Quote:
Originally Posted by FastCarFan
I have always been amazed by dealers who advertise "even if you have declared bankruptcy, we will get you approved...." Why would someone advertise for people with bad credit?
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Because the dealer knows that if they can get that person credit, they will buy whatever the dealer wants to sell at any price he can get financed. Bottom line: huge profit on the worst car on the lot. Most times the store accomplishes this by secretly agreeing with the finance company to cover the loan if the buyer goes bad. In cases like this, the buyer still gets the hit on the credit record (but don't care), the finance company gets their money (and don't care) and the dealer got a shot at getting rid of a boat anchor in the back of the lot that no one wanted. Most times they come out even or ahead. I know this because I sold new and used cars 1980-1989 (but have repented since then).
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Joe
See Porsche run. Run, Porsche, Run:
`87 911 Carrera