Car Dealer Trick - How to Finance someone with Bad Credit
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- Опубліковано 27 сер 2024
- Everything you need to know if you Have a customer with Bad Credit? Here is how to get them financing even if they have an extremely low credit score.
* Warning* you CANNOT increase prices based on buyers credit score or history. It is considered discriminatory practice. Contact your local association or sub prime lender for rules and regulations.
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Finally a utuber that tells the truth and tells u how to make money .good job
Thanks🤙
ALL BULLSHIT
if you can get a guy who's down on his luck into a reliable vehicle like an F150, he might as well be winning the lottery that's how much it is going to change his fortunes going forward. lord's work you're doing.
Amen to that. Was only part time employed, sleeping on sister's sofa, got a new Silverado, got a plumbing business going, quadrupled my income. That dealer has me as a repeat buyer for life.
Except that's a $2500 truck.
Finally we found a dealership owner who has the audacity to wear his customers shoes 👞 shoes 👠. Good blessing your heart and your ❤️ family, I think a get addictive to your videos. Thank you 🙏 very much
I've done subprime through Westlake without recourse or a GPS tracker. I've only been a dealer for a year and a half and I cold called them to sign up. I would get rid of whatever bank/lending institution you're dealing with.
How can I get finance for my customers, just got my license this week
I thought all Westlake has 1 month recourse regardless of buyers credit
@@firstchoiceautosalesllc1663 I've sent in paperwork without the recourse or non recourse box checked. My rep sent me the form back with the non recourse box checked. So Idk it might depend on what state you're in or type of down payment.
@@blurMerced I could send the number to my rep
What other banks do you work with? Setting up dealer in NC and want to be able to make a little money on the back at start. What do banks like Ally, fifth 3rd etc want to see ebfore they will work with you? Do you have to start with subrpime banks like westlake or santander and then go to major banks?
He forgot to tell you he bought the truck for $1500 at the dealers auction, sold it for $10,000 and after every thing made 5 to 6 grand for 2 1/5 day of work!?!? AWWWW poor guy....😢
Craig, that install takes 30mins with a professional installer. Theyll usually do it for 70-100 per car. Saves you alot of headache. Next time you have to install a GPS with starter interrupt, reach out to your audience. I can tell you the following. At the key switch
Constant wire on these f150s will always be center pin
Starter is far left usually blue/ red or blue/ white
Ign is far right usually white/ orange or brown/yellow.
Ground to chassis directly under a pillar.
If you look where the steering wheel adjustment is located on the left side you can actually see all the wire colors at the switch without taking off the plastic cover. That harness goes straight down to that easy to remove knee bolster. You can tag the wires there which is easier and safer. No chance of getting the wiring caught up. Thanks for the great content! I would do 8-10 of those subprime tracking devices a day! Kept me fed for a couple years. Got tired of going to peoples houses and jobs to install there. (More convenient for the customer)
Great info and finally someone that when into details broke it down and pros and cons to let others know exactly what involve and how these banks work.
I am a professional installer and mostly audio and GPS immobilizer like court order breathalyzer take about half a hour on most cars once you get use to it and remember color code from different manufacturers. They not that bad to install once learn them. Now installing custom sound system with multiple amps and doing custom racks and boxes and tuning a different story, but people pay well even over 1k for just the install. Make way more then repairing amplifiers and etc, which I do as well as a engineer and can fix anything but rather resell and install is where the money at.
15 year car dealer here, this is good info! If it were me, I would have reduced that 10k vehicle to 7995 and cashed it out.
EXACTLY!!!
How? Customer didn't even have that much.
My girl needed a bank statement and stub last week and I was worried about her not getting her new car 😴 but everything good now only because of deelscafe good work 👍.
You should have a multitude of sub-prime lenders. Not only is the buyer getting taken advantage of, but the seller (you!) gets taken as well! Allow multiple banks to bid on your paper. The process I employ is much easier than going through the loops that you are jumping through. Have a great day, Craig - and keep up the videos!! I watch them all!
I work at a subprime Mitsubishi/certified used car dealer and we’re pushing out units like crazy with this lenders like westlake, global lending, avid, CAC, exiter, flag ship.. etc games changing
Austin Eskew should I go with westlake
mikeverything yes gain a good relationship because you’ll start off paying high fees, look into Santander, credit acceptance, and avid because a lot of people in bankruptcy can’t get approved and a bank like Avid acceptance can approve a cht 7 with no letter from the attorney
Geez that sounds scary if they’re selling cars like crazy
Whats the minimum or average subprime credit score you approve??
One of your best videos. The bank did zero work but they are going to make more money than you. Classic.
The lender is taking all the risk. If he wanted to make 25.99 on his money he would in-house the deal, but he’s smart enough to let the lender deal with the deal the next 36-60 months.
they really do, the last time i did one of these deals i received $7500 from bank, $2000 from customer. and the bank will receive $10,000 after 52 months of payments..
30 seconds in, a ghost closes the truck hood lol
Corky K are you a ghost??? How did you know?????
@@19993gt boo!
Holy Sh*t! What a great video. Who knew there is a tracker. At the end of day your helping someone get a newer car.
...... That they can't afford.
If you know the car is garbage and no one will buy it from you, and it needs significant amount of money for repair, then you will sell it to low credit buyer!
"I have to pay for the buyer's bad credit" I know EXACTLY how this feels, and it feels like you get taken... and you do.
My remedy to that problem was stealing my cars. I've already watched a ton of your content, and I've noticed you do a GREAT job at buying, which is 90% of the work. So long as you "steal" the car, everyone wins. 10% above trade in is a great profit when you paid hardly anything for the unit. Keep up the great work.
thats what my uncle did to he saved thousands on all his vehicals, but spend thousands in hours behind bars... so i mean win win right ?
Rockland Trust has always been a "stiff" bank. Go to a Nissan dealer, all you need is a driver's license and a pulse.
I can fix anyone’s credit. I can get anyone out of the 500s and into the high 600s and even low 700s in a couple of months and they don’t even have to pay anything back and they don’t have to dispute a damn thing.
Tell Me more 🤔
I'm a new subscriber to your channel and a dealer, and everything you are saying is absolutely true, glad someone made a video to let the public know what we have to do to get the sale done for sometime little to know profit and recourse is never fun...
best utuber.. hes honest, straight up and realistic as can be.
some of the best information I have ever heard in the car business !! keep it coming
I do bhph, it is just a different business model; you are NOT a car dealer, you are a FINANCE COMPANY!! I was a dealer in Virginia and being a cash dealer was no problem. In Florida I was starving to death; no one had full price and roach credit. Anyway, for two years I was a friend of Ronald McDonald, was walking around broke but after two years the $$ really starts coming in it isn't hard to build a book of business of $1,000,000. You are right about subprime lenders, they are the worst! We have to be willing to repo poor folks and still shave in the morning. This is one of your best videos. Hope you get rid of that boat, they are ulcer factories.
Also, once you build a relationship with certain under-writers, they can push for higher checks. That is why you MUST work with as many sub-prime lenders as you can. Keep in mind, the paper they want is on cars that retain their value. An F-150 through sub-prime isn't going to cut you a huge check. Buy fleet vehicles from rental companies. Buy state cars. Buy anything with a decent book. Higher mileage is okay, so long as the car is of decent age. I'd love to fill you in on all the ins and outs.
How do I start a relationship with a bank
Would like more information please
"We can finance anyone, even you!"
Craig. You are a very impressive individual. Smart, well-spoken, and an excellent business person. I'm amazed at your energy level. Best of luck in all your future endeavors, but you don't need luck since you have all the qualities needed to be successful.
I'm not in the car business but I do fix on cars and stuff, I've personally heard about dealers Paying that first month payment for the person just to make sure that doesn't happen. Make sense? Now I understand why.
I wonder how lenders feel about this.
Typically that goes against most dealer agreements. If a bank found out those dealers were paying the customers first payment, they could turn them off completely
This is actually illegal
Lenders can sue if they have proof of the dealer doing this
What if it's part of your marketing like no payment for 30 days or first payment on us?
this is called forbearance. A company I used to work for years ago did subprime student loans. They did the first payment to make the loan look good and then bundled the loans and sold them to the capitol markets.. Needless to say that company crashed and burned big time along with the owner going to jail.
Three whole days on financing a 10k vehicle sale... nope not me.
This video should have more views. Great explanation. Love the transparency!
Thank you for helping this gentleman with bad credit, I have horrible credit but getting better now becuase of a guy like you! Someone from my local car lot went through hell to get me financed, it was bad timeing the wife was on maternity leave! And I was already working the max amount of hours I could and my jeep broke down so after a week of this guy trying over and over again with the same amount of paper work over and over for the same exact Truck mine is a 2007 ford f150 king ranch $12,899 loan was $16, 249 after interest $28k bullshit but it did help and now i just have keep it up and everything Wil turn out fine!
I hope he makes his payment to make your efforts worth it! Good job my friend
Its not always the dealer that's the bad guy or why you can't get a good deal. You do it to yourself.
They might get a shit interest rate but they could do without the dealer sneaking in a bunch of bullshit and stretching out the term making you pay WAY more than the vehicle is worth.
@@chriswilson1968 the term you you decide to take is your decision. Your judge and jury on that too. That bullshit you mentioned, are you talking about the gap insurance and warranties? Those are options. You take a risk if you don't take gap insurance. Some of the warranties include free oil changes and maintenance up to 100,000 or 125,000 miles and free road side assistance..... You can't think of someone you know that might want or need that? Can't you think of someone that won't? Or were you talking about something else?
@@tkwasiisaac8818 No I'm not talking about gap insurance lol I'm talking about fabric protection and overpriced extended warranties and paint protection and nitrogen tires and whatever else they can mark up an insane amount and cram it into your loan.
This Dealer earned his keep on this sale. Lol! No way I could do this for a buyer...
People with low credit score are not only punished but humiliated over and over. Something is wrong with the system.
recourse: in other words, you're co-signing a loan to a complete stranger. No way no how not ever would I do that. Hell, I don't know if I'd do it for a family member! lol
But your banking/loan practices are different in the US from Canada. Up here, when a company repossesses a security for a loan or mortgage, you don't "lose" the equity you have in the vehicle, you only lose the outstanding balance. For eg: you buy a house for $225,000.00. You make payments for 5 years and it goes up in value to $275,000.00. You lose your job and can't pay it. They foreclose. You don't lose the balance you paid off or the increase in value. The lender sells the property and is required by law to make every effort to sell it at market value (they can't just let it go to the first offer at 225). Then after their fees the balance is returned to the borrower.
Same goes for vehicles. If you've paid off $2000 and the resale of the vehicle is $7000 and they sell it for that, they have to return what's left of the $2000 equity to the borrower.
It's the same here..but 99% of the time, the car being Repo'd, has no equity at all and is usually upside down and the car is sold at auction for much less than retail and the buyer owes money still...Anytime you are late it is in the contract that the lender can repo the car at any time meaning if you were late a few years prior, the lender could repo much later when you do have equity..it's not common but has been done..
I was a “buy here pay here” dealer for forty years !!!!!!!! The worst business to be in, People with bad credit are a lot of work !!!!!!!! Would never ever do it again !!!!!!!!!!!!!!
I am planning on following into the business. I am willing to pay for your advice / a consultation call if you are up for it. Please let me know if you are willing to do this.
I can’t imagine many used dealers like this info. But as a regular buyer/enthusiast, this info is awesome!!
I knew a place that financed their own cars and “if” it needed repairs they have mechanics and just tack the repair onto the end of the note. So you might pay ten years on this car. Or reach a point where you have enough equity to trade it in for a better one. Hey ya gotta get to work and ya do what ya gotta do.
Consider that you are better off than yer boss buying that new BMW
I live driving my 74’ malibu and 83’ 944. The hell with all this shyt. Easier to pin back the ears on a mule and call it a horse.
I'm so glad my car dealerships never put a gps tracker or anything like that. I totally understand for people with 0 credit. Luckily I use a local credit union and got approved no issue!
What a nerve-racking business. They all come in with a story but expect to leave with their choice ride at a discount. At least the GPS tracker keeps the buyer honest.
vincent narvaez It’s our job to sell the dream of credit. If you build your customers credit, and get them to a prime buyer it will benefit you in the future.
good advice.
Banks are entering a real grey area. I get that they wanna be payed, but them having 100% control over your vehicle is just creepy. Thanks for the video!
No buts, it's their property...pay for your stuff and this can be avoided....its very simple
Sad fact: the people with bad credit have many more problems than you can imagine, lets just say elemental financial cycle of poverty without being insensitive to their shortcomings, poor education and a toxic society are major factors.
How judgemental.
"Their shortcomings"?
As someone with bad credit...
I went from an 817 FICO at age 22 to 600 by age 25.
What happened?
I lost my job and used credit cards to feed my family and took on 2 jobs to make about 1/3 of what I was making before.
We downsized and did what we could, but in the end, I couldn't make the payments when the full interest kicked in after the 18 months.
And why did I lose my job?
My employer committed fraud and the company was closed down by the state. Now everyone in that industry is anxious about hiring anyone who worked with that company.
I have no credit
@@umwhat9671The inability to think rationally due the kind of culture you are influenced by, IE. Poor logic used in your decision making processes.
@@lilibethdoherty295 so you don't know how to read. Nice.
@@umwhat9671 Einstein said:"The difference between Genius and Stupidity is Genius has limits"
You bought that F150 for $2500, sold it for 10k, now complaining about paper work etc even when you made 400% profit on that F150
Clearly you dont buy cars. Trucks are crazy expensive. Even for us
I live in cali.. and i have never seen anything like that... here they even finance people with no credit at least they have a job 6months or longer...
"Do you have a pulse?" "Yes" "Your credit is APPROVED!"
If you repo cars all the time that'll work, collect 20% down payment and then get your car back
Ah that’s why everyone has nice cars haha
God bless this man finally true honesty and I know he’s not a Lieing
Craig I totally trust your word and have seen some crazy deals in the car world. I had to share this with you after this happened to a guy I known last month.(family member). So he has paid off 3 cars in the last 10 yrs. But also had 3 repos.
he had a large down payment. 7 grand. His credit was subprime. 570. He has a higher income and really low debt ratio. He bought a 45k grand car. financed 37k. car was 3 yrs old and had 13k in miles. I was with him when he called the dealership and told them what he wanted and what he had. They asked him for not a single thing besides a copy of his drivers license and a electric bill. no bank statements no paystubs no reference's nothing. The biggest shock was it was a finance company with the same name as the town located between Stratham and Brentwood here in NH. that has a large hospital with Dunkin donuts out front of it. (didn't wanna put their actual name on here.) There are known as a predatory lender and I've never heard of one doing like this with no info and they approved and deal done within 4 hours. It was unreal.. An I even asked him. Did you have a loan with them already or before. He said never.
I've sold quite a few cars this way using outside finance companies to get subprime buyers into nice vehicles. Credit scores of 500ish.. i like working with banks. the biggest obstacle is that the customers usually don't have a large down payment. I dont think it is legal to change the price and charge sub prime buyers a higher sale price than someone paying cash.. the advertised price is the price.. at least in Arizona it is illegal to change the price for someone financing
You should just come out to PA and work for me. I’ll start you at $80k base pay+ commission. I’ll show you what a real dealership family is like and I’ll teach you never to say “ME” ever again!
Today is August 8, 2023...I’m 50 years old and I never knew such trackers exist when you buy a car.
It must be so humiliating for such buyers.
Always have a car mechanically inspected even if you’re buying a bullshit warranty
No way I ever go through this.
seems not worth it for either side
I was sold a extended warranty for a truck that doesn't qualify for, truck is lifted. What's my options
I’ve watched a lot of this guys videos it’s the only one that’s pretty good
What he fails to mention is that he only paid $3500 or less for that F150 at the Manheim or other auction and is still making double on the sale! The sub prime market is the most profitable market but only for the bank or the BHPH lot... Having a BHPH lot is a great business really..you buy a car at auction and usually under a grand, charge the down payment that covers the price you paid that way all the payments are income/profit! Half of the buyers at BHPH do not pay off a car and it's repo'd then resold..most cars on a BHPH lot have been sold 3 times!! That one $1,000 Altima has made the lot $3K in down payments alone! Look how many dealers market to sub-prime buyers? Many mainstream dealers are going after that market!! You make it sound like "Oh poor me I had to work to make this deal go through" Acting like you are making a few hundred dollars when in all actuality you are still making double off the truck! It's not some mint, low mileage front line ready truck!
Chris Reed u have to realize that u have overhead bills and u need to get paid for ur time also ur cost to repair the vehicle
Shoot when I had the Powersports place, the bank paid us to get loans through. Of course, they were not really loans. They would get revolving credit they had to use in our shop. We would get 1% from the bank and $50 from every insurance policy we refered
Thanks for saving me from making a huge mistake. No way will I ever sell vehicles to sub-prime customers. Frankly I’d rather scrap my trade-ins instead.
U the man brother i think u the only one on u tube that gives good advise
Thank you!
I install those just cut the yellow start wire truck will start then take a 12v battery t tab black and red wire with battery the cut the wire out of truck leave the gps and battery in a garage they never know lol
That immobilizer thing is ridiculous I didn't even know that was a thing.
In the end though. Craig is doing a favor for this customer. If he does well his credit will be in his favor and more than likely craig will have a returning customer with better credit and thats when things go smooth and craig makes more. Takes time but the end of it all and all it will be crossing fingers worth it.
It sounds good, but it doesn't work that way. The next vehicle will be brand new.
Thank you , you are the best !!
Been looking for financing for my dealership and couldn't fine any helpful info , you rock 👍
I had bad credit in 2012 I brought a new Nissan Cube I had 9000 down and 5000 cash with a credit score of 551. Nissan Moter Acceptance said approved on the spot with a payment of 151.25 for 5 years. I will do business with Nissan Moter Acceptance again these were great people to deal with.
@Paul Crosley No, it's because their mechanical reliability has greatly diminished and world is getting around. Transmissions in particular.
Did you put 9000.00 down or 5000.00? Either way, you only got approved because of a big down payment. They had little
Risk. First time you got behind that car would have been “ popped” immediately!
This is my favorite and most informative video.
Damn , I cannot imagine how embarrassing and humiliating that payment car starter must be if one of your friends or a date gets into your car .
Great example of how it works but would of also been a little bit beneficial for me if you would have mentioned what your profit margins were on the f-150. But really great example as the loops you guys go through. Thanks
I don't get the PIN pad thing. That just gives them wiring to follow to remove it all. Better to have a GPS that is hidden.
Subprime is my favorite customer actually. Just depends on alot of what you sell and what area you are in and especially how cheap you can get your inventory for.
ON the recourse issue, i have certain ways to avoid that or atleast "encourage" the customer to pay. But i NEVER do anything beyond a 1 payment/month recourse. Many times that recourse being that its "1 payment/month" its usually always based on an ONTIME payment. So if the customer pays late but still pays that 1st payment it still wont count! So you gotta be careful with these Subprime Banks, but i have my favorite ones. The main thing is if you got a good rep too with that lender you can get deals done.
Regarding that "surcharge" ill just leave it at this... Does everyone notice how alot or almost ALL used car dealers DONT have prices listed on their cars? Thats a Big hint Why.
Im not sure which subprime banks you are working with (unless u are working with a prime bank and they are doing a subprime deal) but the WORST one ive done was still the simple paystubs, utility bill, phone bill, 5 references and a GPS. Which is basic besides the GPS which might be required or not. I havent had one worse where they required all the paperwork you just said thats why im wondering if its a prime bank doing a subprime deal. The gps units i have NEVER installed a starter kill. ITs always the GPS only. Ive never had them ask for Starter kill.
Im very curious which bank this was because ive never had them ask for 20% down either. Its usually like 10% or $1000.
better for buyer to work on increasing credit score, not all that hard
Who knew if was such a headache🥶
Sub prime makes great money for a good used dealership if you know how to work it. CAC pools are great.
CAC can be VERY profitable, so long as you have the liquid to sit on.
@@malcolmaustin8745 more Info please
Replace the brake pedal pad...
Thanks for behind the scenes..
I learned so much from you, never knew what a pain in the ass subprime buyers are.
Leading me in the right direction . Praise god !
Why would dealers want to sell to folks a bad credit? What people don’t realize is dealerships make the most money off of people with bad credit. You’re not gonna make that much money off somebody with good credit because they’re going to get the best interest rates/financing options sometimes 0% interest. They’re also gonna have more options when it comes to buying vehicles if you won’t give them the deal they want they walk and go somewhere else because they can. Most of the time people with sub prime credit get taken advantage of because they end up buying really old cars with a lot of miles that are marked up way beyond what the car is worth. The bank doesn’t care if you let it get repossessed because the amount of money that you have to pay down on these vehicles plus the few payments you might make probably have already paid for the actual value of the vehicle by the time they repossess it. It’s a win-win for the dealership and subprime lenders.
I have never in my life heard of the stuff this man is talking about..lol .. I’m like what? an immobilizer? For a car payment.. good lord..
Very informative. Thanks.
I remember the days when all I could get was subprime loans. Believe it or not, Credit Karma is a great app to have to build your credit. They let you see everything that’s against you.. who to call to work that out.. let’s you know what you might qualify for.. tricks to get the score up quickly. Now I can buy or lease anything I want. The scores on credit karma are often off though, but they’re not wildly off. It gives you a good idea of where you are. It’s a good app for your financial health.
Ps- I know how to bypass those immobilizers ..but I won’t put it on here 😂 let’s just say in my former life I wasn’t as honest a person as I could or should have been!
The buyer of that truck got hosed all the way around for having bad credit...! That truck has 157,000 miles on it..! For $10,000..!!! It will have a half a million miles when he gets it paid off if it last that long..!
6:19 Should edit out "forget the advertised price, this is your price part". I did only subprime for years as a dealer. You can not have a second up charged price for them in your state. Successful volume subprime is not possible with advertised pricing or good pricing. You need to have the inflated price to start and discount for cash or outside finance. Makes it very hard on sites like CarGurus. But I see subprime is not your focus. (good thing).
I used to run through hoops for these people. You used to need to show cell phone bills and none of them would have cell phones in their names so I would have a stack of phones I would activate for them to use for a couple days.
The buyer gets screwed, the dealer gets screwed but if you read the financials of these big sub prime auto banks they are getting killed or scrapping by because guess what????????? These people do NOT pay lol. Tough business
Also notice these local dealers from us from Bra#%@#% and notice they pop up and close. They pump out like 20 crap recourse loans a month. Fake mileage and values on the vehicles. Do that for 3 months. 60 cars. $3000 each almost 200k. Pull the money from the accounts and dip back home
As a salesman, at the dealership I work at this is more then half the deals im expected to close. For anything under 600 or first time buyer im forced to ask for 20-30% down everytime.
Seems like I've heard of these finance companies called "Dip Houses" that finance the part of the sale price that regular finance companies won't cover, to close the deal. I wouldn't take that hit the bank gives you, go find a dip house and get the money you deserve for the sale. No wonder dealers love cash sales, all that hassle is avoided. But then some dealers want to make the money off the financing. So I guess if the buyer has good credit they want him to finance, bad credit, pay cash. But if you don't do in-house financing, the only money to be made in financing is any kickback you may get from the finance company.
So what score represents a subprime credit, such that one would be subject to all this?
One of the difficulties of managing one's credit when it's less than perfect is not knowing where you will fall based on your score until after you go through the entire process and waste everyone's time playing this game. If instead, I could just pay the $40 to get my actual FICO score, and know exactly what I was and was not eligible for - or at least LIKELY to be eligible for - then it would make literally everyone's life easier, because I could make a rational decision up front. I might not even go to the dealership and wait until my score broke the threshold if I knew where it was. But the opaqueness of the lending process leads to all this, in part.
More than that is the lack of education on finances at schools. These are basic life skills that are never taught. I'm not saying there won't be people that ignore the advice but they should at least be presenting it. Discipline and good habits will usually stick with you for a lifetime once you establish them. But the same can be said for lack of discipline and bad habits. And it plays right into the politicians that love to bait people into having a victim mentality a literal prison many will never escape
I'm almost 2months in to the new-car industry, and the finance managers very much keep their roles separate. But I definitely have worked with a few bad-credit buyers. Sometimes it takes an extra day or two for bank approval, but I've never heard of anything like this. Is it exclusive to the used car industry, or do sub-prime new car buyers get the same restrictions? The particular dealership I work at might be a bit of a unique case; one of the pros often mentioned when comparing working at other dealerships (besides less annoying snow removal) is that we don't have to chase down customers that didn't make their payments, etc. Like you put it, you would rather just focus on selling cars, moving on to the next person, rather than manage a sale after the fact. That is the privilege we have where I'm at. No chasing customers to repo cars, no dealer swaps, no complications to the core job given to the salespeople.
It is indeed a wonderful benefit to not have to go through all that extra headache, but I tell ya'what, Sub-Prime is the future. Best get on board now before the business runs right past you!
Typically, more effort=more profit
Why would you get into more debt, if you are already drowning, just buy a transportation, some people just never learn.
There is a 1% Motorcycle club with the name Flying Wheels.
It’s scary to see people with bad credit buying cars they can’t afford.
So it's not their fault they have a low credit score? It must be the banks fault their credit score stinks. Maybe they should buy stuff they can't afford or pay cash LOL
My trailblazer had one of those hidden inside the dash but must have been for a previous owner as i had no loan on it. I found it when i had to fix some AC stuff behind the dash, i pulled it out without issue.
hey man, I really appreciate your honesty about the info you provide. but I have one question that I can't really find the answers to and that's how do I work with banks so I can do financing, what do I need to provide that service to the customer? thank you for your time and knowledge.
what are the steps to becoming an indirect lender
Hi, did you ever find the answer? If so can you share
@@hustlinmommycreations4439 no unfortunately that’s a hard thing to find, i dont know why he doesn’t want to answer this question and other dealers won’t answer it either. I guess that’s a competitive advantage they have
Technically it can be the dealers fault; for overpricing the worth of the vehicle being sold🤷🏽♀️
We got mad cars here in Australia we love our v8 sedans Holden GM and Ford
What if a dealership REFUSES to even run your credit to Banks???
*I'm curious what is considered "bad credit" these days? I have a 760, which the last time I bought a car got me an OK, but not great, rate of six point something percent (2004). My credit report says my score is pretty much the same, but because of the horrific economy, I've suddenly found myself drowning in "preapproved" cards, loans, and god-knows-what, almost daily. The problem is that today, these "preapprovals" all want me to pay 26 or more percent - and there is NO WAY IN HELL I would EVER pay 26% for anything. Maybe a kidney, but not a car!*
*What is going on with credit today?*
You are such a cool Guy in so many ways. Your videos are first class, both entertaining and educational.
Thanks for the info. I am not a dealer but I know now if I'm interested in buying a car the dealer has had for awhile, and I can pay cash, I have some leverage in negotiating a deal.
Dude that’s crazy, you’re a boss for doing all that I would’ve said f that!
Those GPS tracker/starter interrupters have become so much a big deal that the Federal Trade Commission is investigating the use of such devices or were as of a few years ago. Not sure if they still are investigating though. The main concern was privacy rights of the borrower, though there are other concerns as well.
If you are in a spot where you can only sell a $10k car to that type of buyer for $8500 then you need to find another buyer. Or you've overpriced the car. You're not taking a hit, you're selling the car. You can also not sell it.
Might as well do a buy here pay here deal than use a Recourse Bank. Then you won't have to pay all the fees .
Thank you for this thorough explanation.
I would steal a car before I fill out all of that .
Lol so true