Dealership Secrets
car buying tips
What Dealerships don't want you to know!
Avoid the Common Car Loan Dealer Tricks
Auto dealer scams are out there in the market. Some dealers are there to make honest money while others are experienced and aggressive salespeople who want your money disregarding your auto loan needs. Therefore, you should be educated and assertive when you are going for car loans. Use the internet to research on the loans before you go to the showroom.
When you have taken home a car and its price is well established, you can start applying for car credit. After completing application form for getting car loans, you should take it to the finance department for approval. Some dealers with bad reputation may use your transaction to maximize their profit. So your credit application may be returned saying your credit is not the way the lender expected it to be, and hence you could not get refinance.
Another scam is whereby a dealer tells you that your credit score is not good. This is with the intention of raising the interest rates on the car loans. This would sound true if you have ever missed paying installments or delayed bills. Thus, the dealer ends up imposing higher interest rates on the loan. To avoid getting misled, you should confirm your credit score from the major credit bureaus before you go for a loan.
You should also remember that the loan arrangements are not one transaction, but are about three transaction e.g. new car price, the trade in value, and financing. The dealer can apply all these to make money. You should therefore negotiate each one separately. As a buyer, it's advisable not to rely on the dealer's department as your car loan agent, and they should not find you the best rate as they might act middlemen and add the rates.
Again, you should focus on the price of the car loans rather than the monthly payment. The car's price on the window is called the Manufacturer Suggested Retail Price (MSRP). Work with what's in the dealers' invoice to ease getting the price. You can also search the internet to get information of selling price of cars, rebates and incentives.
Some dealers are known for the habit of calling the client weeks or months after signing of purchase agreement to tell them that their financing failed. To overcome this, you should have financing in hand before going to the dealer. There is also the insurance illusion whereby some dealers may persuade you to buy insurance policies when taking auto loans
How TO FIND A REPO TRAVEL TRAILER OR RV:
There are several ways for you to find repo travel trailers at auction. One way to find repo travel trailers is to search local newspapers classifieds and specialty RV selling guides. Another possible way to find an auction location is by checking with local lending institutions and that regularly issue loans on RV travel trailers. You can start with the company currently financing your RV or ask a few dealerships who they would recommend for RV financing. (Tip: There may be one department dealing with RV and car foreclosure. Not every one at the bank will know how to help you. Persistence my be required) The last, and most effective way to find out when and where travel trailer auctions occur is to develop a relationship with a small RV dealer and ask them when, where and how often these take place. Many times these RV dealers go to these auctions on a regular basis. If you are lucky they may even teach you more about how auctions specific to your area work. Your state may require a license to bid (most don't), and an rv dealer may be ready to help bid at auction in exchange for a small fee.
Another important tip when you go to bid on a used travel trailer is to know how much the trailer is worth beforehand. Also make sure you know the ceiling amount you are willing to bid because you don't want to become to emotional when you bid. The number of bidders at auction fluctuates greatly depending on the season. Even if it takes you a few auctions to find the perfect travel trailer, it could be well worth the wait because it could literally save you 1000s. Best Luck on finding your next travel trailer at a local auction
