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The biggest Finance scams dealers play. Challenged credit *BEWARE* 

Chevy Dude
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Music got me a copyright claim, I had to edit and reupload.
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TIPS TO GET YOU APPROVED FAST AND HASSLE FREE when you have challenged credit.
Money down or trade equity is key. The more you have the better terms and conditions you'll get. (% rate, the term of the loan, actual car the bank will approve, lower payment, etc) 10% is a good number, 20% is a better number.
Bring with you your Most recent pay stub of 2017 showing income and taxes, your last pay stub of 2016 showing income/taxes, and your 2016 W2,
2 utility bills showing proof of where you live,
6 names, addresses, phone numbers of different household family members or friends,
proof of full coverage insurance.
1099/self-employed employees your need the last 3 months of bank statements and possible 2 years of tax returns,
If your income is a government source (social security, court-ordered child support, etc.) you will need 3 months of bank statements showing direct deposited, and an award letter from the agency of income.
When you show up to the dealership with all the above-referenced info the transaction will go SMOOTH and in a TIMELY manner.
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You can now find me at my own dealership in southern Indiana. My wife and I started Mike’s Car Store Located in Georgetown, In. Where Buying a Car Doesn’t Have to Suck™
We specialize in Late model Used cars for all types of buyers. If you have challenged credit we can definitely help you and ensure you don’t get scammed or pay too much. If you are a cash buyer or have excellent credit we will be glad to help you as well.
We are also specializing in our new Car Grabber service. If you are looking for a late model car and don’t want to contact a bunch of dealerships just to have them show you cars you didn’t ask for. We got you. Just head over to mikescarstore.com and tell us what you are looking for and we will get it for you.

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17 авг 2024

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Комментарии : 310   
@tbaker667
@tbaker667 6 лет назад
I had this happen years ago at a major Ford dealer in my area. I read the back of the contract, you know where all the fine print is and found according to the contract (for my state and as I said this was many years ago) they needed to contact me by register mail within so many days. They telephoned my after this time stating that the letter ser needed additional money for the down payment. I brought the contract in with me and showed them, and walked out with a loan through Ford Credit. I have never bought anything else from that dealership or any of their other dealerships. That was like 10 cars ago. Bad business practices never work out in the long haul.
@gwillis01
@gwillis01 4 года назад
This seems to be a very old scam. I have also heard it called the PUPPY DOG move. You obtain a lovely, beautiful puppy dog and take it home. You show it to your children, your wife, your best friend, and some other people. They all say "What a cute puppy!! I bet you are going to have so much fun with that furry friend of yours!!" Then a dog hair allergy or some other tragedy comes up and it looks like you will have to get rid of the puppy. You feel like you are going to upset multiple people severely when you give back the puppy. Therefore, you start thinking of ways to keep the puppy around. You don't want to give back a newly purchased car just like you don't want to give back a newly acquired puppy. When the salesman calls and says that you can keep the car only if you pay a higher interest rate, you cave in and agree to the changes instead of giving the car back.
@MyMidlifeCrisis
@MyMidlifeCrisis 6 лет назад
My wife and I both have 820+ credit; it would be interesting to know what unique tools/options we would have during negotiations on base prices, options, and financing. Any chance that can be a topic on larger video about financing in the future? Thanks :). Also, sorry that people are breaking out copyright claims...not surprised it would become more common as your channel grows and more dealerships and auto sales industry folks want to silence you.
@keithlowe1982
@keithlowe1982 5 лет назад
What about "Buy Here, Pay Here" (aka 'get ripped off here) places? "$500 down / $500 mo. for 500 mo." and you too may own this '81 Chevette!
@JonathanOstrus
@JonathanOstrus 6 лет назад
Just found your channel and I love what I see. So refreshing to see someone who genuinely cares about their customer these days.
@Dinja3
@Dinja3 6 лет назад
I'd love to point out I personally have had a lot of bad experiences with dealerships, and the biggest complaint I have is the car salesman telling me my $5,000 private sale car is only a $500 trade. Yet I will add I ended up selling it for $5,500 private sale. Is there a reason for this? If this reason is due to dealers only looking at dealer cost? or private sale cost and meeting somewhere in the middle is not viable? Btw RU-vid is a great place, as well as not all dealerships being "shady" or "scummy" but this channel I stumbled upon this channel and im glad I cause your doing a good job at explaining everything out crystal clear! The information you give is awesome and the tidbits of buying a new/used car is always helpful so you don't get swindled out of your money! Thanks again!
@kenbowen5224
@kenbowen5224 4 года назад
It's called stealing the trade.
@punkrockford
@punkrockford 6 лет назад
Ingot Yoyo’d by Vista Ford in Woodland Hills California. They took my ford ranger in trade with 2 months left on my lease. Sold me a mustang and then 2 weeks later called and said they needed 3000 more dollars. I told them “no way” they said I would have to bring the car back and they would give me my ranger. I went done there and told them they could have the mustang back. I signed the car back to them while they brought my ranger up. After 30 minutes of waiting they told me the ranger had already been shipped out to auction or where ever lease returns go. They just left me sitting in the showroom. I made scene until they gave me a rental car to get home. This was back in 1999. It left such a bad taste in my mouth that when I think about it I still get lidded off cause I didn’t know any better. This happens all the time. Tanks for educating people on this. Great video. Sorry this comment was so long.
@Wulfgang239
@Wulfgang239 6 лет назад
Loved this video. I wish I knew this info a few years ago when Larry H. Miller of Draper, Utah did a “soft close” or YoYo Loan on me. I filled out all the paperwork and I drove a ‘16 Ford Fusion off the lot and a few days later they told me I needed a co-signer or take a downgrade. My wife and I were furious. I was ignorant thinking I had no other option. Now I know. Too bad you aren’t located here in Utah but I will use all your info for my next dealer purchase.
@JoshBrinson
@JoshBrinson 6 лет назад
You are bringing a positive outlook to car sales! The dealer I worked for insisted on honesty and transparency. No gimmicks, not huge markups and no stupid add-ons. The issue is the 60-year old mindset of the car buyer from years ago. Today, you as a car dealer, cannot have huge markups because customers are powered by the internet and usually know more than you do coming in.
@BAgodmode
@BAgodmode 6 лет назад
I had to have my mind opened for me. I showed up for just a regular four door sedan, drove out with a Silverado. I was shown that it would be a better investment, gas multiage is actually really great now, and I could afford one comfortably. I did shop around tho. I turned down an offer that did look like it was going to be yo yo now that you explained it (Also, they refused to disclose that it was a six cylinder, found that out while quoting insurance). I did find out that I really needed and wanted a truck. jet packed out faster than hell. All American near Fort Hood really took care of me after that. And gave me what I wanted, A spartan 4 door silverado with a V8. They didn't try to up sell, they had what I wanted on the lot, I saw the price online and inquired directly. Few hours later, I am on my way home. six months in and it was the best decision I ever made. I love having a vehicle that is still completely user serviceable.
@zettawilson2236
@zettawilson2236 2 года назад
THIS RECENTLY HAPPENED TO MY 20 Y/O DAUGHTER ON BLACK FRIDAY. I HAVE BEEN GOING BACK AND FORTH WITH THE GM. MY DAUGTHER GOT STOPPED BY THE POLICE BECAUSE OF THE TAG THE DEALERSHIIP PUT ON HER VEHICLE. THEY WERE GOING TO TAKE MY DAUGHTER TO JAIL BECAUSE THE CAR WAS STILL REGISTERED UNDER THE PREVIOUS OWNER NAME. IT WAS TRAMATIZING FOR HER. THE OFFICER HAD LET MY DAUGHTER GO BECAUSE SHE HAD INSURANCE HOWEVER HE SAID DO NOT DRIVE THE CAR AND PARK IT WHEN YOU GET HOME. BECAUSE WHAT THAT DEALERSHIP DID WAS ILLEGAL. THIS CAR IN NOT YOURS. I CALLED THAT DEALERSHIP UP ON MY DAUGHTER'S BEHALF AND TOLD THEM TO COME GET THE CAR. THE GM SAYS WHEN HE LOCATE DRIVERS IN 24 HOURS HE'LL GET THE VEHICLE AND GIVE MY DAUGHTER HER DEPOSITE BACK. ITS BEEN ALMOST A WEEK. THE CAR IS STILL IN MY POSSESION. THEY STILL HAVE MY DAUGHTER DEPOSITE. MY NEXT STEP IS TO CONTACT THE NEW STATION. I CAN'T BELIEVE THE DEALERSHIP SHE WENT TO STILL IN BUSINESS.
@briankeenan396
@briankeenan396 6 лет назад
Looking back I was a victim of a yo-yo loan a few years ago. I paid it off and then sold my car but I got the car, signed all the docs and a few days later the dealership called demanding more money because my financing “fell through”. Thank you for these videos!
@alittletexasingeorgia
@alittletexasingeorgia 6 лет назад
Great video for those in need. Been watching your videos for a month now and I find them very informative and to the point.
@tobybeast123
@tobybeast123 6 лет назад
I really have enjoyed this video series about dealer scams! It is all good information!
@andygeorge3314
@andygeorge3314 6 лет назад
It is nice for someone to break down financing on a car or truck.
@thomasronayne4805
@thomasronayne4805 6 лет назад
Recently singed up to your you tube channel. Your videos have answered many questions on how the auto industry works to the average consumer, from the manufactures to the dealership. most important tips on how to avoid pitfalls when purchasing or leasing a new car or truck. Please keep the videos coming !
@rcademet
@rcademet 6 лет назад
Chevy Dude .... Awesome stuff! Wished you were close to me. I would definitely buy from you.
@alecj9570
@alecj9570 6 лет назад
Congratulations on hitting 45,000 subs. Great stuff
@donnaporter3168
@donnaporter3168 6 лет назад
Just went car shopping yesterday and heard all the tricks...LOL
@wisemanstudio
@wisemanstudio 5 лет назад
"Rebuild your credit" haha
@michaeldukes8916
@michaeldukes8916 6 лет назад
I really enjoy your videos. I learn a lot about the new GM vehicles
@robertjakicic5878
@robertjakicic5878 6 лет назад
I'm in the same boat as you, I love the new technology that goes into are cars and trucks makes you a safer driver just love it.
@apolloniaaskew9487
@apolloniaaskew9487 4 года назад
This happened to my cousin at a major Memphis TN dealership that focus on several brands. This firm is known for pulling the yo yo scam on young ladies.
@jerrycurldante962
@jerrycurldante962 5 лет назад
This just happened to me I drove the truck for 4 days fell in love and I went to drop off the rest of the deferred down payment and all the sudden they want 3500 down instead of the 1000 we agreed on it sucks but if they do business like that I dont want to keep the truck anyway great video
@rocker6951
@rocker6951 6 лет назад
chevy dude you know your a unicorn. even though every thing you preach is 100% spot on the car industry and banks cant see past next month.
@gabrielesparza4
@gabrielesparza4 5 лет назад
What if i dont pay any utility bills? Can i use mail sent to me instead? The wife pays utilities. 😂😂😂
@treyboquet4927
@treyboquet4927 2 года назад
I’m dealing with a yo-yo deal at this very moment, can’t believe the dealer did this me but already been contacting attorneys about the situation.
@bakercrz5972
@bakercrz5972 6 лет назад
Great explanation! Many buyers don't understand the workings of car loans. This should help a lot of people.
@NickRoss
@NickRoss 6 лет назад
That's why I never finance in the first place... Or if you really can't pay in full, get a loan from your bank.
@rodhigh7
@rodhigh7 6 лет назад
OR BETTER YET FROM A CREDIT UNION ! IF YOU DO NOT BELONG TO A CREDIT UNION, YOU ARE THROWING YOUR MONEY AWAY !
@Jonesdawg79
@Jonesdawg79 6 лет назад
Generally I always go with my bank. But that is only if I don't get an interest rate from the dealership I like. I have gotten .9% to around 2%, if I cant stay within that area for rates, my credit union always takes care of me...
@geminieric1662
@geminieric1662 6 лет назад
Chevy Dude 'Typically...better' is a HUGE statement which, respectfully, is a claim that I think (in finance over 25 years) can't be substantiated. Many would absolutely disagree that dealerships 'typically' somehow have the resources to 'typically' (meaning generally) BETTER terms than the actual sources of the funds to lend for vehicles...really? Dealerships have access to lenders, yes But to suggest that dealers typically will BEAT the rates as a middleman for the typical lender is a bit much, especially considering the dealer 'might' choose to only present to the client the lender that allows them ( the dealer) a better 'pack' vs the best available terms of all the lenders available, within said dealers database. It's not like dealers turn their computer screen over to the client and says these are ALL the scenario offers we have frim our database of competing loans...no they ( the dealer) chooses which offer to present...which in fairness 'might' not be the absolute beat % rate possible Perhaps not your dealership but I'm just saying that the notion that dealerships in general typically have 'magical' rates goes a bit too far IMO...
@kenbowen5224
@kenbowen5224 4 года назад
@@geminieric1662 I bought a Chevy Volt 3 years ago. The dealer gave me an interest rate, which I told them I could beat at my credit union. They came back later with a better rate. Maybe they didn't make as much off of the new loan, I have no way of knowing that, but why would I care? Interestingly, the new financing was through a credit union!
@ginas2049
@ginas2049 3 года назад
Thank you so much for the video.. I will be telling my friends and fam about your video and channel.
@FOXRIDRS
@FOXRIDRS 5 лет назад
ocala honda in florida price batches their monthly payments. busted them on a 2017 civic hatch. when the sales manager and finance person knew relized i knew what price batching is. they immediatly stopped talking n said they cant make a deal.
@eazye3573
@eazye3573 6 лет назад
Thanks for the tips I’m dealing with Ford now and there giving me a run around and lying like no tomorrow. I have everything and have had huge loans. M6 Bmw $109,000 paid 6 year never late, great income and ok credit lots of trade lines. 692 they want to give me a 14% an I want a Ford Fusion it’s 2017 for $12.000 and they want $2500 down. Complete bs I think I’m going to Chevy.
@SlashTangent
@SlashTangent 6 лет назад
Speaking of finance scams... My dealership changed my loan over into my co-signer's name without either of our knowledge. (They removed me from the loan altogether). We only found out months later.
@WoWo37
@WoWo37 6 лет назад
Did you miss any payments on it?
@willraynor4187
@willraynor4187 6 лет назад
A very good warning about some dealer loans on a new car
@darthlost
@darthlost 6 лет назад
Man I wish I saw this 10 years ago. I was totally a victim of a yoyo loan, by a Lexus of city dealer, by a friends dad no less. I went from a 9% interest to 16%. I was young, and stupid. I should of known better. But I have repaired my credit over the years, and will be buying soon. Thanks for pointing this out.
@truckguyjoe
@truckguyjoe 6 лет назад
More than happy to watch again! Good content here.
@yiyangcheng
@yiyangcheng 6 лет назад
I’ve been watching your videos and it really makes me think about how to approach of buying a car in a different and efficient way. Thank you!
@geoffmatthews2245
@geoffmatthews2245 6 лет назад
i enjoy all of these videos you put out keep up the good work
@Blitz79821
@Blitz79821 6 лет назад
informative video...its awesome that your transparent with everyone!
@christian77770
@christian77770 6 лет назад
Thank you for going the Extra mile, in your Videos! Awesome!
@jman83124
@jman83124 6 лет назад
love your videos very informative. Keep them going
@lucacasale1309
@lucacasale1309 6 лет назад
I like the last part you really knock it down
@joeypatton7393
@joeypatton7393 6 лет назад
Thank you for making great videos with important information it is very helpful.
@gregoryhowell
@gregoryhowell 6 лет назад
I like all the info you share. I will be looking into buying a car from you.
@johnpesar
@johnpesar 6 лет назад
Your videos are enlightening. My last Corvette purchase, a Z06 2LZ, was discounted $7,500 off MSRP and I got a 72 month 0.00% interest loan through GM. I thought this was a pretty good deal. Looking at your Corvette inventory, I see that you have 28 Corvettes, and 18 are 1LT. No ZR1;s (understandable) but no Z06's (??). Corvette allocations have always seemed confusing . Does someone at your dealership control models, colors and options, or the cars you have in stock a result of what GM chooses to send your way? Your web site says you sell nationwide. Are your cars all 50 state legal?
@RevolutionMuscle
@RevolutionMuscle 6 лет назад
Ive had two dealers try to tell me the bank is requiring that i buy an expensive aftermarket warranty. Banks dont require this. Its a lie. Aftermarket warranties are almost entirely profit for the dealer, salesman, and finance manager. I just tell them Im walking away from the deal and they back down.
@benjaminburnisky5527
@benjaminburnisky5527 6 лет назад
Love the videos. Keep up the good work!!
@trendkillwill9806
@trendkillwill9806 6 лет назад
I got financed by a Chevy dealer last month thru gm financing. I was a little worried so I refinanced thru my bank before my 1st payment, but so far it seems the dealer and gm did me ok.
@awest102
@awest102 6 лет назад
Very enlightening!
@ginas2049
@ginas2049 3 года назад
I got scammed with the yo-yo scam at a Chevy dealership in Sacramento California. 😪 I wish I would have seen this video before.
@tedrodriguez9812
@tedrodriguez9812 6 лет назад
I have a 2010 Buick Enclave ( Paid in Full) that I want to trade in - any tips on how to negotiate with the sales person would be appreciated. I don't want to give my car away to the dealership. Thank you, I'm really appreciate all the good advice I've seen so far!
@JustinFromMD
@JustinFromMD 3 года назад
I had nearly perfect credit and this happened to me. My rate went from like 2.2% to 2.5% but WTH! Now when they call me for my "in-demand" vehicle I tell them right where they can go.
@ChevyDude
@ChevyDude 3 года назад
That might have been a simple mistake. Without backend knowledge no way to know. But the difference between 2.2 & 2.5 is very minimal. If you pay off early it’s almost 0 difference
@Todd_S
@Todd_S 6 лет назад
Very informative content. Thank you, Mike!
@billperry1359
@billperry1359 6 лет назад
Very informative. Thanks for being honest.
@Fewsta2005
@Fewsta2005 6 лет назад
@ChevyDude have you ever done a video on how to negotiate a cash deal? I have heard that dealerships don’t like cash deals and will gouge the customers if they find out early in the negations that customers are planning to pay a cash deal. Is this true? Is there a way to get a good deal this way?
@santiagovillarreal6647
@santiagovillarreal6647 6 лет назад
Could you simply ask the dealer to take the car back,since the financing did not go through?
@AbamAdy
@AbamAdy 6 лет назад
awesome as always...thanks for the tips
@glowe98
@glowe98 6 лет назад
Enjoy the informative videos keep up the great work!
@markwentworth5347
@markwentworth5347 6 лет назад
Great information!
@Brian-ti2xn
@Brian-ti2xn 5 лет назад
I will definitely will be buying a vehicle from you.Planing on getting a Chevy Colorado midnight edition with a performance package..flying up to Louisville from south Carolina .
@06maximaowner46
@06maximaowner46 6 лет назад
On a side note, I wish you guys were closer to where I live. I would gladly take my truck to you guys to be serviced. My local Chevy dealership SUCKS! My truck comes out with more issues than it went in with. They can't, for whatever reason, put my truck back together again the right way after they take it apart. They re-install everything half assed, like they are rushing to take lunch, or to go home or something. Plus they lost my truck key! How do you lose a customer's vehicle key?! Shouldn't the key be with, or near the vehicles at all times?
@michaelhanson4848
@michaelhanson4848 6 лет назад
One thing about relying on reviews of a dealership is that you never know if you're getting the whole picture these days. I mean, negative reviews can be squashed and/or a marketing firm can post false positive reviews.
@Thegrizful
@Thegrizful 6 лет назад
How about presenting someone's intellectual property as your own and not giving the original writer or content creator credit. It's called theft and I consider it extremely unethical.
@myhdcycle
@myhdcycle 6 лет назад
This happened to me at a GMC dealer years ago. I had been driving the truck for a couple of weeks thinking it was a done deal. I had the windows tinted, installed a bed mat and tailgate cover which were screwed in. Also installed a toolbox that had to be screwed through the bed rails. My help and I had both been smoking in it as well. It was a work truck so it already had some scratches in the bed on the sides. I put almost 1,200 miles on it while I had it. Then they called me out of the blue and said the financing fell through and I needed to bring the truck back. I thought all that paperwork I signed was the deal and that I was done, no one ever indicated to me that the deal was still pending. I was seriously peeowed about the whole thing. Tried to get them to see reason but they were going to have that truck back or the world was going to end. The sales managers nasty attitude made the whole thing even more infuriating. I had put a couple thousand down and for some reason, he thought that me waiting 6 to 8 weeks for a refund on that was acceptable, and actually told me I was being unreasonable. The salesman was on my side and mad about it as well and he slipped me my uncashed check when jerk off wasn't around. The sales manager was under the impression that I was going to leave the mat and toolbox since it had screw holes but he decided in the end that giving me a wide berth was best. Seems like I remember terms like "beatings", "cops" and "ambulances" being brought up a time or two. I did leave the tint on the windows simply because I was to mad to fool with it. I told him to send the owner out and we would discuss it but was told he was unavailable numerous times. I did consult an attorney weeks later but he said I was in a helpless position since they already had possession. So your advice is sound about consulting one right away. The strangest thing is that I went one county down and bought a new one from their competitor with zero issues. FICO was mid 600's at the time and the second place never indicated it was an issue but the second one did cost a good bit more but it was a nicer truck. My theory was that I had gotten out of there below cost and they were trying to hide the deal from the owner.
@MrTremor25
@MrTremor25 6 лет назад
Just yikes, not sure what I would have done... with ours the bank backed out of the deal. But the dealership got another bank to do the same rates. We just had to resign some paperwork. Wish I would have just given the car back but not sure that was an option. Don't think mine was a yo-yo nor yours. Does sound like they just wanted the truck back. They should have just kept you as a customer and fired the salesman that sold under cost. With all you did to the truck, not sure why they still wanted it and you no longer a customer. If it was as simple as the bank in mine... clearly the other dealership found a bank that would do it for more.
@crazycraigy01
@crazycraigy01 5 лет назад
Nice HD display...great weather too..
@sidharthchand8072
@sidharthchand8072 3 года назад
If they give you a yo-yo loan Can’t you give the car back and get your down payment back
@norbertomartinez5906
@norbertomartinez5906 6 лет назад
You know when I purchased my vehicle they kept telling me I’m not making payments everything you said in that video so I talked directly with the loaning bank and found out that it was just them making a big deal after that they called the dealer the phone calls and letters stopped but now I know thank you
@RHill79
@RHill79 4 года назад
Thanks man good advise again
@kobe6895
@kobe6895 6 лет назад
Keep on grinding my guy 💯💯💪🏾
@carlosrod2230
@carlosrod2230 6 лет назад
Thank you for the great advice
@MikloV99
@MikloV99 6 лет назад
Thank you for the tips!
@santanarodriguez8603
@santanarodriguez8603 6 лет назад
Great information
@lovecapitalismnosocialism1580
@lovecapitalismnosocialism1580 3 года назад
Great advice I went in there with an open mind I still didn’t get the loan but it was great advice I guess
@monkeypoop6945
@monkeypoop6945 3 года назад
What if you didn't get a copy of the other contract and now they called you and said they got me a lower interest rate and shorter term same payment but I have good credit took the truck 1 week ago what should I do
@gustavocanchola3646
@gustavocanchola3646 6 лет назад
Great videos man thanks on helping me make a wise buying decision
@PeeKay4Life
@PeeKay4Life 6 лет назад
Gratz on 45K !!!
@jeromepeterson387
@jeromepeterson387 6 лет назад
They’re running the Jeep ads again!
@cez9000
@cez9000 6 лет назад
Thanks for the info
@xsiner
@xsiner 6 лет назад
Another good video, I have learned a lot from you in the video's I have watched.
@usaape3053
@usaape3053 6 лет назад
Great videos man
@jameszhong1219
@jameszhong1219 6 лет назад
LOL I see your script reflected on your glasses
@jameszhong1219
@jameszhong1219 6 лет назад
Chevy Dude cool! I’m new to your channel and currently checking out some of your videos. Very informative content!
@D3ntNL
@D3ntNL 6 лет назад
I am not from the US so I don't know anything about creditscore. I do know about a 'scam' that is used over here, in the Netherlands. And yes, 'scam' since it is technically not a scam, and it can benefit you. The scam part is, as you guessed it, when it is no longer beneficial to you. When you want to buy something, they offer you to pay half now, and the rest in 2 years time with no interest. And not just for a new car. it can work for a new TV as well or whatever appliances. Say you buy a new car for €20 000 (Yes, Euro, we don't use dollars here ;) ) then you pay €10 000 now, and in 24 months the other €10 000 owed. But here is the thing, people who buy the car generally have the first 10K saved. So that is not an issue. But the next 10k? "hey we got 24 months to figure that out, no worries!" And then the 24 months are over, and you have got to pay the rest. If you have that 10K ready, there is no problem. And this is why it beneficial to *you*. Because when you already have that €20 000 to buy that car, you can use the half of the money to put away in a bankaccount for long term and even got some savings rate. Not that the rate will be much, but it is more than you had previously :) So onto the scam part. That is when you cannot make the payment after 24 months for whatever reason. And mostly because people tend to forget about it (no really!). And then they receive mail saying that their payment is due and oh crap... they don't have it. Well the dealer says: "No worries, just make a monthly payment! that is all fine with us." And of course that is fine with them, because then the payment is NOT interest free. And that interest can be a hefty one. How this works is when you pay the first half owed, you basically are getting a loan for the second half. The company giving you the loan is paying the rest to the dealer. And in 24 months, when you pay the second half then they pay the loan company back. And when you cannot make the second payment, then they can offer you a payment plan for however long. And instead of paying 10K, you can end up paying 11K.
@Engravewetrust
@Engravewetrust 4 года назад
Ah so sad I use to sell cars and as a salesman I had no idea I was doing this to my customers the finance office and my sale managers would just tell me the bank did not go though and the cars were taken back
@ENEN54
@ENEN54 5 лет назад
Thanks 🙏🏿 for all good info I know there scams and crazy games out there 🤬
@laneblount9888
@laneblount9888 6 лет назад
love the channel, it may turn me more to a chevy guy
@sandyhudson5753
@sandyhudson5753 6 лет назад
Sweet ! thanks for honest info
@Thor-34
@Thor-34 6 лет назад
Is there a such thing as 0 down payment for a used car if u have bad credit
@multiram50
@multiram50 6 лет назад
Are these illegal in Colorado we have 3 where i live that have done this in the past back in 1999 and still do this and they are chevy dodge Toyota ford Hyundai kia mazda. Toyota and dodge are owned by the same company and the others are owned by another. They all use rip off stickers as well.
@hollykirk3382
@hollykirk3382 6 лет назад
awesome can not wait to see the new truck i owna 2001silverado and love it
@kennyb4689
@kennyb4689 6 лет назад
Thanks for the advice!!
@Brad-86
@Brad-86 6 лет назад
Keep up the awesome videos!
@rammerjammer523
@rammerjammer523 6 лет назад
Awesome job
@jodyblanco1725
@jodyblanco1725 6 лет назад
Awesome Videos Chevy Dude!!!
@robertnovotny1749
@robertnovotny1749 5 лет назад
Great video, your a great car man,great info, I know it's well past when I bought my used car,(2 year) I was going threw my paperwork and the vehicle I purchased was more than I agreed to buy it for.why I checked was my payment seemed a little higher than it should be ,and interest was high 13% .And gap insurance and warranty, and I had issue's with the car and service stayed not covered.just wondering what to do. Thanks.also when get some info and money I plan on joining your group.
@r.leejacobson5164
@r.leejacobson5164 6 лет назад
Yep!
@hippiebits2071
@hippiebits2071 6 лет назад
I liked this video...you got right to the point. Any tips for cash buyers or is buying with cash as straightforward as it seems it would Be?
@JimmyMakingitwork
@JimmyMakingitwork 6 лет назад
Hippie Bits ...you’ll get less of a deal for cash. In my experience. Opposite of what many claim. The dealer wants the bank perks they lose that way. Make your deal as best you are able with their loan, then pay it off a few weeks later.
@ramgabe1027
@ramgabe1027 6 лет назад
Thanks for the tips!
@jasmeet209
@jasmeet209 6 лет назад
Yes
@DonathanJacobs
@DonathanJacobs 6 лет назад
Love this channel!
@leonardjones9753
@leonardjones9753 6 лет назад
Got my new Chevy Truck after 5 hours at a local dealer. It was a painstakingly rough experience. Challenged credit at 700. I am sorry for those who live the dream, but be prepared as offers back and forth are "played out " Thanks
@danka2000
@danka2000 5 лет назад
Leonard Jones a credit score of 700 is considered good credit, at that score a pre approval from a bank or credit union would be likely.
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