Straight from a Car Salesman (tips on buying, etc.) (Q/A)

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 12 months ago '12        #101
bpw5009 1 heat pts
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 rarespecies said:
APR of north of what number? I had that issue with my last car, so I'm prepared.

Any suggestions on places I could I apply for the sort of lease your suggesting? Any companies you could recommend? I live in Cali.

Sincere props for responding.
I mean I havent seen your credit but if I had to guess you would be looking at 17-18% atleast on something used maybe a tad lower on a new car. I don't know what size car you need but a compact (corolla civic cruze focus etc) will be your best shot getting approved for on a lease. If you need something a little bigger (accord camry fusion malibu etc)
 11 months ago '14        #102
M Jizzle1986 1 heat pts
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Good post for people like me. So from your experience is it best to get approved for a loan by a bank or credit union before heading to a lot
 10 months ago '12        #103
bpw5009 1 heat pts
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 M Jizzle1986 said:
Good post for people like me. So from your experience is it best to get approved for a loan by a bank or credit union before heading to a lot
It can def help. Then you only have to worry about price of the car because the financing part is out of the way.

If anybody else has a question @me I forget to check this section
 10 months ago '16        #104
MarloStanTrill 8 heat pts
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 KrayzieCMB said:
I deal with a lot of shady credit in my area and get my time wasted a lot. I also don't have much of a customer base yet. So I am stuck waiting at my desk staring into the lot waiting for ups and there are days where we get literally 0.

We charge a $399 admin fee at our place which is fairly reasonable. My father checked out a dealer when he was in Florida and they charge $999 admin fee.

Also, to all the people that don't want to buy from a dealer because you think it is more expensive. Just remember, we will always give you some sort of warranty with your purchase. If you buy private the buyer won't guarantee anything.
maybe the process should change. people with bad credit know it, and they are not trying to waste your time.

The problem is they think: I have decent job (with stubs), I have saved up for a nice down payment, and even though my credit sucks, I THINK i should qualify for a car- even if it higher interest rates

Maybe the process should change so sav customers time too
 10 months ago '04        #105
nitetrain8601 21 heat pts21
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 MarloStanTrill said:
maybe the process should change. people with bad credit know it, and they are not trying to waste your time.

The problem is they think: I have decent job (with stubs), I have saved up for a nice down payment, and even though my credit sucks, I THINK i should qualify for a car- even if it higher interest rates

Maybe the process should change so sav customers time too
As someone with bad credit, I get what you're saying, but the dealerships/finance people are simply trying to protect themselves.
 10 months ago '16        #106
MarloStanTrill 8 heat pts
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 nitetrain8601 said:
As someone with bad credit, I get what you're saying, but the dealerships/finance people are simply trying to protect themselves.
Nah, im not saying they SHOULDnT check credit- Im saying maybe they should prequalify you before you can even start shopping for cars.

You wanna buy a car- you walk in they immediately run your credit, then TELL you what you can afford- rather than walk in- chat up a salesman, fall in love with a car i cant afford, do 2 hours of haggling and paperwork then go- OH your credit is bad

Gotta be a better way- as it is I refuse to deal with dealerships at all. My last 4 cars ncluding my current have been: craigslist, buys from family, and auction

I refuse to even play the game at a delaership period.
 10 months ago '04        #107
nitetrain8601 21 heat pts21
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 MarloStanTrill said:
Nah, im not saying they SHOULDnT check credit- Im saying maybe they should prequalify you before you can even start shopping for cars.

You wanna buy a car- you walk in they immediately run your credit, then TELL you what you can afford- rather than walk in- chat up a salesman, fall in love with a car i cant afford, do 2 hours of haggling and paperwork then go- OH your credit is bad

Gotta be a better way- as it is I refuse to deal with dealerships at all. My last 4 cars ncluding my current have been: craigslist, buys from family, and auction

I refuse to even play the game at a delaership period.
Well technically you can. Most dealerships now allow you to get approved online. You can also walk into a bank or credit union. Hell I got my approval through capital one and they sent me the check before I even walked into the dealership.
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 5 months ago '15        #108
Dark Rite 40 heat pts40
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 KrayzieCMB said:
Where I make my most money on a sale is #1 Insurance on the loan. #2 Actual profit on the sale (I get 20%). #3 Extended warranty (Buy it cause it saves u in the long run with computers in the newer vehicles). #4 Undercoating package (Only applicable to people who live close to the ocean or people who have heavy winters) Salt k!lls a vehicle if you don't keep your undercoating/rust protection.
Question for you, i have a 2011 lacrosse with 29,000 miles on her....the warranty is about to run out at da end of this month...should i buy the extended warranty or just say fu*k it.

Its not even my main car...
 4 months ago '04        #109
mrjam7 4 heat pts
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Would some of the advice here apply if I wanted to get a off road unit like a Polaris rzr or can am Mav
 3 months ago '08        #110
Keith504 42 heat pts42
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Bx, I just recently went to a used car dealer triying to get financing on a vehicle and it didn't work out as planned. A little about me: I'm in my early 20's with virtually no credit at all. I have one credit card with a $500 limit and it's completely maxed because i pay just the bare minimum monthly. Anyway, I went to the dealer and tried to get financing on a Honda Cr-V for 15k but I was denied for that and instead they tried to put me in a 2011 Rogue with 92k miles for $10k. However, I was hit with a 22% APR rate which was like $7,000 in interest. After much thought I opted out of it because it just didn't sound logical to close on it. So my question for the Bx fam is would my APR get better if I was to pay this CC off and come with a larger down payment? Or would I still be in the same situation since my credit limit isn't that much to begin with?
 2 months ago '05        #111
danny|M 6 heat pts
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 Keith504 said:
Bx, I just recently went to a used car dealer triying to get financing on a vehicle and it didn't work out as planned. A little about me: I'm in my early 20's with virtually no credit at all. I have one credit card with a $500 limit and it's completely maxed because i pay just the bare minimum monthly. Anyway, I went to the dealer and tried to get financing on a Honda Cr-V for 15k but I was denied for that and instead they tried to put me in a 2011 Rogue with 92k miles for $10k. However, I was hit with a 22% APR rate which was like $7,000 in interest. After much thought I opted out of it because it just didn't sound logical to close on it. So my question for the Bx fam is would my APR get better if I was to pay this CC off and come with a larger down payment? Or would I still be in the same situation since my credit limit isn't that much to begin with?
Is your credit card your only line of credit (open or closed)? If it is, then your credit score is unlikely to improve much even if you pay it off. Also, your credit score will take a while to make any significant improvements with just one credit line even if you keep it paid off every month. It is a good idea to pay it off, though. Most people I've heard from say that you shouldn't have any more than ~30% of your total credit used at any one time. Now that's not talking about using more than that and then paying it off before the interest kicks in because that's fine. What hurts you is keeping a balance month after month. That's where those interest charges come in. I don't know your financial situation, but if you can pay off your credit card before your due date each month then that's the best route to take. If you can't, pay as much as you can before your due date.

To answer your question, though, if you pay off your card and put down more for the down payment then, yes, the rate you get should be better, but don't expect a huge improvement. The more money you put down, though, the better your deal will be in the end. It also depends on what credit agency the dealership uses to check your credit worthiness. All 3 can show 3 different scores so I would check what one they use and then go get your score. You can get a free full credit check once per year to monitor any serious issues.

This is backed by the FTC. Check this link out for more information and if you want to get your score:

Although your credit limit does play a part in your credit score, that isn't the only factor, but in order to get a credit line increase you normally need to show whatever institution you're getting your card from that you deserve the increase (pay off your debt on time and in full, don't have too many credit inquiries, keep your credit lines open even if you don't use them because the longer they are open the more they will impact your score).

Now, I'm no expert, but these are just things I've picked up dealing with credit cards, school loans, car loans, and so on. Hopefully that was some sort of help and good luck with getting a vehicle. I just went through that a couple of years ago for my first one so I understand how it is.
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