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In all fairness, these types of places are dealing with people who are extraordinarily likely to default on their loan. These aren't people who just "need a break," but instead are people who are utterly undeserving of being extended credit in any form.
Probably true. Kind of like those people on Craigslist asking for payment plans to buy your car. Yeah, I'm going to hand over my beater to you and let you make installment plans. I'm pretty sure you have excellent credit which is why you can't go the traditional route and get a loan.
WHOA...WHOA
I sold cars for 6 months at a dealership like that...DON"T EVEN THINK ABOUT IT >>
most of those cars have not been properly maintained from the start, they are company fleet cars and rental fleet units with hard miles and little attention to service, auctioned off in groups, some for the second or third time. The dealer throws a quick wax and wash job, steam cleans the engine and sprays some " new car smell chemicals inside and on the lot it go's.
Even if you can pay cash, but I doubt it, most prices listed are if you finance thru the dealer only,..but even if you could buy the car at the price listed, it's still not a quality pre-owned car someone took care of and traded it in. People who buy at those type dealers don't have anything worth trading. And , if you have a problem after the sale don't expect and kind of quality service.....just the run-around, once they kick you over the curb it's on to the next sucker...
.........Watch the movie " USED CARS" with Kurt Russel, the movie is very funny, but so are the dealers your talking about.
I would consider it. And I think it depends on where you live. I live in an area without many decent-paying jobs, and there are many people like myself, on a fixed income. We couldn't get decent financing.
Both sides are accepting the risks and the benefits. I see ads for where I live from dealers who offer financing, and the cars look fine. The businesses look clean and reputable.
So, I think it just depends. For instance, I needed to buy a "new" vehicle and to get a better price than one of these dealers, and knowing I couldn't get decent financing, I got cash advances on a credit card at 25% interest, plus cash fees, and bought one on Craigslist.
But, then I "retired" my old vehicle to the State of CA and got $1500 for it, which I put to paying off the credit card. And then made $300/month payments toward the balance to pay it off.
Even with the costs for the fees and high interest rate, I did okay because I got a good deal on the truck. Plus, I'm rebuilding my credit, and the fact that I maxed the credit card, but then paid it off quickly, dramatically improved my credit score.
If I hadn't found the truck I wanted on Craigslist, I would have gone for the dealer financing - as long as I could pay it off early.
It's a niche market. And up here, where the used car dealers aren't selling tons of cars, the financing helps keep them in business. And if the people who buy don't make their payments and it gets repossessed, that's on them.
But, I wouldn't assume that all of the vehicles were junk. That doesn't seem to be the case here, anyway. Anytime you buy a used car, you need to do your due diligence.
20ish years ago when I had credit problems I bought a 93 240sx from Ugly Duckling (now known as DriveTime). Im sure I way over paid for it but Id screwed my credit at the time and they were willing to finance. Drove it for 4yrs (cleaned up my credit) and traded it in on something brand new.
I also saw a lot of cars on the lot I wouldnt touch with a 10ft pole. I'm sure it is the luck of the draw but I agree with those who said to get a pre-purchase inspection
I've purchased exactly one vehicle at a lot like this, a "grandma's car" 80's model trade-in that while in need of some repair was actually in good shape. Paid cash and ran it for almost two years, not a bad deal.
Actually met the original owner's daughter at a local gas station, she couldn't believe it was still around.
But for a regular type purchase of one of the used up tiltbed dodgers on the lot, never. I'd drag a car out of the local junkyard, recondition it first and end up with a better ride for less money. That's with paying somebody else to do the work!
However, in their favor, they are providing a service to those who've screwed up in life and don't know any better. Or, in other words, if a sucker is born every minute, and the sucker has money to spend, why not have him spend it with you?
I have used them before and there was one that went over and above... Bought the car and one of the tires went flat a couple of days later.. Took it back as the tire looked terrible at that point.. They said no prob, sent us to a place down the street and they put 4 new tires on it... Tranny went a day or two later, BUT was in a recall for the tranny... They paid for a rental car while the dealership fixed it and also gave us money for compensation...
Oh yeah and they used Wacchovia for their financial people...
I have had legit brand name dealerships that did less...
It seems, in my opinion that those "type" places sell cars with higher interest rates because folks with bad credit still need a car and have less options.
If you have better options, and better credit you should explore all your area dealers and go for the best deal, with lower interest rates
Also, I've seen dealers offer a deal, just to get folks to come look...and of course that car is sold...But let me show you "this little beauty"
I always see the ads around here for local sleeze dealerships as I refer to them. "Bring $100 and have a job and we will get you approved!" And people wonder why they are in so much debt and can't pay bills. But who cares they have a brand new Altima, smh.
The better ones are those that say you can own this Yukon Denali for $299 a month and in small print on the screen states you need to bring "$65,000 cash for the $70,000 car to get the deal."
They are all crooks in my book, I'd be much happier buying a car from Amazon and having it delivered to my house.
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