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

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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 Iorio
http://www.InsiderCarSecrets.com
http://www.Car-Loan-Quotes.com
http://www.Used-Car-Warranty.com
http://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

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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 Iorio
http://www.InsiderCarSecrets.com
http://www.Car-Loan-Quotes.com
http://www.Used-Car-Warranty.com
http://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)

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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.

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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 Iorio
http://www.InsiderCarSecrets.com
http://www.Car-Loan-Quotes.com
http://www.Used-Car-Warranty.com
http://www.GreatCreditCardDeals.com

Wrecked Camaro - To Keep or Not to Keep!

Hi Tony,

I saw your website and thought you might be able to answer this for me. We have a 1997 Chevy Camaro in good condition. My husband was rearended and the two estimates were over $3,500 for repairs.

Both places felt the vehicle was "totalled." The claims adjuster has been able to talk one of the shops down to $2,500. I am not comfortable with this "negotiation." We did not have full coverage on our policy so we can't "argue" with them.

My question is this. If they fix this car, won't it still have less value if we sell it or trade it in? Won't the accident most likely show up on a CarFax report? Thank you for any input you can give.

Jenny

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Hi Jenny,

If the car is properly and professionally repaired the damage shouldn't be noticeable. You are right however, it probably will show up in Carfax. Tell the insurance company about your concerns. Maybe they'll accommodate you in some way.

Another solution might be to sell the car to one of the body shops in it's current condition. Then take whatever you get from them and the insurance repair money and get yourself another car. Body shops and paint & body guys are always looking for repairable wrecks to buy.

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/

Car Dealer Wants to Charge Mileage to Customer Who They Can't Get Financed!

Hi!

I need some help! I bought a car a little over three weeks ago, and the dealer financing has still not been finalized. The finance company keeps going back and forth with questions and requests. I finally called the dealership to ask if I could just cancel the whole thing and bring the car back.

They said they would check on that. Well, they called me back today and said that I could bring the car back, but I would have to pay for the miles I put on the car! Well that is 740 miles at .40 a mile! I cannot afford that!

Do I have to pay? And what happens if I don't?

Thanks for your help, I am really worried about it!

Chrissy G.

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Hi Chrissy,

I really don't know if they can do that to you or not. If I had to guess I would say no, but I just don't know for sure. This is a question for an attorney, or perhaps someone in your state's attorney General's office can advise you on this.

All my very best to you and may God bless you always . . .

Tony Iorio
http://www.insidercarsecrets.com/
http://www.car-loan-quotes.com/
http://www.used-car-warranty.com/
http://www.greatcreditcarddeals.com/

Mechanic Uses Customer's Car for Personal Business, and Now He's Caught!

Hello Tony . . .

While having my vehicle repaired for some warranty work . . . mostly interior trim pieces, the technician working on my vehicle decided he was going to take it to his chiropractors appointment. Now I know sometimes they may need to take the vehicle on a test drive and stop and get lunch or something simple which still is not acceptable, but I know it happens. However he had no reason, other than the lame excuse he came up with after I had found out about the incident and was on the virge of being fired, to take my truck.

I have no idea what he could of done with my truck in the 20 minutes he was gone with it, or what he may have done in my vehicle. I plan on talking to the Service Manager and the owner of the dealership tomorrow morning and I guess my question is this - is this a common practice, what should I expect from the dealership, do they realize I could of called the police and reported my truck stolen? Should I contact my local news investigative departments? Do I have the right to ask them to extend my bumper to bumper warranty or even go to the extreme of letting them know they need to replace my truck or I go public with this? I know the last part is extreme, and I'm not one to ask for something for nothing, but is it really nothing?

Thank you for your time . . .

Josh

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Hi Josh,

About the only thing you can do is talk to the Service Manager and the Owner like you plan on doing. Express your dissatisfaction with the incident and see what they have to say. You're certainly not going to get them to replace the truck! What they are willing to do is hard to say.

I know it's frustrating, but probably the best thing you can do is to threaten to never do business with the dealership again and to tell everyone you know about what happened. Most car dealers are very afraid of negative word-of-mouth advertising!

Make sure anytime you leave your vehicle in any repair shop you have the Service Manager record the mileage, initial it and give you a copy of it before you leave. This way you can always track how far they drive your vehicle, and it puts them on notice that you're watching them.

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/