lower residual value of discontinued models.
That's right, the bank isn't stupid. BofA realizes the plummeting value of the brand makes the likelihood of recouping the investment on a repossessed Saab 9-5 even harder.
Unfortunately, the auto loan eligibility requirement page on the BoA site still indicates Saab owners are not to be loaned to, but the company insists this is just a mistake.
Even with the higher down payment requirement, we're sure the news of loan availability will come as a relief to the seven people still considering the purchase of a new Saab.