Basic Used Car Buying Strategies!
Hi Tony!
I am a first-time visitor to your highly valuable and informative website! I feel highly grateful that you have taken the time to give people your wealth of knowledge and wise advice -- thank you so very much.
I have a few questions I want to ask you. I am looking to buy a used car in the next few months. When should I bring to the dealer's attention that I have my own financing? The second question is: where should I start the negotiations? If the car is $20,000 should I start at $15,000 so I can meet in the middle at $17,500?
Thank you,
Allen
Hi Allen, Thank you for your kind words about my website. They are very much appreciated. As far as the financing goes don't tell them until after you have finalized your deal. If they try to get you to negotiate on a payment just tell them you want to stay focused on their best price on the car. If they persist in asking you about financing tell them not to be concerned about it, that you just want a price. As far as negotiating goes offer them a very low price - a ridiculously low price - only after you are sure you want the vehicle - and let them come back at you with a higher price. Each time they come back at you with a price, offer them less than their offer, but a little higher than you original offer. Keep doing this until they say they can't go any lower. At this point tell them you'll have to think about it and get up and leave! Chances are the salesman will try to keep you from leaving by making another offer. This is the only way you will know for sure when you have them at their lowest price. When they absolutely won't budge on price anymore you can feel fairly certain that you have their lowest price, but you'll have to pound them pretty hard to get there!You may actually have to go home and wait for the salesman to call you. Sometimes this is what it takes to squeeze the last few dollars out of them. Be patient and stay in control. Don't give them any deposit during the negotiations. If they insist on one tell them you are going to shop elsewhere. The only reason they would want a deposit is to have control over you. Don't let them have it. All my best . . . Tony Ioriohttp://www.InsiderCarSecrets.comhttp://www.Car-Loan-Quotes.comhttp://www.Used-Car-Warranty.comhttp://www.GreatCreditCardDeals.com
How To Sell Your Way Out of a Car Lease . . . Or Can You?
Hello Tony,
I am 27 months into my 39 month lease of a 2005 Nissan Altima 2.5 S. To be honest, I no longer want the car as I no longer see the value in it, and would like to get out of my lease.
I have read here and there that it is possible to sell my lease and maybe get some money from it (true market value vs. residual value). How can I sell this car which I am leasing? Would a used car dealership be interested in purchasing the car (not as a trade in as I do not want another car)? Is there anything I should be aware of? Anything I should know?
Thank You . . .
Jorge
Hi Jorge, What you have to do is to contact whoever the car is leased through and ask for the buyout amount. This is the amount you will have to pay to own the car outright. This is what will have to be paid off if you find a buyer for the car. I think you'll find that the buyout will be a lot higher than what you can realistically sell the car for. You'll never get enough money from a car dealer, because they will only pay you wholesale value for the car. The only shot you have is to find a private buyer for the car. It's a real long shot though! It's very rare for someone be able to sell their way out of a lease and come out even or ahead of the game. Very rare indeed! All my very best to you . . .Tony Ioriohttp://www.InsiderCarSecrets.comhttp://www.Car-Loan-Quotes.comhttp://www.Used-Car-Warranty.comhttp://www.GreatCreditCardDeals.com
0% Financing or the Rebate - That Is the Question!
Tony,
Your website is very helpfull. I'm going to be buying a "new" car soon (actually '08 model that the dealer is trying to get rid of).Your site gives a lot of advice on the benefits of arranging your own financing, however, the dealer is offering me 0% financing for 60 months, and the best I'll be able to get if I arrange my own financing is around 6%. Keeping this in mind, is there some advice you could give me about the best way to finance my new purchase?
Many thanks -Daniel (Los Angeles, Ca)
Hi Daniel,
Well obviously, 0% financing would be an exception to my rule of arranging your own financing! Letting the dealer handle 0% financing is a pretty safe bet for you. The rate is through the manufacturer so it's a safe deal.
Just be sure to watch that the Finance Manager doesn't add anything to the loan that you don't want. Also, you may want to find out if the 0% financing is in lieu of a rebate. If so check to see which way you come out the best - taking the 0% financing, or taking the rebate and getting your own financing.
Tony Iorio
http://www.insidercarsecrets.com/
http://www.car-loan-quotes.com/
http://www.used-car-warranty.com/
http://www.greatcreditcarddeals.com/
Did This Car Dealer Lie to the Bank?
Hi Tony,
I bought a new car about a month ago. I left without a bill of sale. When I realized this I called for days asking for my bill of sale. They kept giving me excuses.
Finally on Sept. 16th they finally sent me my papers. This deal was made August 2nd. Found out in order for me to get the loan my friend was suppose to co-sign for me. The dealer put his name first on the loan and me as the co-signer. He also told the loan people that we were married.
I guess we signed the papers so fast and did not take time to read all the fine print. Anyway the car was $17,000 and when we finish it will be $30,000. Did not notice this until we got the sale agreement in the mail.
Please help.
Hi,
If the dealer lied to the bank in order to get your loan approved, or if they did not disclose to you at the time of the sale all the details of the sale and the financing they could possibly have broken the law. You should contact your state Attorney General's office for advice. I guess I don't have to tell you to read before you sign, and get copies of all the paper work the next time you buy a car! You can't make it that easy for them to get over on you!Tony Ioriohttp://www.InsiderCarSecrets.comhttp://www.Car-Loan-Quotes.comhttp://www.Used-Car-Warranty.comhttp://www.GreatCreditCardDeals.com
