I know the person working my deal for me and I told him I most definitely do not want the Jetta. That one makes me very nervous.
They are giving me the choices at cost. But, in my situation that is still high when you factor in bank fees and such. I want to say about 6800 on each one
Some thoughts . . .
Why are you interested in these particular cars, or any cars at all, for that matter?
Do you not currently own a car?
Is your current car on its last legs?
If you do have a car, please describe it and why you want to replace it
Is this a âbuy here pay hereâ used car lot?
If it is, I wouldnât buy ANY of the cars there, nor would I trust the mechanics or the ownership
Iâm sorry if I insulted your friends and colleagues, but I call it as I see it
I am driving a 1998 Lincoln, which needs so much work done and it is on its last leg for sure.
Yes, it is a BHPH lot, which does financing as well at normal banks.
You did not offend me. I am just trying to get information and make the best decision I can.
How will you use the car? Is it around town transportation or do you have to commute some .distance to work?
Tell us more about the Lincoln? What specific problems does it have? What model Lincoln is it? If it is a Towncar, I think many parts interchange with some. Mercury and Ford Models. If the Lincoln isnât rusted, maybe it could be made to run a while longer.
If the Lincoln is a rear wheel drive, repairs are less costly than a Sebring which I think is a front wheel drive or the VW which I know is a front wheel drive.
I need the car for a daily commute to work, which is about 10 miles each way. It will be my sole means of transportation. It is a 1998 Lincoln Continental and that is all I really know. I could find out more information if needed. There is rust on it, but it is mainly around the wheel area. It has a very loud exhaust and I believe I was told it is an exhaust leak. The pipes keep falling to the ground after hanging for a while. The sway bar link bushing (I think ) is broke. Whenever I hit any type of bump it is a loud knocking ??? noise. It has recently started making some sort of noise that I heard when I was driving and it started acting like it didnât want to take gas and go. I was almost thinking if it would be worth putting the 1000.00 or so dollars in it to fix it and just keep driving it.
Do you live in an area with safety inspections?
smog inspections?
I have no clue. I am in Toledo Ohio
That is a lot for an 8-9 year old car with lots of miles on it. Looking online, I see asking prices of 5k to 7k, so that is not a great bargain. If yo decide to go ahead with this, offer them $5k.
My rule of thumb on buying a used car is to have $500-1000 handy for immediate repairs and maintenance that may have been neglected. I had a 2011 Sienna. At 90,000 miles the water pump had to be replaced at a cost of $975. If the problems with your Lincoln can be taken care of for $1000, maybe this is the way to go.
You may have an advantage working for a used car dealer. These dealers often a list of repair shops that fix the cars the dealer puts on the market and do it for less than the shops would charge the general public. For example, your used car agency may know an independent exhaust shop where they take cars for this kind of work.
If you do keep your Lincoln on the road, find a good independent shop. Donât go to a chain franchise for repairs, particularly exhaust work. I had a muffler that I had to replace and bought a replacement at NAPA. I spent the better part of an afternoon replacing the muffler. The air was turned blue around my car and it wasnât from the exhaust. The next time that car needed a muffler, I went to an independent exhaust and muffler shop. The muffler was replaced in 10 minutes and the total vost was less than what I paid for the muffler. I again turned the air blue wondering why I spent an afternoon replacing a muffler when it cost less for a shop to do the work.
Julie said she works at a Buy Here Pay Here dealer. Is it surprising that they inflate prices? I donât think so.
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Let me add one more thing. Years ago, when I graduated from college, I bought a 1947 Pontiac for $75 so I could get myself and my worldly possessions to graduate school which was 350 miles away. The.Pontiac used a quart of oil every 250 miles. I was on a teaching assistantship which paid me $2000 a year and.paid my tuition. My room cost me $8 a week and a meal ticket at the student center was $14 for a week and that included three meals a.day. I spent roughly half my income on food and lodging. That left me $100 a month for other expenses. I decided I needed a better car, so I bought a 1955 Pontiac that had an engine overhaul by the Rambler dealer from whom I bought the car. Buying that 1955 Pontiac was a bad mistake even though I had saved money and paid cash for the car. I incurred all kinds of expenses on that car.
I had a line on a good used engine for the 1947 Pontiac. The body on the 1947 was in great shape. Sure, I would have spent more on the 1947 Pontiac than the purchase price or the book value, but I would have spent less than the 1955 Pontiac cost. Think twice about whether you really want to replace the Lincoln.
@JulieO1 A lot of this is confusing . You are the manager and you canât apply for a loan and find out what you can borrow and what the payments are . And you donât know if your state has inspections . You state you are a grandmother so why canât your children help you . Is there someone in your family that might actually loan you the money to put your present vehicle in working condition until you can afford something.
As manager you should know that with a poor credit score the loan rate will be really high plus you will need full coverage insurance.
you could ask boss why the offer is for only 2 cars and not any other car on the lot. a 6800 vw that none wants is different somehow than a 6800 civic or accord that is easier to move? i think your boss does not care about you and wonder why he would like to deal with a worker whose crappy car dies before it is paid off?
Have you gone to area banks or credit unions to find out what amount of a loan you could get? I would try to avoid financing through this dealer if at all possible.
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As a general rule, it is a good idea to keep your finances personal and not the business of your employer. If at all possible, it may be wise for you to fix the Lincoln and avoid financing a car through the Buy Here Pay Here organization where you are employed.
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I like that, and think itâs true.
Once in a while I go to a SpeedyCash to wire money to my wifeâs family overseas. I recently picked up a Texas-required info sheet there. Let me quote some numbers from it.
- Payday loan: $100, paid off in 22 payments.
- Interest: $4.60
- Fees: $264.00
- Payback, total: $368.60
- Interest, annual rate: 574.65%
Boggles the mind, doesnât it.
There have been times when I havenât had much money but never considered myself poor. Iâve always had excellent credit though regardless of the money I had.
âYep. I checked the frame. The damage is there alright!â
Beyond that, I concur with the others - neither of these cars is exactly wonderful.
Iâd be astonished if either of these cars qualified for a normal car loan - itâs far more likely that they would require an unsecured loan (because the bank is going to assume that the value of the car if they repossess it wonât equal the value of the loan). I more suspect that the dealership is arranging financing themselves, and in you they see someone desperate they can unload a heap on and still make money.
Some car salesmen would cheat their own mothers. Youâre right not to entirely trust them.
Were I in your shoes I would see what kind of loan I could qualify for (you might be able to get a few thousand) and then buy a car elsewhere, private sale.
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Donât trust the salesman to tell you what you can afford. Go talk to your bank yourself and get pre-approved for a loan and see what you can work with. Bank fees will likely be less, and youâ'll have a better understanding of what is actually out there.
and, this may open up options other than buying at your place of employment
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