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May 20, 2016

Car Deals and Discounts for 2016 College Graduates

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A new car can be an important part of leaving school to set off on a professional path.

Getting the degree was undoubtedly expensive, so to assist recent graduates as they ease onto a new road, many manufacturers offer special incentives – such as cash rebates, low down payments, and flexible leasing – and financing offers that may include relaxed credit requirements, discounted percentage rates, no requirements for a co-signer, waived security deposits (on leases), and even deferred payments on their new car purchases.

Program offers and requirements vary by manufacturer, so here’s a list of currently available programs to help 2016 graduates find their fit:

Available New Car Discounts for 2016 College Grads

Brand

Terms and Additional Info

Acura

Special financing offers, 5% down payment, $500 purchase discount, deferred payments

Audi

Audi’s program does not require a credit history or a co-signer and offers competitive rates to those who qualify, as well as no security deposits on a new lease

BMW

$1,000 new car incentive, $1,500 pre-owned incentive, plus BMW’s best available financing rates

Buick

90-days deferred payments, with variable finance rates and cash vehicle discounts up to $1,750 on select vehicles

Chevrolet

90-days deferred payments, with variable finance rates and cash vehicle discounts up to $4,000 on select vehicles

Ford

$500 student bonus in addition to national Ford incentives on select vehicles

GMC

90-days deferred payments, with variable finance rates and cash vehicle discounts up to $3,500 on select vehicles

Honda

5% down payment, $500 College Graduate Bonus on any new 2015 or 2016 model year Honda automobile when you finance or lease with Honda Financial Services

Hyundai

Up to $500 in down payment matching through BoostUp.com,  plus $400 college bonus toward a new 2016 or 2017 Hyundai when purchased or leased through Hyundai Motor Finance

Infiniti

Infiniti’s Signature Graduate program offers low annual percentage rates and special leasing terms, as well as delayed first payments on a purchase of a new or pre-owned Infiniti

Kia

Up to $400 college bonus toward the purchase or lease of a new 2015 or 2016 Kia

Lincoln

$500 student bonus in addition to national Lincoln incentives on select vehicles

Mazda

Flexible financing options available with the finance or lease of a new Mazda through the Mazda Capital Services program

Mini

$500 when leasing or buying a new certified pre-owned Mini through Mini Financial Services

Nissan

Flexible financing options and a variety of incentives available with the finance or lease of select Nissan vehicles

Scion

$750 College Rebate on the purchase or lease of any new Scion, waived security deposit on leases, special finance rates, and 90-day deferral on first payment to qualified buyers on select finance programs through a Toyota/Scion dealer and Toyota Financial Services

Subaru

Flexible financing options and a variety of incentives available with the finance or lease of a new Subaru vehicle

Toyota

$750 College Rebate on the purchase or lease of any new Toyota, waived security deposit on leases, special finance rates, and 90-day deferral on first payment to qualified buyers on select finance programs through a Toyota dealer and Toyota Financial Services

Volkswagen

$500 Contract Bonus when purchasing or leasing select new Volkswagen vehicles through Volkswagen Credit

Offers are subject to change. Check with your dealer for program qualifications and guidelines.

Qualifications to participate in these special graduation incentive programs vary by manufacturer, but generally include:

  • Completion of studies at an accredited two-year college, nursing program, four-year university, graduate, or doctorate program within the next two to six months or have graduated within the last two years. A copy of your diploma or a letter from the school’s registrar may be required as proof of enrollment.
  • Because many recent grads may not have an established history, some programs may relax their credit requirements. However, those who do have an established history must have a positive rating with no major derogatory entries within the last 24 months.
  • Manufacturers typically require proof of employment or an offer letter from a prospective employer to ensure graduates can make the payments on their new cars.
  • Offers vary significantly by manufacturer, and some may even be determined by region, so be sure to read the fine print at each of the links in the chart above to help you determine the requirements for each program.

College-graduate-automotive-incentive-programs-thingstock-831159251Ford’s College Graduate program is more permissive, extending beyond just recent graduates to all full-time and part-time college students, as well as students currently enrolled in accredited grad school programs. Some programs, such as the ones offered by BMW, Infiniti, and Mini even extend the benefits to their certified pre-owned models as well. Depending on the dealership, Toyota’s program may also extend the offer to students who have completed a two-year Toyota Technical Education Network (T-TEN) Program or any other two-year post-secondary automotive program accredited by the NATEF, as well as to students who have completed an electrician apprenticeship/certification program during the last two years through the NJATC and the IBEW; Toyota even makes accommodations for applicants with credit lapses.

While some graduate discount programs may be available year-round for those who finish their education midyear, other incentive programs may only be available during the months of May, June and July. Be sure to check each manufacturer site to get the complete program details.

Are you ready to go shopping?

If you’re shopping for a new car, AskPatty has launched a brand-new Auto Buying Service custom-designed for AskPatty shoppers to help you save both time and money while enjoying a hassle-free car buying experience.


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