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The Water Cooler
General Discussion
Why was Car Salesman pushing me to finance my vehicle when I said I had cash?
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<blockquote data-quote="OKCShooter" data-source="post: 2860035" data-attributes="member: 9994"><p>This isn't true, although good rule of thumb is that they buy at the auction, triple the lot ready price and take whatever down they can (usually $500-$1K) </p><p></p><p>So, buy a Taurus for $2500 at auction + $500 to make it lot ready makes it a $8995 car. </p><p></p><p>Buy here/Pay here don't want to carry that note forever - they actually hope to get enough payment history to sell the note off to buyers. </p><p></p><p>Same scenario as above...down payment of $1K and then payments of $150/week for a few months get the Capital back and then sell the balance of the note off for 70% (That's the profit).</p><p></p><p>I know some owners so I have intimate knowledge of how these businesses work.</p></blockquote><p></p>
[QUOTE="OKCShooter, post: 2860035, member: 9994"] This isn't true, although good rule of thumb is that they buy at the auction, triple the lot ready price and take whatever down they can (usually $500-$1K) So, buy a Taurus for $2500 at auction + $500 to make it lot ready makes it a $8995 car. Buy here/Pay here don't want to carry that note forever - they actually hope to get enough payment history to sell the note off to buyers. Same scenario as above...down payment of $1K and then payments of $150/week for a few months get the Capital back and then sell the balance of the note off for 70% (That's the profit). I know some owners so I have intimate knowledge of how these businesses work. [/QUOTE]
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The Water Cooler
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Why was Car Salesman pushing me to finance my vehicle when I said I had cash?
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