Does "As Is" Really Mean "As Is?"
Hi Tony,
I hope you can answer this question for me on what we should do in this situation. We sold a 1993 Dodge Shadow for $200 through a private sale in "as is condition". Now 24 hrs later the buyer says he took it to the garage and the frame is cracked. We had absolutely no idea about this problem.
We were very honest with the buyer and told him of all problems associated with the car, as it had been parked for almost a year. Now I don't have the full $200, as I've made some purchases and did not expect this to be an issue. I'm torn though because although I would like to give him his money back, I don't have it and we did agree to $200 "as is." What do we do??
Very confused in New Brunswick,
Pauline C.
Hi Pauline,
Listen, I'm not a lawyer so I can't give you any legal advice. I have no idea what your state's laws are regarding this. However, if you have something in writing signed by the buyer saying that he knew the car was "as is" then I would think you should be OK. I don't know for sure though.
The best thing you can do is explain to the buyer that you would like to give him his money back, but you don't have it. "As is" means what it says. If he agreed to that then I don't see what his beef is.
All my very best . . .
Tony Iorio
http://www.insidercarsecrets.com/
http://www.car-loan-quotes.com/
http://www.used-car-warranty.com/
http://www.greatcreditcarddeals.com/
Do You Have to Show Proof of Income When Getting a Car Loan?
Dear Tony:
I am a nanny right now and my employers pay me under the table. I make approximately $37,000 a year. I currently have a 1998 Ford Mustang that is financed through Alaska Federal Credit Union and the balance is $4,800.00. I also have an account with Ford Motor Credit for $500.00. I want to trade my car in for a Subaru Forester.
My dad says that I will not be able to get a loan because I do not have verifiable income. Is this true? Should I not even attempt to do the trade in? The other thought is that I could get a temporary office job along with my Nanny job. Would that help? Your thoughts and advice would be much appreciated.
Thank you,
KERRI D.
Hi Kerri,
In the majority of the cases when you get a car loan you don't have to show proof of income. When I was working as a Finance Manager I arranged hundreds of loans for people without them having to prove their income. One thing to remember however, if you allow the dealer to arrange financing do not give the dealership any money and do not surrender your trade until they can prove to you that your new car loan is approved by the lending institution. They have been known to make people believe their loan is approved when it isn't, and then the customer runs into problems two or three weeks later when they can't get a loan and their trade is long gone. So be careful.
Your best bet is to arrange your own financing right through the credit union where your trade is. If Ford Motor Credit approves you they're good to deal with too, but the approval has to be arranged by the dealer. Ask for a copy of the approval from Ford before you turn over your trade.
All my best...
Tony Iorio
http://www.insidercarsecrets.com/
http://www.car-loan-quotes.com/
http://www.used-car-warranty.com/
http://www.greatcreditcarddeals.com/
How Does One Establish Credit for the First Time?
Hey Tony,
I've recently been turned down for a couple of auto loans in my quest for a newer car than what I have. I'm being told that I don't have any solid payment history on my credit. Basically, I'm a young man fresh out of college so I don't really have much credit history. One of the main reasons I want to purchase a car is to build my credit; so I'll have a chance at buying a house or do whatever else I need to. The car I have now is reliable and I don't have a problem keeping it. My question to you is this...for the purpose of building credit, is buying a car and financing a loan the best and fastest way to build one's credit? Please tell me what you think. I don't mind keeping my old car, but I need to get credit. What do I do?
Thanks in advance,
Frank
Hi Frank,
There are many ways to build credit. Start out by getting a credit card for example. It takes time to build a credit history, so you must be patient. Some new car manufacturers have special financing plans for recent college grads on new cars. You can look into these with Ford, GM or Chrysler.
Another way to get started with a car loan is to have someone with established credit co-sign on a loan for you. As long as you make all your payments on time the co-signer should be just a one time thing.
Good luck...
Tony Iorio http://www.InsiderCarSecrets.comhttp://www.Car-Loan-Quotes.comhttp://www.Used-Car-Warranty.comhttp://www.GreatCreditCardDeals.com
