The question is no longer whether or not dealers will do business with sub-prime customers; it's how to do it most profitably and at the lowest possible risk. According to Mitchell C. Kahn, CEO and president of Chicago-based First Merchants Acceptance, selling to sub-prime customers constitutes a $30 to $70 billion a year opportunity.
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"Customers with credit problems have always been out there," says Kahn, "and until recently they were not actively sought out by franchised car dealers - partly because the credit-impaired customer tends to be a used car customer, and used car operations were not the part of their business that dealers were most interested in. All that has changed now that leasing has put so many high-quality used cars on the market.
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"And a lot of ordinary people who used to have A or B credit have experienced hard times in the past five or ten years. But having gone through a bankruptcy no longer carries the stigma it used to, and I think that's one of the things that has changed our perception of the risks involved in dealing with people whose credit rating is less than perfect," says Kahn.
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Mel Ostrander, president of G.E. Capital Customized Auto Credit Services, also based in Chicago, points out that as many as two-thirds of adult Americans have suffered some sort of credit blemish and have fallen from an A or B credit rating down to the C or even D tier. But, he also observes, in the past five years, since major regional and national financial institutions have entered the sub-prime auto financing arena, this market segment now has provided enough performance history for lenders to study the data on how well the sub-prime buyer pays back his car loan.
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"In some parts of the country, dealers may still shy away from the C and D customer," says Ostrander. "But C or D buyers are no different from anyone else; they just need a little special treatment to help them get back on their feet and rebuild their credit."
Thursday, November 18, 2004
Tuesday, November 16, 2004
Your next car?
THE DAY I GOT MY DRIVER'S LICENSE I DROVE THE FAMILY STATION WAGON 200 MILES INTO THE NEXT STATE, ecstatic at the prospect of liberation from the parental orbit. I bought a car as soon as I could, tinkered with it on weekends, and subscribed to car magazines. I was a car nut.
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In some ways, I still am. I write a syndicated auto column and am accustomed to seeing new test cars in my driveway. But recently I've become disenchanted. Gliding down the empty, sun-dappled country lanes romanticized in car commercials might be fun, but inching to work on crowded asphalt isn't. As I sit in traffic, windows rolled up against the fumes from idling exhausts, I wonder what happened to the freedom I once enjoyed.
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I'm also an environmental reporter, and I've learned plenty about the harm caused by fossil fuels as they're extracted, transported, burned, and fought over. Motor vehicles consume half the world's oil and account for a quarter of its greenhouse-gas emissions. The biggest source of air pollution in a majority of the world's cities is auto exhaust.
RoadLoans - The quick and easy way to finance your auto loan.
In the United States, fuel economy stagnates while new-car registrations skyrocket and the number of miles the average motorist drives each year rises. China is leading a Third World rush to "modernize" through the use of private cars. According to the journal Geophysical Research Letters, if 400 million Chinese drivers hit the road in gasoline-powered cars over the next 50 years, the plume of tailpipe exhaust would "bathe the entire western Pacific in ozone."
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Despite the grim outlook there are reasons for hope. New technologies offer an alternative to tailpipe asphyxiation, fossil-fuel dependence, and the swift onset of global warming. Driven by air-pollution legislation' and a suddenly animated international competition, some of the world's carmakers will soon offer vehicles that not only greatly reduce pollution but also perform better, are more reliable, travel farther, and last much longer than anything we've ever seen.
Already, carmakers are delivering battery-powered electric cars, and soon two will begin selling high-efficiency "hybrid" cars in the United States that rely on a small internal-combustion engine and an electric motor. And, in the not-too-distant future, automakers will bring to market the holy grail of alternative auto technologies: cars powered by an emission-free fuel cell running on hydrogen.
IRONICALLY, INTEREST IN THE NEWEST CAR technologies is heating up at a time when public confidence in the alternative vehicles that are already on the streets is extremely low. That's because vehicles like GM's EV1 and Honda's recently discontinued EV Plus are able to travel no more than 90 miles between time-consuming recharges. Their batteries are improving, but not quickly enough to satisfy consumers.
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Until the cars can travel 250 miles between recharges--the range most drivers expect--battery-powered electric vehicles won't break out of niche status. But they do have passionate fans, including nuts-and-bolts techies, gear-obsessed "early adopters," and a cadre of Hollywood environmentalists.
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Could it be that Americans will never like electric vehicles? That's the line in some industry publications, but it's not borne out by opinion polls, which routinely show that motorists' love affair is with the private automobile, not solely with its internal-combustion form. A healthy minority would trade in their present car for an electric vehicle, provided it could perform as well at the same price.
A poll of California new-car buyers conducted by the University of California at Davis in 1995 found that almost half would prefer an electric over a gasoline car. But they want it to cover several hundred miles on a single charge and be reasonably priced.Though battery-car advocates point out that most commuters take round trips of 50 miles or less, the distance limitation is psychologically important.
Most sport-utility-vehicle buyers never go off road, but the fantasy of such an excursion is what gets them to write the check. An added sore point is that the luxury extras Americans love--air-conditioning, power windows, and other electrical accessories--depend on power from the on-board batteries, sapping the car's range even more.
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Because they're built in such limited numbers and the materials that go into them are so expensive, battery-powered electric vehicles start at $30,000. Automakers offer lease deals so they can hide the real cost of the vehicle, and also insulate the customer from the uncertainty of a looming and costly battery-pack replacement, but even these subsidized rentals are pricey.
A three-year lease on an EV1 costs $499 per month, roughly the same as a luxury car.Still, the fledgling battery-powered electric-vehicle industry is offering something every bit as revolutionary as the first VCR or cellular phone--clean cars, at last. And the first mainstream customers are satisfied. There just aren't enough of them. The battery vehicle is still not convenient enough to capture more than a fraction of the market.
Apply Today---and Drive Away Tomorrow!
To surmount the limitations of batteries, more' and more car-industry executives see the hybrid gas/electric vehicle as an interim step to the truly green and clean car. Hybrid-car experiments go back 100 years, but most were prototypes or stillborn marketing efforts. What's exciting now is that two models, the Toyota Prius and a Honda, code-named VV, will be entering the U.S. market in the next few months, backed by the full might of these very savvy auto giants.There are two types of hybrid electric car, series and parallel.
In a series hybrid, a small gas or diesel engine generates power to drive an electric motor and recharge the small battery pack that these cars usually carry. The fossil-fuel engine, in effect, serves as a mobile charging station. Parallel hybrids have two discrete power systems, gas and electric. Either one can propel the car, but when they work together they provide the kind of power needed for quick acceleration.
In one type of parallel hybrid, the car starts out in battery-powered mode, then automatically fires up its internal-combustion engine when the batteries lose 40 percent or more of their charge. Many hybrids also have a "continuously variable" automatic transmission, which cuts down on energy lost during shifting, and "regenerative braking," which captures energy lost in braking and returns it to the engine.
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The system in Toyota's breakthrough Prius, which has been a hit in Japan since it was introduced there in 1997, incorporates elements of both the parallel and the series hybrid. The car's fuel-efficient 1.5-liter gas engine delivers its output to an electrical generator and then to the wheels. The engine shuts down automatically when the car is stopped, which means it won't pollute when stuck in traffic jams.
All this helps the Japanese-market Prius reach 66 miles per gallon and 870 miles on a tank of gas. The catch? The Corollasize vehicle sells for $19,000 in Japan (at a loss to Toyota), though the price is expected to drop as volume rises.
In Honda's two-seat VV (it will get a new name when it's introduced), an electric motor/generator acts as a booster for a small gas engine, which does the main work driving the wheels. The result is an impressive 70 miles per gallon. If the gasoline engine has a future, it's in efficient power plants like this one.
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Honda is trying to steal some of the thunder from arch-rival Toyota by getting its hybrid to the U.S. market first. The W, with a lightweight 1,740-pound aluminum body, will go on limited sale worldwide by the end of this year, while the Prius will not arrive in the United States. until sometime in 2000.
Meanwhile, Honda is trying to make the gasoline engine more acceptable. It has produced a "Z-LEV" (zero-level-emission vehicle) version of the 2.3-liter, four-cylinder engine found in its ubiquitous Accord, which, it claims, is nearly pollution-free in its California version.
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While the vehicle still relies on fossil fuels (thus producing carbon dioxide) its carbon monoxide and nitrogen oxide emissions are 90 percent cleaner than California's very tough requirements.With a gallon of gasoline costing $4 in Japan, it's no surprise that its automakers have led the development of hybrids. Nissan and Subaru will soon introduce hybrids in Japan. While U.S. companies are all working on prototypes, none have firm plans to sell such vehicles.
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Within five years, carmakers hope to mass-produce vehicles that dispense with gasoline altogether. Hydrogen-burning fuel cells could usher in an entirely new energy economy. Far from being a limited resource, hydrogen is the most common element in the universe, constituting 80 percent of all matter. But it is rarely found in elemental form, and must be separated from other substances, such as natural gas or methanol, before it can be used as a fuel.
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In some ways, I still am. I write a syndicated auto column and am accustomed to seeing new test cars in my driveway. But recently I've become disenchanted. Gliding down the empty, sun-dappled country lanes romanticized in car commercials might be fun, but inching to work on crowded asphalt isn't. As I sit in traffic, windows rolled up against the fumes from idling exhausts, I wonder what happened to the freedom I once enjoyed.
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I'm also an environmental reporter, and I've learned plenty about the harm caused by fossil fuels as they're extracted, transported, burned, and fought over. Motor vehicles consume half the world's oil and account for a quarter of its greenhouse-gas emissions. The biggest source of air pollution in a majority of the world's cities is auto exhaust.
RoadLoans - The quick and easy way to finance your auto loan.
In the United States, fuel economy stagnates while new-car registrations skyrocket and the number of miles the average motorist drives each year rises. China is leading a Third World rush to "modernize" through the use of private cars. According to the journal Geophysical Research Letters, if 400 million Chinese drivers hit the road in gasoline-powered cars over the next 50 years, the plume of tailpipe exhaust would "bathe the entire western Pacific in ozone."
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Despite the grim outlook there are reasons for hope. New technologies offer an alternative to tailpipe asphyxiation, fossil-fuel dependence, and the swift onset of global warming. Driven by air-pollution legislation' and a suddenly animated international competition, some of the world's carmakers will soon offer vehicles that not only greatly reduce pollution but also perform better, are more reliable, travel farther, and last much longer than anything we've ever seen.
Already, carmakers are delivering battery-powered electric cars, and soon two will begin selling high-efficiency "hybrid" cars in the United States that rely on a small internal-combustion engine and an electric motor. And, in the not-too-distant future, automakers will bring to market the holy grail of alternative auto technologies: cars powered by an emission-free fuel cell running on hydrogen.
IRONICALLY, INTEREST IN THE NEWEST CAR technologies is heating up at a time when public confidence in the alternative vehicles that are already on the streets is extremely low. That's because vehicles like GM's EV1 and Honda's recently discontinued EV Plus are able to travel no more than 90 miles between time-consuming recharges. Their batteries are improving, but not quickly enough to satisfy consumers.
We're not worried about your credit history...Apply For Your Auto Loan Today--and Drive Away Tomorrow!
Until the cars can travel 250 miles between recharges--the range most drivers expect--battery-powered electric vehicles won't break out of niche status. But they do have passionate fans, including nuts-and-bolts techies, gear-obsessed "early adopters," and a cadre of Hollywood environmentalists.
Auto loans -- Bad Credit? No Credit? No Problem!
Could it be that Americans will never like electric vehicles? That's the line in some industry publications, but it's not borne out by opinion polls, which routinely show that motorists' love affair is with the private automobile, not solely with its internal-combustion form. A healthy minority would trade in their present car for an electric vehicle, provided it could perform as well at the same price.
A poll of California new-car buyers conducted by the University of California at Davis in 1995 found that almost half would prefer an electric over a gasoline car. But they want it to cover several hundred miles on a single charge and be reasonably priced.Though battery-car advocates point out that most commuters take round trips of 50 miles or less, the distance limitation is psychologically important.
Most sport-utility-vehicle buyers never go off road, but the fantasy of such an excursion is what gets them to write the check. An added sore point is that the luxury extras Americans love--air-conditioning, power windows, and other electrical accessories--depend on power from the on-board batteries, sapping the car's range even more.
Simple, Fast, and Reliable, your 60 Second auto loan source
Because they're built in such limited numbers and the materials that go into them are so expensive, battery-powered electric vehicles start at $30,000. Automakers offer lease deals so they can hide the real cost of the vehicle, and also insulate the customer from the uncertainty of a looming and costly battery-pack replacement, but even these subsidized rentals are pricey.
A three-year lease on an EV1 costs $499 per month, roughly the same as a luxury car.Still, the fledgling battery-powered electric-vehicle industry is offering something every bit as revolutionary as the first VCR or cellular phone--clean cars, at last. And the first mainstream customers are satisfied. There just aren't enough of them. The battery vehicle is still not convenient enough to capture more than a fraction of the market.
Apply Today---and Drive Away Tomorrow!
To surmount the limitations of batteries, more' and more car-industry executives see the hybrid gas/electric vehicle as an interim step to the truly green and clean car. Hybrid-car experiments go back 100 years, but most were prototypes or stillborn marketing efforts. What's exciting now is that two models, the Toyota Prius and a Honda, code-named VV, will be entering the U.S. market in the next few months, backed by the full might of these very savvy auto giants.There are two types of hybrid electric car, series and parallel.
In a series hybrid, a small gas or diesel engine generates power to drive an electric motor and recharge the small battery pack that these cars usually carry. The fossil-fuel engine, in effect, serves as a mobile charging station. Parallel hybrids have two discrete power systems, gas and electric. Either one can propel the car, but when they work together they provide the kind of power needed for quick acceleration.
In one type of parallel hybrid, the car starts out in battery-powered mode, then automatically fires up its internal-combustion engine when the batteries lose 40 percent or more of their charge. Many hybrids also have a "continuously variable" automatic transmission, which cuts down on energy lost during shifting, and "regenerative braking," which captures energy lost in braking and returns it to the engine.
We're not worried about your credit history...Apply For Your Auto Loan Today--and Drive Away Tomorrow!
The system in Toyota's breakthrough Prius, which has been a hit in Japan since it was introduced there in 1997, incorporates elements of both the parallel and the series hybrid. The car's fuel-efficient 1.5-liter gas engine delivers its output to an electrical generator and then to the wheels. The engine shuts down automatically when the car is stopped, which means it won't pollute when stuck in traffic jams.
All this helps the Japanese-market Prius reach 66 miles per gallon and 870 miles on a tank of gas. The catch? The Corollasize vehicle sells for $19,000 in Japan (at a loss to Toyota), though the price is expected to drop as volume rises.
In Honda's two-seat VV (it will get a new name when it's introduced), an electric motor/generator acts as a booster for a small gas engine, which does the main work driving the wheels. The result is an impressive 70 miles per gallon. If the gasoline engine has a future, it's in efficient power plants like this one.
Free 1 step auto loan application
Honda is trying to steal some of the thunder from arch-rival Toyota by getting its hybrid to the U.S. market first. The W, with a lightweight 1,740-pound aluminum body, will go on limited sale worldwide by the end of this year, while the Prius will not arrive in the United States. until sometime in 2000.
Meanwhile, Honda is trying to make the gasoline engine more acceptable. It has produced a "Z-LEV" (zero-level-emission vehicle) version of the 2.3-liter, four-cylinder engine found in its ubiquitous Accord, which, it claims, is nearly pollution-free in its California version.
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While the vehicle still relies on fossil fuels (thus producing carbon dioxide) its carbon monoxide and nitrogen oxide emissions are 90 percent cleaner than California's very tough requirements.With a gallon of gasoline costing $4 in Japan, it's no surprise that its automakers have led the development of hybrids. Nissan and Subaru will soon introduce hybrids in Japan. While U.S. companies are all working on prototypes, none have firm plans to sell such vehicles.
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Within five years, carmakers hope to mass-produce vehicles that dispense with gasoline altogether. Hydrogen-burning fuel cells could usher in an entirely new energy economy. Far from being a limited resource, hydrogen is the most common element in the universe, constituting 80 percent of all matter. But it is rarely found in elemental form, and must be separated from other substances, such as natural gas or methanol, before it can be used as a fuel.
Would you buy a car from this plan?
FORGET THE traditional car salesman in the loud checked jacket: The next person who builds a cozy marketing relationship with auto owners may well be wearing a U.S. Postal Service uniform.
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At least this is the case in Denver, where 50,000 car owners, largely captured through 17 John Elway AutoNation USA dealerships, are part of AutoRewards, a fledgling points-based program from new- and used-vehicle vendor AutoNation USA. And the company, headquartered in Fort Lauderdale, FL, is in the process of taking the program to all of its one-price, no-haggle dealerships nationwide, with more than 40 outlets in north Florida in the process of coming on board.The challenge of a loyalty marketing plan aimed at car owners is that the industry's purchase cycle--slightly more than four years--makes developing legitimate reasons for the dealer to contact the client difficult. As a result, only aquarter of all customers go back to the same dealer where they bought their last car.
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AutoNation also owns the National and Alamo rental car brands, as well as financial services and neighborhood service center divisions. This allows the company to provide a variety of goods and services to AutoRewards participants. A customer can buy, lease or rent a car, or have that car cleaned or serviced."A loyal customer is one who never leaves our network," says Maria Bailey, vice president for AutoRewards. "[They have] the experience of the brand, and keep on experiencing it after they drive off the lot. We try to touch our customers more frequently than the traditional car dealer."
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Membership in AutoRewards is free for anyone purchasing or leasing a car from AutoNation. Immediately upon signing up, all AutoRewards members are entitled to free enrollment in Alamo's Quicksilver or National's Emerald programs, as well as special discounts on rentals. Members also receive free roadside assistance, one-year service guarantees, extended service hours, $500 off their next vehicle purchase and two $25 Instant AutoReward certificates applicable toward future service and accessories purchases. A three-month expiration date creates a sense of urgency to return.Members can also save on gasoline if they top off their tanks at AutoNation outlets. The pump itself pushes AutoRewards. A digital display asks whether or not a gas buyer is a member. Those who aren't are invited to purchase a membership.
Apply Today---and Drive Away Tomorrow!
AutoSelect, the program's basic level, entitles participants to receive invitations to member-only events. Top-level management often speaks face-to-face with customers at these functions.The next-highest level, AutoPlus, is awarded to members who through service use, product purchase or other interactions with AutoNation earn 7,500 points annually. In addition to the above benefits, AutoPlus members receive priority service appointment scheduling and invitations to AutoPlus-only events, such as concerts, theater evenings and cookouts.AutoElite members, who accumulate 10,000 points annually, receive all of these benefits, as well as one free detailing, free registration for two non-AutoNation vehicles, and invitations to exclusive AutoElite events. Like those events held for AutoPlus members, company officials attend these too.
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Monthly point statements issued by the company tout the benefits of migrating across membership levels, and offer suggestions on how a member can do so. While buying a car is the fastest way to rack up points, members can also earn them for making a referral (one of the strongest forms of advertising within the industry), or providing data on their automotive habits.
The company is very aware of information's value: A survey mailed to customers within two weeks of their first purchase captures household demographic, lifestyle, vehicle shopping pattern, and "share of garage" information.Having participating vendors from across several manufacturers contributes to the program's flexibility.
By not locking itself into a single manufacturer, AutoRewards can offer almost any type of vehicle to its members. "We have Hummers to Hyundais," says Bailey. "If you have triplets next week, we can deliver a minivan." Conversely, if AutoNation is having a special on minivans, the database can be segmented according to which members are most likely to buy one. A customized statement indicating how many points they have--or need--in order to earn a discount on the minivan's price can be sent to each qualifying member.
The company has found that hard benefits, such as the discounts, are more attractive to members than the softer ones. "The elements that aren't unique--such as roadside assistance, free shuttle service--we thought would be more important than they were," Bailey says. "Customers are smart. They know they can get discounts to amusement parks anywhere." The company plans to evaluate the program's structure in December, perhaps emphasizing the hard-dollar benefits more next year.
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According to Bailey, the company is well on its way to its goal of exceeding the industry level of referrals by 50%, and generating incremental service increases of 10%. AutoRewards, which was launched last Dec. 26, is too new to evaluate its third goal, a hike in repurchase rates.As of Sept. 1 the program had given out 25% more points than the firm had anticipated--not that AutoNation is complaining.AutoNation is investigating additional ways of accelerating members' point accumulation. The company is on track to issue a co-branded credit card, which would double as an AutoRewards card, in the first quarter of 2000.
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At least this is the case in Denver, where 50,000 car owners, largely captured through 17 John Elway AutoNation USA dealerships, are part of AutoRewards, a fledgling points-based program from new- and used-vehicle vendor AutoNation USA. And the company, headquartered in Fort Lauderdale, FL, is in the process of taking the program to all of its one-price, no-haggle dealerships nationwide, with more than 40 outlets in north Florida in the process of coming on board.The challenge of a loyalty marketing plan aimed at car owners is that the industry's purchase cycle--slightly more than four years--makes developing legitimate reasons for the dealer to contact the client difficult. As a result, only aquarter of all customers go back to the same dealer where they bought their last car.
Auto loans -- Bad Credit? No Credit? No Problem!
AutoNation also owns the National and Alamo rental car brands, as well as financial services and neighborhood service center divisions. This allows the company to provide a variety of goods and services to AutoRewards participants. A customer can buy, lease or rent a car, or have that car cleaned or serviced."A loyal customer is one who never leaves our network," says Maria Bailey, vice president for AutoRewards. "[They have] the experience of the brand, and keep on experiencing it after they drive off the lot. We try to touch our customers more frequently than the traditional car dealer."
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Membership in AutoRewards is free for anyone purchasing or leasing a car from AutoNation. Immediately upon signing up, all AutoRewards members are entitled to free enrollment in Alamo's Quicksilver or National's Emerald programs, as well as special discounts on rentals. Members also receive free roadside assistance, one-year service guarantees, extended service hours, $500 off their next vehicle purchase and two $25 Instant AutoReward certificates applicable toward future service and accessories purchases. A three-month expiration date creates a sense of urgency to return.Members can also save on gasoline if they top off their tanks at AutoNation outlets. The pump itself pushes AutoRewards. A digital display asks whether or not a gas buyer is a member. Those who aren't are invited to purchase a membership.
Apply Today---and Drive Away Tomorrow!
AutoSelect, the program's basic level, entitles participants to receive invitations to member-only events. Top-level management often speaks face-to-face with customers at these functions.The next-highest level, AutoPlus, is awarded to members who through service use, product purchase or other interactions with AutoNation earn 7,500 points annually. In addition to the above benefits, AutoPlus members receive priority service appointment scheduling and invitations to AutoPlus-only events, such as concerts, theater evenings and cookouts.AutoElite members, who accumulate 10,000 points annually, receive all of these benefits, as well as one free detailing, free registration for two non-AutoNation vehicles, and invitations to exclusive AutoElite events. Like those events held for AutoPlus members, company officials attend these too.
Car loans in an instant
Monthly point statements issued by the company tout the benefits of migrating across membership levels, and offer suggestions on how a member can do so. While buying a car is the fastest way to rack up points, members can also earn them for making a referral (one of the strongest forms of advertising within the industry), or providing data on their automotive habits.
The company is very aware of information's value: A survey mailed to customers within two weeks of their first purchase captures household demographic, lifestyle, vehicle shopping pattern, and "share of garage" information.Having participating vendors from across several manufacturers contributes to the program's flexibility.
By not locking itself into a single manufacturer, AutoRewards can offer almost any type of vehicle to its members. "We have Hummers to Hyundais," says Bailey. "If you have triplets next week, we can deliver a minivan." Conversely, if AutoNation is having a special on minivans, the database can be segmented according to which members are most likely to buy one. A customized statement indicating how many points they have--or need--in order to earn a discount on the minivan's price can be sent to each qualifying member.
The company has found that hard benefits, such as the discounts, are more attractive to members than the softer ones. "The elements that aren't unique--such as roadside assistance, free shuttle service--we thought would be more important than they were," Bailey says. "Customers are smart. They know they can get discounts to amusement parks anywhere." The company plans to evaluate the program's structure in December, perhaps emphasizing the hard-dollar benefits more next year.
Easy, Fast, & Free--Apply Now for your Auto Loan!
According to Bailey, the company is well on its way to its goal of exceeding the industry level of referrals by 50%, and generating incremental service increases of 10%. AutoRewards, which was launched last Dec. 26, is too new to evaluate its third goal, a hike in repurchase rates.As of Sept. 1 the program had given out 25% more points than the firm had anticipated--not that AutoNation is complaining.AutoNation is investigating additional ways of accelerating members' point accumulation. The company is on track to issue a co-branded credit card, which would double as an AutoRewards card, in the first quarter of 2000.
Used Cars: How To Buy One
Willingly or un-, most of us use a car or truck; might as well buy smart. judging by my mailbag, a number of WER, readers have saved a bundle by using this outhor's previous book.
The Car Buyer's Art, to advantage. It has served me well, too. That book applied to new cars; this one is specifically for buying used cars. It's a whole different game, one you had better know before play commences. As was its predecessor, this book is actually a script for a play in which you and your sidekick are actors who assault a dealership and win. It works.
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Mr. Parrish also has a similar book on how to lease a car. Untill recently, leasing was not a sensible option for most of us everyday folk; now that dealers are hungrier, it may be. His explanation of tricky leasing jargon and procedures makes it easy to undertand the suggested sawy tactics. I'll bet they work, too. - J. BaldwinThe Director cleared his throat and looked up from his notes. "What you say makes sense. But how can you expect to buy a cream puff from a new car dealer at below wholesale price? They'd never go for that."
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"Sure they would," Andy answered, "because they stole the equity from the previous owner.""Stole?" the Writer asked."Sure. Say a car is worth $7,000 wholesale. Its owner wants to trade it in on a new car, and they give him only $5,000. They have, in effect, stolen 2,000 from him."Joan continued the thought. "Then what we do is buy that car from the dealer at about $6,000. We got it below the wholesale price of $7,000 and the dealer makes $1,000 profit.
"Naturally, the Writer had seen the tragedy in all this: "The only loser was the guy who traded it in."Andy nodded gravely, then continued. "Car salesmen literally steal the remaining equity dollars in your trade-in. They do this by convincing you it is worth a fraction of its real value. This is a dirty trick that costs you thousands of your hard-earned dollars."
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Listen, I think we could actualy let this one go fmm about $12,000. Interested?Joan has noticed Bob checking the "bumper code." She strolls over and reads it herself. The bumper code is a small sticker on the bumper or lower corner of the windshield which gives the dealer's price for the car in a code that only the salesman can read.
Often, this code is the price, backwards, inserted between the two numbers of the car's year. For example, say the code on a '89 Ford Escort was 3338759333. All the 3's are meaningless.
The 89 is separated by 75 - read backwards this is the car's price in hundreds: $5,700. - Used CarsWhen Leasing Makes Sense D.A.: So when does leasing make sense?WRITER: Well, take the Director here, he needs to look "upscale," right? To fit in with his Hollywood image.
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DIRECTOR:
Can't we use someone else for an example?WRITER: Okay, take a real estate agent. They need to drive people around in comfort. So they always need a new car. Car payments are a necessary evil for them. At the end of their lease, they trade in and begin the cycle again. Leasing cuts their cost three ways:The Wrker sketches the reasons out on his note pad.
1. No down payment - saving $2,000-$4,000.
2. Reduced monthly payments - usually $100 to $200 a month less.
3. Increased tax deduction.Let the salesman switch you to leasing.
When you act concerned about monthly payments, the salesman will probably offer to lease the car to you. By letting the salesman switch you to leasing, it makes him think he is making progress in the deal and increasing his profit - without costing you a penny more!
This deception will also make the salesman believe you know nothing about leasing, and won't challenge his figures.Always be ready to walk" This is a golden rule for negotiating any deal - and the highest card you can hold.
Don't become so attached to any car that you can't walk away from it. You can always start over again at the next source in your stack of cue cards. - Lease Cars
The Car Buyer's Art, to advantage. It has served me well, too. That book applied to new cars; this one is specifically for buying used cars. It's a whole different game, one you had better know before play commences. As was its predecessor, this book is actually a script for a play in which you and your sidekick are actors who assault a dealership and win. It works.
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Mr. Parrish also has a similar book on how to lease a car. Untill recently, leasing was not a sensible option for most of us everyday folk; now that dealers are hungrier, it may be. His explanation of tricky leasing jargon and procedures makes it easy to undertand the suggested sawy tactics. I'll bet they work, too. - J. BaldwinThe Director cleared his throat and looked up from his notes. "What you say makes sense. But how can you expect to buy a cream puff from a new car dealer at below wholesale price? They'd never go for that."
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"Sure they would," Andy answered, "because they stole the equity from the previous owner.""Stole?" the Writer asked."Sure. Say a car is worth $7,000 wholesale. Its owner wants to trade it in on a new car, and they give him only $5,000. They have, in effect, stolen 2,000 from him."Joan continued the thought. "Then what we do is buy that car from the dealer at about $6,000. We got it below the wholesale price of $7,000 and the dealer makes $1,000 profit.
"Naturally, the Writer had seen the tragedy in all this: "The only loser was the guy who traded it in."Andy nodded gravely, then continued. "Car salesmen literally steal the remaining equity dollars in your trade-in. They do this by convincing you it is worth a fraction of its real value. This is a dirty trick that costs you thousands of your hard-earned dollars."
Car Loans for All Credit - Free applicaton , No obligations. Expert dealers in your area.BOB:
Listen, I think we could actualy let this one go fmm about $12,000. Interested?Joan has noticed Bob checking the "bumper code." She strolls over and reads it herself. The bumper code is a small sticker on the bumper or lower corner of the windshield which gives the dealer's price for the car in a code that only the salesman can read.
Often, this code is the price, backwards, inserted between the two numbers of the car's year. For example, say the code on a '89 Ford Escort was 3338759333. All the 3's are meaningless.
The 89 is separated by 75 - read backwards this is the car's price in hundreds: $5,700. - Used CarsWhen Leasing Makes Sense D.A.: So when does leasing make sense?WRITER: Well, take the Director here, he needs to look "upscale," right? To fit in with his Hollywood image.
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DIRECTOR:
Can't we use someone else for an example?WRITER: Okay, take a real estate agent. They need to drive people around in comfort. So they always need a new car. Car payments are a necessary evil for them. At the end of their lease, they trade in and begin the cycle again. Leasing cuts their cost three ways:The Wrker sketches the reasons out on his note pad.
1. No down payment - saving $2,000-$4,000.
2. Reduced monthly payments - usually $100 to $200 a month less.
3. Increased tax deduction.Let the salesman switch you to leasing.
When you act concerned about monthly payments, the salesman will probably offer to lease the car to you. By letting the salesman switch you to leasing, it makes him think he is making progress in the deal and increasing his profit - without costing you a penny more!
This deception will also make the salesman believe you know nothing about leasing, and won't challenge his figures.Always be ready to walk" This is a golden rule for negotiating any deal - and the highest card you can hold.
Don't become so attached to any car that you can't walk away from it. You can always start over again at the next source in your stack of cue cards. - Lease Cars
Why buy a used car?
A new attitude toward used car purchasing
How to buy a pre-owned car. Why buy a used car? Why not? According to Robby Stamps, automotive consultant and author of the online used car buying guide www.goodasnew.com, a recent automotive study showed that 45% of families earning $75,000 or more would consider buying a used car.Bad Credit Car Loans - CarCredit.com, we have the car you want and the credit you deserve!"The stigma attached to owning a used car is melting away," Stamps says. "Because of the competitive climate to sell, cars now are a different animal. In the past 10 to 15 years, there have been tremendous improvements in technology, design, and metals."
Cars are--to borrow a slogan--built to last, with lengthier warranty options. For example, you could purchase a 3-year-old car and it will still fall under factory warranty. Some warranties are good for up to seven years or 100,000 miles."This is also becoming more of a buyer, s market," explains Darryl Brooks, author of How to Save Thousands on Your Next Car (Consumer Consulting Services, $16.95) and president and CEO of Consumer Consulting Services, owners of the buying and leasing site www.autobysave.com.
"The growth of leasing has loaded the marketplace with used cars.Consumers have more of a choice."Why are many people still skeptical? Cars have advanced, but the depreciation curve, usually determined by banks, has not. "There is no reason why a 4-year-old car with 40,000 miles should be worth 35% less than when it was first purchased.
That car is an excellent bargain," says Stamps.Car Loans for All Credit - Free applicaton , No obligations.
Expert dealers in your area.FINDING YOUR PEACHThere are several places to buy a used car--new car dealerships, used car dealerships, auctions, and private sellers. Where you buy will depend on what you're looking for and what you're willing to spend.
Used car prices could range from $1,500 to $60,000. New car dealerships are likely to charge the most for a car."Used cars are bought very cheap by the dealership, because the seller is usually anxious to get their new car," explains Brooks, "so the markup is high. They tend to make at least a few grand in profit, with the consumer thinking they got a great deal. But a reputable dealership will sell sound cars and will offer financing."
Bad Credit Auto Loans - Fast and Free application. Affiliated dealers in your area.
Used car dealerships offer the widest variety, particularly of hard-to-find vehicles. These cars come from various places, including auctions and leasing and insurance companies. You may have significant history to consider. But, Stamps says, mom-and-pop dealerships usually meet your specifications on a car, or come close.Auctions can be a great place to buy luxury vehicles--but not a public auction, warns Brooks. The quality of the cars sold is questionable, and you typically won't know what you're getting until you've bought it. Contract with a dealer or auto broker to buy at a closed dealer auction. The contract fee ranges from $500 to $1,500, but you could save up to $2,000 on the price of the car.Buying from a private seller could be the least expensive route, since most private sellers just want a decent profit. It can also be the most exhausting, since it requires locating, calling, and then visiting each one. The car's history may be more questionable. Private sellers tend to mask the truth.
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SAVVY SHOPPING TIPS
* Don't believe just your mechanic. "Mechanics are notorious for misdiagnosing an auto problem," offers Stamps. "Get an extended warranty to protect yourself. You will have to spend at least $5,000 to $6,000 to get a car that's eligible for a warranty."
* Don't believe long-standing industry references as reliable sources. Stamps explains that "blue books" often list inflated retail prices to protect the car dealers, their biggest subscribers. "Many dealers advertise that their prices are below blue book rates. It's a ruse to make consumers think they're getting a bargain."
* Establish a budget beforehand. Factor in car options, loan rates, and insurance. Stamps uses this as a guideline: Subtract your fixed expenses (rent, credit card payments, utilities, etc.) from your monthly take-home pay. Use one-third of what remains for your monthly car payment and maintenance.
* Never buy the first year's production of a new model. Says Stamps, "No one knows for sure how a new model is going to perform in the real world."
Before You Buy
* Do extensive test drives before you purchase any vehicle.
* Check out these Websites: www.edmunds.com for True Market Value (TMV) pricing; www.autotrader.com to review vehicles that meet your requirements and budget; and www.warrantybynet.com for extended warranty information and free quotes; www.autobysave.com for money-saving tips; and www.goodasnew.com is the most comprehensive site for used car purchases.* Run the Vehicle Identification Number (VIN) through www.carfax.com for a complete car history, including odometer reading.
How to buy a pre-owned car. Why buy a used car? Why not? According to Robby Stamps, automotive consultant and author of the online used car buying guide www.goodasnew.com, a recent automotive study showed that 45% of families earning $75,000 or more would consider buying a used car.Bad Credit Car Loans - CarCredit.com, we have the car you want and the credit you deserve!"The stigma attached to owning a used car is melting away," Stamps says. "Because of the competitive climate to sell, cars now are a different animal. In the past 10 to 15 years, there have been tremendous improvements in technology, design, and metals."
Cars are--to borrow a slogan--built to last, with lengthier warranty options. For example, you could purchase a 3-year-old car and it will still fall under factory warranty. Some warranties are good for up to seven years or 100,000 miles."This is also becoming more of a buyer, s market," explains Darryl Brooks, author of How to Save Thousands on Your Next Car (Consumer Consulting Services, $16.95) and president and CEO of Consumer Consulting Services, owners of the buying and leasing site www.autobysave.com.
"The growth of leasing has loaded the marketplace with used cars.Consumers have more of a choice."Why are many people still skeptical? Cars have advanced, but the depreciation curve, usually determined by banks, has not. "There is no reason why a 4-year-old car with 40,000 miles should be worth 35% less than when it was first purchased.
That car is an excellent bargain," says Stamps.Car Loans for All Credit - Free applicaton , No obligations.
Expert dealers in your area.FINDING YOUR PEACHThere are several places to buy a used car--new car dealerships, used car dealerships, auctions, and private sellers. Where you buy will depend on what you're looking for and what you're willing to spend.
Used car prices could range from $1,500 to $60,000. New car dealerships are likely to charge the most for a car."Used cars are bought very cheap by the dealership, because the seller is usually anxious to get their new car," explains Brooks, "so the markup is high. They tend to make at least a few grand in profit, with the consumer thinking they got a great deal. But a reputable dealership will sell sound cars and will offer financing."
Bad Credit Auto Loans - Fast and Free application. Affiliated dealers in your area.
Used car dealerships offer the widest variety, particularly of hard-to-find vehicles. These cars come from various places, including auctions and leasing and insurance companies. You may have significant history to consider. But, Stamps says, mom-and-pop dealerships usually meet your specifications on a car, or come close.Auctions can be a great place to buy luxury vehicles--but not a public auction, warns Brooks. The quality of the cars sold is questionable, and you typically won't know what you're getting until you've bought it. Contract with a dealer or auto broker to buy at a closed dealer auction. The contract fee ranges from $500 to $1,500, but you could save up to $2,000 on the price of the car.Buying from a private seller could be the least expensive route, since most private sellers just want a decent profit. It can also be the most exhausting, since it requires locating, calling, and then visiting each one. The car's history may be more questionable. Private sellers tend to mask the truth.
Car Loans - Bad Credit Car Loans from CarCredit.com, your car loan resource, for people with bad credit or bankruptcy.
SAVVY SHOPPING TIPS
* Don't believe just your mechanic. "Mechanics are notorious for misdiagnosing an auto problem," offers Stamps. "Get an extended warranty to protect yourself. You will have to spend at least $5,000 to $6,000 to get a car that's eligible for a warranty."
* Don't believe long-standing industry references as reliable sources. Stamps explains that "blue books" often list inflated retail prices to protect the car dealers, their biggest subscribers. "Many dealers advertise that their prices are below blue book rates. It's a ruse to make consumers think they're getting a bargain."
* Establish a budget beforehand. Factor in car options, loan rates, and insurance. Stamps uses this as a guideline: Subtract your fixed expenses (rent, credit card payments, utilities, etc.) from your monthly take-home pay. Use one-third of what remains for your monthly car payment and maintenance.
* Never buy the first year's production of a new model. Says Stamps, "No one knows for sure how a new model is going to perform in the real world."
Before You Buy
* Do extensive test drives before you purchase any vehicle.
* Check out these Websites: www.edmunds.com for True Market Value (TMV) pricing; www.autotrader.com to review vehicles that meet your requirements and budget; and www.warrantybynet.com for extended warranty information and free quotes; www.autobysave.com for money-saving tips; and www.goodasnew.com is the most comprehensive site for used car purchases.* Run the Vehicle Identification Number (VIN) through www.carfax.com for a complete car history, including odometer reading.
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