InsiderCarSecrets.com Blog

Wrecked Camaro - To Keep or Not to Keep!

noreply@blogger.com (Tony Iorio) — Mon, 07 Jul 2008 14:22:00 +0000

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

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!

noreply@blogger.com (Tony Iorio) — Mon, 16 Jun 2008 15:30:00 +0000

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.

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!

noreply@blogger.com (Tony Iorio) — Sat, 14 Jun 2008 15:57:00 +0000

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

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/

The Perils of Car Financing!

noreply@blogger.com (Tony Iorio) — Fri, 13 Jun 2008 14:59:00 +0000

Hi Tony,

My girlfriend referred me to your website. I wish I knew about it before I bought this car! I just bought a new car Saturday without thinking clearly. I was in the dealership for hours. My old car was about to give out and was a gas guzzler.

I made a stupid and naive mistake purchasing this car. It's my first new car in my name. I have no credit cards (therefore no real credit history), and 3 negative marks on my credit report. My original loan amount is $15,317.70. I am paying an enormous interest rate of 17.5% which almost doubles the amount of the loan, with $9,703.74 in interest if if keep the payments of $347.52 per month for 72 months!

I know I can lessen the interest paid, if I make larger payments and pay it off faster, but I am not able to do that at this time. I tried to take the car back today, but I signed the contract and there was no going back.

So I am stuck with this until I can find a better solution, and I hope you can help me. The finance guy at the dealership said I have 45 days to refinance this car... is this true? If I refinance, can I reduce the interest rate with using a co-signer?

Thank you,

Brian H.

Hi Brian,

First of all the Finance Manager is giving you a line of bull. You can refinance your vehicle anytime you want. You just have to find a lending institution that will do it for you at better terms than what you presently have.

Check with your local bank and credit union for starters. Also visit the following page on my website for more tips and financing resources: http://www.insidercarsecrets.com/financing.html

Whatever you do don't ask the Finance Manager at the dealership for any advice. He clearly does not have your best interests at heart.

Good luck . . .

Tony Iorio

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

Does "As Is" Really Mean "As Is?"

noreply@blogger.com (Tony Iorio) — Mon, 17 Mar 2008 22:09:00 +0000

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?

noreply@blogger.com (Tony Iorio) — Thu, 13 Mar 2008 03:07:00 +0000

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?

noreply@blogger.com (Tony Iorio) — Wed, 12 Mar 2008 04:16:00 +0000

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

Is This Car Dealer Lying to This Customer?

noreply@blogger.com (Tony Iorio) — Thu, 14 Feb 2008 22:43:00 +0000

Hi Tony,

I was at the largest Honda dealer on the planet yesterday.

They told me the car I was interested in was going to auction tomorrow or the next day. They said they are not allowed to keep a car more than 60 days and they would rather see me driving it than selling it to auction.

They said the price they bought the car for was $4,000 above Edmunds TMV.

Wouldn’t it seem they would rather lose as little money as possible on this car by selling it to me at a price below Edmunds TMV rather than paying auction and transportation fees? If the car was going to auction, it would probably be bought by another dealer who will have to buy it less than Edmunds TMV in order to have a profit margin built in.

So my real question is, where can I find typical sale values for the Honda Odyssey at wholesale auction?

Very truly yours,

Marsh C. S.

Hi Marsh,

It could be they were telling you the truth about the car going to auction. It's important for a dealer to continually turn their inventory. 60 days is about average for most dealers. It could have also been a line of crap to get you to make a quick decision. They are definitely lying to you about the $4,000 over! There's no way they paid that much for the vehicle. That's reason enough right there to not deal with them.

The only place you can get what dealers are actually paying at auction is from a dealer who has a subscription to Black Book. It's only available to dealers, and it tracks wholesale prices based on what dealers are actually paying. Perhaps somebody in a car dealership will let you look at a copy.

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/

Some Information About Car Dealer "Doc Fees" Charged on New & Used Car Deals!

noreply@blogger.com (Tony Iorio) — Wed, 06 Feb 2008 19:45:00 +0000

Hi Tony,

I stumbled upon your website, and I was grateful for all the tips you generously give on your website! I have not read all the contents on your website yet, therefore I am not sure if other people have asked you this question before.

My question is if I am buying a new car, How much do car dealers (salesman) charge the customer for the registration and licensing, etc.? Do they rip people off on that too? Is it a lot of hassle to do it yourself? What tips do you have on this?

I would appreciate it if you could give me some information on that.

Best Regards,

Dennis C. Provo, UT

Hi Dennis,

Title, registration and licensing fees are different in each locality. They are dictated by state, county and local laws. In addition to these fees many dealers charge additional fees to cover document prep and notary fees. All these fees are legitimate. Some dealers do take advantage and charge extra fees.

If you think a dealer is over-charging you complain about it, and contact your local license bureau to find out what's legitimate and what's not.

And no, you can't do it yourself. The selling dealer has to handle the legalities of each transaction.

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/

Customer Buys Used Truck With Worn Tires From Car Dealership, Now They Wonder if Dealer Can do This!

noreply@blogger.com (Tony Iorio) — Thu, 31 Jan 2008 18:15:00 +0000

Hi Tony,

My son just purchased a 2003 Chevy Silverado 4x4 from a local car dealership in our town. The tires on it are quite bald, and I was just wondering if the car dealership is allowed to sell a vehicle with tires in such poor condition. Thank you for taking the time to read my e-mail.

Blanche

Hi Blanche,

I don't know the laws in your state and local area pertaining to this situation, but your son had the opportunity to look the truck over before he bought it. If the tires were in question the time to address the problem would have been before he signed the buyer's contract. Even if the dealer gave him some kind of warranty on the vehicle It's not going to cover worn out tires.

He's going to have to buy a new set of tires and chalk it up to experience. I'll bet that the next time he buys a vehicle the tires will be the first thing he looks at!

It certainly couldn't hurt to contact the Used Car Manager and complain. I'm sure he'll at least arrange for your son to buy a set of tires at the dealer's cost. That might save him a couple of dollars.

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

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

Should I Continue to Make Payments on My Car Loan, or Trade it in Now?

noreply@blogger.com (Tony Iorio) — Mon, 28 Jan 2008 17:57:00 +0000

Hi Tony -

I have a question for ya . . . I have a 2002 VW Beetle that is not in any good shape at all - it's been in an accident, and I have a dog so I trashed it a bit. Anyhow --it's almost paid off -I owe about 10 more payments on the car loan. Anyway - I'd like another car - I can afford the same amount in car payments a month . . . I'm wondering if I should trade my car into the car dealer where I got it and get a new one, or wait the 10 months to try that? Also, I paid my car payments all on time - but otherwise don't have great credit. Do I have any options here?

Tina

Hi Tina,

It's always better to pay off a vehicle completely before you sell it or trade it. That way whatever you get for it will go towards the new vehicle rather than paying off the old car loan. In fact, the ideal thing is to drive the car for a while after the car loan is paid off. Instead of making a car payment every month you get to save a few bucks each month.

After all, the car is only 6 years old. That's not so bad. Of course, that all depends on the condition of the car. If it is reliable and runs good I would consider keeping it for a while longer. Also, whenever you decide to buy another car you will get more for your car by selling it privately as opposed to trading it.

As far as your credit goes, as long as you make all your payments on time the bank where your loan is now should give you a new loan.

All my very best and may God bless you richly. . .

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

Do You Need a License to be a Car Dealer? Huh?

noreply@blogger.com (Tony Iorio) — Fri, 25 Jan 2008 17:40:00 +0000

Hi,

If you're a car dealer, is it illegal to sell a used car to someone that has no insurance at the time of purchase? Does a car dealer need a license to sell a car?

Thanks,

Mike

Hi Mike,

You can't be a car dealer unless you are licensed with your state and with your county and or city. Laws vary from state to state, but in most states it's illegal for a licensed dealer to sell a vehicle to someone who doesn't have car insurance before taking the car off the lot.

Take care,

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

Don't Get Busted For Sales Tax Evasion!

noreply@blogger.com (Tony Iorio) — Wed, 23 Jan 2008 20:26:00 +0000

Tony,

I have a 2001 Audi A4 I bought a few months ago from a private seller in NY, but did not register yet in my state. I now want to sell it to a private party. I have the title with the seller's name on it and have signed the back. Do I need to register the car and get a title in my state in my name to sell it?

Thanks,

RJ

Hi RJ,

Legally you have to transfer the title into your name and pay sales tax on the car. You can then sell the car to a new owner who will have to do the same in order to be legal.

If you skip over yourself from the previous owner to your buyer you are taking a chance of getting in trouble for sales tax evasion. Don't do it!

Take care,

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

What Exactly is a "Factory Demo?"

noreply@blogger.com (Tony Iorio) — Mon, 21 Jan 2008 19:58:00 +0000

Hello Tony,

I've found your website very helpful. I wish I had found it earlier. My question is: what does "factory demo" mean? How is it used? I bought a car and was told I got all of the perks, namely a full warranty and service plan, because the car was a "factory demo" and was within the BMW family.

I just found out that my warranty and service plan didn't start from the date I bought the car from BMW but when it came off of the factory floor. I was shocked. "Factory demo" was used to hook me into believing I was buying a car with all of the perks of a new one. Buyer beware. I know. But if you could explain how "factory demo" is used by car dealers it would greatly help my understanding of how these folks operate and possibly help my small claims court case.

Thank you!

Jennifer J

Hi Jennifer,

"Factory Demo" is another term for "Program Cars." To find out more about "Program Cars" visit my website at: http://www.insidercarsecrets.com/programcars.html These cars usually have the remainder of the factory warranty, but the actual factory warranty always starts when the vehicle is actually put into service by the original owner. The salesman should have informed you of when the warranty started by giving you the original in-service date of the car. It's like you said: "Buyer beware." You cannot be too informed when purchasing a car.

Take care . . .

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

Dealer Holdback on New Cars!

noreply@blogger.com (Tony Iorio) — Wed, 16 Jan 2008 20:02:00 +0000

Tony,

That is very nice of you to pass this information on to the general public about buying a new car, but you should also metion that dealer holdback pays for the interest cost on that vehicle.

Sometimes in the car business vehicles can sit on your lot for 3-6 months before they sell. When it comes to invoice pricing the only person that sees my invoice is a registered vehicle dealer. The profit margins on new cars is less then 20% of the selling price.

Robert J.
Sales Manager, Autoworld Kia

Hi Robert,

Click on the following link that takes you to the "Dealer Holdback" page on my website: http://www.insidercarsecrets.com/dealerholdback.html If you read it you'll see that I make your point for you.

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

This Poor Guy is Paying 34% Interest!

noreply@blogger.com (Tony Iorio) — Tue, 15 Jan 2008 19:26:00 +0000

Hi Tony,

I recently bought a 2002 Toyota Corrola for $9,000. The interest on the loan was 34.04%. Long story short I owe $19,000! I recently called to check the"payoff" on the car and they said that it was $12,000. I dontknow what's going on.

Is this even possible? What should I do? I'm trying to pay it all off and get a lower APR, but I certently dont want to pay $12,000 on a car that is not even worth $9,000.

Can you PLEASE give me some advise on what I should do?

Thaks a lot,

Manuel F.

Hi Manuel,

Your payoff reflects the price you originally paid for the car plus the sales tax and the title fees. There may also be an extended warranty and or credit life insurance, credit disability insurance and gap insurance that the dealer added to your loan. All of these things will raise your car's payoff.

A warranty and these insurance coverage's are cancelable, and will reduce your total payoff. Read the loan contract to see exactly what they added on.

There may also be an early payoff penalty by the lending institution added in. Read the fine print on the loan contract to find out. If you don't have your copy of the loan contract, or you don't understand it contact the lending company and ask them to go over it all for you.

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

Can You Pay the Principle Only on a Car Loan?

noreply@blogger.com (Tony Iorio) — Mon, 14 Jan 2008 18:46:00 +0000

Tony,

I once heard that if you pay on your car loan every fifteen days that your money goes towards the vehicle principle and not the intrest. Is this true?

Thanks,

James

Hi James,

I've heard of this with mortgage loans, but never with car loans. Contact your car loan lending institution and ask them if they have any such programs.

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/

What to do When Sold a Car That Has Been Wrecked!

noreply@blogger.com (Tony Iorio) — Sat, 12 Jan 2008 16:53:00 +0000

Tony:

I wanted to ask your opinion on a matter. I purchased a 2005 Cadillac CTS from a private seller. This seller represented the car as unflawed and in like new condition, which based on appearance it was. After owning the car for two weeks I took the car to a local dealer to have two recall repairs performed. The dealer informed me the car had been in a wreck, trunk removed and repainted from the doors back. It seems this is why the mileage was so low on the car and not because, as the seller claimed, he and his wife rarely drove it. I had asked the seller if there was anything ever wrong with the car and the response was no.

Needless to say I am extremely disappointed in how this vehicle was represented. Under the law and in your opinion, is there any legal action I may take against the seller? Would it not be against the law to omit disclosure of such a fact?

The purchase price for the car was $22,000 which is fair market value for an vehicle with no accident history. With an accident history, I presume it is much lower. I have incriminating e-mail correspondence with the seller's agent (a friend of his who listed the car for him) as well as the original listing on e-bay.

Please let me know if you believe this matter has merit in pursuing and thank you for your time.

Steve

Hi Steve,

I can't give you legal advice as I am not an attorney, but I don't believe a private seller is obligated to disclose any previous damage, if indeed he knew about it in the first place.

However, if you purchased the car through eBay you may have some recourse through them. Go to eBay and read through their help information pertaining to your situation. I don't know if they can help you or not. I do know they are very interested in making sure their customers don't get ripped off.

You may also want to contact your state's Attorney General's office for advice. In the end your only recourse may be to consult an attorney on this.

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

Can You Avoid a Credit Check?

noreply@blogger.com (Tony Iorio) — Fri, 11 Jan 2008 19:26:00 +0000

Good day!

I recently purchased a vehicle and I do not plan on making any major purchases for a while, however, I was trying to established some cable TV and am being asked to provide my social security number so companies are able to run a credit report.

When did they start doing that? How will their inquires affect my credit? What are they looking for. Can applying for cable TV or the DISH be done without given such information?

Tamara J.

Hi Tamara,

Some companies such as TV Dish companies and cell phone companies routinely run a credit report when you apply for service. It's how they determine if you are credit-worthy enough to live up to your monthly payment obligations.

An excessive number of credit inquiries will lower your credit score slightly, so be wise when applying for credit and other services. I really don't know if you can apply for cable or Dish without giving your social security #. I guess it depends on the company. Voice your concerns to them, and maybe they will forgo the credit check.

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

The Age Old Question: "Can I Back Out of a Car Deal?"

noreply@blogger.com (Tony Iorio) — Thu, 10 Jan 2008 17:55:00 +0000

Tony,

A week ago I went to a car dealer in the evening and test drove a truck. I liked it, but had to take a flight out the next morning, so I could not take delivery of it. I paid cash and signed all the paperwork, but have not yet taken delivery of the truck. Am I stuck with the deal, or do I still have an "out" since I have not taken delivery?

Thanks,
Kirk Hunt

Hi Kirk,

It all depends on what you signed, and whether the car dealer will hold you to the letter of it. I suggest you communicate with the Sales Manager (not the salesman or the Finance Manager) right away and discuss the matter.

If they won't cooperate you will have one heck of a time getting all your money back. Next time you buy a vehicle take your time making a decision and be sure of what you are doing.

Tony Iorio

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

Why Can't You Just Return a Car to a Car Dealership if You Don't Like It? Other Products Are Returnable!

noreply@blogger.com (Tony Iorio) — Fri, 14 Dec 2007 19:48:00 +0000

Hi Tony,

Found your website on Google, and looking for some thoughts about how to take a car back to a dealership, whether new or certified used.

I find it odd that you can take a $50 dress back because your boyfriend thinks it is too tight in the butt but you can't take a $25,000 car back because the 2-door model doesn't fit well in the garage.

I'm writing a story for Ward's Dealer Business - I'm a regular freelancer for the magazine. You can email me or call. Thanks . . .

Maureen M.

Hi Maureen,

The only state that I know of where you can take a vehicle back is in CA. They recently passed a law that gives the customer 3 days to return a vehicle. In order for a customer to take advantage of this service they must pay a fee up front during the buying process. I'm not sure what it is, but it's around $200 I believe. A customer must also pay the dealer additional money upon return of the vehicle.

The reason you can't just return a vehicle after purchase is because there is a title transfer involved. Once the customer signs the buyer's contract and the title transfer papers it's pretty much all over. Most dealers will expedite the paperwork as quickly as possible for a variety of reasons.

Also when there is financing involved the dealer can't get the proceeds of the loan until the title is transferred and a lien is placed in the name of the bank. Only then will the bank release the funds to the dealer. Due to cash flow concerns the dealer must complete the transfer of the title quickly, or he has a car on the street and no money to show for it. Also the states mandate a quick title transfer so they can get their sales tax as quickly as possible.

I have been involved in cases where the customer wanted to return a vehicle and we hadn't yet processed the paperwork. In a few of these cases we reversed the deal and took the car back with the hope that the customer would trust us for a future purchase. This is strictly at the discretion of the dealer however, and is rarely done.

Car buyers must understand that they shouldn't sign anything or pay any money on a car deal unless they are sure of what they are doing. "Buyer's Remorse" is a common affliction among car buyers and most dealers don't want to hear it. A buyer should take their time and think the purchase through. Of course, most dealers are pushing the customer to make an on-the-spot, emotional decision. If the dealer prevails the customer will usually come out of the ether a day or two later and want to return the car. By then it's too late!

In the case of the $50 dress it can simply be put back on the rack, no title changes hands and no one is the wiser!

And Maureen . . . if your boyfriend ever complains about a dress being too tight on you smack him in the head - he obviously has a loose connection in there somewhere!

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

Unknowingly Purchased a Wrecked Truck . . . What To Do?

noreply@blogger.com (Tony Iorio) — Fri, 07 Dec 2007 20:16:00 +0000

Hi Tony,

We live in Florida and just purchased a used 2006 truck 1 week ago. We noticed after driving it for a day it would make a noise from the back when taking off after a complete stop. We bought a service agreement upon buying it so we took it right back 2 days later and they said they fixed the problem and it was covered under warranty.

Well, upon washing it today my husband found that under the bed liner the bed had a little buckle in it so it appeared it has been wrecked from behind at one point. We did a Carfax and no accidents had been reported on it. Do we have any legal rights to question them on this?

Karen

Hi Karen,

The first thing you should do is have the truck inspected by an independent, professional paint and body shop. Ask them to try to determine if the truck was in fact in a wreck and what repairs may have been done. You need to do this first so you know what you're talking about.

Carfax won't have a record if a wreck wasn't reported to the police or to an insurance company. If the truck was damaged it is possible the dealer wasn't aware of it, especially if the buckle in the bed was covered by a bed liner. Now if the dealer installed the bed liner then I'd get suspicious.

In any event, if in fact the truck had been damaged talk to the Sales Manager or the General Manager at the dealership about it, and tell them what you want them to do about it. I'm not familiar with the laws in Florida pertaining to this, but I would guess that the only time a car dealer has to disclose a previous wreck is if they in fact knew about it. It's a very gray area.

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

Mini Cooper Emptying This Person's Pockets!

noreply@blogger.com (Tony Iorio) — Wed, 21 Nov 2007 19:50:00 +0000

Hi Tony,

Thank you for reading this email. I came across your very informative website and I hope you can answer some questions. I drive a 2005 Mini Cooper with about 26,000 miles on it. It's emptying my pockets! Amount Financed :$26,330.51, Annual Percentage Yield : 11.55%, Monthly Payments: 582.53Net Payoff: $16,440.63.

I purchased this vehicle brand new in late 2004 with a cosigner while I was in college. I was making enough money to pay for it, but I was laid off. I have a job, but it's only $8/hr and now I'm struggling each month to make payments. I live in Dallas and a car is a necessity here.

How do I go about selling my car to someone else? Does my cosigner have to be involved with the process? My father can afford the payments and said he would buy it, but his credit is very poor, and I wouldn't want him to pay more through a bank if he could just pay me directly. My dad will be giving me his 2002 Tracker which is paid off and take on my Mini Cooper.

I'm afraid to refinance because my credit is now horrible (my mother used my good name to purchase property, and now I have 2 foreclosures, and a dismissed bankruptcy!) What options do I have? Any advice would help me!

Thanks and God Bless,

Kristine

Hi Kristine,

Well, in order to sell the car you need to sell it for at least the payoff amount. Whoever is listed on the title will have to sign off once the loan is paid off so you can transfer the title to the new owner.

In the case of your father you can list him on your car insurance as an additional driver and just leave things the way they are as long as he gives you the payments on time . . . which of course, you will have to turn around and pay to your lender on time. As long as the payments are on time every month no one will bother you.

Of course, you can also try to increase your income by getting a better paying job or taking on a second job. Sometimes we just have to buckle down and find ways to make things happen. If you stop making the payments the bank will repossess the car, sell it at auction and come after you and your cosigner for whatever balance is left, plus all kinds of fees.

Also your cosigner's credit will be in the toilet right along with yours! You have a responsibility to your cosigner to prevent that from happening.

All my very best to you, and may God bless you also . . .

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

New F & I (Finance & Insurance) Manager Asks for Advice!

noreply@blogger.com (Tony Iorio) — Fri, 09 Nov 2007 19:37:00 +0000

Thank you Tony for all the advise I read from your web site. I have a question: could you tell me what is the smoothest way, as an F & I Manager to handle a customer once they enter your office? I am new in this department but not to car sales. I am interested in knowing the order of operation.

Thank you

Pamela

Hi Pamela,

Well Pamela, the first thing that should always happen is that before the customer is brought into your office the salesman should brief you on all the details of the deal. Things like is the customer expecting you to arrange financing, has the sales dept. quoted any payments, money down, etc. This way you have an idea of what's going on.

Once the customer is in your office simply put them at ease with some small talk. The customer is relieved that the deal is over, so they are already in a good frame of mind. You need to fill out a credit app if they are financing so you can run their credit to see what their score is. You will need this to determine what kind of terms you can get them. They will want to know what their payment will be, and you need to know what interest rate you can get them in order to accurately quote them a payment.

Beyond that be courteous and professional, and above all, be honest with them. Most complaints people have about car dealerships stem from their dealings in the Finance Office. Be honest and up front with them and you'll do just fine.

You will find that you have to walk a tight rope as the Finance Manager. On one hand the dealership owner wants you to sell high interest rates, extended warranties and credit life and disability insurance on every deal, and convert all cash and credit union buyers to your financing.

On the other hand the Sales Dept. wants to maximize their gross profit, so you have to sell the customer on a higher payment than they were quoted in order to sell your products and satisfy the dealership owner. At the same time you have to be able to structure the deal properly so the banks buy the deals you send them, but most importantly you have a responsibility to the customer to treat them fairly and not take advantage of them.

Trust me, it's a real tight rope walk! There are very few honest F & I people who are successful. Most are always pulling all kinds of shenanigans to make a living in that department. Doing things like lying to the banks on the credit app about the customer's income, time on the job, etc., lying to the customer about the interest rate they can get them, lying to the Sales Manager about how much you can get bought at the banks so you can squeeze your own F & I products into the payment, forging documents, and on and on. There's no end to the crap that Finance Managers pull to get deals done.

And oh yeah, then there are the chargebacks for early loan payoffs against your commissions that you will be constantly dealing with. Fun, fun, fun!

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/

Do You Have 72 Hours to Return a Vehicle?

noreply@blogger.com (Tony Iorio) — Tue, 23 Oct 2007 19:05:00 +0000

Hi Tony,

I just signed on for a new Durango. How long do I have before I can get out of the deal?

Some states give you 72 hrs to back out. It's a used 2006 Durango. The day I signed the contract the brake light and ABS light came on. This was the second time I signed this contract. The first one got trashed, my payment was a lot more than we agree on. On this second contract they forgot to sign the purchase order and the contract itself. I kinda feel now since we signed or I did anyways I'm getting the run around from the dealer. I live in Washington state, I bought the Durango in Oregon.

Thank you,

Heber E.

Hi Herber,

You can't bring a vehicle back once the deal is signed and done. There is no grace period. California is the only state I know of that has a 3 day return law, but you have to pay an extra fee up front to get it.

If you're upset with the transaction contact the General Manager or the owner of the dealership and express your reservations. If you feel that they did something illegal contact the state Attorney General's office.

Take care,

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