What is With Approved Credit ?
297 reads · Last updated: December 5, 2024
A with approved credit statement, or WAC statement for short, is a qualifier used in advertisements. It is intended to clarify that the offer being promoted is conditional on the buyer having an adequate credit rating.WAC statements are typically included in relation to offers of financing, such as hypothetical lease terms provided in an ad for a new car.
Definition
With Approved Credit is a qualifier used in advertising to indicate that the promoted offer is conditional, requiring the buyer to have a sufficient credit rating. This term is often associated with financing offers, such as hypothetical lease terms provided in a new car advertisement.
Origin
The concept of With Approved Credit originated in the finance and advertising industries, evolving with the spread of consumer credit. In the mid-20th century, as credit cards and consumer loans became widespread, businesses began using this term in advertisements to attract consumers with good credit histories.
Categories and Features
With Approved Credit is primarily applied in two scenarios: consumer loans and lease agreements. In consumer loans, it means that only consumers with a credit score meeting certain standards can receive favorable interest rates. In lease agreements, often used in car leasing, only customers with good credit can enjoy the low monthly payments or zero down payment mentioned in the advertisement.
Case Studies
Case Study 1: An automobile manufacturer advertises “0% financing with approved credit,” meaning only customers with high credit scores can access this offer. Case Study 2: A major retailer uses “12 months interest-free financing with approved credit” in its appliance advertisements, which also requires consumers to have a good credit record.
Common Issues
Common issues include: Why didn't I receive the advertised offer? This is usually because the credit score does not meet the requirements. Another misconception is that everyone can enjoy the advertised offers, whereas these offers are conditional.
