For the financially impaired
Aug 30 '00
Every so often in people’s lives, circumstances and situations occur that severely limit one’s ability to purchase an automobile through conventional sources. I am one who recently found myself in such a situation. Due to personal challenges beyond my control, I found myself needing a car and not being able to go to a traditional car dealership to buy one.
Most of us have heard the horror stories of so called "buy here, pay here" lots: old beat up cars at super inflated prices, requiring almost nothing down, no warranties, and upwards of 21% APR loans to be paid back on a weekly basis.
Oh well, when you’re in the depths of hell looking up, anything can look good … and for me, having spent time in the car business and having owned a "pot" lot, it hurt deeply to have to go to such a place to buy a car; but go there I did. Fortunately for me, my experience in the car business proved invaluable.
It is with this in mind that I offer the following advice.
Picking the right place to do business with is the first step to successfully travelling down this road. There are several thousand of these type of dealerships in America, some reputable, some not. Start there. Is the dealership a member of the local BBB? Are they a member of the Chamber of Commerce? What is their standing with these organizations? Find out BEFORE you sign anything.
Take a look around … is the place clean and professional? While not always a good indicator of whether they are a good place of business, my experiences have shown me that the more professional the staff and surroundings, the more the owner cares about his business and the feelings of those who come in for help.
Remember, if you’re there, there is a reason. You’re there for help, and you do not have to be subjected to any behavior that would make you feel like less than the human being you are. Does the staff treat you with respect? Or do they treat you like you’re the lowest kind of person, only capable of coming to them? Do they treat you like they are doing you a favor (which they are) or like you’re a valuable customer whose business they are willing to work for in a mutually beneficial manner?
When picking a car at a place like this it is important to remember that the bigger the down payment you have, the newer and potentially better the car you’re going to be able to drive away in. The trick here is that the down payment usually equals the dollar value the dealership has in the car. That way the dealership’s initial investment is covered by the down payment while the payments you make cover the gross profit to the dealership …. The gross profit will usually cover things like reconditioning, sales commissions, operating expenses, etc.
Many large dealerships of this kind, like J.D. Byrider, carry pretty decent inventories. I was fortunate in finding an 87 Nissan with only 73,000 miles on it that is in excellent condition and came very well equipped. When I looked around the lot, I saw any number of cars that were relatively late model with decent miles and were well equipped. Because I was not able to come up with 2500 or 3000 dollars down, I took what I could get … I got lucky.
Once the dealership points out to you what you can buy from them, take the time to do things right, just as if you were at a large new / used car dealership. Take the car to your mechanic. Take the car for a test drive and make sure all the primary operating systems work well. If something doesn’t work ask whether the dealership is willing to fix it to your satisfaction or if they are willing to discount the repair cost to you. If not, you don’t have to buy the car, it is your choice. Don’t let anyone belittle you into buying something you don’t feel comfortable buying.
There are only five reasons we as consumers don’t buy something.
No Trust is number one … if you don’t trust the situation, then trust your instincts not to buy.
No Want is number two … if you don’t want it, don’t buy it, it’s that simple.
No Need is number three … no one needs a POS for a car … what we need and deserve is a good running car that fits our budget.
No Hurry is number four … when we need a car we need a car and we are often in a hurry to purchase … and the dealership will know that. Many dealerships will try to create a sense of urgency. Don’t be afraid to say you’re not in a hurry to make the investment. Take the time and do it right.
No Money is number five … real simple … if it’s more than you can afford, don’t buy it. Don’t be pressured into making a commitment you’ll only regret later.
You don’t have to drive a "sled" even if you are financially challenged. You are entitled to drive a good car and you are entitled to help in re-establishing your credit. Do things right the first time and you won’t have to regret your decision to go this route in buying a car.
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