Yes, it's quite true. But there are restrictions.. and most wont qualify. Here is how I did it (and yes,i had it planned out for several months).
When purchasing a vehicle from Nissan and financing through the Nissan Motor Acceptance Corporation, if you can prove you have graduated from College within the last 12 months you can hold off on payments for up to 3 months. Yes, some interest does accrue from this and your payoff amount goes up, but i was not in the position to start payments immediately.
So, time flys by, about 11 weeks later i Refinance my vehicle through PenFed for 72 months at 4.75% apr. They usually automatically give you about 2 months till your first payment will be do... i got the woman on the phone to give me about 2 and a half :-D So here it is, ive had the car about 8 months, a little over 10,000 miles and i've only made 2 payments on it.
some things to note:
A. You have to be a recent college graduate.
B. Most college graduates cant ge financed for a vehicle because of their student loan debt.. my students loans were in deferrment till december, when i purchased the car in July they did not show up (or something like that).
Ahh on a last side not, Nissan gave me 6.75% apr at 60 months when i bought the vehicle. Hopes this helps someone that might be able to pull this trick off!!!
