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phaedrus · 11-30-2003, 03:27 PM

I used to sell cars, second worst job ever. The worst job ever is the poor bastard who has to clean the outhouses in Joshua Tree National park.

$7-9k is a really bad price range for cars. You can either get what was a good car with over 100k miles or what was always a POS with 50k miles. My advice to you, get a beater car you can pay cash (~$1000) for and not have to worry about either a dealership or auto loan. Drive the car into the ground then throw it away when you are done. While you are driving that car, save the money you have budgeted for the auto loan and use if as a significant down payment on a new moderately priced car .(civic or corolla would get my endorsement, though you can get a moderately equiped new chevy cavalier for ~10k.) This will let you get a better car, and help you with financing. If the only thing wrong with your credit is lack of credit, a good sized down payment will help get you approved and lower your interest rate.

BTW, about your credit, do you have any? How do you know it may be an issue? Have you had your credit ran? If not, I would contact the beaurus and get a copy of your credit report so you know what you are dealing with. Let me know what is on it, any loans, credit cards, limits, late payments, etc... and I can let you know what you should be able to expect in loan structure for auto financing.

Things to remember when dealing with auto dealerships:
*You (the customer) control the money.
*That makes you in charge.
*You can leave when you want.
*Don't waste your time getting figures on a car you don't want.
*There is no such thing as the right price on the wrong car.
*Monthly payment does not matter; price, interest rate, and term of the loan matter. Once they are set, the monthly payment will take care of itself. Do not negotiate monthly payment, stick to the price of the car and force the dealership to disclose the interest rate.
*Kelly Blue Book doesn't mean shit to anyone except the banks. KBB estimates high for both retail and wholesale book. That means, just because a dealership advertises a car under book, does not mean the car has been discounted or is competitively priced. KBB wholesale prices matter for financing because that is what banks work with to determine loan structures. Depending on credit/loan program they will finance between 50-150% of wholesale book.
*Never buy a dealership's extended warranty they arn't worth the paper they are printed on. Every manufacturer offers extended warranties, if you want one longer warranty, buy a manufacturer extended warranty. (No first perfered, portfolio, first extended etc, instead, Honda Care, GMC, Toyota, etc...)
*Never buy the paint and fabric protection, all they do is wax and scotch guard your car, you can do that yourself for $20, save yourself the hundreds of dollars the dealership will try to charge you.

11-30-2003, 03:27 PM	#5 (permalink)
phaedrus Insane	Re: Auto Dealerships (Used) I used to sell cars, second worst job ever. The worst job ever is the poor bastard who has to clean the outhouses in Joshua Tree National park. $7-9k is a really bad price range for cars. You can either get what was a good car with over 100k miles or what was always a POS with 50k miles. My advice to you, get a beater car you can pay cash (~$1000) for and not have to worry about either a dealership or auto loan. Drive the car into the ground then throw it away when you are done. While you are driving that car, save the money you have budgeted for the auto loan and use if as a significant down payment on a new moderately priced car .(civic or corolla would get my endorsement, though you can get a moderately equiped new chevy cavalier for ~10k.) This will let you get a better car, and help you with financing. If the only thing wrong with your credit is lack of credit, a good sized down payment will help get you approved and lower your interest rate. BTW, about your credit, do you have any? How do you know it may be an issue? Have you had your credit ran? If not, I would contact the beaurus and get a copy of your credit report so you know what you are dealing with. Let me know what is on it, any loans, credit cards, limits, late payments, etc... and I can let you know what you should be able to expect in loan structure for auto financing. Things to remember when dealing with auto dealerships: You (the customer) control the money. That makes you in charge. You can leave when you want. Don't waste your time getting figures on a car you don't want. There is no such thing as the right price on the wrong car. Monthly payment does not matter; price, interest rate, and term of the loan matter. Once they are set, the monthly payment will take care of itself. Do not negotiate monthly payment, stick to the price of the car and force the dealership to disclose the interest rate. Kelly Blue Book doesn't mean shit to anyone except the banks. KBB estimates high for both retail and wholesale book. That means, just because a dealership advertises a car under book, does not mean the car has been discounted or is competitively priced. KBB wholesale prices matter for financing because that is what banks work with to determine loan structures. Depending on credit/loan program they will finance between 50-150% of wholesale book. Never buy a dealership's extended warranty they arn't worth the paper they are printed on. Every manufacturer offers extended warranties, if you want one longer warranty, buy a manufacturer extended warranty. (No first perfered, portfolio, first extended etc, instead, Honda Care, GMC, Toyota, etc...) *Never buy the paint and fabric protection, all they do is wax and scotch guard your car, you can do that yourself for $20, save yourself the hundreds of dollars the dealership will try to charge you.