I can help, I manage a car dealership.

[Anonymous]

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@Anonymous wrote:

UpNComing,  

I just wanted to say my hat is off to you. The service you're offering to the members here on the forums is really helpful and appreciated.  I too worked for many years in the car business first as a salesman and eventually as a second chance finance manager. Most of my time was spent on used car lots, and I can honestly say that if I had a boss like you at any of those lots I'd still be in the business...Unfortunately, I worked for very unethical and immoral people right up until the time I left the business.  I just wanted to say 'Thank You.' It was nice reading through the posts and hear you answering so honestly. I wish you much success!

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+1 to all of this.  Well said!

[Anonymous]

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@lilrosy4 wrote:
The person I talked to said they didnt have any problems buying after discharge... It ends up they went through their local credit union for the decent rate. They didn't specify what rate they received. So what kind of rates should we expect if we don't go thru our credit union?? Is it possible it could be higher than 12% I guess my expectations was anywhere from 7% on up to 12 or 15%. Thank u so much for all your input and help

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I first went through the dealership and they got us approved for 1500 down, 20% with my bankruptcy and my husbands limited credit history.. we then got approved through the credit union for 1800 down at 13% percent... our fico equifax was 588 and 533.

[UpNComing]

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@lilrosy4 wrote:
The person I talked to said they didnt have any problems buying after discharge... It ends up they went through their local credit union for the decent rate. They didn't specify what rate they received. So what kind of rates should we expect if we don't go thru our credit union?? Is it possible it could be higher than 12% I guess my expectations was anywhere from 7% on up to 12 or 15%. Thank u so much for all your input and help

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It's so hard to say with CU's lilrosy4.  They don't operate under the same set of rules as other banks.  It depends on your history with the CU really.  It's not unreasonable to think that you could hit 7%.  I'm inclined to lean toward the mid teens though, but  YMMV.

[UpNComing]

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@Anonymous wrote:

UpNComing,  

I just wanted to say my hat is off to you. The service you're offering to the members here on the forums is really helpful and appreciated.  I too worked for many years in the car business first as a salesman and eventually as a second chance finance manager. Most of my time was spent on used car lots, and I can honestly say that if I had a boss like you at any of those lots I'd still be in the business...Unfortunately, I worked for very unethical and immoral people right up until the time I left the business.  I just wanted to say 'Thank You.' It was nice reading through the posts and hear you answering so honestly. I wish you much success!

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That means a lot coming from someone formerly in the business TheArtman.  I read a lot of posts on the Auto Loans forums that trash dealers straight away and assume they are looking to take advantage of everyone.  I was upset at first, but then I reminded myself that there were a lot of people in this business that went a long way to create the reputation that haunts us.  And I'm sure plenty that continue to.  Hopefully this thread will help change a few minds.  Thanks again for your kind words!

[Mandazoid]

Hi, UpNComing.

I have a question for you about trade-in values. I paid $5,000 cash (title, fees and all) back in 2008 for a 2001 Pontiac Grand Prix. Since then, I've put almost that amount into the car in various repairs and I'm sick of sinking money into it. I'm hoping that I'll be able to get into a newer car later this year or early next. However, my Grand Prix currently needs almost $900 worth of mechanical work (gear shift needs replacing and something with the fuel injection system) that I've been putting off because of all the other work I had to have done on it.

I've checked Edmunds and it says that, even with those repairs made, my car would only be worth about $750 trade-in value ($350 without the repairs). Given that the dealership would only make maybe $300 on re-selling my car after investing in the repairs, do you think they'd give me much grief about accepting it as a trade-in? Or would I be better off paying the $900 for repairs and selling it myself?

[UpNComing]

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@Mandazoid wrote:

Hi, UpNComing.

I have a question for you about trade-in values. I paid $5,000 cash (title, fees and all) back in 2008 for a 2001 Pontiac Grand Prix. Since then, I've put almost that amount into the car in various repairs and I'm sick of sinking money into it. I'm hoping that I'll be able to get into a newer car later this year or early next. However, my Grand Prix currently needs almost $900 worth of mechanical work (gear shift needs replacing and something with the fuel injection system) that I've been putting off because of all the other work I had to have done on it.

I've checked Edmunds and it says that, even with those repairs made, my car would only be worth about $750 trade-in value ($350 without the repairs). Given that the dealership would only make maybe $300 on re-selling my car after investing in the repairs, do you think they'd give me much grief about accepting it as a trade-in? Or would I be better off paying the $900 for repairs and selling it myself?

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When a dealer considers a vehicle for trade reconditioning costs are definitely factored in.  However, in your case that doesn't matter much.  Unless you are looking at something at a small neighborhood used car lot, the dealer will most likely wholesale your car and won't really take reconditioning costs into consideration.  If your car runs with a decent body then you should bring in at least $750 on a wholesale trade value, maybe more.  Again, it depends on where you are looking and what you are looking to replace your car with.  How many miles on your car?

[Mandazoid]

Just over 161K. The rest of the car is in pretty good condition - no rust, dents, etc., and it runs just fine. I also have a two-way remote start system installed in it, but I'm not sure how much that would help.

[UpNComing]

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@Mandazoid wrote:

Just over 161K. The rest of the car is in pretty good condition - no rust, dents, etc., and it runs just fine. I also have a two-way remote start system installed in it, but I'm not sure how much that would help.

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Aftermarket equipment isn't factored in.  Tell the dealer you want $1500 for you trade.  My money says you'll get it.

[Anonymous]

I can help with any questions regarding Nissan =D proud to be part of the #2 Nissan dealership in the western united states

[my25reasons]

Good morning!

I am hoping you can answer a question about warranties. I purchased a 3 year GM powertrain extended warranty when I purchased my 2007 Saab 97-x. The amount I owe on the loan is currently 3k higher than kelly blue book value - which is almost what I paid for the warranty @ $2,500.  If I trade in my vehicle, is the warranty refundable - or would the dealership pay more for the trade in, due to the warranty? Also, is the warranty even transferrable? I thought is was and my sister tells me that hers isn't.

Thanks for your input!