How was a young woman, particularly
myself able to walk into a car dealership with bad credit and leave out with a
brand new car, 0.9% financing and a $1,500 cash rebate?
The
Secret…………………………………………………………………………………………………………………….Research and Preparation!
First I started with the Internet,
because I had bad credit I was worried about buying a new car. My 1st car
was purchased, no financing and no note.
The thought of paying a car note in and of itself delayed this process.
Once I graduated college, I’d amassed about $10K in credit card debt, some of
which went into collections. I participated in a debt management
program. I moved into an apartment, broke my lease due to a family
emergency which left a judgment on my credit report. I have a few
outstanding dental bills and no true credit outside of a pre-paid credit
card. Well not pre-paid yet one of those that comes with a balance so you
are already behind or hustling backwards as I would say!
So how did I get the 0.9%
financing? I went into the dealer already financed through Capitol One.
They offer financing for car loans etc. I did not mention any of this to
the dealer.
I also did my research; I searched
cars I was interested in and requested quotes online. What I received was
price quotes for cars and incentives that if I found a cheaper price they would
meet/beat it and take off an additional 5%.
So with my email stating my discount
in hand, my financing in my purse I walked into the dealership one night to buy
the car I wanted. I already knew the color and every detail I
wanted. The car salesman talked to me, he showed me the car, we sat down
at the table he asked for my driver’s license, I gave it to him, and he came
back and said “Your car note will be $400+ dollars”. I looked at him and
said you can’t be talking to me.
Keep in mind dealers speak car notes
to customers. They don’t speak bottom line price and interest
rates. This is how a lot of people end up getting raped with obscene
interest rates.
Back to the salesman, I told him NO,
I have financing already through Capital One and a check with me. His
response, why didn’t you tell me that earlier? I simply told him, you didn’t
ask!
He walked away, came back and told
me the dealership/maker of the vehicle would finance me at 0.9%, great. I
then showed him my email stating the price quote that would be met and the 5%
discount I should receive. The salesman then asked, “Well how much do you
want to pay for the car.” I said just take 5% off the quote on the email
and that will be fair.
Now for the $1,500 rebate:
Once you buy a car, they try to sell you GAP insurance. I was in the
dealership so long I said yes alright fine give it to me. However, not
sure if you know you have 3 days to RETURN the car you bought, call it buyer’s
remorse. I wasn’t comfortable having UNNECESSARY GAP insurance so I
called the dealer and let them know I felt taken advantage of; I was not happy
and would be returning the car and going elsewhere. I received a call
back stating ma’am we are removing the GAP insurance and throwing in the $1,500
rebate as well! Why thank you……..
So how did I do it with “bad
credit?”….
- Researched the vehicle and
received competitive price quotes with incentives ONLINE
- Walked into the dealership
financed (now I don’t “need” them, they NEED ME!)
- Didn’t let my right hand know
what the left was doing, kept my poker face and pulled out my trump card
last.
- Went to the dealership at the
END of the month. Sales people are trying to make their quotas etc. So,
let's make a deal!
The financing I had through Capitol
One was like 4%. They give you varying interest rates and your note based
on the year of the car, new vs. used.
Once you agree to the terms, they send you a blank check up to a certain
amount, your total loan approve amount. If you don’t complete the check and
sign it over to a dealer etc., no harm no foul. Nevertheless you’ve
walked into the dealership able to buy your car without needing the financing
of the dealer. This gives you LEVERAGE and places you in the position of
POWER.
At the dealership my credit was
never run for my car, they didn’t even have my social security number!!!!!
There are 322 days left in this
year, make them count!!!!!!
You may have experienced disappointment, lack, setbacks, loss etc.
Nevertheless, you are still here, life goes on, and you must Take Charge, OWN
your Life, and be in CONTROL. ~ Epiphany Essentials Management #DreamsToRealityEmpowermentEvent Coming
Soon Stay Tuned for Details!!!!!!!
by Jamesia Johnai Hawk
Namaste, Peace, Love, Joy, Abundance, Health and Vitality to ALL!
Epiphany Essentials Links
FaceBook: Epiphany Essentials https://www.facebook.com/pages/Epiphany-Essentials/157878129813
Email: johnai@epiphanyessentials.com
After reading your article I was amazed. I know that you explain it very well. And I hope that other readers will also experience how I feel after reading your article.
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