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its not outrageous. your feeling that it is outrageous is a psychological issue that prevents you from acting rationally. if the loan is 0% interest, then id be happy if it were a 100 year loan.
This.
If you want a new car and the loan doesn't increase the price of it, then it's 0% forever if possible.
The concept of "free money" should not be that hard to grasp.
Are these type of auctions only open to the public? When places like Carmax, say fleet car. Does thatmean the car came from an auction?
There are public auctions but those are cars that have been rejected multiple times by dealers. It basically works like this:
- Most car rental agencies don't "own" those cars, they are on repurchase lease agreements with the OEM's. (Ford, Nissan, etc.) Most of these agreements are 9-24 months. (The pricier companies like Hertz like newer cars so they are closer to that 9-month term while less expensive agencies keep them longer.) The only company who "owns" their rental cars in decent volumes is Enterprise and they have their own car sales division to handle the disposal of their cars.
- When the repurchase agreement is over that car is then property of the OEM, who then sends it to a dealer-only "closed auction" for their dealers. (So a Ford Escape is sold at an auction for Ford dealers only - other OEM dealers cannot participate.) These are the same closed auctions where Ford sells their off-lease and Ford Credit repos. If Ford doesn't like the price that car fetches at the first run through the auction, they can decline to sell it and run it through a 2nd and even 3rd time. In my experience the OEM's will let the car sell here eventually 80%-90% of the time.
- After that, for that small group of cars that don't get sold at the closed auction, Ford can choose to run it through an "open auction" to see if that yields any more money. The open auctions are to all dealers, Ford, non-Ford new OEM dealers and anyone else with a motor vehicle dealer license such as used cars lots, Carmax, Carvana, etc. The general public is still not allowed here. Of the cars that come through here, a high majority of them are sold and not passed along to...
- ….the public auction. This is where anyone with some money can buy a car and a dealer license is not required. Only the worst used cars end up here.
As far as Carmax and fleet cars, I would guess that is their code-word for rental car or maybe some car that was once owned by a corporation and someone's company car?? Not a fan of Carfax but they do allow you to trace the vehicle ownership history which is nice. Or, you can call a dealer with the VIN # and they might be able to tell you who originally owned the car and/or who it was ordered for.
There are public auctions but those are cars that have been rejected multiple times by dealers. It basically works like this:
- Most car rental agencies don't "own" those cars, they are on repurchase lease agreements with the OEM's. (Ford, Nissan, etc.) Most of these agreements are 9-24 months. (The pricier companies like Hertz like newer cars so they are closer to that 9-month term while less expensive agencies keep them longer.) The only company who "owns" their rental cars in decent volumes is Enterprise and they have their own car sales division to handle the disposal of their cars.
- When the repurchase agreement is over that car is then property of the OEM, who then sends it to a dealer-only "closed auction" for their dealers. (So a Ford Escape is sold at an auction for Ford dealers only - other OEM dealers cannot participate.) These are the same closed auctions where Ford sells their off-lease and Ford Credit repos. If Ford doesn't like the price that car fetches at the first run through the auction, they can decline to sell it and run it through a 2nd and even 3rd time. In my experience the OEM's will let the car sell here eventually 80%-90% of the time.
- After that, for that small group of cars that don't get sold at the closed auction, Ford can choose to run it through an "open auction" to see if that yields any more money. The open auctions are to all dealers, Ford, non-Ford new OEM dealers and anyone else with a motor vehicle dealer license such as used cars lots, Carmax, Carvana, etc. The general public is still not allowed here. Of the cars that come through here, a high majority of them are sold and not passed along to...
- ….the public auction. This is where anyone with some money can buy a car and a dealer license is not required. Only the worst used cars end up here.
As far as Carmax and fleet cars, I would guess that is their code-word for rental car or maybe some car that was once owned by a corporation and someone's company car?? Not a fan of Carfax but they do allow you to trace the vehicle ownership history which is nice. Or, you can call a dealer with the VIN # and they might be able to tell you who originally owned the car and/or who it was ordered for.
Some good info here, the only glitch is Hertz owns their cars and they (like Enterprise) will sell them directly to the public: https://www.hertzcarsales.com/
Some good info here, the only glitch is Hertz owns their cars and they (like Enterprise) will sell them directly to the public: https://www.hertzcarsales.com/
Hertz still does repurchase agreements on the majority of their inventory. (I’d say at least 80%.). They have tried off and on to sell some cars themselves like Enterprise but aren’t as good at it.
Plus, many of those “for sale” cars are still on repurchase agreements. They list them for sale and if they can sell them for more than the “payoff” on the repurchase agreement they are allowed to do so.
Right now, Hertz is dumping a good number of 2020 vehicles with 15-25k miles. They need to get rid of thousands of cars as they project their business to be off 60% in the coming months.
Some good info here, the only glitch is Hertz owns their cars and they (like Enterprise) will sell them directly to the public: https://www.hertzcarsales.com/
Some actual good deals here, aside from buying a rental car that hundreds if not thousands of people might have been in anything else to watch out for?
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