ChiefsPlanet
Page 2 of 8 1 2 3456 Last »
Show 80 post(s) from this thread on one page

ChiefsPlanet (https://chiefsplanet.com/BB/index.php)
-   Nzoner's Game Room (https://chiefsplanet.com/BB/forumdisplay.php?f=1)
-   -   Life Advising a friend. (https://chiefsplanet.com/BB/showthread.php?t=220036)

BigMeatballDave 12-16-2009 06:36 PM
Quote:
Originally Posted by luv (Post 6352886)
Just don't offer to cosign.
He won't have to worry about that. Its a Buy Here Pay Here. Which means they finance, not a finance company. Those places will sell anyone a car.

Mr. Flopnuts 12-16-2009 06:36 PM
Quote:
Originally Posted by OnTheWarpath58 (Post 6352892)

Then they'll turn around and put that car back on their lot and sell it to the next sucker that walks in. These places make money hand over fist selling cars to begin with, and make even more money because in some cases, they sell the same car several times.
That's exactly why I put sell it at auction in quotations. They play the paperwork game and hold her on the hook for the delinquency balance, while being able to resell the same car on their own lot to the next sucker at the same rate. Used car sales is a helluva racket.

Micjones 12-16-2009 06:36 PM
That's what I tried to tell her OTWP.

She doesn't have the upper hand here.
They'd be foolish to write a contract in such a way that it gave the buyer an advantage.

luv 12-16-2009 06:37 PM
Quote:
Originally Posted by OnTheWarpath58 (Post 6352892)
I've been biting my tongue, but he's right. She ****ed up huge by buying from one of these places, and she's about to make it worse.

Then again, so does anyone else who buys from these lots.

I have a friend who used to work for one of these places, and finally grew a conscience and quit.

They'll keep every dime she's given them, and when she misses a payment, they'll take the car - and legally, there's nothing she can do.

Then they'll turn around and put that car back on their lot and sell it to the next sucker that walks in. These places make money hand over fist selling cars to begin with, and make even more money because in some cases, they sell the same car several times.
Also why they target people with no/bad credit. Higher likelihood they'll get the car back. They get so much money upfront, and charge a buttload on interest.

Micjones 12-16-2009 06:38 PM
Flops when she tries to get a car from this other dealership won't they see an open car loan and deny her application?

I'm hoping so... That'll be her saving grace.

luv 12-16-2009 06:39 PM
Quote:
Originally Posted by BigChiefDave (Post 6352895)
He won't have to worry about that. Its a Buy Here Pay Here. Which means they finance, not a finance company. Those places will sell anyone a car.
Yeah, I know. That was my slam on myself. Trying to make a joke.

Micjones 12-16-2009 06:39 PM
Quote:
Originally Posted by luv (Post 6352902)
Also why they target people with no/bad credit. Higher likelihood they'll get the car back. They get so much money upfront, and charge a buttload on interest.
It's insane. She's paying roughly $400 a month on this car.
It's almost 8 years old.

luv 12-16-2009 06:41 PM
Quote:
Originally Posted by Micjones (Post 6352908)
It's insane. She's paying roughly $400 a month on this car.
It's almost 8 years old.
I'm guessing she might have gone five years on the loan? That's $24K. Even at four years, that's just over $19K. On an eight year old car.

OnTheWarpath15 12-16-2009 06:42 PM
Quote:
Originally Posted by Micjones (Post 6352908)
It's insane. She's paying roughly $400 a month on this car.
It's almost 8 years old.
Jesus tapdancing Christ.

I just bought a brand new, $35K car, put no money down, and I'm not paying much more than that.

(Helps to have decent credit and be a smart consumer)

OnTheWarpath15 12-16-2009 06:44 PM
Quote:
Originally Posted by luv (Post 6352914)
I'm guessing she might have gone five years on the loan? That's $24K. Even at four years, that's just over $19K. On an eight year old car.
Probably.

A place like that is willing to go longer term. All about the $.

You'll rarely, if ever see a real dealership find someone to finance a used car for more than 3 years. Unless the car is only a year or two old, and/or is ridiculously low on milage.

wazu 12-16-2009 06:45 PM
Quote:
Originally Posted by luv (Post 6352902)
Also why they target people with no/bad credit. Higher likelihood they'll get the car back. They get so much money upfront, and charge a buttload on interest.
Usually the down payment covers the value of the car. Once they get a single customer to make that payment, they can repossess it over and over again and resell it over and over again for a ridiculous profit margin. Only costs are collection/repossession. They'll do it until the car breaks down and might actually cost them something significant to repair.

OnTheWarpath15 12-16-2009 06:46 PM
Quote:
Originally Posted by Adam (Post 6352920)
Usually the down payment covers the value of the car. Once they get a single customer to make that payment, they can repossess it over and over again and resell it over and over again for a ridiculous profit margin. Only costs are collection/repossession. They'll do it until the car breaks down and might actually cost them something significant to repair.
This.

luv 12-16-2009 06:48 PM
Quote:
Originally Posted by OnTheWarpath58 (Post 6352918)
Probably.

A place like that is willing to go longer term. All about the $.

You'll rarely, if ever see a real dealership find someone to finance a used car for more than 3 years. Unless the car is only a year or two old, and/or is ridiculously low on milage.
I got a five year on my Lexus. It was 6 years old when I bought it, and it has about 65K miles. I was able to get it without a cosigner. My credit was halfway decent (this was before my stupidity). That thing will go forever though. A GM, not so much.

And mine is financed through a bank.

WilliamTheIrish 12-16-2009 06:55 PM
Mic, I recall a similar story (possibly a title loan(?) from you about another friend). Is this the same person?

Let her learn the lesson.

OnTheWarpath15 12-16-2009 06:56 PM
Quote:
Originally Posted by luv (Post 6352929)
I got a five year on my Lexus. It was 6 years old when I bought it, and it has about 65K miles. I was able to get it without a cosigner. My credit was halfway decent (this was before my stupidity). That thing will go forever though. A GM, not so much.

And mine is financed through a bank.
That car is low mileage, and is a higher quality of car. Not surprised at all by your terms.

I guess my point was, you're not going to see a bank give out a 5 year, $10K car loan on a 1999 Malibu with 110K miles.


All times are GMT -6. The time now is 01:30 PM.
Page 2 of 8 1 2 3456 Last »
Show 80 post(s) from this thread on one page

Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2025, vBulletin Solutions, Inc.